WILMINGTON – Preparation for the demolition of the Water Street parking deck is now underway.
Crews from the city of Wilmington have begun underground utilities work, which must be completed before the two-story structure can be torn down. According to the city, the preparation work will be completed by the end of November. Parking in the deck will no longer be allowed after Nov. 30, and demolition will occur in early December.
In its place, Water Street Ventures, a limited liability company formed by Chapel Hill-based East West Partners, will build a mixed-use development. It will include 170 residences, 409 parking spaces and 25,633 square feet of retail space.
According to a purchase and development agreement approved by city council in June, the city will pay $19.7 million of the project’s $70 million cost. The developers are responsible for the remaining $55.8 million. The deal also approved the sale of approximately 3.45 million cubic feet of air rights from the city to the developers for a little over $1 million.
The city’s project cost also includes $2 million that will go toward streetscape improvements on neighboring Grace and Chestnut streets. Though no exact date has been set for demolition and and no timeline has been set, the project is expected to take 36 months to build, according to the city.
