Follow Ea Facebook
Email Ea Email
Residential Real Estate
Aug 1, 2021

Adaptive Reuse Projects Highlight Expertise of Commercial REALTORS®

Sponsored Content provided by Ea Ruth - 2022 President, Cape Fear REALTORS®

Driving through Wilmington and noting the increased density, along with the many other changes that have taken place over the years, I’m often struck by the quote from Mark Twain, advising to “buy land, they’re not making it anymore.”
The lack of space for new development and infill projects is certainly a problem that we are currently facing, and one that is (obviously) not going to go away. This is why adaptive reuse projects are so essential to the economic prosperity and viability of our region moving forward.

Taking the long history of Wilmington into account, it’s not all that unusual to see large commercial buildings go vacant and then remain available on the open market for months, sometimes years.  Part of the explanation for this is that these properties were designed with a unique business in mind, that they would take extensive up-fitting to accommodate something new, and there is a relatively small pool of buyers searching for these types of properties.
This is where the expertise and creativity of our commercial REALTORS® really shines, because ‘the next big thing’ is only a step away from the current reality. All it takes is someone with the vision to dream big and see what’s possible, when others may only see dead ends. Just consider the following examples:

  • Hi-Wire Brewing - Located at 1020 Princess Street in a large commercial space that was originally a car dealership, prior to becoming the home of Carolina Carburetor Specialists in 1983, the facility includes two outdoor beer gardens, a 24-tap bar, table tennis and foosball. A cool feature of this space is they kept the garage-style doors to let the breeze inside. Also, plans for a new restaurant are in the works, but yet to be announced.
  • New Anthem Beer Project Greenfield - The strategic location adjacent to Satellite was a draw for the developers, who successfully repurposed the former Capps Hardware and Industrial Supply building. Soon, it will also house a third-area restaurant for local chef Bobby Zimmerman, True Blue Butcher, and Barrel.
  • Seaboard Social Hall - Set in the former National Linen Service building, this ‘next big thing’ will host a food and drink hall, a commissary kitchen, music venue, and more. Monarch Property Co. has allocated $20 million for renovations to the building, which is located across from the Rusty Nail and totals approximately 43,000 square feet. Work is expected to be completed by 2023.
  • Tru Colors Brewing - Located in the site of the former Century Mills facility on Greenfield Street, this is one of the more captivating/inspirational stories, as the brewery directly employs rival gang members, who run the brewery, brew the beer and serve the community. As stated on the website, the company is overcoming street violence by directly engaging the community to bridge divides and create opportunity, all while teaching life skills with professional training.
Aside from revitalizing the neighborhoods in which they are located and providing an economic benefit that might not have existed otherwise, repurposing existing structures keeps us in touch with our history and culture. It is also worth noting that adaptive reuse projects are more cost-effective than building from scratch since they leverage existing infrastructure such as streets, water, sidewalks and sewer. 
With a lot of fun places already built out and many new exciting projects on tap (pun intended), I am excited for what the future will bring. To connect with a Commercial REALTOR® with the vision and creativity to help you bring your dream into reality, or for more information about the nuances of the commercial sales and acquisition process, which can be very complex, visit www.rcasenc.com.     


Tom Gale is the 2021 president of Cape Fear REALTORS®, an organization with nearly 3,300 members who serve as the region’s Voice of Real Estate. Cape Fear REALTORS®, through advocacy, education, and community involvement, support efforts to protect the rights of property owners, promote the availability of housing, and provide resources to guarantee every individual has the right to share in the “American Dream.”  For further information on this topic and the association, please visit www.capefear.realtor or contact the Cape Fear REALTORS®® at 910-762-7400.
 

Cfr block ad 2 119214548
Ico insights

INSIGHTS

SPONSORS' CONTENT
Headshotrosaliecalarco 1182131047

Help State and City Planners Know What You Think Will Make Our Communities Better for Adults As They Age: Take the "Age My Way NC" Survey

Web awstaffpic2020 1 132245438

The Luncheon for Literacy: More than a Meal

Alesha Edison Westbrook - Cape Fear Literacy Council
Cd

The Real Culprit

Hoop Morgan - The Forté Institute, LLC

Trending News

Wine Retailer Preps For Summer Opening At Renaissance Market

Jenny Callison - May 18, 2022

ILM Hotel Developers Seek 65-foot Height Variance

Johanna F. Still - May 17, 2022

Coffee Shop Owner Plans To Launch Coworking Space In June

Cece Nunn - May 17, 2022

Mortgage Firm Moves To Office At Mayfaire Town Center

Cece Nunn - May 18, 2022

After Delays, Quality Chemical Expansion Construction Could Wrap By Next Year

Johanna F. Still - May 18, 2022

In The Current Issue

CEA Health Care Winner: Clarity's Focus On Counseling Needs

Karin Kassab is a psychologist and founder of Clarity Counseling Center in Wilmington, a business she was able to launch by blending her int...


CEA Retail & Hospitality Winner: From Local Cafe To National Footprint

Founders Evonne and Don Varady started with a small cafe on Racine Drive in 2011....


CEA Nonprofit Winner: Seeing A Sea Turtle Need

The nonprofit started as a grassroots sea turtle protection effort by Karen Beasley, who died from leukemia in 1991 at the age of 29....

Book On Business

The 2022 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