$7million sale on College Road paves way for apartments


New life is on its way to a lagging section of South College Road as developers prepare to turn a former car dealership into apartments and businesses.

Bella Vista Development Group and Craig Davis Properties have purchased 821 S. College Road and 4885 Wilshire Blvd. in Wilmington for nearly $7 million on Feb. 10. The seller was Susan Booth Stevenson.

Built in 1988, the property operated as a Honda dealership from approximately 1992 until 2020, when Stevenson-Hendrick Honda moved from 821 S. College Road to 6720 Market St.

Bella Vista plans to demolish the old concession buildings and build Paseo, a mixed-use development with 298 apartments and 15,000 square feet of retail space.

Mariana Molina, Founder and President of Bella Vista Development Group, said on Wednesday, “We are full steam ahead on design and development, and we hope to have construction drawings ready in July so that we can begin construction in perhaps be August or September of this year.

The project architect is LS3P. The Wilmington City Council approved a necessary rezoning application for Paseo in October of last year.

Molina said Paseo’s 298 units will be available in a variety of styles, including 250 in a four-story building with interior hallways, elevator access and structured parking, while the back of the site will contain 48 units on three floors without elevator. with surface parking.

Students from nearby UNCW would be welcome as tenants at Paseo, but “our target audience is more young professionals, perhaps UNCW staff or faculty, empty nests or people looking to have a second home here on the coast,” Molina said. , whose primary residence is in Wilmington.

Bella Vista has also purchased a 1 acre parcel at 4706 Wilshire Blvd. of Stevenson for $600,000 for a future self-storage facility. Cody Cress and Tyler Pegg, brokers with CRESS Group and Coldwell Banker Commercial Sun Coast Partners, represented Stevenson in both transactions.

When considering a self-storage project as a neighbor of Paseo, Molina said: “We did a feasibility study to make sure there was, in fact, sufficient need, and there Turns out there’s a need beyond the necessary air conditioning storage facilities in this particular area. I think it’s going to be a great use, and I think it’s going to be two really good projects.

The 800 block of South College Road has been the site of empty businesses in recent years, including the former abandoned Kmart store, with its large unused parking lot, at 815 S. College Road.

Even though the Kmart closed in 2017, what was left of the company that owned Kmart renewed its lease on the property after local developers announced plans for a student housing project there, leaving the main well real estate in desolate limbo. But in another sign of new life, the former Dick’s Sporting Goods store across from the Kmart shell has a new tenant, Floor & Decor.


Comments are closed.