The Pierson Pointe townhome development planned on Carolina Beach Road is expected to offer 48 two- to three-bedroom units ranging from 1,200 to 1,600 square feet, according to a news release. The townhomes would have two-and-a-half bathrooms and single-car garages.
The units also come with deed restrictions requiring that they are owner-occupied, according to a news release.
At the official kickoff Nov. 2, foundation president and Realtor Jody Wainio said Pierson Pointe aims to make home ownership possible for the “missing middle,” which can include local firefighters, teachers and nurses.
“Finding solutions to the lack of affordable workforce housing is a key priority for our county staff and commission,” Rob Zapple, a member of the New Hanover County Board of Commissioners, told participants at the kickoff. “The work that the Wilmington Realtors Foundation is doing with the development of Pierson Pointe is a wonderful example of our private sector, in this case, our local Realtors, going beyond just talking about the problem by putting their knowledge, labor, and resources to work.”
According to the release, the kickoff breakfast garnered $25,000 in donations from attendees. Proceeds from the kickoff will go directly to Pierson Pointe construction costs, the release stated.
Catherine Grinnan is the campaign director.
“An annual salary of $48,000 qualifies for a home purchase up to $260,000, and these professionals are competing to purchase one of only 35 homes in New Hanover County at this price point in July 2023,” Grinnan wrote in an opinion piece for WilmingtonBiz Magazine in September. “Each month, prices increase, supply remains constrained and affordable homeownership remains unattainable for our workforce.”
For Pierson Pointe, the foundation leveraged a 3-acre parcel, she wrote.
“Pierson Pointe is not a project an association typically would launch; we are not developers or builders, and associations are known to be risk-averse,” Grinnan wrote. “However, we asked ourselves, ‘How much longer can we study, discuss and wring our hands at the sheer number of units needed without doing something?’”
The WRF campaign aims to raise $2.5 million to cover the cost of Pierson Pointe’s development, according to the kickoff release. WRF is a 501c3 nonprofit organization established in 1987.
Wilmington Realtors Foundation Kickstarts Affordable Townhome Development
The Wilmington Realtors Foundation recently launched a fundraising campaign to support their ambitious plan to build affordable townhomes priced under $250,000. The Pierson Pointe townhome development on Carolina Beach Road aims to offer 48 two- to three-bedroom units, ranging from 1,200 to 1,600 square feet. These townhomes are designed to cater to the “missing middle” of the housing market, which includes local firefighters, teachers, and nurses.
Key Features of Pierson Pointe Townhomes
Each townhome at Pierson Pointe will feature two-and-a-half bathrooms and a single-car garage. Additionally, the units come with deed restrictions requiring that they are owner-occupied. This ensures that the development remains dedicated to providing affordable housing for the local workforce.
Fundraising Campaign and Construction Costs
At the official kickoff event on November 2, the foundation raised $25,000 in donations from attendees. Proceeds from the event will go directly towards Pierson Pointe’s construction costs. The Wilmington Realtors Foundation campaign aims to raise a total of $2.5 million to cover the development’s expenses.
Addressing the Lack of Affordable Workforce Housing
Foundation president and Realtor Jody Wainio emphasized the importance of addressing the lack of affordable workforce housing in the region. Rob Zapple, a member of the New Hanover County Board of Commissioners, praised the foundation’s efforts, stating that the development of Pierson Pointe is a prime example of the private sector taking action to solve the problem.
A Bold Step Forward for the Foundation
As Catherine Grinnan, the campaign director, explains, Pierson Pointe is not a typical project for the Wilmington Realtors Foundation. The foundation is not a developer or builder, and associations are generally known to be risk-averse. However, Grinnan believes that it is essential to take bold steps to address the severe lack of affordable housing units in the region.
With the successful kickoff of their fundraising campaign, the Wilmington Realtors Foundation is well on its way to making a significant impact on the local housing market. By providing affordable townhomes for the “missing middle,” the foundation is working towards a brighter future for the region’s workforce.
Orginal article: Link To Article – provided by Kansas City Realtors
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