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Nesbitt Court will sit empty awhile longer

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Nesbitt Court is empty and decrepit, like it has been for three years. It looks like it will stay that way for a while.

The developer who wanted to buy the property couldn't secure funding. Thursday, members of the Wilmington Housing Authority decided to put it up for public sale.

"It's important that we as a board make an effort to dispose of assets and convert it to cash and to use it for public housing," Wilmington Housing Authority Commissioner, Jon Vincent said. "That's what we're charged to do and I don't think its appropriate to sit on properties in hopes that they'll appreciate in value."

The Wilmington Public Housing project closed in 2007. This past December, Wilmington developer Walter Pancoe expressed interest in purchasing the property. Wednesday, he told the WHA he couldn't get the funding he needed.

"It certainly was a disappointment," WHA CEO Michael Krause said. "I think we've gone through great effort to do what we can to remove that property from our inventory so that we can have that property redeveloped or demolished or something so that it's no longer blighting the neighborhood."

The Wilmington Housing Authority's Acquisition Committee decided to list it on the public market and give potential buyers thirty days to bid.

"The property was appraised and the appraiser felt like it had more value with the buildings on it so it probably makes sense for us to try and sell it as is," Vincent said.

The full housing commission still needs to vote on the decision which means demolition is not out of the question.

"If we decide to demolish it we have the money reserved for it, but it's still money that's spent that could be used for a lot better purposes," Vincent said.

The one million plus dollars it would cost to demolish Nesbitt Court would come out of a stimulus fund grant.

The Wilmington Housing Authority Commission will make its decision about whether to list or demolish Nesbitt Court next week.

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if they really want to move the property, they either need to cut the price to the bone or offer the $1 million stinulus amount as some type of buyer's incentive or offer to owner finance the property during the redevelopment stage of the project.