Print
Real Estate - Residential

Developers Buy Downtown Property For $4.35M

By Cece Nunn, posted Oct 12, 2018
An illustrative site plan show the layout for The Flats on Front expected to be built at 111 Cowan St. in downtown Wilmington (Plan courtesy of DPJ Residential

Developers paid $4.35 million recently for a little over 5 acres on the northern riverfront in downtown Wilmington with plans to build a $35 million luxury apartment project. 

Wilmington-based commercial real estate firm Cape Fear Commercial announced this week that it had closed on the sale of 111 Cowan St., also known as the Upper Dean tract, across from Sawmill Point Apartments and the Cape Fear River. The site is also next to PPD's headquarters and the site where the city's North Waterfront Park is planned.

An entity controlled by Charlotte-based DPJ Residential LLC purchased the property. The project planned for the site, expected to be called The Flats on Front, is under development by Flyway Residential, a joint venture partnership between DPJ Residential and Chaucer Creek Capital, according to D. Porter Jones of DPJ Residential.

"Our revised plan is for 273 units. We anticipate breaking ground in March of next year," Jones said of The Flats on Front in an email Wednesday. "Currently, we are going through the permitting process."

The development will also include a pool, dog park and parking deck. DPJ Residential's first project in Wilmington was the Mayfaire Flats, a 240-unit apartment community on Sir Tyler Drive off Military Cutoff Road. 

Brian Eckel, Paul Loukas and Hank Miller of Cape Fear Commercial represented the seller, Paragon Financial Investors LLC, in the downtown Wilmington transaction. Nicholas Silivanch and David Branton of Eastern Carolinas Commercial Real Estate represented the buyer. 

“The sale of a prominent development tract, such as the Upper Dean, is indicative of the growth and commitment for future development we are seeing downtown,” said Eckel, a partner with Cape Fear Commercial, in a news release. “With the closing of this transaction, another project will positively affect and shape our downtown.” 

According to Eckel, “While there are still a few properties ripe for development in the CBD, such as 101 N. Front St. (the property formerly known as 'The View'), most of the large, multi-acre tracts are gone. I believe you will see investment capital begin to expand directly across the river for new opportunities as downtown continues to build out.”

Silivanch said ECCRE is still on the lookout for additional properties for the buyer that could hold luxury apartment projects. 

"The downtown apartment market continues to evolve as well as the growth of downtown residential, which should only help to further the city's progress toward bringing national retailers to downtown Wilmington," Silivanch said.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Cfss headshots parker robert webversion 21422121214

Duke Energy Will Pay You Up to $9,000 to Go Solar with a Battery

Robert Parker - Cape Fear Solar Systems
Mcwhorter 0005

So, You Have an Idea for an Amazing, Life-Changing Company... Now What?

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship
Untitleddesign2 9202334730

Investing in the Health of Our Communities, for Today and the Future

Novant Health - New Hanover Regional Medical Center Novant Health

Trending News

Coming To Mayfaire: New Tenants, Lululemon Expansion And Rolex Time

Staff Reports - Jun 14, 2024

In The Current Issue

Home Options: Stage Set For Accessory Dwelling Units To Proliferate

Defined as a separate residential living space on the same lot as a primary dwelling, the topic of ADUs is seeing a resurgence in the Port C...


Convenience Store Chains Expand

At a community meeting in mid-May, officials from the Pennsylvania-based company announced 10 sites they’re eyeing for a Wawa....


Potential Swells For More Swimming

As the population increases, demand continues to grow for pools the public can access in Wilmington and New Hanover County....

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season