City council set to consider $625K property purchase in downtown's northern gateway

By
Christina Haley O'Neal, posted
About 5 hours ago
The city of Wilmington is looking to purchase property located in downtown's northern gateway, slated to become a part of a potential $90 million mixed-use development.
City council members will consider a resolution authorizing the $625,000 purchase of 0.39 acres at 1019 N. Third St., according to the city's agenda. The city would be taking over the purchase from East West Partners Management Company Inc. (EWP). The current property owner is Spiro Macris.
"If approved, upon assignment of the contract, the City will be obligated to purchase the property by paying the remaining balance of $524,000 and reimburse EWP $101,000 for their previous deposits and elected option period fees," stated the city's agenda."Together, these payments represent the total purchase price of $625,000. In addition to the purchase price, the City will be responsible for any and all closing costs associated with the conveyance."

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