By WECT Staff | July 28, 2020 at 6:16 AM EDT – Updated July 28 at 9:39 AM
SOUTHPORT, N.C. (WECT) – Plans for a 400-acre mixed-use development located west of Southport have been presented to city leaders, and residents will likely recognize the developers behind the project.
East West Partners, the same developers behind the River Place development in downtown Wilmington, have partnered with Bald Head Island Limited LLC, the team behind Bald Head Island, as well as master developer of Indigo Plantation and Marina to create the new community.
Labeled ‘Project Indigo,’ the development would consist of retail, restaurants, medical offices, senior living, apartment homes, townhouses, a ‘marina village,’ other residential units, as well as ample green space parks.
While only about 15 percent of the roughly 400 acres are actually located within the City of Southport, CEO of Bald Head Limited Chad Paul said his goal would be to annex the entirety of the property into city limits. This, of course, would have a significant effect on tax revenues for both the City of Southport as well as Brunswick County, if developed.
With a total estimated value of $565.8 million of investment in the community in terms of property values, the potential tax revenues would be in the millions for both the city and county.
The development would incorporate the already existing Indigo Plantation Marina with the project and would take years to complete, however, the development team says they want to work with the City of Southport moving forward to set the pace.
“Our goal is to go as fast or as slow as you all on this board want to go,” Paul said.
East West Partners is a development company based out of Chapel Hill and is the team behind Wilmington’s River Place project, a mixed-use development located in the heart of Downtown Wilmington.
East West Partners also submitted plans to the City of Wilmington for the city’s proposed ‘Gateway Project,’ a $90 million project that would transform the northern part of downtown.
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