City takes next step in Gateway Project
With the purchase of another parcel of land on the northside of downtown, the city is one step closer to breaking ground on the Gateway Project.
The city is paying a total of $625,000 for the tract, part of which is going to East West Properties to reimburse its down payments to the actual owner, Spiro J. Macris. That total cost is $30,000 more than the appraised value of the land.
East West Partners is also a possible future developer of the $90 million project, as it was the only company to submit a proposal back in 2019. The project was put on hold last year due to the COVID-19 pandemic.
The city still hasn’t entered into any development agreements related to Gateway Project.
Media Manager Jennifer Dandron told WHQR, “Once a greater understanding of the long-term implications of the pandemic becomes clear, the city will re-evaluate the needs prior to entering a development agreement.” A more specific timeline is not yet available.
East West Partners is best known in Wilmington for the development of River Place, another public-private partnership which has been plagued with problems ranging from unpaid parking debts to poorly installed firewalls.