A Wilmington riverfront property sold for $5 million last month. What will happen to it?
A 72-acre industrial property just north of the Isabel Holmes Bridge in Wilmington sold for $5 million last month, creating the potential for new redevelopment plans along the Northeast Cape Fear River.
Commercial interest in developing Wilmington’s riverfront beyond the Isabel Holmes Bridge has grown in recent years. However, much of that area is used for industrial purposes.
Sailing past the Cape Fear Marina going towards the Northeast Cape Fear River, a series of industrial users including Cape Fear Public Utility Authority’s Sweeney Water Treatment Plant and a bulk terminal operated by Kinder Morgan occupy the riverfront.
Kinder Morgan, an energy infrastructure company headquartered in Houston, used its property for petroleum and specialty chemicals, according to the company’s website. Isambard 53 LLC, a Wilmington-based limited liability company, bought the property late last month, according to property records, and is now in the process of determining what to do with it.
Steve Hall, vice president at Blue Coast Commercial Real Estate in Wilmington, gave the StarNews some insight into the property’s history, what will happen to the property, and how this deal might be a glimpse into the future of Wilmington’s northern downtown riverfront.
His responses below have been lightly edited for clarity and brevity.
What's the history of the property?
Hall: Wilmington Fertilizer acquired the property in October 1963 and manufactured fertilizer at the site until the late 1980s when operation ceased. McNair purchased the site in 1990, followed by Chemserve Terminal, Inc., which purchased the site in April 1998. Kinder Morgan acquired the property in mid-2008. Kinder Morgan operated as a bulk terminal for the storage and distribution of various products.
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What happens now that it's sold?
Hall: The new ownership group needs to conduct a comprehensive feasibility study, market analysis, and engage with local stakeholders, authorities and the community to ensure that the chosen redevelopment plan aligns with the needs and aspirations of the area. Additionally, adhering to zoning regulations, environmental considerations, and sustainable development practices will contribute to the long-term success of the project.
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What do you believe is the future of the riverfront, especially for these properties that are north of the Isabel Holmes Bridge?
Hall: The future for the northern portion of the Cape Fear River in downtown Wilmington holds significant potential for development and revitalization. A revitalized northern riverfront could stimulate economic growth, attracting businesses and creating job opportunities in various sectors. The actual future development of the northern portion of the Cape Fear River in downtown Wilmington will be influenced by various factors including market demand, urban planning decisions, and the local governing agencies at the end of the day.
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This article originally appeared on Wilmington StarNews: Wilmington, NC riverfront property could be redeveloped
