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Real Estate - Commercial

Update: River Place Developers Complete Purchase Of Historic Downtown Building

By Cece Nunn, posted Jun 8, 2018
The historic building at 226 N. Front St. in downtown Wilmington has a "sold" sign after East West Partners purchased it in May. (Photo by Cece Nunn)
An historic downtown Wilmington building could be on its way to being converted to office space.

The developers of River Place, a 13-story mixed-use project at 200 N. Water St., have purchased the three-story structure at 226 N. Front St. in a $975,000 transaction, according to a deed recorded in New Hanover County.

East West Partners, the Chapel Hill-based firm involved in a public-private partnership with the city of Wilmington to redevelop the former site of the old Water Street parking deck into River Place, bought the Front Street building from DeYoung Family Properties LLC on May 22, the deed shows.

"We want to renovate it into a class-A office space," said Lucien Ellison, a partner in East West Partners and River Place project manager, in a Greater Wilmington Business Journal story May 4. "It's a fantastic location; it's right in the middle of the heart of downtown."

In 1903, the building housed Gaylord Department Store and then later a Belk and Walgreens.

While the North Front Street building is expected to become office space, River Place is expected to include 92 luxury condominiums, 79 apartments and 32,000 square feet of retail space. It will also include 403 parking spaces and is expected to be complete by 2020.

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