WILMINGTON, NC (WWAY) — The developers for the affordable housing community set to be built on the site of the former Starway Flea Market on Carolina Beach Road are asking for more money to fund the project.
Back in July, the Wilmington City Council unanimously approved issuing more than $38 million in bonds for two separate construction phases for the Starway Village Project.
Now, Kelley Development is asking for an additional $500,000 from the county and $750,000 from the city.
It said the money would close a gap in costs caused by rising interest rates.
County commissioner Jonathan Barfield said he’s in favor of doing whatever it takes to keep the project going.
“The one thing that I don’t want to see happen is this project go to the wayside,” Barfield said. “I think we can’t afford to not have this project happen in our community. If it takes a little bit more from the county and the city, I’m all for that. The need for housing affordability in this region is tremendous and if we can aid in that, I think it’ll be the best thing the county can do.”
We reached out to Kelley Development but have not heard back.
However, Wilmington City Council member Charlie Rivenbark said the project is still on schedule at this time.
The City Council is expected to discuss the issue at its next meeting on Tuesday, October 3rd.
The project will build 278 apartments will take between 16 and 18 months.