River Place development in downtown Wilmington on track for completion in 2020

River Place development in downtown Wilmington on track for completion in 2020

WILMINGTON, N.C. (WECT) - The developers of River Place in downtown Wilmington are happy for the milestone of a roof over the building and the crews on the top of parking deck. The project is roughly half complete.

“It’s been incredibly challenging,” says Lucien Ellison with East West Partners. “I don’t think the average person understands how complicated this project really has been. I mean, this street used to be the river.”

Times have changed. The development along Grace and Water streets shows an $83 million dollar commitment to downtown.

“I think it’s proof people want to be a part of downtown living, and Wilmington has a lot to offer,” says Ellison.

The multi-use property will be home to condos, apartments, retail and a parking garage that will hold more than 400 vehicles.

As of mid-June, 77 units are under contract, or 84 percent of capacity, with a total condo sales volume of $35.2 million. Sixty percent of commercial space has been leased with businesses including Circa Restaurant Group, Rocket Fizz, Axis Fitness, and Mellow Mushroom.

The project is just about on schedule which has to be a feat considering 2018 saw record-breaking rainfall and the wrath of Hurricane Florence.

“It was a full month before we could get back to work, not to mention the difficulty of getting all our workers back to the site,” Ellison said. “Some people lost their hotel rooms, other people just had to get other jobs because they couldn’t be out of work for a month.”

The framing’s been completed and the project is starting to look like the developer’s and architect’s envisioned. The goal is to have the parking garage completed by November, with the first condos available for move in by January 2020.

The project is expected to be completed, barring severe weather or other unforeseen obstacles, in July of 2020.

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