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February 5 - 18, 2021
Greater Wilmington Business Journal
wilmingtonbiz.com
| REAL ESTATE | Pending projects: Where do they stand? BY CECE NUNN hile some major development projects in the works in the Wilmington area are progressing, others are on hold for a variety of reasons.
W
NORTHERN GATEWAY
The Northern Gateway project planned for downtown Wilmington is an example of a development that has stalled. Early on in the pandemic, in April last year, city officials said the $90 million public-private partnership would have to wait as they responded to the health and financial health crises brought about by COVID-19. Chapel Hill-based East West Partners has proposed building residential units, retail space, a hotel, a visitors center and parking on several city-owned properties at 1020, 908 and 922 N. Front St. and 901 N. Third St. East West had already partnered with the city on the 13-story mixed-use development River Place.
RENDERING C/O THE CARROLL COMPANIES
Phase change: Plans for The Avenue, a more than $200 million project to be built on Military Cutoff Road, are being tweaked.
CENTERPOINT
In 2017, Swain & Associates developers announced plans for CenterPoint, a major mixed-use develop-
with a parking deck, restaurants and stores on about 23 acres. At the time, CenterPoint was estimated to be a $250 million project. That estimate is likely to increase because of a rise in construction costs and materials in the past few years. Wilmington-based Swain & Associates added 20 rooms to the hotel at CenterPoint for a total of 220, and 70 units, for a total of 370, to an apartment complex planned for the development. CenterPoint’s construction is also waiting for the N.C. Department of Transportation to start projects for Military Cutoff and Eastwood roads. Meanwhile, the NCDOT is facing its own delays and funding issues.
THE AVENUE
ment on Eastwood and Military Cutoff roads in Wilmington that would include a hotel, an office building with a parking deck, apartments
Plans for The Avenue, a more than $200 million development to be built on Military Cutoff Road in Wilmington, are proceeding but could include some changes, particularly to what gets built first, as a result of
INTRACOASTAL COMMERCIAL
COMMERCIAL
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