Council OK’s money for Water Street parking deck redevelopment is your source for free news and information in the Wilmington area.

The city-owned Water Street Parking Deck between Grace and Chestnut streets downtown is slated for redevelopment, but details are still afloat. File photo by Ben Brown.
The city-owned Water Street Parking Deck between Grace and Chestnut streets downtown is slated for redevelopment. File photo.

Wilmington City Council approved the appropriation of money for the Water Street Parking Deck redevelopment project on Tuesday. The decision comes after the same board approved the terms of the purchase and development agreement last month.

The ordinance moved $15,636,964 to the Parking Facilities Capital Project Fund for the Water Street Parking Deck Redevelopment Project. According to the approved deal, construction costs paid for by the city are not to exceed $20,740,815. The city also has $5,905,000 in unallocated funds that the city will put toward the project.

Payment from the development company, Water Street Ventures, to the city for the sale of the air rights (a total of $1,015,338) on the property was also recognized in the ordinance.

A mixed-use development featuring two 13-story residential towers with 170 apartment and condominium units will be built on top of 25,633 square feet of retail and restaurant space at the downtown site. The structure will also include 409 parking spaces located behind the residences to replace the parking deck.

According to city spokesman Dylan Lee, workers have already started moving the utilities on the project site, and demolition of the current parking deck is slated for November. No timetable has been set yet for construction, though the PDA stipulates that construction must begin within 120 days of the deal’s closing date. As of publication, it is unclear if the deal has been officially closed.

The latest ordinance also moved $2 million to the Chestnut/Grace Street Reconstruction Project, a city project that will be done to improve the streets surrounding the site.

Lee said street closures will be expected during construction, but details are still being worked out. A section of Water Street located just south of the property is already closed for infrastructure work and renovations to Riverfront Park.