A local development firm plans to bring a new mixed-use building to a grass-covered corner lot on Castle Street.
Wilmington-based firm JTV Investments PLLC could build 10 new apartments and just over 1,000 square feet of commercial space on the corner of Castle and South Eighth streets. The project follows broader growth along the Castle Street corridor, which has seen an uptick in infill, redevelopment and new business interest in recent years.
Just a block down from the site, at the corner of South Sixth and Castle streets, a Boston-based company has plans to bring in 30 new apartments and retail space, and earlier this year, the Wilmington City Council sold a 1.5-acre, city-owned lot at 1110 Castle St. to PBW Development, a local firm with plans to build housing and commercial space.
JTV Investments has had Castle Street on its radar for the past couple of years, said Adam Nicholas, the firm’s development manager.
“Castle Street for us is just a nice in-between,” he said. “There's already been some development there that’s proved the market is possible and will work, and there's a lot more potential for redevelopment up and down the street.”
The company, owned by local developer Jon Vincent, initially eyed the corridor for a “purely residential” project, Nicholas said, until it found the 0.18-acre lot at 720 Castle St. With frontage onto Castle, a first-floor retail component was added so the building would fit in with the surrounding retail.
JTV Investments purchased the land on Castle Street in March for $302,000, according to New Hanover County property records. Plans for the project were submitted to the city of Wilmington last week for technical review.
Site plans for the three-story building show 1,014 square feet of commercial and 1,358 square feet of residential space on its ground floor with apartments on the second and third floors. The units will be a mix of one- and two-bedroom apartments, according to Nicholas.
While more units were allowed on the site by right, developers opted to put in a parking lot, Nicholas said. Site plans show seven parking spaces. The firm hopes to break ground on the project by the end of the year, Nicholas said, but first, plans will undergo technical review from city officials.
Looking to the future, Nicholas said he expects Castle Street to retain its “eclectic” and “artsy” charm while continuing to draw new developments.
“We do see a lot more of the vacant lots filling in over time and likely going three stories,” he said. “I think there's a similar mindset that there's good potential in the street overall.”