Wilmington Leaders To Consider Skyline Center Lease, Debt Payment

By Emma Dill, posted May 6, 2024
Wilmington leaders will consider another lease in the city-owned Skyline Center this week. (File photo)
Wilmington leaders will consider another lease in the city-owned Skyline Center this week.

The city of Wilmington purchased the 12-story building at 929 N. Front St. last July for $68 million. The office building on the north end of downtown Wilmington was formerly owned by Thermo Fisher Scientific and home to Wilmington-based pharmaceutical research firm PPD.

Following the purchase last summer, city leaders planned to occupy roughly five floors while leasing two floors of the building back to Thermo Fisher Scientific. The city is working with Cape Fear Commercial to lease the remaining vacant space in the building.

The latest agreement, which the Wilmington City Council will consider at its regular meeting on Tuesday, would lease 846 square feet on the building’s seventh floor to Tova Wealth Management LLC. The full-service lease would have a five-year term and an annual cost of $32,480, according to the meeting agenda. 

The agenda notes the space is not needed to support city operations and that the proceeds generated from the lease will help offset the operating costs of the building. A registered agent is not listed for Tova Wealth Management LLC, according to a filing with the North Carolina Secretary of State.

Earlier this year, Wilmington leaders approved leasing space in the Skyline Center to Raleigh-based bank Local Government Federal Credit Union, Wilmington nonprofit Leading Into New Communities, Inc. (LINC) and the Wilmington and Beaches Convention & Visitors Bureau.

On Tuesday, city council members will also consider an ordinance that would transfer $1.275 million in proceeds from the sale of surplus property toward paying the debt service on the Skyline Center. The proceeds come from the $750,000 sale of 320 N. Front St., a parking lot across from the Cotton Exchange, and the sale of a former fire station at 1502 Wellington Ave. for $525,000.
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