Developers have broken ground on CenterPoint, a major mixed-use community expected to hold 351 upscale rental homes, 100,000 square feet of retail shops and restaurants, class A office space and a hotel along Military Cutoff and Eastwood roads in Wilmington.
The Beach Company and Wilmington-based Swain & Associates announced Monday morning that the groundbreaking for the development, which is nearly six years in the making, has taken place. Swain & Associates started working with The Beach Company on CenterPoint about two years ago, said developer Jason Swain.
"We’ve always been very impressed with their track record of developing best in class developments across the Southeast," Swain said in an email Monday. "The fact that both of our companies are family development firms means our cultures coincide well. With The Beach Company’s headquarters in Charleston, there are also many parallels between the communities in which our teams live and work."
The groundbreaking for CenterPoint, which is underway on 23 acres at 1531 and 1541 Eastwood Road, has been anticipated to coincide with the start of the N.C. Department of Transportation's extension of Drysdale Drive off Military Cutoff. Swain & Associates purchased the property in a $13 million deal
in 2019 and previously valued the development at $250 million.
Developer David Swain of Swain & Associates, who is also Jason Swain's father, said in a Monday news release, “Today is an exciting day. In 2016 we put into motion a plan to turn the best piece of undeveloped property in Wilmington into a development that will be the new center of activity in our region. We are pleased to have teamed up with The Beach Company and are excited to finally bring CenterPoint to life. When complete, this project will exemplify the type of high-quality mixed-use project that the city of Wilmington has been striving for.”
According to the release, plans for CenterPoint "show a well-thought-out pedestrian friendly community with attractions for residents, tenants, shoppers, diners and visitors. The community will feature open park space, entertainment lawns, ample parking, electric vehicle charging stations, a walking trail and 5G connectivity."
The developers said the area's growth has been one of the factors prompting the creation of CenterPoint.
“Wilmington’s beautiful island beaches, walkable river district and distinctive culture are attracting a growing number of residents and employees looking to make this city their home,” said John Darby, president and CEO of The Beach Company, in the release. “Due to this recent influx of residents, the greater Wilmington area is in need of more first-class shopping, employment opportunities and residential accommodations, and CenterPoint will provide just that.”
The first phase of CenterPoint, consisting of the multifamily and retail portions, is expected to open in mid-2024.