10TH STREET STATION MARKET STREET & 10TH STREET WILMINGTON NORTH CAROLINA
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
10th Street Station Salient Details
Location: Market Street (US Hwy 17 Business) @ 10th Street, Wilmington, North Carolina
Land: + 7.414 acres ‐ encompassing adjoining properties on 4 city blocks
Frontage: J�Market Street 330.93’ J Chestnut Street 474.02’ J 10th Street 1,145.10’ J� 9th Street 525.63’ J Princess Street 893.11’ J� 11th Street 93.11’
Site Zoning: UMX – Urban Mixed Use
Cars/day Traffic Counts: Market Street 21,723 (2015) btwn 12th & 13th Streets
Princess Street Market Street alternate route ‐ no reading available 10th Street 3,712 (2014) btwn Market & Princess
Demographics:
7.414+ Acre Urban Mix Use Development Sites
Block Acres SF Existing Prospective Uses
1 2.548 76,737 Grocery Anchored Shopping Center Outparcel – Gas Station/Restaurant
2 2.294 16,120 Class A – Office – Restaurant/Retail 7,900 Restaurant n/a Outparcels – Drug Store/Office/Bank/Fast Food
3 .644 8,900 Retail/Restaurant/Office/Warehouse
4 1.928 n/a Residential/Office/Retail/Parking Deck
Distance 1 mi 3 mi 5 mi
Population 12,586 44,246 101,447
Households 5,823 20,127 44,322
AVG HH Income($) $44,063 $47,838 $55,426
10TH STREET STATION
MARKET & 10TH STREETS WILMINGTON NORTH CAROLINA
PROJECT SUMMARY
10th Street Station is an urban redevelopment project proposed around a grocery anchored neighborhood shopping center. This revitalization project encompasses properties on 4 city blocks (7.414+ acres). Formerly occupied by the Coca Cola Bottling Company, for almost 100 years, 10th Street Station is located in the heart of Historic Downtown Wilmington, North Carolina. At the intersections of Market Street at 10th and Princess Streets the redevelopment project will include a mix of restaurant, retail, office and residential space.
Located two blocks from New Hanover County High School and adjacent to the Headquarters of City of Wilmington Fire Department the 10th Street Station is a much needed amenity in this underserved market. Anchored by a grocery store, 10th Street Station will be a welcome addition to an area classified as a “food desert”. In the midst of Historic Downtown Wilmington and within walking distance of the Cape Fear River the development offers the opportunity for infill with a mix of basic‐necessity retail and specialty‐oriented businesses. As such, it can serve the immediate neighborhoods, and the surrounding areas.
10th Street Station, as its centerpiece, will have a 47,000 SF retail center anchored by a grocery store, out‐parcel locations for drive thru banking, restaurant and gas station and additional retail‐office‐professional spaces along with the 300+ unit apartment complex. There is no mixed use development, providing all aspects of needed life services, such as this project, within the downtown Wilmington area. With additional plans for a public/private parking deck of 714 spaces the local high school and other businesses will benefit from added infrastructure. 10th Street Station will also provide a satellite space for the Wilmington Police Department to showcase the new “neighborhood walking program” recently instituted by the City of Wilmington.
10th Street Station will not only provide a base of much needed services not easily accessible to the downtown area, it will be supported by the residential aspect of the development. A 300,000+ SF mixed use, but predominantly residential, mix of buildings are planned with approximately 300+ units of apartments along with 40,000+ SF of additional commercial space for more retail and professional businesses. Along with fulfilling the ever increasing housing needs of the Cape Fear Region, the developments many components will provide a variety of employment opportunities to the community.
10th Street Station’s central location in the downtown market provides easy access for both vehicular and pedestrian traffic. The nature of the existing building’s UMX ‐ Urban Mixed Use zoning and location within the downtown historic area qualifies this development for virtually every inner city revitalization, existing building redevelopment and economic development tax credit available to any real estate endeavor.
