Developers plan multi-block redevelopment in 'the heart of downtown Wilmington's Soda Pop District'
The $8-million, 7-acre purchase sets the scene for adaptive reuse of many of the buildings in the area.
This morning, Parastream Development, the developer of the recently completed Hi-Wire Brewing project in Wilmington, announced a joint venture with Charleston, South Carolina-based Coast Capital Partners to acquire more than 7 acres around 9th and Market streets, referred to by Wilmington Downtown Inc as "the heart of downtown Wilmington's Soda Pop District."
Parastream purchased more than three blocks in the district for just over $8 million last week — the deal includes the former Coca-Cola bottling plant, which lends its name to the area. The project will add manufacturing, retail, and residential space to the area.
Parastream will begin partnering with local contractors to begin the first phase of a series of adaptive reuse projects to restore and preserve buildings in the community.