4700 New Centre Drive, Wilmington, NC, 28405

This 4.1 acre tract of land is located across the street from Target in WILMINGTON NC. This property features 772 feet of curved frontage on New Centre Drive. Per the WMPO latest calculations, New Centre Dr shows a Traffic Count of 7,634 CPD. Per the same source in 2020 nearby corridors Market St/ US Hwy 17 and N Kerr Ave accommodate 51,230 CPD and 23,142 CPD respectively. In addition to being able to connect to Pebble Lane and the Apartment Communities known as, Abbotts Run and the McClelland Townhomes, there are several other apartment communities in various stages of development in the immediate vicinity. This new development will bring a potential of 400 + units to the area. Target plans to expand their current store and there is a need for additional grocery, dry goods and soft goods in the area. The property is presently zoned Residential Business (''RB'') that allows development using the Commercial District Mixed Use (''CDMU'') provision of the code. This allows for Multifamily development with a base density cap of 17 units per acre. The code reads that there ''shall be no cap on residential density if ten (10) percent of the total number of residential units are designated for workforce housing, as defined under HUD's High Home rent census data, for a period of not less than fifteen (15) years.'' Commercial uses assigned to the RB zoning district shall make up not less than twenty (20) percent of the development. Because the property is located within ¼ mile of Target (a full-service grocery store), the commercial requirement is reduced by up to twenty (20) percent. The CDMU provision also offers favorable parking requirements and is a preferred by developers because there is no requirement for public input, neighborhood meetings or city council approval. Please call listing office to schedule a showing.