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Real Estate - Residential

Charlotte-based Affordable Housing Developer Plans Wilmington Project

By Cece Nunn, posted Jan 31, 2024
A draft elevation gives an idea of what the cottage-style Cape Landing apartment buildings could look like. (Courtesy of Greenway Residential Development)

The Charlotte-based developer planning apartments near Maides Park in Wilmington is banking on the area’s demand for affordable housing to make its project a success.

Greenway Residential Development officials want to build 60 cottage-style apartments for seniors on nearly 8 acres at 516 and 520 Mosley Street. As a result, they’re seeking a conditional district rezoning to a medium-density, multiple-dwelling residential designation.

In addition to 60 single-story residential units, Cape Landing Apartments would include a clubhouse, gazebo, laundry facility, computer room and fitness room, according to Greenway’s rezoning application.

The units would stay affordable for at least 30 years, said Mark Richardson, assistant vice president of Greenway. He said the units will be a mix in terms of affordability with apartments for those who make 30% (16 units) of the area median income, 60% (30 units) and 80% (14 units).

The median household income in New Hanover County in 2022 was $67,515, according to the U.S. Census Bureau.

Finding land that can make an affordable housing deal work in the Wilmington area can be difficult, Richardson said.

“We've looked all over the state, but we were particularly interested in New Hanover County and Wilmington,” he said. “We always are and have not stopped looking in that area – it's just land's so expensive.”

According to property tax records, Cape Landing Apartments LLC purchased the property for $450,000 in December 2022. Partiallly funded with North Carolina affordable housing tax credits, the total development cost (not just construction) is estimated at about $11.4 million.

“The subject tract is located near vital urban centers and services,” the rezoning application states. “The pricing of such vacant buildable land near vital urban centers and services typically renders it unavailable for affordable housing development. Fortunately, however, the applicant has been able to obtain the subject tract at a price that makes affordable housing financially feasible.”

In addition to Maides Park, the property is near Girls Leadership Academy of Wilmington (GLOW) as well as restaurants, a Food Lion grocery store and a Walgreens on Market Street, according to the application.

The Wilmington Planning Commission is expected to consider the rezoning request at its meeting at 6 p.m. Feb. 7. The meeting is scheduled to take place in City Council Chambers at City Hall, 102 N. Third St. The city's planning staff has recommended conditional approval.

Richardson said if the rezoning is ultimately approved by city officials, he hopes to break ground on Cape Landing in the spring. Construction is expected to take at least a year.

Greenway Residential Development has projects in North Carolina, South Carolina and Tennessee.

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