WILMINGTON, NC (June 15, 2023) – Redwood Housing, alongside our tenured non-profit partner Hearthstone Housing Foundation, acquired Cape Fear Apartments in a deal that includes extensive rehabilitation and renovation plans.
Cape Fear is an adaptive reuse of a historic building that previously served as a hotel, opened originally in 1924. Today it is comprised of studio, 1-bedroom and 2-bedroom apartments, all restricted to residents earning no more than 60 percent of area median income (AMI).
Soon after the acquisition, Redwood began construction with Ward Builders and in collaboration with True Craft Architects. The scope of work includes interior and exterior renovations, including apartment finishes, energy-efficient systems, accessibility upgrades and restoring existing common areas including a ballroom and main foyer. Additional resident amenities, including a fitness center, are included in the project scope.
All interior and exterior renovations are set to be completed by Q4 2024.
Cape Fear Hotels was damaged in 2018 by Hurricane Florence. The property was acquired with a plan that includes restoring the upper three floors, which have remained vacant since the hurricane, to create additional affordable housing in downtown Wilmington. Redwood was able to place income restrictions on the property that ensures these apartments will remain available for low-income households for the long-term, while preserving the historic landmark and aligning with our mission to Raise the Standard of living.