"Up Close and Personal"

Thanks to my good friend (and new co-pilot), Steffen Kuronen, our new aerials were taken this morning.

He took some great shots and even though I know everyone LOVES the aerials, it just doesn't compare to actually walking the site and seeing it 'up close and personal'.

The major components of the site development are complete (paving, sidewalks, stormwater, etc) but we still have a few loose ends to work through - namely GRASS!

As Spring approaches, the details most important to the 'pedestrian experience' (like landscaping) will start to fall into place. With over 30 boats committed to the Marina and the RiverWalk complete, we have a lot of new visitors at the project.

It's tough to appreciate the scale and scope of the site from the air (everything looks so small) - but when you actually park the car and begin to walk the site do you realize that this project is more than just some land Downtown - it's practically it's own District!

"Mid Terms"

With any project, the closer you get to the completion of a significant milestone (as in this case, the sitework and RiverWalk) the greater the flurry of activity.

Take a look at the following progress report from Rusty Meador, the project manager, this overview is a typical 'day in the life'. And speaking of Rusty, he was featured last Friday in an AP news article about the changing roles and responsibilities during the current economic upheaval. We're not happy about the economy but we are very proud of Rusty's perseverance and hard work - and its pretty cool they used photos of our project in the article.

Be on the lookout for an extended update along with some new aerial photos (hopefully) after the 10th of October:

Sitework:

We are working on getting as-built drawings completed for sewer\water, and any stormwater that is needed. That is the first step to having all of the utilities certified and signed off by the engineer. We are tracking to have all of the approvals by the week of October 19^th.

We have a verbal confirmation from the planning department that they are going to allow the installation of the additional storm basins between the upper and lower site and the elimination of the retaining wall on the south side of the site.

Once we pick up the stamped\approved plans we can immediately authorize the installation of the stormwater basins as they are the only thing standing in the way of the crosswalks... which the city just approved the specifications, and we now have the numbers where they need to be.

The carpenter traffic to the site will slow down on or about October 13^th. We are pushing to have all of the above mentioned stormwater boxes installed and certified to coordinate with the slowdown of site traffic. We anticipate a two week installation for all of the crosswalks.

Roundabout:

The pre-cast for the raised manholes were designed DOT rated by the engineer at the last minute. We got the submittals approved last week and the structures actually started to show up today – about a week earlier than they thought they could do it with the 5000psi rating. I talked to the contractor and let them know they are here. They believe they can get a crew here Thursday to start install. We anticipate 2-3 weeks for installation – including the dirt import. The average height we are raising the roundabout is 5 feet.

Riverwalk:

The north access with the decorative\sandblast concrete will be poured tomorrow afternoon and sandblasted Thursday morning. We will get two “landings. One at the top and one at the bottom. It actually breaks up the transition very well.

The rails are complete to the end of the riverwalk. They will be finishing\punching the main walk and accesses into the middle of next week.

The carpenter is going to include the middle access as part of his contract price, so I am going to go ahead and make provisions for that to happen. He will receive the materials the early part of next week, pour the grade beam, and have it set by the end of next week. It is worth the time\effort as it makes access to the marina that much easier.

The main power and transformers have been installed by Progress Energy. We will use the central and south access to get power to the riverwalk and marina. Miles will start building the power disconnects once he has the trex gangways completed early next week (we are going to use trex gangways from the riverwalk to the fixed piers instead of aluminum.

Finally, if you are near the site (at night) check out the new street lights. They are lit and look incredible. Once the RiverWalk and Marina lights are connected we will make a tremendous presence for both the riverfront and the City.

Just Add Water...

FINALLY, our trees are here!

Not having trees on the site when we first began the development process was both a blessing and a curse. With no trees, we could plant new ones where we wanted; however, getting large, full canopies could take years (and great trees mean everything to great projects, ask anyone).

Initially we wanted to transplant trees (tree spade) from local farms to the site. One minor problem though, we needed them all to look identical, grow consistently and we needed 11 of them. We have a very specific “vision” for the main street and planning the look correctly from the start sets the stage for the rest of the project to follow suit.

