Princess Street Development Sit

Vacant Land for Sale
Catylist Listing ID: 30173590
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Retail-Pad, Other
Gross Land Area: 22,310 - 22,325 SF
Sale Price: $1,150,000
Sale Terms: Cash to Seller, Owner Financing, Other
Cap Rate: Undisclosed
Last Updated: 3/1/2019

Overview / Comments

Three adjoining properties located the new development focus area of the City of Wilmington. The lots combined to over 22,300 square foot development foot print. Currently there are two solid structures on the site that can be used in the development plan and re purposed or removed to expand opportunities. This UMX zoning district permit building height of 45 feet. The property is located in the Soda Pop District and is close to new developing areas. Easy access to highway and services. Close to downtown and mid-town. Surrounded by a fast going residential market and if prime for a mix of retail, office and residential uses.

Owner will consider owner financing with appropriate financials. The two building on site can be leased during a the planning process or a plan could build over the structure to keep the facades and outline of the building intact.

Open canvas with extreme potential.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R04818-015-013-000/R04818-015-007-000/R04818-015-008-000
Property Located Between: 12th and 13th street
Property Visibility: Excellent
Legal Description: PT LTS 3/4/5 B;l 188 WILM Deed is attached to listing
Largest Nearby Street: Market Street
Feet of Frontage: 133
Highway Access: I 40
Airports: ILM
Site Description: Two existing Structures that are both single story concrete block buildings. Large adjoining vacant lot . Clear with some tree canopy on the back property line. Very viable street access. All falls with in the UMX zoning district and access to CS and other residential zoning district populations . The combined lot is 22316 square feet.
Area Description: UMX development area. Light warehouse and public services focus in the past with a growing residential population. A focus on mixed use through out the area to interconnect with the adjoin neighborhood growth.
Lot Frontage: 133 feet
Lot Depth: 168 feet
Zoning Description: Sec. 18-204. - UMX, Urban Mixed Use District. (a)  Purpose. The urban core of the city, primarily that area within the 1945 corporate limits, contributes to the unique character of the City of Wilmington. The UMX is established to assure an appropriate development pattern is maintained within the 1945 corporate limits through five (5) main objectives: to enhance and preserve existing urban development patterns by encouraging compatible infill and redevelopment; to affect quality design and a variety of built forms of lasting value that result in a pedestrian scale; to provide a mix of housing options; to promote and enhance transit options, particularly those that are pedestrian-oriented, while reducing demand for automobile trips; and to encourage a mix of uses that fosters a sense of community. The district regulations include design elements intended to enhance the urban form, increase neighborhood safety, add flexibility for small, urban lots, and complement the historic built environment. Integrated mixes of uses on development sites and within individual buildings is encouraged. UMX zoning inside the 1945 corporate limits is intended to reinforce and restore traditional mixed-use patterns in the older parts of Wilmington. UMX zoning outside the 1945 corporate limits is intended to promote mixed-use developments on sites large enough to create a mix of uses within the existing suburban environment. Typically these developments will include creative development and redevelopment solutions such as integrated, vertical mixed use and structured parking. This district is not intended to be applied to the Central Business District (CBD), nor any of the historic districts.
Topography: Level
Easements: Utilities, Other
Easements Description: Front utility easements
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,661 46,162 119,957
Median Age: 35.73 35.32 36.23
Households: 5,692 21,230 50,921


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