Council to consider buying downtown Wilmington property for $2 million

WILMINGTON, NC (WWAY) – Wilmington City Council will discuss buying a prime piece of real estate in downtown Wilmington.

The property is located at 1020 N. Front Street.

A City Spokesperson says acquiring this property will allow the city to influence the appearance of the North 3rd Street and MLK northern gateway into downtown Wilmington.

According to a news release, if approved by council during their meeting on Tuesday night, the city will own two of the six parcels that sit within the boundaries of 3rd, 2nd, Front and Brunswick Streets. Owning these parcels will allow the city to collaborate with neighboring property owners to ensure that development in this area fits the community vision and long-term goals for this part of downtown.

The negotiated price for the 1.29 acre parcel is $1.975 million.

The city is allocating just over $2 million for the purchase price, legal fees and recording fees.