City, Developer enter agreement for massive Pine-Nash Street District plan
The Wilson City Council approved a pivotal agreement for the Pine-Nash Street District at its February 20 meeting. The Master Development Agreement with NSV Wilson follows the October 2019 announcement of a large-scale redevelopment of that area, including a new residential/retail mixed-use development and a Wilson Family YMCA. The entire project brings nearly $100 million in investment in downtown Wilson. When that major announcement was made, the City also announced a forthcoming agreement with NSV Wilson and a comprehensive parking solution for the area.
“As Mayor of Wilson, words cannot adequately express the feeling of excitement that I have to see this city, our city, grow in such a phenomenal way,” said Wilson Mayor Carlton Stevens. “This investment is opening doors that everyone in our city can and will benefit from for years and years to come. “
The mixed-use development, which will front Pine Street, is expected to include retail on the ground floor with 200-250 apartments above. The city will construct a parking garage on the land behind the YMCA, providing valuable infrastructure for future development of the district. Cost of the parking deck is capped at $15 million and will include 750 spaces.
Wilson City Manager Grant Goings said the city researched many options for parking in the area, investigating both a parking structure and surface parking. Goings said without a multi-level structure, all the land from Green Street to the Golden Leaf Apartments would have been surface parking, which is a poor use of land in one of downtown Wilson’s few Opportunity Zones.
Attracting downtown residents has been a long-term objective of the city in its downtown development efforts.
“Downtown residents are key to our future viability,” said Goings. “This project will deliver a product that does not currently exist in Wilson and is rarely seen outside of metropolitan areas. People that have never considered living in our downtown will be attracted to this offering.”
The agreement represents more than two years of partnership between the city and NSV Wilson.
“We are pleased to finalize the master development agreement, continuing our partnership with the city of Wilson,” said Andrew Holton of NSV Development. “We remain excited about the project and the impact it will have on downtown Wilson. Creating this district will bring density and momentum that can move forward in many directions. We believe the Pine-Nash District project will create a powerful gateway into downtown Wilson.”
The parking deck construction will begin around January 2021 and be completed by February 2022. Parking will be available for Truist, YMCA, NSV Development and the public. The agreement specifies the number of spaces allocated to each project using an overlapping formula based on expected usage. Spaces will be available for the public. In addition, on-street parking will be expanded throughout the district to accommodate the additional retailers and restaurants. Once construction is complete, Broad Street will reopen.
The project will be developed in three phases.
- Phase I includes the YMCA and residential/retail mixed-use development fronting Pine Street. (Shown on map as P4 and P2)
- Phase II includes development of the P3 parcel, no details available. P3 will be acquired by the City for future development.
- Phase III includes future development of P5 parcel, which is the current Salvation Army site. The city will purchase that site for $650,000 for future development. The property does not include the gym or store. The P5 parcel will be used for temporary parking during construction.
“The City is being very intentional with our decision making because we only get one shot to get this right,” said Goings. “The Council believes that a master development agreement protects our public investments in the district and ensures a final product that is complementary to our community and a catalyst for future investment.”