New Hanover county commissioners have agreed to invite two developers to submit formal proposals for Project Grace, the proposed redevelopment of a county-owned block of buildings in downtown Wilmington.
Beth Schrader, the county’s chief budget officer, said proposals would be due in December, with public input happening by February, The Star-News reports.
The proposed project includes a redesigned library and relocating the Cape Fear Museum from its current Market Street location to the downtown block There could also be a hotel, new retail stores, a hotel and apartments on the block.
The proposal estimates that the project would cost the county about $20 million and generate about $1 million in new annual tax revenue.
A consortium of four companies submitted an informal proposal for the initiative: Zimmer Development Company and Monteith Construction, both of Wilmington, with Little Architectural Consultants and Vines Architecture. The second proposal is from NSV Development and Armada Hoffler.