Former Helm parcel up for grabs
August 15, 2012By J. Elias O'Neal
Prime property in Wrightsville Beach is now back on the market.
The site – formerly known as The Helm mixed-use development between Seagull and Salisbury streets – is a 1.10-acre parcel west of Johnnie Mercers Fishing Pier and in 2006 was slated to become a condominium and retail development.
Wilmington-based Cape Fear Commercial brokers Hank Miller, Paul Loukas and Brian Eckel were tapped by First Bank to sell the property, which was formally purchased in 2005 by W. Ward Manning for more than $12 million.
After Manning was killed in a plane crash in 2006, however, plans for the development were shelved and the land returned to Cooperative Bank, which was taken over by First Bank in 2009 after Cooperative Bank failed.
Eckel said no price has been set for the beachfront parcel. But Cape Fear Commercial officials are moving forward with aggressively marketing the property.
“While we understand the market is quite different now, this is still a prime piece of real estate overlooking the ocean, which is a rare opportunity at Wrightsville Beach,” Eckel said in a news release. “We have not set a sales price, but have started the marketing process.”