Public-Private Partnerships

Transforming Communities Through Strategic Partnerships and Projects

Public Library and Museum

Project Grace

Located on a three-acre county-owned block bordered by Chestnut, Grace, Second, and North Third streets, Project Grace has been years in the making. After initial plans stalled in 2022 due to financing challenges, Cape Fear Development stepped in and collaborated closely with New Hanover County to revitalize the project. The Board of Commissioners unanimously approved the new development agreement in May 2023. The new facility, encompassing approximately 94,000 square feet, features modern spaces for both the library and museum, including shared areas, a loading dock, and an outdoor terrace. Cost reductions were achieved through Cape Fear Development's transparent and effective bid process, dropping projects costs from over $60 million to $56 million. Project funding was facilitated through limited obligation bonds, leveraging the county’s AAA bond rating to secure favorable interest rates. Project Grace broke ground in February 2024 and was delivered on-time and on-budget with a ribbon-cutting ceremony held on October 6, 2025. Beyond the public facilities, Cape Fear Development will purchase the existing library site for a minimum of $3.5 million, with plans to develop a mixed-use complex that may include residential and commercial spaces. This private investment is expected to exceed $30 million, further invigorating downtown Wilmington’s economic landscape.