Print
Real Estate - Residential

In Latest Phases, 400 More Home Lots Coming To Riverlights

By Cece Nunn, posted Aug 2, 2022
An aerial view of Riverlights from the first phase of the masterplanned community (bottom) looking south where new sections are under development for single-family homes and townhomes. (Photo courtesy of Riverlights)
Riverlights officials are working toward creating a little over 400 new home lots for the 1,400-acre master-planned development’s next phases.

Developers recently submitted site plans to the city of Wilmington for phases 7 and 8 of Riverlights, a project off River Road owned by a subsidiary of North America Sekisui House LLC and managed by Brookfield Properties. 

The phases are expected to be built on unused land in the far southwest portions of Riverlights, directly across River Road from where a 37-acre Riverlights commercial village, 7Bridge, is being planned.

Phases 7 and 8 will contain diverse single-family home options, including a range of prices and sizes, said Nick Cassala, vice president of operations for Riverlights. He said they intend to break ground on Phase 8 by the end of the year.

While talk of a potential cooling in the housing market has increased in recent weeks, Riverlights officials don’t intend to pull back from continuing to create lots in the popular neighborhood, Cassala said, as they remain “cautiously optimistic.” 

To date, buyers had purchased 830 homes in Riverlights and the community has more than 2,000 residents, not including the occupants of Oasis at Riverlights, an apartment complex with 250 units, officials said.

“We think that the market demand side is still significant. We think that our community is well-positioned and now is well-established to continue to be in demand,” Cassala said. “Wilmington is going to continue to attract more and more buyers, whether they be from inside the state or outside of the state, just like we've seen the last two to five years.”

That anticipated Phase 8 start timeline – by the end of this year – “gives you an indication that we're still very bullish about Wilmington and our position in this marketplace,” he said.

Currently, phases 5 and 6, which will hold 360 homesites, are underway.

“We have delivered the first two sub-phases within phases 5 and 6 and the first 95 lots are complete,” Cassala said. “We're probably less than 60 days away from the first home starts in that neighborhood.”

Plans for phases 7 and 8 will be subject to a technical review by the city, but as of Tuesday afternoon, that review had not been scheduled, according to the city's project tracking website.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Katiebraskett web

June 2022 Freight Market Update

Katie Braskett - MegaCorp Logistics
Billcoleman lopw headshot

Reaping The Benefits Of Patience

Bill Coleman - Live Oak Private Wealth
Cd

Don't Forget the "B"

Hoop Morgan - The Forté Institute, LLC

Trending News

Murchison Building Downtown Sold For $8.25M

Johanna F. Still - Aug 12, 2022

With Home Sales Down In July, Realtors Struggle To Choose 'sweet Spot' Prices

Cece Nunn - Aug 12, 2022

Local Film Projects Building Sizeable Spend; New TV Series Announced For September

Jenny Callison - Aug 12, 2022

In The Current Issue

Beach Equipment Rentals Sizzle

For some beachgoers, their perfect day is lazing on the shore, soaking up rays. For others, it’s water sports or maybe biking alongside the...


Borrowers Seek Adjustable-rate Perks

During recent years when interest rates were at rock-bottom levels, borrowers have kept adjustable-rate mortgages at arm’s length. But now,...


Schools Face Nursing Shortage Crises

The pandemic-induced havoc on hospitals around the country still ricochets across systems today. A dire trend accelerated and emerged: a sho...

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100