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
10TH STREET STATION DEVELOPMENT
EXISTING INFRASTRUCTURE
Block Acres SF Existing Prospective Uses
1 2.548 76,737 Grocery Anchored Shopping Center
Outparcel – Gas Station/Restaurant
2 2.294 16,120 Class A – Office – Restaurant/Retail
7,900 Restaurant
n/a Outparcels – Drug Store/Office/Bank/Fast Food
3 .644 8,900 Retail/Restaurant/Office/Warehouse
4 1.928 n/a Residential/Office/Retail/Parking Deck
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
10TH STREET STATION BLOCK 1
(2.548 ACRES)
GROCERY ANCHORED SHOPPING CENTEROutparcel – Gas Station/Restaurant
Concept Drawings
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
10TH STREET STATION BLOCK 1
(2.548 ACRES) UNIQUE ELEVATIONS
ALLOWS FOR 2 LEVEL RETAIL & PARKINGConcept Drawings
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
10TH STREET STATION BLOCK 2
(2.294 Acres)
Redevelopment Restaurant & Office Building
2 Outparcels Fast Food/Drug Store/Gas
Station/Bank
Concept Drawings
DRUG STORE
OFFICE BUILDING
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
30,000 SF OFFICE
BUILDING
BLOCK 2 (2.294 ACRES)
Office Building REDEVELOPMENT 16,120 to 30,000 SF
8,000 SF RESTAURANT
2 PARCELS AVAILABLE
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
BLOCK 3 REDEVELOPMENT 8,900 SF Warehouse
Retail – Restaurant - Office
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
BLOCK 4 RESIDENTIAL – RETAIL – OFFICE – PARKING DECK
300,000+ SF Mixed Use
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
LOCATION Encompassing 4 city blocks 10th Street Station enjoys excellent visibility and access within Historic Downtown Wilmington. Located ten blocks from the Cape Fear River on Market Street (the central east/west corridor for Wilmington and New Hanover County) it lies in the heart of the downtown. 10th Street Station has no potential competitive site which guarantees ease of lease up and continuity of business operation. The mixed use nature of the development, access to schools, security, fire protection, parking and basic life necessities is unparalleled within the market and virtually guarantees investment stability at the beginning and far in to the future with value growth a main staple of the development.
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
Wilmington North Carolina
Wilmington is a port city and the county seat of New Hanover County in coastal southeastern North Carolina. It is the eighth most populous city in the state. Wilmington is the principal city of the Wilmington Metropolitan Statistical Area, a metropolitan area that includes New Hanover and Pender counties in southeastern North Carolina.
Wilmington was settled by European Americans along the Cape Fear River. Its historic downtown has a one‐mile‐long Riverwalk, originally developed as a tourist attraction, and in 2014 Wilmington's riverfront was named the "Best American Riverfront" by USA Today. The National Trust for Historic Preservation named Wilmington, North Carolina, as one of its 2008 Dozen Distinctive Destinations. City residents live between the river and the ocean, with four nearby beach communities: Fort Fisher, Wrightsville Beach, Carolina Beach and Kure Beach are all within a half‐hour drive from downtown Wilmington.
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
In 2003 the city was designated by the US Congress as a "Coast Guard City". It is the home port for the USCGC Diligence, a United States Coast Guard medium endurance cutter. The World War II battleship USS North Carolina is held as a war memorial; located across from the downtown port area, the ship is open to public tours. Other attractions include the Cape Fear Museum, the Cape Fear Roller Girls Wilmington’s only professional sports team. Cape Fear Community College (CFCC) and the University of North Carolina Wilmington (UNCW) provides a wide variety of programs for undergraduates, graduate students, and adult learners, in addition to cultural and sports events open to the community.
Wilmington is the home of EUE Screen Gems Studios, the largest domestic television and movie production facility outside of California. "Dream Stage 10," the facility's newest sound stage, is the third‐largest in the US. It houses the largest special‐effects water tank in North America. After the studio's opening in 1984, Wilmington became a major center of American film and television production. Numerous movies in a range of genres and several television series, including Iron Man 3, Fox's Sleepy Hollow, One Tree Hill, and NBC's Revolution, were produced here.
Wilmington boasts a large Historic District encompassing nearly 300 blocks. Old abandoned warehouses on downtown's northern end have been demolished making room for multi‐million dollar projects such as PPD's World Headquarters and a state of the art convention center.
