- Project Information & Due Diligence Profile Completed
- Not Verified
- Funding Needed
- $41.55 (Mio)
- EB5 Funding
- $17.5 (Mio)
- EB-5 Investors
- Investment Amount
- Accommodation and Food Services
- Hotels (except Casino Hotels) and Motels
- North Carolina
- Last Update: February 04, 2015 01:01 PM
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Northern Riverfront Marina and Hotel
Northern Riverfront Marina and Hotel Limited Liability Limited Partnership (“NRMH”) is commencing a new project on the Cape Fear River in downtown Wilmington, North Carolina. The first component is the construction of a new full-service marina along the Cape Fear River in historic downtown Wilmington. The site is 11.75 acres +/- and will have up to 204 slips ranging in size from 35 to 100 feet. The marina portion of the project encompasses a 14’ wide River Walk, several kiosk retail shops on the existing concrete docking facility, as well as a diesel fuel depot and parking. Marina construction is expected to take 7 months for excavation and an additional 4 to 6 months to complete the first phase of slips. The engineering and construction drawings are complete. Bids for construction are finalized. Permits for dredging, demolition and construction have all been secured with all local, state and federal agencies. The developer has been released for construction by required governmental agencies. Final agreements have been executed and recorded between the Developer and the City of Wilmington to share the cost of the marina’s bulkhead, as well as reimbursement of construction costs for a River Walk connecting the property to the City’s new convention center and the historic downtown district to the south.
The second component of the NRMH project is the construction and operation of a hotel, located on a 1.26 acre site, adjacent to the marina and the City of Wilmington’s new Convention Center. The 105,000 square foot Wilmington Convention Center was completed and opened for business in November of 2010. The NRMH hotel will be located diagonally across the street from the Wilmington Convention Center, providing convenient, easy access to all convention business. The hotel will include 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. Income for the completed projected is expected to be stabilized in 3-5 years.
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