WILMINGTON, NC (WECT) – Members of the Wilmington City Council heard an update Tuesday night on redeveloping the Water Street parking deck property.
Representatives from the UNC School of Government's Development Finance Initiative made the presentation of preliminary findings in their work to identify the best use for the site.
City leaders hired the group to get input from the community, and to analyze the current economic conditions to develop its recommendations.
According to a City of Wilmington news release, DFI's preliminary findings showed several things:
- The site should be developed with a mix of uses, emphasizing river views and adequate parking.
- Demand for residential and hotel uses is strong, while demand for office and retail uses is moderate.
- The site is not large enough to accommodate the type of public park for large gatherings that stakeholder feedback so far indicates is most wanted downtown.
- A municipal service district (MSA) that includes this parcel would provide additional legal authority and flexibility in developing a public/private partnership.
- An MSA allows certain types of incentives, but a tax does not have to be charged in an MSA, it can be tax free.
Representatives from the Development Finance Initiative are expected to present final report by the middle of next year.
Council will use that information to decide what to do with developing that property.