On Wednesday, February 25, 2026, leaders from across New Hanover County gathered to celebrate the groundbreaking of Avenue Flats, a new 184-unit, family-focused workforce housing development.
Speakers included:
- Sam Weldon, Vice President of Development, Blue Ridge Cascade
- Mayor Bill Saffo, City of Wilmington
- Sophie Dagenais, President and CEO, The Endowment
- David Kautter, Director of Community Development Finance, First Citizens
- Paul Kennedy, Board Member, NC Housing Finance Agency
- LeAnn Pierce, Chair, New Hanover County Board of Commissioners
- Rob Zapple, New Hanover County Board of Commissioners
- Chris Eisenzimmer, CEO, Blue Ridge Cascade
Together, they underscored Avenue Flats as both a critical addition to New Hanover County’s workforce housing supply and an example of partnership and collaboration.
In her remarks, Sophie Dagenais described housing affordability as “one of the defining challenges of our time,” emphasizing that philanthropy alone cannot solve the issue, but it can help accelerate progress through alignment, investment, and partnerships such as the partnership here with the City, the County, the State and private capital. She highlighted Avenue Flats as a strong supply-side response that complements The Endowment’s broader investments in education, health, workforce development, and pathways to higher wages — the “human side” of housing stability. Dagenais also noted that The Endowment’s $4.7 million investment represents nearly 10% of total project costs and reflects a broader commitment that included more than $24 million in housing grants awarded in 2024.
Avenue Flats will feature three residential buildings, a central clubhouse, and direct access to a multi-use path, creating a welcoming environment for working families who are members of New Hanover County’s essential workforce.
The approximately $57.8 million development is financed through Low-Income Housing Tax Credit (LIHTC) equity from RBC and First Citizens, alongside support from The Endowment, the City of Wilmington, New Hanover County, and other partners.
Public and private partners played essential roles in assembling the layered financing structure. The City of Wilmington invested $4 million, New Hanover County contributed $1.5 million, and the North Carolina Housing Finance Agency provided a $28 million tax credit allocation purchased by RBC and First Citizens. This collaborative effort supported a partnership between Shelter America, a national nonprofit affordable housing developer, and Blue Ridge Cascade, a regional, mission-aligned developer.
As shovels hit the ground, Avenue Flats stood not only as a future place to live, but as a shared response to housing affordability, demonstrating what is possible when public leadership, private expertise, and philanthropy align around a common goal.
Sophie’s Remarks:
Thank you, Sam Weldon, Mr. Mayor, Commissioner Pierce; always good to see you.
Good morning to our city, county and state leaders, partners, and friends.
I’m Sophie Dagenais, President and CEO of The Endowment. I’m honored to be here with you for the groundbreaking of Avenue Flats.
Today is an exciting day!
• A day of possibility.
• A day of partnership.
• And a day for the families who will call Avenue Flats home.
Avenue Flats shows what is possible when public leadership, private expertise, and philanthropy align around a shared goal. Alignment matters.
Housing affordability is one of the defining challenges of our time, the response to which is rooted in policy, infrastructure, regulatory clarity, adaptability and adaptiveness, finance, long‑range planning, and partnerships with multi-dimensional solutions.
As with other challenges, while we cannot grant our way out of them, philanthropy can help to accelerate progress.
Today, we celebrate more than a building; we celebrate a shared response, a model of alignment for progress.
The Endowment is proud to help make Avenue Flats possible, with all of you. Our investment of nearly 10% of the project costs alongside significant commitments from the city, the county, the state, and private capital, reflects our belief that dignity, stability, and opportunity grow when we work together.
To be sure, the Endowment has made other investments in housing production and stability, including a more than $24M grant portfolio in 2024 and additional housing investments in 2025.
But housing, a home is shaped not just by its walls but by the systems that sustain the families within them. Housing affordability requires not only manageable housing costs, but the ability for families to thrive, grow and prosper.
That is why housing affordability, for us at the Endowment, will be supported by education, health, workforce development and pathways to higher wages, as our community’s essential social infrastructure, and the levers to address the human side of housing.
Our work recognizes that housing affordability requires progress on two sides of the equation: expanding the supply side and strengthening the human side. These approaches are complementary.
And today’s groundbreaking reflects that complementarity. Avenue Flats stands as a strong supply‑side response: 184 units designed to meet real supply needs with intention and care.
I’m grateful to our Board for supporting this project; to our Community Advisory Council for their constant guidance; and to our team, especially Terri Burhans, for shepherding this effort with agility and care.
Congratulations to Blue Ridge Cascade, Shelter America, the city, the county, the state, and every partner who brought this vision to life. Thank you for your leadership. And above all, congratulations to the future residents of Avenue Flats.
May it be a place of stability, opportunity, love, and growth for years to come.
Thank you.
Sophie Dagenais
President & CEO, The Endowment
