By WECT Staff | September 15, 2020 at 9:05 PM EDT – Updated September 16 at 12:03 AM
WILMINGTON, N.C. (WECT) – Wilmington City Council tonight unanimously voted to take the next step in finalizing an agreement to re-develop the old WAVE Transit site on Castle Street.
The vote allows staff to move forward with the agreement with Hipp Architecture and Developer, PC, to redevelop the property into residential, commercial and meeting space. The developer plans to renovate the two existing buildings on the property, build two new multi-story buildings with ground level commercial space with the potential to house 15 tenants, 23 residential units which will be sold as affordable and workforce housing. The estimated cost of the project is $8 million dollars. Staff said a realistic target date for council seeing a final proposed agreement would be December 1, 2020.
According to the development proposal, the property will be conveyed to the Cape Fear Community Land Trust, which will enter into an agreement with the Developer to build the project and provide a long-term lease to the Developer. The Developer will sell the residential units to Cape Fear Habitat for Humanity and East Coast Community Development, Inc, while leasing and selling the commercial units.
A Phase II Environmental Assessment recently indicated there are some areas of the property with environmental concerns. A Brownfield Agreement will have to be obtained from NC Department of Environmental Quality before the project will move forward. The current schedule is based on the expected receipt of the Brownfield Agreement in the spring of 2021.
According to the proposed project schedule, the existing buildings will be rehabilitated first with a goal of opening in the fall of 2021. The proposed project is targeted for completion in the spring of 2022.
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