WILMINGTON -- A decision on who will be responsible for overhauling the Water Street Parking Deck could come at a Wilmington City Council meeting on Tuesday.
Council will consider a recommendation from city staff to select Cape Fear Development Partners (CFDP) as the project’s developer. The group is proposing a $16.9 million mixed-use building that would include 509 parking spaces, 174 residential units and 19,000 square feet of retail space. If council votes to move forward, the city could then begin negotiations to finalize development plans.
“It will be, if not the largest, certainly one of the largest development projects that the city has ever been involved with,” said Malissa Talbert, a city spokeswoman.
Talbert said the city is looking to redevelop the deck due to aging and repairs needed.
City staff’s recommendation was drawn from a pool of three developer finalists. Based on city documents, Cape Fear Development Partners was chosen for several reasons, including design plans and credentials. East West Partners Management Company is the second choice, and city officials may consider that group if negotiations with CFDP fail.
"Once we make a determination about which developer will redevelop the site, we can really start to get into the particulars of what the cost of the project will be, what the project will look like, how long it will take,” said Talbert.
Justin Queen, who works in a building adjacent to the current deck, was optimistic the redevelopment project would bring more visitors to the area. His main concern was that any developer selected create adequate parking for businesses.
"Parking is one of the biggest pain points for businesses downtown currently. We're definitely going to need close access to good parking,” he said.
Once a developer is selected, Talbert said city officials plan to gather public input as they work to finalize design plans and other details.