Real Estate - Commercial

Less Than An Acre Sells For $6M In Downtown Wilmington

By Cece Nunn, posted Apr 21, 2023
The property at 101 N. Front St. in downtown Wilmington sold April 19. (File illustration)

The vacant property at 101 N. Front St., where development plans over the years have come and gone, sold for $6 million this week.

A little less than an acre in a prime downtown Wilmington spot, the parcel held a Wachovia Bank before it was demolished in 2008. The owners at that time had hoped to build an up-to-11-story, mixed-use project downtown that included retail, about 70 condos, rooftop green spaces and a pool on the ninth floor. 

Those owners, who were partners in The View on Water Street LLC, bought the property for $6.5 million in 2007, also investing more than $1 million on plans for the mixed-use project. But in the end, the Great Recession closed the window on The View development, and the partners had to hand it back to the bank, according to a WilmingtonBiz Magazine article.

The nearly 30,000-square-foot development site is located in downtown's Central Business District and fronts the Cape Fear River and Water street as well as Second and North Front streets.

A group of real estate investors based in Long Island, New York, bought 101 N. Front St. from BB&T bank in 2011 for $1.5 million with plans to build a luxury hotel. Those plans also never came to fruition, and 101 North Front Street LLC sold the still-vacant property to Wilmington-based Northern Ventures LLC on Wednesday.

The buyer, whose registered agent is Robbie B. Parker, has not yet revealed development plans. Spruill Thompson, of Wilmington-based Cape Fear Commercial, represented Northern Ventures in the transaction said he couldn’t provide any additional specifics.

“They just loved the real estate, and they'll decide what to do with it later,” Thompson said Friday.

Paul Loukas, also of Cape Fear Commercial, represented the seller.

CFC marketing materials on the property showed development options that included high-rise residences or hotel rooms.

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