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Real Estate - Residential

Downtown Luxury Apartments Nearing Completion

By Cece Nunn, posted Apr 15, 2020
The first apartments are nearing completion at The Flats on Front in downtown Wilmington. (Rendering courtesy of The Flats on Front)
For The Flats on Front, a luxury apartment complex underway near the riverfront in downtown Wilmington, preleasing has begun.

Construction is nearing completion on the first 47 units, which are mainly one-bedroom with a handful of three-bedroom units. 

"We anticipate moving people in probably mid- to late May," said developer Porter Jones of Charlotte-based DPJ Residential.

The Flats on Front, which will have 273 units when complete, is a joint venture project between DPJ Residential and Chaucer Creek Capital. Rents are expected to start around $1,200 for a one-bedroom apartment.

Jones noted that preleasing isn't expected to be as brisk as usual because of the coronavirus pandemic. 

"People generally aren't looking to move into an apartment right now," Jones said Wednesday. "I think a lot of people are holding off on making that level of commitment until things start to loosen up."

He added, "Hopefully this summer, things do start loosening up. We still feel like we've got a great community with close proximity to downtown, walkability with the Riverwalk. With the amenities, we'll have, I think it will be an attractive option for people looking for a newer, low-maintenance lifestyle given these stressful times."

The Flats on Front (pictured above in an aerial photograph) the first Port City project for DPJ Residential. Jones also created The Flats at Mayfaire, and crews are working on his latest Wilmington apartment community, 17 Social on South 17th Street.

The Flats on Front are one of several projects adding apartments to downtown Wilmington. Two others, Pier 33 Apartments (more than 280 units) and River Place, are making progress.

For Pier 33 Apartments at 901 Nutt St. along the Cape Fear River, the first phase is expected to be complete and released to tenants starting in late August and continuing through September, said Margee Herring, public relations consultant for Pier 33 and the separate mixed-use development River Place.

Rental rates at Pier 33 have not yet been determined. 

River Place, a 13-story project, is a public-private partnership between Chapel Hill-based East West Partners and the city of Wilmington that replaced the defunct Water Street parking deck.

The apartment component of the project, which includes condos and retail space, is expected to be finished in June, Herring said.

The apartment section is called The Overlook at River Place. Units range in size from 553 to 1,284 square feet, and rents start at $1,161 a month. 
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