A wooded, 3-acre piece of land adjacent to the Live Oak Bank campus may soon be home to a new restaurant if the city of Wilmington approves a conditional rezoning request to accommodate such a business.

The applicant is listed as Covey Property, LLC, whose registered agent is James S. Mahan III, according to state records. Mahan is the founder and CEO of Live Oak Bancshares, the umbrella company of its commercial banking subsidiary, Live Oak Bank.

Mahan was present at a virtually attended neighborhood meeting on Feb. 15 to discuss the rezoning request, according to the application. 

The Oleander Company, Inc., whose registered agent is listed as Nelson MacRae, is cited as the property owner. Located at the corner of Independence Boulevard and Tiburon Drive, the property is currently undeveloped.

The application seeks to rezone the property from its current office and institutional district to allow for a restaurant because the “currently allowed uses for the property are outdated in light of recent changes in the surrounding area that have occurred since the most recent zoning change.” Covey Property seeks a newly created office and institutional conditional district, with the only allowable use being the operation of a restaurant. 

“At this time, the property can be better utilized for a different purpose because new commercial centers and residential communities have emerged in the area,” according to the application, including the “expanding Live Oak Bank campus,” the One Midtown Apartments and businesses in the Shipyard Commons commercial center. 

The applicant argues that the “neighborhood is now a vibrant business hub with diverse residential living, but it lacks accessible dining for the residents and workers, and, in particular, has no dining within a reasonable walking distance.”

“We believe the restaurant would definitely complement the character of the immediate area,” according to the proposal.

Monteith Construction, Peadon Finein Architecture and Mihaly Land Design are listed among members of the development team. The concept focuses on a neighborhood restaurant with private dining rooms, a patio, wine bar, lounge and dining room, according to its community meeting presentation. 

Brandon Wilson, the rezoning request’s applicant, told the Greater Wilmington Business Journal that the company is working with the community and city on the rezoning and awaiting its Wilmington Planning Commission meeting on April 6. 

Wilson is the business manager of a company called Corner R&B, LLC, which also lists Mahan as its registered agent.

The property is listed at 1610 Tiburon Drive, adjacent to the Live Oak Bank campus.