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Tuesday, May 21, 2024

300-unit apartment project proposed on barren Carolina Beach Road tract

Nearly 30 acres of land off Carolina Beach Road could soon become the site of 300 new residential units, if a national developer finds success in a rezoning request. (Port City Daily/Courtesy Google Maps)

NEW HANOVER COUNTY — An Indianapolis company has submitted a proposal to build a multi-family residential complex on barren land off Carolina Beach Road. 

Thompson Thrift Development, Inc. and its subsidiaries are national developers. Just this week, a Thompson Thrift affiliate sold an 11,000-square-foot multi-tenant building outside Charlotte “to a private buyer from California.” Last month, a different affiliate of the company, Watermark Residential, sold a 63-unit townhome project outside Denver for $33.5 million. 

RELATED: In less than a year, national builders have strengthened their grip on Wilmington’s development market

The company’s foray into the Wilmington area is planned for a site 1.5 miles south of the Carolina Beach Road.-S. College Road junction, 4 miles north of Snow’s Cut Bridge. 

It’s a 29-acre parcel, bordered to the west by the Beau Rivage subdivision. To the north is a self storage company, and south of the property is a boat dealership. 

Before construction can begin, the company first must secure a rezoning request. The site is designated for business uses at the moment, and the developer — along with its attorney, Sam Franck of Ward and Smith — seeks the residential multi-family moderate density zoning tag. This would allow up to 340 multi-family units on the site. 

The publicly available tentative site plan shows 15 multi-family buildings and 300 total dwellings, meaning each building will house 20 units. 

Including the 56 parking spaces that will be provided in four- and eight-bay garages, the site plan calls for a total of 655 parking spaces, a ratio of 2.18 spaces per unit. The schematics also include a stormwater pond, pool and dog park. 

The rezoning application will be first considered at a future meeting of the planning board, likely in July, and thereafter will be reviewed at a meeting of the board of commissioners. 

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