Print
Real Estate - Commercial

Former Bailey Theater Property, Facade Have New Owner

By Cece Nunn, posted Dec 20, 2017
The facade is all that remains on North Front Street of the Bailey Theater. The property was recently purchased by a Wilmington company. (Photo from Historic Preservation Commission documents)
Property containing the last piece of a downtown Wilmington landmark has a new owner.

Global Property Holdings LLC of Wilmington purchased the tract that includes the Bailey Theater facade at 20 N. Front St. from GC Wilmington LLC for $285,000 on Dec. 11, according to a news release from Wilmington-based real estate firm Cape Fear Commercial and a New Hanover County deed.

Stamatia Saffo is the managing member of Global Property Holdings, as well as the treasurer of Saffo Contractors of Wilmington, state filings show.

Efforts to reach Stamatia Saffo were not immediately successful Wednesday. Global Property Holdings is described as a real estate investment/rental property business in its state corporations division documents.

The Bailey Theater, with its iconic art deco design, was built in 1942 and demolished in the 1980s, except for the facade. That's after historic preservation groups had mounted a campaign to save the whole structure. In March this year, the city of Wilmington's Historic Preservation Commission approved a request that would allow for the demolition of the deteriorating facade, but without a reduction in the required year-long wait.

During the March HPC meeting, Brian Eckel of Cape Fear Commercial, who was representing the previous owner of the property, said the owners had tried to save the facade because of its importance to Wilmington's history, but without success. He said at the meeting that the property would most likely be used to build a multi-story building.

This month, Eckel and Cape Fear Commercial broker Paul Loukas represented GC Wilmington LLC in its sale of the nearly 1-acre property.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Mike stonestreet 300x300

Play it Safe When Planning Summer Celebrations

Mike Stonestreet - CAMS (Community Association Management Services)
Martyheadshot

Are You Ready for GDPR?

Marty Cayton - TeamLogic IT of Wilmington & Fayetteville
Headshot 131850046

Is it a Seller’s Market?

Kirk Pugh - KBT Realty

Trending News

Chops Deli Co-owner Explains Financial Woes Behind Fundraising Campaign

Jessica Maurer - Jun 18, 2018

At ILM, Regional Carrier's Technical Issues Cancel Flights

Christina Haley O'Neal - Jun 18, 2018

In The Current Issue

Construction Zone: Updates On 4 Commercial Projects

Current commercial building activity in Wilmington includes retail and office space, with more planned in the coming years throughout the ar...


Using The State's Brownfields Program As A Catalyst For Development

The N.C. Brownfields Program has helped facilitate millions of dollars in investments in underused downtown Wilmington property and many oth...


Mirimichi Looks To Changing Landscape

Russ Britton started his sustainable landscape products company with a star-studded partnership and plans to continue to grow Mirimichi Gree...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes