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Real Estate - Commercial

First Look: Crews To Start On $65M Luxury Apartments At Hanover Center

By Cece Nunn, posted Mar 17, 2022
The Flats at Hanover Center could be complete by April 2024. (Rendering courtesy of Randy Kelley/Harbour Retail Partners)

The construction of apartments at Hanover Center, one of Wilmington's oldest shopping destinations, is expected to start in April. 

Building the 262-unit community, Flats at Hanover Center, is expected to cost $65 million, including a loan from IBERIABANK for $42 million, said Randy Kelley of Harbour Retail Partners.

Kelley's company and Preferred Apartment Communities formed a joint venture to create the apartments on 7.4 acres behind one of Hanover Center's anchor tenants, Harris Teeter. The apartment project also includes 2,600 square feet of ground-floor retail space.

The partners purchased Hanover Center, 3501 Oleander Drive, in December 2019 for more than $51 million with the intent of developing the multifamily project after finalizing plans and receiving plan approval from the city of Wilmington, Kelley said.

The Flats at Hanover Center (not associated with The Flats on Front or Mayfaire Flats) will hold a mix of studios and one-, two- and three-bedroom units. Amenities are set to include coworking space, an outdoor lounge, a pool, a fitness center, a yoga studio and a clubroom.

“Part of the thesis when we purchased Hanover Center was to add residential to the 7.4 acres of land behind Harris Teeter and introduce a mix of uses where residents could conveniently live, work, eat and play," Kelley said in an email this week. 

Kelley pointed out that Hanover Center dates back to the 1950s, "and we feel confident that the storied midtown location makes it one of the most well-branded residential locations in eastern NC."

Among Hanover Center's current tenants are Harris Teeter, Hobby Lobby, Office Depot and Books-A-Million. Some, including Pier 1 Imports and Stein Mart, have shuttered in recent years, but new tenants will be announced soon, Kelley said.

Construction on the apartments is expected to be complete in April 2024. Clancy & Theys is the general contractor, Norris & Tunstall is the civil engineer and The Housing Studio is the architect.

"The development of our apartment community also provides the perfect springboard to remodel the center," Kelley said. "We are currently in the design-intent phase [on the center project] with local architect John Murray of Bowman Murray Hemingway, which will include an updated facade, new project signage and landscaping."

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