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Real Estate - Commercial

Swains Close On CenterPoint Site In $13M Deal

By Cece Nunn, posted Feb 7, 2019
A rendering shows CenterPoint, a planned $250 million mixed-use development at 1531 and 1541 Eastwood Road in Wilmington. (Rendering courtesy of Swain & Associates)

Development firm Swain & Associates announced Thursday that it has acquired 23 acres at the intersection of Eastwood and Military Cutoff Roads and plans to begin site work during the first quarter of 2020 on CenterPoint, a $250 million mixed-use development at 1531 and 1541 Eastwood Road in Wilmington.

A deed recorded Jan. 31 shows a sale price of a little more than $13 million to entities controlled in part by David Swain, owner of Swain & Associates, and Jason Swain, developer with Swain & Associates and David Swain's son.

CenterPoint, a retail, hospitality, office and residential center, which will include a seven-story full-service hotel, will be adjacent to the Eastport neighborhood to the east and Cambridge Village Retirement Community to the west, according to a news release.

One of the hallmarks of CenterPoint’s design is the new Drysdale Drive Extension, a landscaped median road to be constructed by the N.C. Department of Transportation as part of its U-5710 project to help alleviate traffic at the heavily traveled Military Cutoff and Eastwood Roads intersection, the release stated.

The extension borders the eastern edge of the CenterPoint property and will connect Military Cutoff and Eastwood Roads when complete. NCDOT is scheduled to begin construction on the extension the first quarter of 2020 and anticipates the roadway will be completed by the first quarter of 2021.

“We plan to begin site work and construction of CenterPoint in 2020, but rest assured that we will not open any aspect of CenterPoint until the Drysdale Drive Extension is completed and fully operational,” said David Swain in the release.

Traffic has been a concern among those who live and drive along Military Cutoff Road as a result of CenterPoint and other projects coming to the area. According to Thursday's news release, CenterPoint's location near the intersection of Military Cutoff and Eastwood Roads means vehicle trips in and out of the property will be dispersed among the six different points of ingress and egress into and out of the development.

Swain said in the release that access and interconnectivity are "critically important to the success of any mixed-use development. Our intent with CenterPoint is to create a walkable environment that is easily accessible by foot, bike, transit or car.

CenterPoint plans call for the extension of the Cross City Trail for the full length of the frontage on Eastwood Road and along the new Drysdale Drive Extension. Additionally, CenterPoint will incorporate a multi-use trail along the existing stream that bisects the property, connecting with the Cross City Trail at Eastwood and Drysdale Drive Extension. 

In addition to a flagship hotel with 200 beds, CenterPoint is also expected to  include 300 one-, two- and three-bedroom apartments above retail space; 50 to 60 retail shops and restaurants that combine national chains and local boutiques; 100,000 square feet of first-class office space; and two multi-level, structured parking decks.

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