300-unit apartment complex coming to waterfront - Wilmington (Raleigh: 2014, rental)

[SunnyKayak]

Raleigh-based DeWitt Carolinas announced plans for a 300-unit, $50 million apartment complex along Port City Marina in downtown Wilmington.
Pier 33 Apartments will include 32,000 square feet of street-level retail space. Construction to begin in the fall.

The complex will join another major residential complex planned north of PPD along the river and yet another one under construction nearby on North Third Street.
Together the complexes would bring 690 rental apartments to downtown Wilmington.
Additionally, the city plans a six-acre, riverfront park north of the Pier 33 complex.


Raleigh developer plans $50 million apartment complex on Wilmington waterfront

[goldenage1]

Originally Posted by SunnyKayak

The complex will join another major residential complex planned north of PPD along the river and yet another one under construction nearby on North Third Street.
Together the complexes would bring 690 rental apartments to downtown Wilmington.
Additionally, the city plans a six-acre, riverfront park north of the Pier 33 complex.

For me. the most positive aspect of these projects is that they will bring affluent people, and that will improve the image of the safety of downtown.

[HP91]

The article left out two other large construction projects in the same area...

Cape Fear Bond » Blog Archive » Humanities & Fine Arts Center

The Cape Fear Community College Fine Arts center is under construction between the proposed Hotel Indigo and the 3rd St Apartments cited that are under construction.

As well...the City is working to build an Embassy Suites basically attached to the Convention Center.

All told it appears that currently to about 2017-2018 about $400-$500 million or so worth of construction will be done in downtown Wilmington as well as a 6 acre park and Riverwalk extensions. That will create a lot of jobs, a lot of tax base, and significantly affect the tourism economy of the area. It is expected that the Azalea Festival Concerts currently being held on the CFCC campus will move to the 6 acre riverfront park.

I have stated on this forum many times that downtown is a great place to live...I lived there once...and that crime is overstated by many along the Wilmington riverfront. I think this is proven out with the amount of investment being made.

[LoveTheSea23]

I agree with HP91 that the crime rate below 3rd street to the water is much lower than some people might believe. It's exciting to see all the new construction and redevelopment that is going on downtown. I think by extending the shopping and dining options to the north end of downtown that it will attract more tourists and residents alike to the area. Hopefully it will also encourage more companies to move to Wilmington and increase the number of white collar jobs which I think Wilmington severely lacks. I do think Wilmington as a whole (not just downtown) will be saturated with apartments once everything is built that has been permitted though, and I hope the city will slow down their approval of future multi-family units until all of the proposed ones reach acceptable occupancy levels, and demonstrate there is more need for housing.

[HP91]

Originally Posted by LoveTheSea23

I agree with HP91 that the crime rate below 3rd street to the water is much lower than some people might believe. It's exciting to see all the new construction and redevelopment that is going on downtown. I think by extending the shopping and dining options to the north end of downtown that it will attract more tourists and residents alike to the area. Hopefully it will also encourage more companies to move to Wilmington and increase the number of white collar jobs which I think Wilmington severely lacks. I do think Wilmington as a whole (not just downtown) will be saturated with apartments once everything is built that has been permitted though, and I hope the city will slow down their approval of future multi-family units until all of the proposed ones reach acceptable occupancy levels, and demonstrate there is more need for housing.

I wouldn't expect that (aslow down of multi-family housing) to be the case. When the State Legislature put a halt on annexation, the City is now going to look at development a bit differently. Plus Wilmington is not like most NC cities in that its geography doesn't allow for as much sprawl.

As for the saturation point...keep in mind a number of things...first of all, these are high end units along the waterfront. That's what you want. That raises the bar for other apartment complexes.

Secondly, Wilmington continues to grow...so you have to put those people somewhere. Considering its almost built out, it means you have to build up.

Thirdly, in order to pay for better policing, sidewalks, parks & trails, and basic infrastructure upgrades...you have to expand your tax base. Sprawling single-family housing communities don't do that. Mixed Use absolutely does.

Another project not mentioned is the City Council talking about finally removing the parking deck and redeveloping the site. "The View" property (old bank building was torn down) will be redeveloped at some point. So more and more housing type/mixed use type units will be built. I think building them downtown or near the college is a great thing for Wilmington.

[NM posts]

This is great news. Perfect location for all of it- very exciting!