Foreclosure looms over The View


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Submitted: Wed, 06/01/2011 - 8:24pm
Updated: Wed, 06/01/2011 - 8:28pm By:

WILMINGTON, NC (GREATER WILMINGTON BUSINESS JOURNAL) – The View on Water Street has been ordered to go up for public auction June 10 after the bank that provided its’ financing declared it will foreclose on the property.

The View on Water Street is a proposed mixed residential and commercial high-rise on the corner of Princess Street between Water and Front streets that development company Momentum Group has been working on since 2007.

The 0.43 acre lot has been ordered to go up for auction at noon on Friday, June 10 at the New Hanover County Courthouse.

BB&T is the lender for the property that was appraised at $4.3 million last year, said Terry Espy, president of Momentum Group. The owners have been making interest payments of about $15,000 regularly on the $4.3 million loan, she said.

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4 Comments

  • TheThinker says:

    The downtown bar owners should band together and buy the property. It would make a great “flop-house” for all the drunks that flood the downtown streets. It would certainly fit into the current downtown utilization plans. Just think of the advertising campaign….come kill some brain cells in beautiful downtown Wilmington – then instead of puking and peeing on our newly revitalized streets, flop at The View.

  • WilmWatcher says:

    But – this is the results of our push for “new urbanism”! This can’t be happening! The View is the great monument to defeating that old way of living – urban sprawl. Noooooo! People will come to downtown to live and shop! Mixed use is the new suburbia! Saffo told me so when he pushed for spending money we don’t have on Riverfront Park! The city council agrees that downtown needs its own marketing fund to push it as the great mecca of new urbanism! AAARRRRRGGGGHHHHH!!!

    I guess this was right: http://wilmingtonwatcher.blogspot.com/2011/05/free-money-for-downtown-wilmington.html

  • Conformity says:

    No matter how cynical your language, you can’t make what you’re saying true WilmWatcher. I know nothing of the your downtown park and I’m not advocating for or against throwing money at New Urbanism, but what I do know is that density pays returns. More people in less space saves money. That fact is immutable. If a City elects to spend money in pursuit of density then there is a point up to which spending that money makes sense…can the City recapture its investment through decreased capital expenditures (roads, water, police stations, fire stations, etc) and decreased operating costs (maintenance, payroll, trash collection, etc)? Figuring that out is the work of an analyst and the budget office of your City. True that some cities are less primed for density than others and perhaps Wilmington is one of those. But just because a city’s market does not embrace or demand density unless pushed through incentives does not mean that the other extreme (sprawl) is what the market is asking for or that incentives of any type are necessarily money poorly spent. The Suburbs will never go away, nor should they, but is economically impossible for them to financially perform for a City in the same way that well planned density does.

  • Devon says:

    If any other “The View” investors, like myself, are out there, I would appreciate it if you contact me at:

    theviewresponse@yahoo.com

    -Devon

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