Print
Real Estate - Residential

Following Renovations, Driftwood Welcomes Residents

By Emma Dill, posted Jun 27, 2024
Cape Fear Collective recently completed a renovation of Driftwood, a 15-unit supportive housing apartment complex. (Photo by Cece Nunn)
Two years after acquiring Driftwood, a 15-unit apartment complex off of Wilmington’s Princess Place Drive, Cape Fear Collective has wrapped up renovations and is welcoming in residents.

The complex will provide supportive housing for individuals with disabilities who are experiencing chronic homelessness. Residents have started to move back into Driftwood’s apartments and a formal ribbon-cutting ceremony is set to take place July 25, according to a news release issued Friday by Cape Fear Collective.

The completion of the $1.9 million acquisition and renovation of Driftwood is a “significant milestone” for Cape Fear Collective, the release stated. The nonprofit acquired the property in 2021 for $1.2 million after the tax credit project reached the end of its initial affordability period and faced the prospect of being converted into market-rate rental units.

“Driftwood’s reopening demonstrates the importance of Cape Fear Collective in connecting private and public funding to address one of the most complex problems communities face,” stated Cara Stretch, Cape Fear Collective’s CEO, in the release.

Cape Fear Collective has addressed years of deferred maintenance and disrepair, an effort funded by a $700,000 forgivable loan from the city of Wilmington’s affordable housing program, according to the release.

The nonprofit will operate Driftwood in partnership with The Good Shepherd Center, which will provide on-site case management support from residents, and Norco Management, which will oversee property management services.

Last week, six of the property’s residents moved in and the others will move in the coming weeks, according to Katrina Knight, executive director of The Good Shepherd Center. In all, 16 residents are set to move into the complex’s 15 units. 

All residents will be chronically homeless individuals with significant disabilities identified by the regional Continuum of Care’s coordinated entry process as having the most acute needs and being most in need of permanent supportive housing, Knight said. 

Permanent supportive housing offers housing priced at 30% of an individual’s income along with on-site supportive services and case management.

A ribbon-cutting ceremony for the renovated complex will be held at 9 a.m. July 25 at Drifwood, 3820 Princess Place Drive.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Burrus rob headshot 300x300

Cameron School of Business Seeks ILM Business Leaders to Serve as Mentors

Robert Burrus - Cameron School of Business - UNC-Wilmington
Untitleddesign12 101424113223

The Distinction and Importance of a CEO Working On the Business vs. Working In the Business

John Monahan - Vistage
Untitleddesign13

The Benefits of Choosing Local Partners in Construction

Jim Hundley - Thomas Construction Group

Trending News

City To Consider New Leases For Fintech Firm, Senator's Office

Emma Dill - Jul 15, 2025

Leland-based Firm's Product Earns Innovation Award

Staff Reports - Jul 15, 2025

Tree Alliance Announces New Board Members

Staff Reports - Jul 15, 2025

Ullucci Named Founding Director Of Physical Therapy Doctoral Program

Staff Reports - Jul 15, 2025

TD Bank Promotes Johnson To Retail Market President Of Mid-South Metro

Staff Reports - Jul 15, 2025

In The Current Issue

At Greenfield Lake, Changes Abound

The amphitheater improvements included installing more than 2,600 square feet of synthetic lawn inside a new fenced area, adding just over 5...


Delaney Radiology Installs New MRI Suite In Wilmington

Delaney Radiology began construction on a new fixed MRI suite to house a wide-bore 3T unit in 2024....


Pender Commerce Park Goes Bananas

The idea for the park, which occupies about 400 acres near the county line between New Hanover and Pender counties, emerged in the mid-2000s...

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