Emma Dill

More than a dozen Wilmington city departments already have moved into the Skyline Center. A rendering shows what the new city council chambers will look like. (Rendering c/o City of Wilmington, Photo by Madeline Gray)

A rendering shows planned upgrades to the lobby at the Blockade Runner Beach Resort in Wrightsville Beach. Renovations are expected to wrap up early next year. (Image courtesy of Trailborn)

The Wilmington area is expected to add nearly 3,000 new rentals this year – the highest number of new units completed in a single year in the last decade, according to a recent report.The report from commercial real estate research firm Yardi Matrix looked at apartment construction in 370 U.S. metro areas, including Wilmington. The findings predict an uptick in apartment construction nationwide, starting this year and continuing through 2028.According to Yardi Matrix data, the Wilmington area is expected to add 2,899 new apartments by the end of this year. Most of those units – 2,521 – would be within Wilmington’s city limits.By 2028, the metro area is projected to add another 6,879 new apartments – 1,059 more new units compared to the last five-year period in which 5,820 units were added, according to Yardi Matrix. Inside Wilmington’s city limits, the apartment supply is projected to increase nearly 14% in the coming years, with approximately 6,072 new units expected by 2028.The uptick in local rentals reflects broader building trends as 2024 is “shaping up to be a historic year” for apartment construction nationwide, according to Yardi Matrix. More than 500,000 new rentals are set to open before the end of the year.That marks a 9% increase from last year and a 30% uptick since 2022. It would also be the first time nationwide apartment completions surpassed the 500,000-unit threshold, according to Yardi Matrix.New York City has been leading apartment construction for the third year in a row, with nearly 33,000 rentals expected to be completed this year. Dallas and Austin came in second with 32,932 new units and third with 21,506 new units, respectively.Charlotte and Raleigh made it into the top 20 metros for new apartments this year with Charlotte expected to add 14,658 units and Raleigh expected to add 9,228.Despite this year’s apartment boom, the research firm expects the momentum of apartment construction to slow through 2027 with a potential rebound in 2028.High borrowing costs and market uncertainty have forced many in the multifamily sector to take a new approach. That might mean focusing on lower-risk projects or shifting into markets with strong demand and job growth, according to the report.“The overall impact on the number of developers might vary by region. In places like Texas, for instance, the demand for apartments remains robust due to factors like corporate migration and high home prices,” Doug Ressler, a senior analyst and manager of business intelligence at Yardi Matrix, stated in the report. “On the other hand, some markets are seeing a slowdown in new construction starts due to the economic environment.”Still, the research group projects 2 million new apartments will open in cities throughout the U.S. between now and 2028.In Wilmington, the demand for housing units and affordable housing remains high. An annual housing report released earlier this year by the Workforce Housing Advisory Committee, a joint committee appointed by New Hanover County and city of Wilmington leaders, showed that approximately 52% of Wilmington-area renters remain cost-burdened and the area has a gap of approximately 2,900 rental and for sale units.Local governments and the New Hanover Community Endowment have taken steps to invest in housing and address the shortage. Earlier this year, for example, the endowment unveiled an investment strategy that could allocate up to $19 million to support existing and future housing programs across New Hanover County.

New Hanover County leaders are set to consider applying for a grant to extend two Cape Fear Public Utility Authority (CFPUA) water lines into a Castle Hayne neighborhood with wells contaminated by per- and polyfluoroalkyl substances (PFAS).

There’s a new leader at the helm of GE Vernova, following the retirement of Jay Wileman this summer.

Wilmington leaders heard new details on Monday about upgrades planned for Greenfield Lake Park’s Hugh Morton Amphitheater.Plans include a new viewing deck alongside the venue’s existing seating and a new recreation space for games, a beer garden and food trucks. Venue operator Live Nation will pay for the $240,000 in upgrades, and officials told the Wilmington City Council on Monday that the changes won’t impact ticket prices at the venue.Located at 1941 Amphitheater Drive, the Hugh Morton Amphitheater is owned by the city of Wilmington but leased and managed by Live Nation. The company also manages the city-owned Live Oak Bank Pavilion at Riverfront Park.In 2020, the city of Wilmington signed a 10-year contract with Live Nation for the management of both concert venues. The contract required Live Nation to invest $500,000 in the Greenfield Lake venue, including $250,000 within the first 18 months and another $250,000 by 2026, according to Amy Beatty, Wilmington’s community services and parks and recreation director.The first round of upgrades cost $262,000 and included renovations to the stage house, restrooms and dressing rooms, along with upgrades to the venue’s sound system and lighting, among other items. The latest round of amphitheater improvements would install roughly 2,600 square feet of synthetic lawn inside a new fenced area and a concrete pad for a food truck. The recreation area could be used as a beer garden or for games ahead of concerts, Beatty said.Plans also show the addition of new seats along the western edge of the amphitheater’s existing seating. Beatty said the new seating area is expected to be approximately 16 feet by 24 feet in size and won’t have fixed seating.“The project goals are to enhance the user experience and maximize the space and flexibility of the space, which I think that we’re lacking a little bit right now,” Beatty said.The Wilmington Historic Preservation Commission unanimously approved the proposed changes in June. Now, plans need the OK from City Manager Tony Caudle to move forward. Work on the changes will start as soon as that approval is secured and will be completed before the next concert season, Beatty said.Several council members asked for a report from Live Nation detailing the number of seats available at the venue compared to the total number of tickets sold and the number of people who attended recent shows.Live Nation General Manager Ryan Belcher told the city council that the idea for the new platform stemmed partly from a need for more seating at the venue.“Greenfield Lake has 901 fixed seats, and we sell to a capacity of 1,470,” he said, “so there’s always a need for more seats.”The deck will be used as “flex space” that could be used for “a variety of things,” according to Belcher, including general admission or VIP seating, artist meet-and-greets or as a sponsored seating area. How the area is used will depend on the demand and could change from concert to concert.“But the venue as a whole will remain (general admission); we have no want to change any of that,” Belcher said. “That’s one of the unique things about this venue that’s unlike a lot around the country.”Council members said they’ve heard concerns from the public about how the planned improvements could impact ticket prices or change the venue’s general admission ticket model. In response, Belcher said the venue’s ticketing model and the ticket prices won’t be affected.Concertgoers will be able to purchase an upgrade to use the seating deck if it’s being used as a VIP area, just like the venue’s existing VIP upgrade area, Belcher said. The use of the deck is expected to vary depending on the concert, demographics and the number of tickets sold.“It just kind of depends on the show and the demographic that shows up,” Belcher said. “Truly, every show is different.”

Two companies recently signed new leases for space in Wilmington Trade Center's Building 2. The industrial park along U.S. 421 is expected to keep growing in the coming months. (Courtesy of Edgewater Ventures)

Flagship Health Properties acquired a former Verizon Wireless call center at 3601 Converse Road in Wilmington last week for $21 million. Two floors of the building will house Novant Health clinics. (Photo by Cece Nunn)

Candidates for the District 7 seat in the North Carolina Senate David Hill, left, and incumbent Sen. Michael Lee answer questions Thursday during the Greater Wilmington Business Journal's Power Breakfast: Election 2024. (Photo by Cece Nunn)

Candidates for New Hanover County's Board of Commissioners, including, from left to right, Commissioner Jonathan Barfield, John Hinnant, Commissioner Bill Rivenbark, Cassidy Santaguida, Commissioner Dane Scalise and Stephanie Walker. (Photo by Cece Nunn)