Developers announced Wednesday they recently broke ground on Proximity Watermark, a 248-unit luxury apartment complex near the intersection of Independence Boulevard and River Road in Wilmington.

The waterfront complex will be built on a roughly 40-acre site that formerly held Watermark Marina. Slated for completion in April 2026, Proximity Watermark will consist of two four-story buildings with a mix of one-, two- and three-bedroom units, according to a news release issued Wednesday.

The project's developer is Cape Fear Development and Cape Fear Construction Group is the contractor. Both are divisions of Wilmington-based commercial real estate firm Cape Fear Commercial.

Each apartment will offer a range of luxury features, including natural wood cabinets, spacious kitchens, quartz countertops, tile backsplashes, stainless steel appliances and private balconies, according to the release. (A rendering of an apartment interior is shown at right.)

The apartment complex also features various amenities, including a rooftop sky lounge, an 800-foot-long amenitized pier and a resort-style swimming pool with an outdoor kitchen and grilling station. Other amenities include a fitness center and yoga studio, a clubhouse with a social lounge, a golf simulator, a business center and coworking space, a pet spa and dog park along with fire pits and a meditation courtyard, the release stated.

The project’s design prioritizes green space preservation, according to Cape Fear Development Partner Brian Eckel.

“Proximity Watermark represents more than just a luxury housing development – it stands as a model for how thoughtful collaboration and smart design can enhance both the local infrastructure and the natural environment,” Eckel wrote in the release.

The development plans also include “significant offsite improvements,” including the new roundabout, which, according to the release, is a joint effort between Cape Fear Development, the city of Wilmington and the Riverlights community.

“The roundabout ensures smooth, efficient transportation through this growing region and enhances the overall infrastructure around the development while also utilizing previously underdeveloped space to its full potential,” Wednesday’s release stated.

This complex marks the fourth multifamily construction project for Cape Fear Construction Group since its founding in 2022. The contractor’s first project was Proximity New Bern, a 252-unit luxury apartment complex in the New Bern area.

“Proximity New Bern was completed on schedule and under budget,” Cape Fear Construction Group President David Novotny stated in the release. “Proximity New Bern’s success is attributable to the investment of time planning the project, a talented project team and the diligent efforts of our trade partners.”

Another Proximity-branded project – Proximity Carolina Beach – is in the works just south of the Watermark site in Carolina Beach. The mixed-use project with 250 residential units and 35,000 square feet of commercial space began welcoming residents earlier this month.