Large multi-use development planned to bring manufacturing & retail space to Wilmington

WILMINGTON, NC (WWAY) — Exciting news was announced today in Wilmington’s ‘Soda Pop’ district. A new multi-use development is planned for the historic region, promising growth for the long-vacant area.

“Just a great day in the city of Wilmington,” Mayor Bill Saffo said. “When you see something like this happen, it’s a good thing for our community.”

A project years in the making is finally becoming a reality for nearly 4 blocks surrounding the intersection of 10th Street and Princess Street in Wilmington.

Parastream Development is behind the planned construction, which promises manufacturing, residential and retail space.

Bill Saffo says residents will likely see more projects like this in coming years.

“As downtown has become more and more popular, people are branching out of downtown and going to some of these areas that for many years had a lot of older buildings that were not really being utilized to their fullest potential,” Saffo said. “We’re seeing a lot of this adaptive reuse going on all over downtown.”

Saffo says reutilizing the old buildings instead of tearing them down was important to recent buyers, who purchased the property for just over $8 million dollars.

“The owners of this property want to reuse the buildings there,” Saffo said. “Refurbish them, remodel them. Which is what we like to see. Some of those buildings do have historic significance. They’re going to protect those buildings.”

Saffo points out this is a big undertaking, but a positive sign of interest builders still have in choosing Wilmington for development.

“We’re really excited about it,” Saffo added. “I know they’re excited about it. It’ll reutilize those buildings and bring people down there. It’s a good thing for our community. Something we’ve been looking forward to for a long long time.”

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