Ballpark could bring homes and businesses to Downtown Wilmington
WILMINGTON, NC (NEWS RELEASE) – South Street Partners, a Charlotte based private real estate investment company, has submitted an offer to purchase the Upper Dean Tract, a property adjacent to the proposed minor league ballpark. South Street is currently in negotiations with the owner. The group hopes to develop a mixture of high end residential units and ground floor retail on the site.
According to Patrick Melton of South Street Partners, this mixed-use development, along with the proposed ballpark, would represent a significant investment in the future of downtown Wilmington.
“We are serious about making downtown Wilmington a magnet for economic development,” Melton said. “We know that the ballpark will make this area of downtown a true destination for entertainment and business. A mixed-use project overlooking the ballpark will be another key asset in the area’s ongoing development.”
“Well executed residential and commercial projects can flourish on sites adjacent to new ballpark developments. One need look no further than the public-private partnerships forged in the cities of Durham, Dayton and Winston-Salem for evidence of this.” Melton said. “When you take into account that all of this development will take place along the river, the sky’s the limit.”
South Street Partners’ offer is contingent on the passage of the Wilmington ballpark bond referendum in next week’s election.
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