DeWitt Carolinas Announces $50M Luxury Multi-Family Project in Wilmington
- Mar 28, 2014
by Adriana Pop, Associate Editor
DeWitt Carolinas Inc. of Raleigh has announced plans to develop a $50 million luxury apartment community along Port City Marina in downtown Wilmington. Construction is expected to begin this fall and be complete in about 16 months.
Designed by J. Davis Architects, the six-story complex known as Pier 33 Apartments will feature a mix of 300 studios, one-, two- and three-bedroom apartment homes and 32,000 square feet of ground floor retail space. Amenities will include a saltwater swimming pool, heated indoor lap pool, gourmet coffee bar, modern fitness center, conference room, clubroom, business center, dog washing station and yoga room.
The parking garage, which will have the capacity to house 700 parking spaces for residential and retail use, will be accessible at each residential floor.
“We are excited about the opportunity to bring life back to the pier along the new extension of the Riverwalk. This project, known as Pier 33, will allow us a wonderful opportunity to provide a new style of living to Downtown Wilmington. Our team looks forward to continuing to advance Wilmington’s well deserved revitalization,” Todd Saieed, president and CEO of DeWitt Carolinas, said in a news release.
Over the last 40 years, DeWitt Carolinas has developed over 2,500 multi-family units throughout the Carolinas, including Raleigh, Wilmington, Columbia, Charlotte and Cary.
In other news, a Cincinnati real estate investment trust has recently acquired two Triangle-area retail centers, one in Cary and one in Chapel Hill.
According to the Triangle Business Journal, Phillips Edison–ARC Shopping Center REIT paid a combined $38.8 million for the properties, which are both anchored by Harris Teeter.
In Cary, the company purchased the 127,000-square-foot Harrison Pointe shopping center at the corner of Harrison Avenue and Maynard Road. The property was 94 percent occupied at the time of sale. Weingarten Realty Investors of Houston sold the center for $22.7 million and was represented by Berkely Capital Advisors of Charlotte.
In Chapel Hill, the REIT acquired the 96,336-square-foot Chapel Hill North shopping center at 1800 Martin Luther King Jr. Blvd., which was 97 occupied at the time of sale. Roane Cross Jr. of Winston-Salem sold the property for $16.1 million.
Since the beginning of the year, Phillips Edison–ARC Shopping Center REIT has acquired 15 shopping centers in eight states for a total of $261 million. The company owns five properties in North Carolina.
Photo credits: DeWitt Carolinas, Inc.