Follow Natalie Facebook
Email Natalie Email
Apr 19, 2023

From Growth to Greatness: Wilmington's Path to Becoming a Breakout City Through Urban Redevelopment

Sponsored Content provided by Natalie English - President & CEO, Wilmington Chamber of Commerce

As Wilmington continues to grow and thrive, the potential acquisition of Thermo Fisher Scientific's 12.5-acre campus in northern downtown by the City of Wilmington represents an unprecedented opportunity for the city's future. By continuing to prioritize the redevelopment of our downtown area, Wilmington can create a dynamic, vibrant urban environment that today's top talent craves. This, in turn, can help the city attract and retain the skilled workers it needs to remain competitive in the global economy.
The proposed acquisition would bring state-of-the-art facilities to city employees, enabling them to provide better services to the community. Additionally, the property acquisition would lead to new economic and job growth opportunities while meeting the long-term space needs of the City of Wilmington staff in a financially responsible way.
In the proposed plan, the City of Wilmington staff would occupy roughly half of the tower, leaving the remaining 50% of the space to be subleased by small to mid-size companies seeking Class-A space in a prime downtown location. This arrangement would create business growth opportunities and help attract other top-tier professional service businesses to the city.
The two undeveloped parcels on the Thermo Fisher campus included in the purchase would be resold and made available for future economic development opportunities. New businesses and jobs or residential opportunities could be created as these properties are redeveloped, enhancing Wilmington's overall economic landscape.
Another advantage of this acquisition is the 1000-space parking deck on the property that currently goes virtually unused on nights and weekends. By making these spaces available to the public, especially during community events and concerts at Live Oak Bank Amphitheater, the city can alleviate parking challenges for events at Riverfront Park and future development at the north end of downtown.
Furthermore, this initiative aligns with the county's redevelopment plan for Project Grace, which aims to redevelop a three-acre county block at Third and Grace Streets to include a new purpose-built public library and modern Cape Fear Museum. This acquisition presents a unique opportunity to stimulate inclusive economic growth and further the city's efforts to create a dynamic urban center.
The Wilmington Chamber of Commerce fully supports this initiative and encourages city leaders to move forward with this exciting project. The potential acquisition of Thermo Fisher Scientific's 12.5-acre campus by the City of Wilmington presents an unparalleled opportunity for economic and job growth while also serving as a critical talent attraction strategy for the region. By creating a dynamic, walkable urban environment that offers a mix of employment, housing, entertainment, and other amenities, Wilmington can truly become a world-class breakout city.

Chamber membership ad 300x250
Ico insights



What You Need to Know About SECURE 2.0 and Its Effect on Retirement Plans

Jason Wheeler - Pathfinder Wealth Consulting

Salling and Tate Dentistry Launches Annual "Gunner’s Runners" Shoe Collection Event, Aiming to Surpass Last Year's Success

Georgia Rowe - Wide Open Tech
2022052 75 142344351

Bridging Futures: The Case for Toll Funding in Wilmington’s Cape Fear Memorial Bridge Revamp

Natalie English - Wilmington Chamber of Commerce

Trending News

'Slippery Slope': Carolina Beach Leaders Deny Request To Rezone Former Hotel Site

Emma Dill - Apr 10, 2024

EPA Announces Standards For PFAS Regulation

Audrey Elsberry - Apr 10, 2024

New Hanover To Weigh $3.3 Million In Incentives For Industrial Park Expansion

Emma Dill - Apr 11, 2024

National Design-build Firm ARCO Grows Into Wilmington With New Office

Emma Dill - Apr 11, 2024

In The Current Issue

Harjo Leads Indigent Defense

Since Jennifer Harjo opened New Hanover County’s Public Defender’s Office in 2008, she has strived to ensure her clients receive their Const...

Area Attorneys Chosen For 2024 Legal Elite List

For the Business Journal's annual Law Issue, read about area attorney's who made this year's Legal Elite list....

TD Bank Brings Trend To Leland

In early March, New Jersey-based TD Bank opened its third Wilmington-area branch in Leland. That’s part of a trend for the bank....

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



2024 Power Breakfast: The Next Season