I think we did OK though… You are looking at photos of 8” caliper, conical shaped Live Oak trees that were purchased from a farm in Central Florida. These things are huge! They were delivered in giant 200 gallon containers and “so far, so good”. They are getting watered each day for about an hour and a half via an underground well and drip irrigation system. I’ve carried a set of pruning snips in my truck with me for several years now and I can’t wait to ‘fine tune’ them next Spring.

Additional trees will follow as the buildings come into play but this initial planting is a really big deal – it sets an incredible tone and feeling for the overall development. As you drive along the new boulevard you can’t help but slow down and enjoy their sheer size and beauty.

I Love the Smell of Sawdust in the Morning

Sitework is boring. Don’t get me wrong, sidewalks are cool, but the majority of the work is underground, it’s messy, it’s loud and after months and millions of dollars – it’s almost done.

What has been exciting are the RiverWalk and Marina, something I can really sink my feet into. Now that the rails are going up and the parts and pieces are falling into place I find myself spending more and more time on the site enjoying the sights and sounds.

The framing crews for the RiverWalk have done an incredible job on what is now a ginormouos new addition to our City’s RiverFront. We are tracking for a late September delivery to the City – just in time for RiverFest.

Now that much of the day-to-day management with regard to the infrastructure is winding down the shift toward marketing has become the primary focus.

We will begin leasing and selling slips later this month. It’s been hard to get a gauge on the local demand, as we all know, not much has been happening in the market so using data from the last 6 months is hopefully not an accurate indicator for the next 6…

Another major focus is finding an equity partner or lender for the Marina House. This 3 level building is the next major step in further creating a vibrant (and viable) place Downtown on the River. The Marina House includes the Club Room for the Marina but also 11 residences ranging from 600 SF to as much as 1400 SF and pricing from the low $200’s to the mid $400’s. We are talking with a few sources and hope to announce a start date later this Fall.
Finally, the idea of a RiverFront Park on our site continues to gain momentum. I believe the City is very interested in building a Downtown Park and recognizes the long term opportunity. We were fortunate enough to have Charleston, SC’s mayor, Joe Riley, speak at a Power Breakfast on July 20th where the most often repeated quote since his presentation has been, “put the public space on the most valuable property.” Look for an updated post with two conceptual park layouts provided by area architects and land planners.

I love giving tours of the site. Anytime you are interested in learning more about the project just give me a call or send an

email.

Project Update July 10, 2009

I am starting to feel a little bit like a lightening rod. Usually July is a pretty quiet month for construction and development. It’s hot, people are on vacation but this week has been one adventure after another.

First, a quick report on the project.

The RiverWalk has passed its first round of inspections and the actual deck boards are being installed today. This is exciting and will be quickly followed by the rails, light poles benches and other features. For someone like me who really enjoys the existing Downtown RiverWalk, the pending completion of this phase is terrific.

We had quite a bit of rain this week but it was great to see all of the stormwater systems doing their job. Most of the utilities are substantially complete. We have a few odds and ends but as soon as those are wrapped up we can start leveling off the dirt, backfilling, grading and preparing for sidewalks and landscaping. We are still on track to complete the major infrastructure components by late August. The only bottleneck that we can foresee is the roundabout at the base of Cowan Street – the work is ‘off site’ which means the level of management and coordination is a bit more challenging.

SunTrust, our lending partner, made a site visit this week as well. The local guys brought with them Kempton Shields, one of the chiefs from HQ and I believe they continue to be favorably impressed.

And in other news, we’ve been in the news a lot this week!

Yesterday (July 9) the Greater Wilmington Business Journal ran a detailed article about the project along with some of the back story associated with how we went from being a Builder looking to buy sites for future buildings to the Developer now owning the project. It’s still too soon to tell if that decision was either a really, really good idea or a really, really bad one… Read more at the GWBJ’s website here.

And this morning, the Wilmington StarNews ran a story about the potential for a true, RiverFront Park located within a portion of our project. You can read more about the story and see a new aerial image that we took over the weekend here.

