Print
Government

Affordable Apartment Plan Advances With City's Cash Infusion

By Cece Nunn, posted Nov 17, 2021
Starway Village, a 278-unit apartment complex, is planned at 2346 Carolina Beach Road.
An infusion of $3.5 million in gap financing from the city of Wilmington will help developers build affordable housing on Carolina Beach Road.

The Wilmington City Council approved the spending at its meeting Tuesday night, with the money coming from the $26 million in American Rescue Plan funds allocated to the city. New Hanover County in October approved using nearly $2 million of its ARP funds for the gap financing need.

The 278-unit apartment complex planned for 2346 Carolina Beach Road, site of the Starway Flea Market, is expected to be affordable to households that make 60% of the area median income.

"The one- to three-bedroom apartments will serve households with incomes ranging $27,346 to $47,550. Rent is expected to range from $754 to $999 a month," according to a city news release. "The apartments are anticipated to be fully rented within six months."

The developers of the project, called "Starway Village" on site plans, are Bradley Development and Kelley Development Co.

"We’re humbled to be part of the broader affordable housing solution in Wilmington," said Ted Heilbron of Kelley Development on Wednesday. "Now the responsibility's on our shoulders to deliver, and we’re really excited about the opportunity to do exactly that."

The developers said in their county proposal that Starway Village’s gap funding needs were primarily caused by two items – the cost of purchasing the real estate (expected to be $4.25 million for about 15 acres) and the cost of expanding Maryland Avenue through the project to Carolina Beach Road.

Heilbron said the developers anticipate breaking ground on Starway Village by late summer of next year. Construction could be complete by 2024.

The developers have applied to the N.C. Housing Finance Agency for a 4% Low-Income Housing Tax Credit (LIHTC) award and a tax-free bond allocation.

Suzanne Rogers, community development and housing planner for the city of Wilmington, said on Wednesday that Starway Village is a step in the right direction when it comes to addressing the city's lack of workforce and affordable housing.

She said, "The types of projects are done all over the state, and so it’s a well-proven tool to develop quality affordable housing in a public-private partnership."
Ico insights

INSIGHTS

SPONSORS' CONTENT
Headshotrosaliecalarco 1182131047

Important Family Conversations During The Holidays

Dave sweyer 300 x 300

SHORT-TERM vs. LONG-TERM RENTALS

Dave Sweyer - Sweyer Property Management
Kellyerola headshot lcflc

This Year, Resolve To Make A Plan

Kelly Erola - Lower Cape Fear LifeCare

Trending News

Apartment Developer Tied To Midtown Rezoning

Johanna F. Still - Jan 17, 2022

After Inaugural Season, Live Nation Asks For 10 More Annual Shows 

Johanna F. Still - Jan 18, 2022

Local Grocery Stores Cope With Supply Chain Disruptions

Scott Nunn - Jan 18, 2022

ILM Facilities Manager Makes 40 Under 40 List

Staff Reports - Jan 18, 2022

MarineMax Wrightsville Beach Names McCarley Service Manager

Staff Reports - Jan 18, 2022

In The Current Issue

Q&A: Recruiting, Aiding Small Businesses

In his role with the chamber, Josh Hallingse aims to attract new small businesses to Wilmington but to help those already here grow...


What's In Store For Banks In 2022

The new year is likely to bring a continuation of some current banking trends as well as some new developments affecting the industry....


A Closer Look At The Year Ahead

This year, important facets of the Wilmington business scene are set to face significant changes....

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100