Project Grace Breaks Ground: A New Era for Downtown Wilmington
Cape Fear Commercial
February 16, 2024
Wilmington, N.C. — Cape Fear Commercial is proud to announce the official groundbreaking of Project Grace, a transformative redevelopment initiative in the heart of downtown Wilmington. This milestone marks the commencement of a visionary project that will unite the New Hanover County Public Library and the Cape Fear Museum into a state-of-the-art cultural and educational hub.
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, collaborating closely with New Hanover County to revitalize the project. The New Hanover County Board of Commissioners unanimously approved the new development agreement in May 2023, setting the stage for today’s groundbreaking ceremony.
“This place right here is going to transform the youth in our community for a lifetime to come,” said County Commissioner Jonathan Barfield during the ceremony. Commissioners Rob Zapple and Bill Rivenbark also reflected on the project’s journey, emphasizing the perseverance required to reach this pivotal moment.
The new facility, encompassing approximately 94,000 square feet, will feature modern spaces for both the library and museum, including shared areas, a loading dock, and an outdoor terrace. The project’s estimated cost is nearly $56 million, with funding facilitated through limited obligation bonds, leveraging the county’s AAA bond rating to secure favorable interest rates.
New Hanover County Government
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.
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Construction is anticipated to progress swiftly, with the new library slated to open in October 2025, followed by the museum’s grand opening in May 2026. During this transition, the existing museum site on Market Street will continue to serve as a dedicated research and collections facility, ensuring uninterrupted access to educational resources.
New Hanover County Government
Community support has been instrumental in bringing Project Grace to fruition. Notably, local company nCino has pledged $160,000 over four years to sponsor the museum’s planetarium, while Novant Health plans a $200,000 commitment to the Science Matters exhibit.
New Hanover County Government
As Project Grace breaks ground, it heralds a new chapter for Wilmington, promising to enrich the community through enhanced educational opportunities, cultural engagement, and economic growth.
About Cape Fear Commercial
Based in Wilmington, North Carolina, Cape Fear Commercial, LLC, is a boutique commercial real estate firm that provides targeted brokerage, property management and development services. The firm helps owners, users, developers and investors to successfully navigate the real estate market and is recognized as an industry leader for the unique perspective it brings to every project.