Riverbend

Office for Sale
Also listed as Multi-Family, Special Purpose
Catylist Listing ID: 30701176
Property Subtypes: Mixed Use
Building Status: Proposed
Building Size (RSF): 55,000 SF
Gross Land Area: 1.93 Acres
Sale Price: $12,000,000
Unit Price: $218.18 PSF
Property Use Type: Investment
Building Name: RiverBend
Class of Space: Class A
Usable Size (USF): 55,000 SF
Sale Terms: Cash to Seller, Owner Financing, Other
Cap Rate: Undisclosed
Last Updated: 1/14/2022

Overview / Comments

Opportunity to purchase Riverbend, an urban infill mixed-use development located in the CBD of Wilmington, NC.

Riverbend consists of 1.93 acres of a downtown city block bounded North
Third Street, Grace Street, Second Street, and Walnut Street. Existing
improvements include a 5-story 55,000 SF Class A office building (formerly
known as the Bank of America Financial Center) and surface parking.
Future improvements proposed for Riverbend include a 504-space
structured parking deck, a 110-unit midrise multifamily development, and
a future site for a hotel or retail development. Plans are complete for the
parking deck and multi-family project and all permits should be in hand by
15-January-21.

Riverbend is prominently situated in the Central Business District of
downtown Wilmington and encompasses over 75% of a full city block.
Downtown Wilmington has experienced a surge of private and public
investments in recent years with the creation of new office buildings,
hotels, parking decks, apartment communities and parks, and recreation.
As a “shovel ready” project, Riverbend is strategically positioned to
capitalize on the continued population and business growth and
momentum occurring in Wilmington and the Southeastern United States.

Attachments & Media

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R04817-001-012-000
Zoning: CBD, CENTRAL BUSINESS DISTRICT-CITY OF WILMINGTON
Property Located Between: North Third Street, Grace Street, Second Street, and Walnut Street.
Highway Access: Interstate I-40, US Hwy 74, US Hwy 17, US Hwy 421
Airports: ILM
Site Description: Shovel ready development opportunity on a 1.93 acre property in the downtown Wilmington central business district. This mixed-use development will feature a 110-unit midrise multifamily development, and a future site for a hotel or development. Plans are complete for the parking deck and multi-family project and all permits should be in hand by 15-January-21.
Area Description: Located in the heart of downtown Wilmington, North Carolina. Wilmington has been the leader in inbound moves during the Covid-19 season, and downtown continues to grow and is home to over 800 businesses. Over $500 million in private and public investments have occurred in downtown Wilmington since 2014.
Parking Type: Structure
Parking Description: Riverbend will consist of a proposed 504-space structured parking deck
Total Parking Spaces: 504
Zoning Description: CBD, Central Business District, Downtown Wilmingon, NC

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,788 40,325 102,236
Median Age: 35.41 36.7 35.85
Households: 3,130 18,279 43,944

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