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
10TH STREET STATION IS LOCATED:
0.3 miles to New Hanover County High School One of North Carolinas oldest HS with over 2,600 Students & Staff
0.6 miles to historic downtown Wilmington Ranked No. 1 “Best American Riverfront” by USA Today
1 mile to Cape Fear Community College Over 27,000 Students 1,300 Employees
1 mile to PPD World Headquarters One of the largest global pharmaceutical contract research organizations 14,000 employee globally
3 miles to New Hanover Regional Medical Center One of the largest employers in Southeastern North Carolina 6,000 employees, 560 Physicians on Medical Staff & 700 Active Volunteers
3 Miles to NC State Port Wilmington Within 700 miles of more than 70 percent of the industrial base of the United States
4 miles to (ILM) Wilmington International Airport Daily Non‐stop flights to Charlotte (CLT), Philadelphia (PHL), New York (LGA), Atlanta (ALT) and
Washington DC (DCA)
5 miles to UNCW “Best Public College Values in 2015” by Kiplinger’s Personal Finance 14,000 Students, 49 Majors, 42 Masters, 2 Doctoral, 2,095 employees
9 miles to Wrightsville Beach Ranked No. 13 in “World’s Best Surf Towns” by National Geographic
16 miles to Carolina Beach Beautiful Classic Family Beach Town
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
DEMOGRAPHICS The population in the one mile area is 12,586 with 5,823 households and an average household size of 2.13. Average household income comes in at $44,063 and 42.41% of these houses are owner occupied while 57.59% rent. The three mile area has a population of 44,246 with 20,127 housing units and the same 2.13 average household size. Slightly elevated average household income of $47,838 is indicated. The unemployment rate in Wilmington is 5.3% with annual job growth of 2.89%. Future job growth over the next ten years is expected to be in the 40.5% range and working in downtown Wilmington is very different than anywhere else in the region as the area possesses its own unique compilation of culture, entertainment and diversity. With many major corporations, a diverse makeup of restaurants footsteps away, a free trolley to help get around, a distinctive urban feel and a sense of community, downtown is an ideal place for any professional. Wilmington is considered a “CRO City” for the abundance of clinical trials, contract research and the technology based companies located here. It is on the leading edge of future workplace atmosphere and growth. Downtown Wilmington serves as the cultural and entertainment center for those who relocate to the area.
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
MARKET OVERVIEW Analysis of the area indicates unmet needs for virtually all retail goods led by grocery, pharmacy and restaurant providers. The trade area boundaries are characterized by drive time of less than five minutes and walk time of less the 12 minutes with cognitive boundaries of the Cape Fear River ten blocks west and twenty blocks north and the densely historic “Grid” development pattern to the east and south. 10th Street Stations ability to provide true “mixed use” in a market with stretched needs, as Wilmington’s downtown is, gives it a true advantage for all uses.
The downtown Wilmington market is considered a “Food Desert” as there presently are no food stores within 2.7 miles of the market area. Therefore it is very difficult to assign values to market sales absorption as our anchor food store will be the only one in the market. The market has become a food desert primarily due to the historic “grid” development pattern characteristic in most cities older than 250 years as Wilmington is. This “grid” pattern has eliminated any “traditional” grocery anchored retail center sites and have, over the last fifty plus years, forced all grocery business to leave the market. In Wilmington this evacuation was severe and consequently has created the 11th most severe food desert in the country as designated by the Urban Land Institute. Pharmacy store sales would encounter much the same situation as the food store with drug store locations having left the downtown market in the same way. Gross sales will be less effected only because there are drug stores located slightly closer than other food stores at 1.9 miles away.
1918 Wilmington Waterfront
1918 Panorama Downtown Wilmington
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.
ZONING & REGULATORY INFORMATION The entire site and immediately surrounding area have recently been blanket zoned to UMX ‐ Urban Mixed Use, which is a very liberal zoning in terms of use categories and diversity of allowable uses.
All retail, office, institutional, residential uses contemplated by this development are allowed under this zoning. UMX does require a more “Historic” development pattern with buildings brought tightly to the sidewalk with parking hidden behind structures or designed for creation of a friendly “walkable” feeling along the street fronts. With the development of the parking deck structures this zoning brings a strong advantage not available in the surrounding area.
SITE HISTORY The site enjoys a rich history. Coca Cola saw the potential of the Wilmington market at the beginning of the 20th century. Noticing a fast growing, popular drink company known as “Soda Pop City” they purchased the company and capitalized on the popularity of the drink that “tickles the throat” and began bottling the world famous “Coke” at this location. Originally housed in the two story 4,000 SF building on the northwest corner of 10th and Princess Streets Coca Cola grew by the construction of ten additional buildings into over 110,000 SF on four blocks surrounding the intersection and original location. This location became a mainstay in the area for solid jobs and solid community involvement by Coca Cola for over 100 years and will now do so into the future providing needed services, businesses and jobs once again.
PRESENTED BY: COLDWELL BANKER COMMERCIAL SUNCOAST 1430 COMMONWEALTH DRIVE, SUITE 102 WILMINGTON, NC 28403 910-777-9906
ALEXIS MILAS – COMMERCIAL BROKERThis information contained in this package been secured from sources we believe to be reliable, but we make no representations or warranties,
expressed or implied, as to the accuracy of the information. References to square footage and future development are approximations.