MarketWatch
Mixed development project planned for Belville, N.C.
Project mixes condos and retailStar-News, Wilmington, N.C.
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Aug. 3--BELVILLE -- The old downtown on the Brunswick River looks as it did a year ago, when bulldozers had brought down its abandoned Cookery and a motel of questionable activities. Its large stretches of grass remain undeveloped, its aging homes still in place and its streets practically empty, dotted with a handful of small businesses.
But according to Michael White, partner in the downtown Belville redevelopment plan, a lot of work is being done and hundreds of thousands of dollars are being spent to prepare that area for change. Boutiques, condos, a marina and a boardwalk will eventually replace that faded landscape off N.C. 133, but it's a long, complicated process until then, White said.
"There's a huge amount of progress being made," but people don't notice it because it's not yet tangible, White said. Preliminary engineering for the project began about a month ago, the developer pointed out.
At a town hall meeting Monday, consultants will present the public some of the project's logistical work: a completed market analysis. The study shows that the revamped downtown -- which White expects to be completed within 10 to 15 years -- "can compete really well with the riverfront" in Wilmington, consultant Erica Champion said.
Belville's mixed development project would allow people to live and shop in a waterfront district without the traffic congestion of the Wilmington area, said Champion, senior associate at Atlanta's RCLCO, which conducted the analysis. People could also find housing more affordable in downtown Belville, Champion said
The study shows it would be possible to build 338 condos, each at 1,070 square feet and going for $330,000; 70 waterview condos at 1,480 square feet and $523,000; and 70 waterfront condos or penthouses, at 1,980 square feet for a pricier $793,000. A hotel could also go in, along with a combined 281,700 square feet of retail and office space, the study says.
The project's forte is its proximity to Wilmington and the ability to fill the void in northern Brunswick County for a consolidated, multi-use waterfront district, according to Champion and the study. Consumer research indicates people 50 and older -- a growing community in Brunswick -- put the strongest emphasis among all age groups on the ability to walk to restaurants, shops and other amenities, which Belville's project would provide, says the study.