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WILMINGTON, NC (WWAY) — The City of Wilmington this morning finalized the purchase of 6.63 acres along the northern downtown riverfront for a passive public park.

The city and Riverfront Holdings II signed closing documents at City Hall for just over $3.86 million. The purchase was approved at the Nov. 19 council meeting and will be paid for with a combination of funds from the city’s saving account and monies left over from completed capital projects.

The property is part of a larger piece of the former Almont Shipping Company property.

The city says placement of a public park along the riverfront is consistent with the Vision 2020 Downtown Plan, which states: “The lack of downtown parks and open space has a critical impact on the urban environment. Without inviting recreation opportunities or public gathering places, the reasons for visiting or staying downtown are reduced for both local residents and tourists.”

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