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WHA still trying to sell Nesbitt Court

READ MORE: WHA still trying to sell Nesbitt Court
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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.

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Walter Pancoe

Watch out...Walter Pancoe may decide to open another adult movie theater...check out Chicago-area experience:

Here is part of a January 1975 article from the Daily Herald:

The Elk Grove Cinema is showing X-rated films again and village officials are trying to decide what to do about it. The current feature, "Flesh Gordon," may violate a local anti-obscenity ordinance. Three Elk Grove Village policemen viewed the first screening of the movie Friday night and submitted their opinions to Police Chief Harry Jenkins. At least one patrolman is reported to have found the movie obscene, as defined by the ordinance passed last year. Jenkins is to review the findings of the policemen sent as "official viewers" and is expected today to take action on the advice of the village attorney. If "Flesh Gordon" is deemed unlawful, the theater may be closed.

Theater owner Walter Pancoe does not expect to be prevented from continuing to show the film billed as "An outrageous parody of yesterday's superheroes" whose adventures were depicted in the Flash Gordon serials of the 1930s and 1940s. The movie began its run Friday night and is supposed to show through Thursday. "This movie has been very well-received at theaters all over," Pancoe said. "There have been no objections raised in other areas and we don't expect any battle here. We do not feel this picture violates the village ordinance."
The anti-obscenity ordinance was rushed through by the village board in an emergency Sunday night meeting last January to prevent Pancoe from showing tho X-rated movie "The Devil in Miss Jones." Pancoe contended he was losing money at the Grove Shopping Center theater by showing "family-type" movies exclusively.

Anything but another slum

It doesn't matter what they do with it so long as they don't build another Section 8 slum. They city has enough drug infested rat nests as it is.

One of the factors

the Developer likely did not factor in the cost of kevelar reinforced windows and battering ram proof doors in calculating his costs to develop.

Plus, where do you find mature trees, tall enough, to screen off the view of the storage tanks?