New businesses coming to ILM Business Park with a $120 million investment
WILMINGTON, NC (WWAY) — Today Wilmington International Airport made two major economic development announcements, both promising to bring millions of dollars in investments to the ILM Business Park.
Airport officials announced two businesses, Edgewater Ventures and CIL Capital, will be joining the ILM business park.
Edgewater Ventures and CIL Capital will bring a total of 120 million dollars in investments to the ILM Business Park.
Mike Hockett, CIL Capital’s CEO said the company signed a long-term lease on the airports property, and looks forward to bringing its plans for a storage and distribution facility for the life sciences industry into fruition.
“It will be in the $100 million range, and we’re going to build around 500,000 square feet of a cold storage facility. It’s certainly going to add capacity to ILM, and we hope also to work with the expansion of the port as well,” said Mike Hockett, CIL Capital’s CEO.
Edgewater Ventures signed a long-term lease for 30 acres, and is planning to build three buildings for a Class A Industrial Speculative Development.
Chris Norvell, Edgewater Ventures lead industrial development partner says the new development will be a great asset to the local economy.
“Certainly the job creation, with both our project as well as Mike’s project, you know has an opportunity to create. I will say Wilmington, you know, has been a very, — a relatively small and sleep industrial market you know over the years, but what we intend to build is will be state-of-the-art facilities that would be on par with anything you’d see in any market in the country,” said Chris Norvell, Edgewater Ventures lead industrial development partner.
Airport Authority chairman Donna Girardot says discussions for these new additions have been in the works for months.
“Wilmington has so much to sell, with our downtown, with our beaches, with our parks, and everything else, that it’s just a perfect facility. I think a perfect location for everybody, and we’ve told both of them ‘we will hold your hand throughout the whole process, take you through the permitting process, take you through the technical review processes,'” said Donna Girardot, Airport Authority chairman.
Girardot also said this is a promising sign for future developments that will come to ILM business park.
“I think it’s indicative, by our county commissioners and our city council, certainly by the airport authority, we have definitely put out the word that we’re open for business,” said Girardot.
Airport officials said both businesses coming to ILM are expected to help grow the local tax base, increase jobs, and enhance economic development opportunities in the region.
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