Demolition of the city-owned office building at 305 Chestnut St. in downtown Wilmington could begin as early as next week.

According to a city spokesperson, contractor 4 Seasons Demolition Inc. is working through the final steps to secure a demolition permit. The demolition, which is expected to take about 30 business days, includes the five-story office building at 305 Chestnut St. and a single-story structure at 315 Chestnut St.

Both properties were declared surplus last year, following the city’s $68 million acquisition of the former Thermo Fisher Scientific campus at 929 N. Front St.

The decision to demolish the buildings at 305 Chestnut St. is based on a market analysis that shows “no interest in reusing the existing structure, which is old and would require substantial repair,” a city spokesperson told the Business Journal earlier this year. Wilmington leaders aim to use sale proceeds from surplus properties to offset the purchase cost of the new campus.

The site at 305 Chestnut St. is home to two office buildings connected by a breezeway. The two-story building nearest North Third Street was constructed in 1959 and formerly operated as a bank. City leaders acquired the property in 1997 for $4.5 million, according to property records.

The city initially issued a request for proposals for the structure's demolition in mid-May before postponing the process. A revised proposal request was issued in August. The next month, the Wilmington City Council voted unanimously to award the $583,000 demolition contract to 4 Seasons Demolition Inc.

The process will take place in two stages, with the demolition of 305 Chestnut St. happening first, followed by the demolition of 315 Chestnut St. Security fencing recently went up around the property, and soil stabilization will aim to limit impacts on surrounding downtown areas, according to a city spokesperson.