A Wilmington-based commercial real estate firm has added a construction division, led by an industry veteran.
David Novotny, a specialist in construction operations with two decades of experience, joined Cape Fear Commercial to serve as president of Cape Fear Construction Group, according to a news release.
Novotny will oversee the construction of select multifamily development projects for a division that gives Cape Fear Commercial the ability to serve as a general contractor for its own projects, the release stated.
The construction group will operate alongside Cape Fear Commercial and another CFC subsidiary, Cape Fear Development.
Cape Fear Commercial co-founder Brian Eckel said Bill Schoettelkotte, a partner in Cape Fear Development and Cape Fear Construction Group, “has been pushing us to do this [create a construction division] for at least five years. And then when we had the opportunity to work with David, the stars aligned to be perfect timing.”
Novotny, formerly of Charlotte-based State Street, coordinated the development of The Reserve at Mayfaire, an apartment complex that sold for $76 million in 2021, and The Village at Mayfaire condominiums.
He has coordinated numerous multifamily projects from site work to completion, according to the release, and “brings extensive experience in all facets of horizontal and vertical construction, including budgeting, scheduling, contracting and negotiations.”
“The addition of construction services to Cape Fear Commercial’s arsenal will be invaluable to the firm and its clients,” Novotny said in the release. “With the entire process under one roof, we realize significant efficiencies and can create optimal outcomes for our clients.”
Cape Fear Commercial has 18 multifamily projects, totaling more than 3,400 units, underway across the Southeast from Augusta, Georgia, to New Bern, the release stated.
Eckel said Wednesday that Cape Fear Construction Group is expected to take on one to two CFC projects a year, starting by focusing on The Proximity at New Bern.
The Proximity at New Bern is a nine-building, 252-unit project with an amenity package, Novotny said, adding that it will be a classic wood-frame, three-story garden-style multifamily community.
Cape Fear Commercial will still be using other local general contractors for projects, including for The Proximity at Carolina Beach.