1 minute read
THE DIGEST
DIGEST THE A ROUNDUP OF RECENT COMMERCIAL REAL ESTATE NEWS
RENDERING C/O PARASTREAM DEVELOPMENT
ENVISIONING SODA POP DISTRICT PROJECT
Plans for the redevelopment of the old Coca-Cola plant in Wilmington’s Soda Pop District are moving forward. Parastream Development in early 2022 released renderings for “The Bottle Works Building” project, an urban-flex warehouse.
Construction of the first portion of the two-phase adaptive reuse project is expected to be complete by this summer. It includes 74,000 square feet of leasable areas that span from 400 to 12,000 square feet.
Already, Craftspace, a manufacturing business that renovates shipping containers, has leased 5,000 square feet and has plans to expand. Meant for warehouse use, light manufacturing, assembly, distribution, office, retail and storefront opportunities, the flex space has a range of options for tenants.
The first phase will enhance the old soda plant at 921 Princess St. Parastream Development plans to invest about $2 million in this process, according to a Wilmington Downtown Inc. press release.
The company purchased the property, which is located on a 1.5acre block, for $8 million in a deal that included multiple properties totaling 7 acres in October.
Bowman Murray Hemingway Architects and Monteith Construction Co. are collaborating on the project.
TO STAY IN THE LOOP ON THE LATEST REAL ESTATE HAPPENINGS, CHECK OUT THE WEEKLY REAL ESTATE UPDATE EMAIL. SIGN UP AT WILMINGTONBIZ.COM.
PHOTO BY JOHANNA F. STILL
ILM FLIES HIGH WITH MORE SPACE
In early February, passengers made their way for the first time down an extended wing of the Wilmington International Airport.
The new concourse officially opened to unveil vaulted ceilings, local art, expansive seating and new gates.
Work on the last phase of the multiyear $68 million expansion project began in 2020. The expansion increased ILM’s space by 75% to reach a total of 162,800 square feet. The Federal Aviation Administration contributed $35.5 million toward the three-phase expansion project.
$311
MILLION
ESTIMATED
SPENDING IN THE WILMINGTON AREA ON FILM PROJECTS IN
