Local Government Commission has approved New Hanover County’s financial proposal for debt issuance of US$57 million to fund the construction of a purpose-built, Public Library and Cape Fear Museum (Project Grace) in downtown Wilmington, North Carolina, USA.

A modified development agreement has been established with Cape Fear Development for the county-owned block construction project. This updated agreement specifies a net cost reduction of around US$4.6 million compared to the original agreement. According to the amendment, the revised maximum price will not surpass US$55,942,679 for constructing the new library and Cape Fear Museum facility. This cost includes improvements to the parking deck and the development fee.

The project involves redeveloping a three-acre county-owned block in downtown Wilmington, transforming the existing Public Library, a parking deck, and underutilized surface parking lots into a purpose-built library adjacent to a contemporary Cape Fear Museum. The construction encompasses a new, purpose-designed county museum and library facility, featuring amenities such as a domed theater planetarium and interactive exhibits. In addition, the agreement outlines several key terms for the project including:

• once the new museum, library, and parking deck are substantially completed, the county will sell the south parcel to Cape Fear Development for a minimum of US$3.5 million;
• Cape Fear Development will initiate a mixed-use development within 24 months, with an investment of at least $30,125,838 or 25% of the total project cost; and
• The existing improved parking deck will be shared under agreed terms between the county and Cape Fear Development.

The new library and museum facility is expected to open in late 2025.