Two years ago, Driftwood was in crisis. The former owner wanted to sell the property and evicted most of the tenants. Cape Fear Collective, a data science-driven organization that has dabbled in affordable housing, jumped in to buy the property.
Two tenants who had refused to move under threat of eviction remain in place there. But little else has changed, and the 15-unit property remains largely vacant — despite promises in 2022 to wrap up renovations by last winter.
In the fall of 2022, the project got $700,000 in public funding through a city-backed community development block grant.
Cape Fear Collective CEO Meaghan Dennison said the delays come from regulations for those federal funds.
“So we have all the pieces lined up really ready to drop some hammers, renovate the property, repair all major systems, and then lease up," she said.
While it was initially unclear what was delaying the project, Dennison later emailed WHQR and said it’s the federal procurement process for hiring a contractor. She said they’ve hired a third party to oversee that process, and couldn’t provide an exact timeline for renovations to begin.
"As far as the timeline, we’ve learned a critical lesson about sharing a timeline that was ultimately unrealistic in the past," she wrote in an email. "We’re working to get Driftwood open as soon as possible."
Regardless, Dennison says the organization is eager to move forward and provide this badly needed permanent supportive housing.
“We have a lot of lessons learned — it's never been done before, at least on our team," she said. "I think now having experienced what we have with Driftwood and being this close to the finish line, we are absolutely better prepared to do this again in the future.”