New Development proposed called Project Grace

WILMINGTON, NC (WWAY) — New Hanover county could be “gracing” Downtown Wilmington with a new project.

“It’s a unique opportunity in that one entity, in this case New Hanover County, owns an entire city block,” Chris Coudriet, New Hanover County manager, said.

Project Grace would remodel the entire block between Second and Third Streets and between Chestnut and Grace Streets. It would bring changes to the library and parking deck, add hotels and offer new retail space. All in an effort to improve the area.

“The board also believes that in its current state, as good as it is, it is likely underdeveloped and is not bringing the same value to the community that it otherwise could,” Coudriet said.

The New Hanover Board of County Commissioners got the chance to look at different project proposals. Coudriet says this could be a great opportunity for the public and help promote growth.

“The chance to maximize the development on that site, to maintain the public assets, but also to encourage commercial and residential development on that site, really in our mind, presented a great opportunity,” Coudriet said.

Planning for this development started about a year ago and if approved, it is estimated construction would be completed by the year 2021. But county commissioners will not make a decision until September.

“When we do come back to the board in sixty days, we understand that we’re going to be asking them to potentially take on something that the county has not done before,” Coudriet said.

The project could cost up to $120,000,000, but none of the money would come from taxes. It would only come from private investments, parking money and ad valorum.