#TBT: Wilmington’s trading headquarters

WILMINGTON, NC (WWAY) — Today The Cotton Exchange in downtown Wilmington is a fun place to shop, eat a meal, or maybe grab a cup of coffee, but at the turn of the century the location played a much different role.

The name comes from the Old James Sprunt Cotton Exchange building, which is now part of the Front St. shopping complex. The Sprunt Cotton Exchange claimed to be the largest exporter of cotton on the east coast. The Sprunt building was also home to Cape Fear Flour and the Pearl Hominy Mill.

In the late 1800’s to early 1900’s, the exchange quite literally dealt in cotton, shipping it to ports in Europe as well as America. The Old James Sprunt Cotton Exchange closed in 1950.

By the 1970’s, the port industry of Wilmington had dramatically decreased. In 1974 a number of downtown buildings were scheduled for demolition. Just before the demolitions began J.R. Reaves and M.T. Murray bought eight buildings from the Wilmington Redevelopment Commission for $242,416. They planned to redevelop the space and turn it into rentable retail space.

Other buildings included in what is now the Cotton Exchange include a boarding house, saloon, warehouse, and the former pub and brothel known as Paddy’s Hollow.

In 1975 through 1976, The Cotton Exchange became the first downtown complex in North Carolina to repurpose existing buildings. It is an example of preservation efforts in the area.

** Special thanks to the Cape Fear Museum. **