History with ‘Hud’: How the Cotton Exchange survived demolition to become a Wilmington favorite
WILMINGTON, NC (WWAY) — The holiday season is in full swing, meaning visits from Santa to the Cotton Exchange over the next few weeks. But the eight building fixture which houses the Jolly fellow each year was nearly torn down more than half a century ago.
The initial structure between Front Street and Nutt Street was constructed just years before the Civil War and has maintained much of its outward appearance ever since. The large Sprunt Building was originally home to the Cape Fear Flour and Pearly Hominy Mill in 1884, with renovations in 1919 allowing for Alexander Sprunt & Sons to arrive. The company shipped cotton all over the world, earning the complex its ‘Cotton Exchange’ name.
In fact, the site was once the largest cotton exporter in the world, and remained the largest cotton exchange on the east coast until it was dissolved in 1950. The site continued to house local businesses and was used for furniture storage until the late 1960s and early 1970s when changes began to take place. Part of the building sustained damage during a hurricane with a fire destroying a wall of the Bear Building, once home to a peanut cleaning operation.
Plans were made to tear down the damaged complex and construct new buildings on the land, but J.R. Reaves and M.T. Murray stepped in to put a stop to the decision. After visiting other historic cities such as Charleston and Savannah which had recently repurposed old buildings, they purchased the structures for more than $242,000 with the goal of preserving the existing buildings. The complex was quickly converted into the well known shopping and dining area of today in the early 1970s.
Within the first year of existence, the Cotton Exchange received awards of merit from the North Carolina Chapter of the American Institute of Architects and NC Preservation Society, with Ronald Reagan even giving a campaign speech there in 1980.
In the decades since, the Cotton Exchange has provided 200 jobs to the area and continues to be a popular spot for locals and tourists alike.
