Developers of the Avenue Flats, a 100% workforce housing complex proposed off South Kerr Avenue, submitted project plans to city officials this week.
The 184-unit complex would include apartments priced between 30% and 80% of the area's median income for a 30-year period. Blue Ridge Atlantic Development, the firm behind the project, aims to break ground this summer, said Sam Weldon, the company’s director of development, on Thursday.
Plans were submitted to the city of Wilmington on Wednesday and are currently under review by staff, according to the city’s online development tracker.
The project is slated for just over 6.5 acres at the intersection of South Kerr Avenue and Kimberly Way. Property records show that Brad Avenue Flats LLC purchased the five parcels that make up the proposed development site in March for a total of $4.5 million.
Site plans for the complex show three four-story buildings, including two buildings housing 48 units each and a third with 88 units. The project would also include a 3,500-square-foot clubhouse, a playground and 250 parking spaces. The project is expected to generate 832 vehicle trips per day, including 69 trips during peak morning hours and 72 trips during peak afternoon hours, according to plans.
In September, the Wilmington City Council approved a rezoning for the project and an ordinance appropriating $4 million in gap financing toward the project. New Hanover County leaders also approved $1.5 million in loans in October to help fund the development.
The project, which has a price tag of nearly $59 million, is being funded through Low-Income Housing Tax credits from the North Carolina Housing Finance Agency. Blue Ridge Atlantic was awarded those tax credits in January, Weldon said.
Rents at the complex will range from around $500 to $1,800, depending on unit size and household income, according to a city council presentation. The project is set to include 30 units at 30% AMI, 36 units at 50% AMI, 65 units at 60% AMI and 53 units at 80% AMI.
Weldon said Blue Ridge Atlantic is looking to break ground on the project in July or August. He added that construction is expected to take between 16 and 18 months.
Blue Ridge Atlantic Development also recently built the
Residence at Canopy Pointe, an affordable senior apartment complex with 72 units off Middle Sound Loop Road, which is now open to residents.