A wave of pending multi-family developments in the core of downtown Wilmington could spur a population growth rate rivaling recent suburban expansions.

An area of downtown that runs between the Isabel Holmes and Cape Fear Memorial bridges and between the river and Fifth Street has seen a surge in pending and existing multi-family development.

Ed Wolverton, president and CEO of Wilmington Downtown Inc., said the area is currently home to 2,114 residents.

But that could change in the coming years as more multi-family developments are vetted by the city.

“There are factors pushing this … it’s a positive step for downtown and the community,” Wolverton said.

More than 870 multi-family units have either been proposed or are under construction in the heart of the central business district – potentially adding more than 1,345 people to downtown’s population, Wolverton said, basing the estimate on the industry standard of 1.5 people per unit.

That would be a 64 percent surge in population from downtown’s existing residential count.

Much of the activity is occurring along the northern riverfront area of downtown – where vacant land is available and utilities and infrastructure are in place.

The largest project announced so far this year has been the Pier 33 apartment development – a proposed $50 million, 300-unit complex that would incorporate a mix of studio, one-, two- and three-bedroom units over roughly 32,000 square feet of ground-floor retail space.

The proposed project also would include 10 townhome units on the ground floor.

Pending city approval, officials with Raleigh-based Dewitt Carolinas hope to break ground by the fall.

Meanwhile, another Triangle-based developer has plans to construct another large-scale apartment development along the Cape Fear River.

Cary-based Symphony Properties LLC wants to build a four-story,
278-unit apartment complex on the former Sawmill Marina site at 15 Cowan St.

Called Sawmill Point, the apartments would be one- and two-bedroom units, ranging from 700 to 1,300 square feet in size, with construction slated to begin on the development this summer.

A 24-unit townhome development also is being planned in the Brooklyn Arts District on a 1-acre site in the 800 block of North Fourth Street, and the 112-unit City Block apartments are currently going up at the corner of North Third and Brunswick streets.

Depending on the direction given by the city, the redevelopment of
the Water Street parking deck could potentially add another 183
residential units to Wilmington’s urban core count.

Wolverton said as millennials and baby boomers seek out urban destinations, residential growth in the urban core is going to continue.

“This is not just a Wilmington trend, it’s happening all over,” Wolverton said. “There is recognition that downtown is a more desirable place to be, especially for the young professionals and empty nesters.”

Another factor working in favor of downtown’s blossoming unit count is financing.

“Big factors shaping the market is the financial opportunity,” Wolverton said. “Banks are more likely to lend for apartment projects because of the increase and need for multi-family development.”

Multi-family construction is sizzling across greater Wilmington  – mostly the result of lackluster construction in the early 2000s and easy financing from banks helping to push development across the city – especially downtown.

Wolverton said investors and developers are also realizing that while the job market has improved, not everyone is so gung ho about their job security – meaning a number of people are more than likely willing to rent but not skimp on amenities that make them comfortable. He added stricter lending requirements for a home mortgage is also pricing some people out of the housing market and into apartments, at least for now.

John Hinnant, a broker with Wilmington-based Maus Warwick Matthews & Company, said a wave of apartment development downtown has been a long time coming. He said while the growth comes with its own set of challenges, there are benefits: more commercial development and infill.

A ground-level unit at the corner of North Front and Grace streets in the Self Help building downtown, for example, is garnering multiple looks from potential tenants.

Hinnant said the 6,700-square-foot unit would be ideal for a boutique grocery store or pharmacy. And given the amount of new residential and hotel development in the area, he doesn’t expect the site to stay vacant for much longer.

“Rooftops drive retail,” Hinnant said. “Downtown is still very
unique. It still looks and feels like Wilmington. It’s just adding a lot of density in some places, and that’s a good thing for the health of the city.”