Print
Real Estate - Commercial

Former Gateway Property Sold For $1.15M

By J. Elias O'Neal, posted Jun 14, 2012

Two pieces of riverfront property downtown are seeing movement in the marketplace.

The former Gateway Project – 712 Surry Street – was sold Wednesday, said Brian Eckel, co-founder of Wilmington-based Cape Fear Commercial.

Eckel, along with Hank Miller, brokered the land transaction.

The Gateway Project was an 11-story, 260-unit condo development that would have boasted a restaurant, 40 boat slips and retail space. But after the local real estate market tanked, the large-scale development became enthralled in lawsuits, making it hard to secure funding during an already tight lending market.

The 10-acre site along the Cape Fear River was sold for $1.15 million to Wilmington-based Riverman LLC – a company registered to Michael E. McCarley, president of Carolina Marine Terminal, according to state documents.

State lawmakers are considering legislation that would give Carolina Marine Terminal state and local sales tax breaks on nearly $10 million worth of equipment purchases to create 75 jobs in the area. According to state documents, the shipping firm would use the equipment to unload roughly 300,000 tons of unprocessed fertilizer shipments a year at its River Road facility.

Calls to McCarley were not returned as of Thursday afternoon.

The 8.06-acre former Sawmill Point Marina property also is under contract.

Located north of PPD near the Isabel Holmes Bridge, the former development was foreclosed on and is now owned by SunTrust Bank.

Eckel would not comment about the potential buyer of that property.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Chris coudriet

New Hanover County Is Top In The Nation For Good Governance, Innovation And Best Practices

Chris Coudriet - New Hanover County Government
Mel wideopentech headshot

Kayak Carolina Launches Online Booking And A Rebrand

Mel Beasley - Wide Open Tech
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

Could It Be This Simple: ‘Work Appropriately’

Diane Durance - UNCW Center for Innovation and Entrepreneurship

Trending News

WMPO Turns Down Cape Fear Toll Bridge Proposal

Christina Haley O'Neal - Jul 28, 2021

Wilmington-based Green Dot Growing HVAC Business Throughout The Carolinas

Christina Haley O'Neal - Jul 29, 2021

Wilmington Startup Pitching At DIG SOUTH Tech Summit This Week

Johanna Cano - Jul 28, 2021

With Wrightsville Beach Presence, Luxury Real Estate Agency Expands Its N.C. Territories

Cece Nunn - Jul 30, 2021

Residential Real Estate Company Opens New Office In Surf City

Cece Nunn - Jul 29, 2021

In The Current Issue

Generating Privacy And Leads

Wilmington-based Reignlist launched a new platform last month that aims to deliver solutions to how information is shared within other real...


MADE: Catching A Wave Of Demand

Two Wilmington-based manufacturers in the surfing industry continue to grow after co-locating under one roof. Paper Plane Surf Co., which ma...


Info Junkie: Michelle Fogle

Fleet Feet Wilmington owner Michelle Fogle's reading recommendations and app picks for running and running her business....

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100