I have mixed feelings about the idea of a park. From a pure development perspective, the best use of the site would not be taking the highest valued piece of land and forgo the opportunity cost to improve it. However, as a Downtown resident and someone who appreciates the power of parks and open space, this could be a huge win for not just Downtown but our whole area.

Long term, the ability for our community to have a city park along the river is not likely to be as readily available in the future, especially as we see local real estate conditions improve and activity around CFCC, PPD and the Convention Center begin to take hold.

Short term, it would help enhance our project. We would gain some momentum, provide the residents of our area another compelling reason to visit Downtown. It may also benefit those considering a residence in one of our buildings or a boat slip in the marina. (Living along the park, overlooking the river and the city skyline). Not an uncommon amenity for most great cities.

It will be interested to see how this story plays out. Feel free to email your thoughts and ideas.

Wilmington, We Have Vertical.

RiverFront Update, June 28, 2009

Yes Wilmington, we have gone vertical. Curbs have been installed! They are only about 8" tall but for someone like me who needs physical proof of our hard work, getting to look at curbs as opposed to dirt, pipes and rock, this is a big deal.

Nutt street has been compacted, tested, and rolled with abc stone. Actual asphalt paving will be one of the last things we do.

In case you walk the site, head over the Northwest corner and see the 'tree save'. We've spent a small fortune creating a mini-wall around a tree that resembles the White House Christmas Tree. This is to protect an existing tree from the new fill dirt on the site. We didn't have many trees to work with on the site so this was important (although, as much as I like Christmas, I really wish this was a live oak or something slightly more impressive.)

The water line that loops around the site is wrapping up. The last section along the River was the toughest part. You know how if you dig a hole deep enough in the sand at the beach and it starts to fill up with water? Same issue here. The guys at Four Seasons got it done though. On budget and on schedule.

The Riverwalk framing (deck joists) are just about complete. Electrical work will start next with lighting along the decking itself (foot lights) as well as the post lights. It is going to look incredible from every direction. Soon after that we will install the decking with our targeted finish date still being September 1st. Keep your fingers crossed - we have a lot of things that have to be done by September 1st.

Before I forget (and before you ask), NO, you cannot tie up your boat to the marina during the 4th of July Battleship Fireworks. We promised the Fire Chief that no one would dock at the site until the fire hydrants are in place. I know this sounds weird, "If a boat catches fire in the middle of the River we won't be able to get any water to it...(?!)" but Chief Blackley is a really cool guy so we don't mess with him.

Have a happy and safe 4th. It's my favorite party in Downtown Wilmington. It's always a real blast!

Riverfront Update

Momentum on the project continues to pick up. While much of the management and planning happens behind the scenes over a long period of time (years), including all of the underground utilities, it is exciting to see physical progress on the street curbing and the City RiverWalk.

The concrete curbs for the main avenue (Nutt Street Extension) will begin this week. This will help define the site from a large field of sand to a defined boundary for the project.

The RiverWalk is without a doubt, far more impressive than I expected. The 14’ wide walk way and its location within the sawgrass and reeds provide a great balance to its predominately urban feel that exists at the RiverWalk to the South. The joists are being installed now with the actual boardwalk (decking) to begin in early July.

The structure of the marina has been in place for over a year but we are finally at a point where we can begin tying the Marina to the land through walkway, water and electrical connections. Now that the roads are ‘imminent’ we will shift our efforts toward the marketing of the marina slips for purchase to individuals for use. Boats should be able to utilize the marina by late August or early September.

Major bottlenecks primarily deal with financing and are still somewhat out of our control. At this point we should be preparing to begin the Marina House (the club house for the Marina along with 11 residential units along the RiverWalk). While we continue to receive purchase inquiries regularly about the building we are going to have to obtain financing before any major (vertical) construction efforts can begin. This unknown adds a bit of angst in that it is the next logical step in the Development process and helps to maintain both momentum and interest in the project. Fortunately we have seen recent interest from lenders who recognize that the better located, better quality projects will be the best risks as the real estate market begins to recover.