Wilmington City Council approves gap financing for Starway Village

WILMINGTON, NC (WWAY)– Wilmington City Council met this evening, discussing a number of items. 

One of them involved a new development on Oleander Drive, and the other, more funding for a housing development at the old Starway Flea Market. 

Wilmington City Council voted unanimously to fill a financing gap to create more affordable housing units in the city. 

The resolution approved, $750,000 in loans for Starway Village, bringing 278 units of affordable housing to Wilmington for people who make between 30-60% of average medium income in New Hanover County.  

Councilman Neil Anderson says things have changed since the project was first approved two years ago.  

“Today, what we did, there was a little gap left, and the county and the city are helping give them a little bit more of a loan because interest rates have gone up so much since the project was first passed,” said Anderson. “Now, that gap that we covered is now a gap again. So hopefully for everyone, interest rates are stabilizing, and this will be the last time we have to help them.”   

This loan will allow this project to begin. 

Another item of interest tonight included the ordinance amending the official zoning maps of the city to rezone property containing 5.82 acres of land located on Oleander Drive for mixed use development consisting of 178 dwelling units and over 20 thousand square feet of office and commercial space.  

 This item was continued, and will be discussed further at the council’s meeting on January 9th.   

The next Wilmington City Council meeting will be held on Tuesday October 17th.