New year, new developments: 13 projects to watch in New Hanover County in 2024
Looking ahead to 2024, it’s shaping up to be a busy year for public and private projects in Wilmington and New Hanover County. Construction of hundreds of new homes and apartments is expected to wrap up, while local governments have many projects, including parks and road improvements, they plan to bring online.
From New Hanover County’s long-time coming Project Grace to the construction of Eastwood Road’s Center Point, residents and tourists alike will have new dining, retail and residential experiences to look forward to.
All of this residential and commercial development will impact the local real estate market.
“The Wilmington area, with its very desirable coastal location, is still experiencing a strong rate of people moving into the area,” said Steve Mitchell, resident of the Cape Fear Realtors.
Due to current mortgage interest rates, he added, homeowners are reluctant to sell their homes to purchase another home that may be more suitable for their current lifestyle.
“This has created a shortage of available resale residential homes for sale,” Mitchell said. “Fortunately, the new construction communities are providing much-needed inventory to help fill this gap.”
In November, the number of active listings in New Hanover County was up roughly 26% compared to the same time last year. The number of closed sales was down nearly 20% as was the median sales prices -- dropping from $424,877 in November 2022 to $419,186 this year.
Considering all of the developments, Mitchell pointed toward a positive outlook on the 2024 housing market. While he acknowledged that interest rates could impede the success of new residential developments, he believes that the current remote working trend “may continue to support the absorption of the additional units that are being constructed.”
According to real estate professionals, since there’s not much room left to develop in Wilmington and prices are increasing, people might find themselves looking for homes in surrounding communities throughout the county.
“New Hanover County is relatively small compared to other counties in the state and given the demand in the area, it makes sense interest would peak in areas close to Wilmington,” said local real estate agent Melanie Cameron.
Councilman Charlie Rivenbark agreed that room to develop in the city is running low.
“The projects that are coming out of the ground, I’m looking forward to all of them…. There’s very little left to develop in Wilmington as far as tracts of land go, so you’re going to see a lot of redevelopments starting over where the infrastructure is already located,” he said.
County manager Chris Coudriet said that while county projects vary in size and scope, "each of these endeavors are intended to enhance and improve the quality of life for our residents and visitors. We are excited for each of them... and look forward to continuing our goal of being an organization that meets the needs of our customers and continues to be a model of good governance."
Here are some of the major projects taking shape in 2024:
Center Point
Summary: Nestled between Military Cutoff and Eastwood roads, this is a mixed-use project that is expected to have over 300 multi-family rental homes, office space, a hotel, shops and restaurants.
Location: 1541 Eastwood Road
Status / timeline: Currently under construction.
The Avenue
Summary: This project features 44.5 acres of mixed-use property that will consist of retail, restaurants, apartments and office space, along with a Westin Hotel.
Location: 347 Military Cutoff Road
Status / timeline: The project is currently under review by Wilmington’s Technical Review Committee. Construction is anticipated to begin in 2024.
Kettler Wilmington Waterfront
Summary: This project will consist of 293 apartments on nearly three acres of land that sit along Wilmington’s Riverwalk.
Location: 19 & 41 Harnett St.
Status / timeline: The project is currently under construction. Completion is anticipated in 2024.
Barclay West North
Summary: This project consists of two parcels, The Hamlet and The Mosby, that will be developed into an apartment, townhome and cottage complex on more than 30 acres of land.
Location: 3152 S. 17th St.
Status / timeline: Currently under construction.
River Road and Independence Boulevard roundabout
Summary: To alleviate traffic and safety concerns, a project to construct a roundabout at the intersection of River Road and Independence Boulevard is being considered by the city.
Location: Intersection of River Road and Independence Boulevard
Status / timeline: The project is currently under review. The construction release is expected in 2024.
Salvation Army
Summary: This project consists of over 20 acres of land that will become the future site of the Salvation Army Center of Hope and Community Center off Martin Luther King Parkway.
Location: 1220 N. 30th St.
Status / timeline: The project is currently under review. The construction release is expected in 2024.
Project Grace
Summary: A public-private renovation focused on a three-acre block downtown that will become the new site of the Downtown Library and Cape Fear Museum. The renovation, bordered by Grace, Third, Second, and Chestnut streets, will also include the redevelopment of the current county parking deck.
Location: 216 Grace St.
Status / timeline: The project is currently under review. The construction release is expected in 2024.
Good Shepherd Ministries Housing Project
Summary: The nonprofit is constructing a permanent supportive housing complex on Carolina Beach Road at the site of a former fire station. The complex will primarily serve those with disabilities who are chronically homeless.
Location: 3939 Carolina Beach Road
Status / timeline: This project is currently under review. The construction release is expected in 2024.
Government Center greenspace
Summary: This development will be a greenspace that sits next to the new government center -- at the site of the old government center. The space will host community gatherings and showcase outdoor art installations.
Location: 230 Government Center Drive
Status / timeline: Currently under construction.
Board of Elections Facility
Summary: A new Board of Elections facility will be located adjacent to Ten Pin Bowling Alley and Break Time Billiards. Like the new greenspace, the site is located near the new government center.
Location: 230 Government Center Drive
Status / timeline: Currently under construction.
Northern Regional Park
Summary: Improvements will be made to the park including additional multipurpose fields, roadway improvements, a parking lot and a BMX pump track. 1.7 miles of asphalt trails have already been completed.
Location: 4700 Old Ave., Castle Hayne
Status / timeline: Phase two of construction is expected to begin early to mid-2024.
Smith Creek Park
Summary: Improvements to the park are anticipated to include multi-purpose trails, picnic facilities, play elements and environmental education opportunities.
Location: 633 Shenandoah St.
Status / timeline: Phase two of construction is expected to begin mid-2024.
Echo Farms Park
Summary: Improvements to the park are anticipated to include additional tennis courts behind the already existing ones.
Location: 4112 Echo Farms Blvd.
Status / timeline: Phase two of design is underway. There’s a possibility of construction beginning in late 2024.
This article originally appeared on Wilmington StarNews: Major projects and developments coming in Wilmington, NC, in 2024
