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.
