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Sold! Nesbitt Courts for $1.62 million to a Wilmington-based real estate company

READ MORE: Sold! Nesbitt Courts for $1.62 million to a Wilmington-based real estate company
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WILMINGTON, NC (WWAY) -- Nesbitt Courts is a prime piece of real estate, but it has been a tough sell. The Wilmington Housing Authority's Acquisition Committee recently put the former housing project on the market giving potential buyers 30 days to make an offer.

Eight bids were examined on Wednesday, including a bid from Walter Pancoe who made an offer in December. That bid was declined due to insufficient funding. Pancoe's bid on Wednesday was the lowest of the eight. The recommended bid came from the Biltmark Corporation. It's a $1.62 million offer.

"It's an offer with no contingencies," WHA CEO Michael Krause said. "I think the board was sensitive to the timing of when this will close, because we've been committed and obligated to make a decision in regard to the future use of this property. I think that offer was clearly superior to the others. We'll take that million and a half dollars and turn it into another successful project and do more affordable housing."

Biltmark is based in Wilmington. Its main office on 3rd Street is just a block away from Nesbitt Courts. Biltmark manages and owns several commercial real estate properties throughout the Carolinas.

HUD will review the recommendation. If its gives a thumbs up, Nesbitt Courts will be sold within a matter of weeks. Biltmark has requested a 20-day closing. Its plans for the property are currently unknown.

In an odd twist WWAY spotted Pancoe leaving the Biltmark Corporation just minutes after the WHA awarded the recommendation for Biltmark.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

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Big Money

The buyers are smart. They'll get there money back 10 fold, and it will come from you, the taxpayer. You see the government pays most of the rent to the property owner when it is rented to people who've found a way to steal from the hard working people via the government. This place will be a great breeding ground for the "less fortunate" criminals who already plague most of downtown.
Bulldoze it and turn it into a theme park.

What a view!

"Da hood" to the East, an immense tank farm to the West.

ADT should do a bang-up business installing alarms on any residences built on this site. Considering its location, a toxic waste dump or overflow container parking for the port might be more appropriate.

You must be a real catch..

Your statement tells me all I need to know about you. Thoughtless and cold hearted. There is good news. God even has mercy for you.

God Bless!

What

What about his statement is thoughtless and cold hearted? I grew up in Wilmington and I have to drive through that area when I go visit my parents. It scares me to no end, especially at night.

Don't like the truth?

I'm guessing you must be a democrat since you have an aversion to the truth.

Hopefully Biltmark will tear

Hopefully Biltmark will tear the place down!

No, they plan on restoring

No, they plan on restoring the 60 year old, poverty level income housing, that has been vacant for 3 years and has smoke and fire damage done to it by the WFD. Yea, thats what they spent almost 2 million dollars for, to renovate destroyed section 8, 1 bedroom apartments.

Come on people, think before you type.