“Eight firms were interviewed about developing this high profile corner in Wilmington. Merrifield Partners did a great job in coming up with a plan that was the highest, best use of the property yet sensitive to the community. They worked around existing structures, saved trees and made it blend in with the setting. We are proud of the outcome and the city was pleased. We actually received a letter from a city council member complimenting us on the project.”
Mark Keane, Real Estate Asset Manager
Progress Energy (now Duke Energy) owned 12.5 acres at the corner of two major thoroughfares in Wilmington, NC with an outdated 10,000 square foot district office. The site surrounded an electrical substation and contained a major fiber optic node. The client wanted to construct a new 17,000 square foot district office and generate income from the remaining land. MPV Properties predecessor, Merrifield Partners, accomplished the following:
- Constructed 116,000 square foot mixed use project containing retail and office space
- Convinced Progress Energy and CVS that utilizing a two-story building with the prototype CVS on the ground floor and office space above could fit needs of both
The $25 million project, known today as Progress Point, received praise from the city council and has been well received by tenants, neighbors and customers. Return on investment has exceeded 50 percent.