From Growth to Greatness: How Wilmington's Urban Redevelopment Can Help Create a Vibrant Future
The potential acquisition of Thermo Fisher Scientific's 12.5-acre campus in northern downtown by the City of Wilmington is an exciting opportunity for the city to reach new heights of greatness. With a focus on continued redevelopment efforts in our downtown area, Wilmington can build a dynamic and vibrant urban center that will appeal to top talent and help the city stay competitive in the global economy.
By acquiring the Thermo Fisher campus, the City of Wilmington can provide state-of-the-art facilities to its employees, enabling them to provide better services to the community. This acquisition will also lead to new economic and job growth opportunities while meeting the long-term space needs of the City of Wilmington staff in a fiscally responsible manner.
In the proposed plan, the City of Wilmington staff would occupy half of the tower, leaving the other half available for sublease by small to mid-size companies seeking Class-A space in a prime downtown location. This arrangement would create business growth opportunities and attract top-tier professional service businesses to the city.
The two undeveloped parcels included in the purchase would be resold and made available for future economic development opportunities. New businesses and jobs, or residential opportunities could be created as these properties are redeveloped, enhancing Wilmington's overall economic landscape.
Another advantage of this acquisition is the 1000-space parking deck on the property that is currently underutilized. By making these spaces available to the public, especially during community events and concerts at Live Oak Bank Amphitheater, the city can alleviate parking challenges for events at Riverfront Park and future development at the north end of downtown.
This initiative aligns with the county's redevelopment plan for Project Grace, creating a unique opportunity to stimulate inclusive economic growth and further the city's efforts to create a dynamic urban center.
The Wilmington Chamber of Commerce fully supports this initiative and encourages city leaders to move forward with this exciting project. By creating a dynamic, walkable urban environment that offers a mix of employment, housing, entertainment, and other amenities, Wilmington can truly become a world-class breakout city. Let us work together to shape Wilmington's future and pave the way for a brighter tomorrow.