The Northern Riverfront Development
Northern Riverfront Marina and Hotel Limited Liability Limited Partnership is commencing a new Project on the Cape Fear River in downtown Wilmington, North Carolina. This Project represents the cornerstone of an overall master-planned redevelopment. A summary of that overall development follows herein. The starting point of all good developments is the foundation. The portion of this overall riverfront project being undertaken by this Limited Partnership is the Marina and Hotel component.
Port City Marina
Port City Marina opened for business in mid-2015 and is off to a very successful start. Positioned on the Cape Fear River in historic downtown Wilmington, the marina has garnered positive reviews on Active Captain, Google, and Facebook. The marina covers 10 acres of water featuring 84 permanent slips and 1,500 linear feet of additional dockage for transient and permanent guests. Our permit will allow for adding more slips in the future, up to 204 total. Slips range in size from 40 to 100 feet, but the marina can accommodate larger vessels up to 250+ feet on the outer docks wrapping the concrete pier.. Port City Marina includes a 14′ wide Riverwalk, a renovated concrete event pier, as well as a diesel fuel depot and parking.
The marina is operated by a full time professional staff. Currently, slips are only available for lease. The General Partner will determine, based on market conditions, to either commence slip sales, or maintain leasing program until initial investment period is complete. This determination will be made with priority placed on preservation of capital and maximizing profit to the Limited Partnership. Return of investment capital shall be achieved through sales of marina slips, or by selling the entire marina asset once income stabilization and EB-5 program requirements have been met.
The second component of this Project is the construction and operation of an Indigo flag hotel. The Indigo Hotel is located on a 1.26 acre site, adjacent to Port City Marina and the City of Wilmington’s new Convention Center. The 105,000 square foot Convention Center is was completed in 2010 and continues to have a full calendar of events. The Indigo Hotel, the closest to the City’s Convention Center, will be located diagonally across the intersection from the Convention Center, allowing it to capture a majority of convention business. The hotel will include a minimum of 136 rooms, hotel amenities, and an additional 35,000 square feet of retail space, (to include dining and family entertainment components) and parking. The hotel will host a well-known and respected brand-name flag and provide quality service and hospitality at competitive rates.
Hotel construction is expected to take approximately 17-20 months. The anticipated schedule is 5 months to complete final engineering, approval, and permitting. Actual construction is anticipated to take an additional 12-15 months.
Blackfinn Restaurant will be a beautiful complement to the northern riverfront of Downtown. The restaurant will be operated by Bar Management Group, based out of Charlotte, NC. As described on the corporate Blackfinn website:
Blackfinn Ameripub was born to be a whole new generation of the classic American pub, a lively restaurant and bar that offers the affordable, craveable American food our guests want to eat. Guests are served by our great people in a high-energy atmosphere, alongside an extensive list of craft beers and signature cocktails.
We’re the perfect place for friends, family and business patrons to meet for lunch, dinner, happy hour, game day, late night and community gatherings. Stop by today to see what we mean when we say Meet Me at the Finn!
Wilmington, North Carolina
In the past decade, a renaissance has occurred in the Greater Wilmington area, reaffirming the storied history of the region when Wilmington was the largest city in North Carolina. People of all ages and backgrounds have been—and continue to be—drawn to the mild climate, beautiful shoreline, historic attractions, inviting business atmosphere and hometown feel of the Cape Fear Coast. In 1998, accolades about Wilmington from national magazines, newspapers and surveys began in earnest. One of the first named our city one of the 100 Best Small Art Towns in America. Since that time, Wilmington has garnered praise as one of America’s 100 Best Retirement Towns (Where to Retire magazine), the 12th best place to set up a medical practice (Modern Physician magazine), as number 36 on a Forbes magazine list of the 200 Best Places for Business and Careers, and in Oct 2006 Wilmington was listed as one of the top ten cities in the US for projected real estate appreciation in the next five years by CNN Money/Business.