A developer met today with the Wilmington Housing Authority to continue his fight for ownership of the old Nesbitt Court housing project that's been vacant since 2007. A contract for the condemned housing units has a price tag of more than $3 million.
Developer Walter Pancoe asked the board for a 60-day extension and suggested purchasing the property in three phases. The WHA said no and said he needs to come up with another alternative by March 18.
Walter and Beth Pancoe have been trying to purchase what was formerly known as Nesbitt Court for almost three years now. You'd think it would be an easy deal because the Pancoes want the property and the WHA wants the property off of its hands. But with a struggling economy, conventional financing is not an option, so the WHA is asking for the entire property to be purchased in full.
"In the present economic conditions, it's very difficult," Pancoe said. "And that's why we are here. We consider what kind of adjusted price might make it feasible for us to buy the entire parcel so that they'd be through with it."
If it does go through it will create new housing, new jobs and new tax-payers; all of which can benefit the port city. For now the Wilmington Housing Authority still owns the 13 acres.
If the Pancoes come up with a new offer, like a lower price of different financing, the board will consider it at its next meeting March 22. The WHA's Michael Krause said there was talk in today's meeting of lowering the asking price on the authority side of things.