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
Mikestonestreetcropped 862150530

How to Get the Most out of Living in a Community Association

Mike Stonestreet - CAMS (Community Association Management Services)
Atromitos micheallegady headshot

Recognizing Women-Owned Small Businesses

Michealle Gady - Atromitos
Headshot1 2162265156

The Guiding Principles of a Credit Union

Sarah Stone - Excite Credit Union

Trending News

Untappd Taps Out Of Downtown Wilmington Office Building

Cece Nunn - Jan 30, 2023

ILM To Chart Future Path In Forthcoming Report

Miriah Hamrick - Jan 30, 2023

In The Current Issue

Local, State Efforts Target Service Sector

Many industries have started to recover from the roiling effect the pandemic had on the labor market, but nearly three years after the first...


Preserving Wealth, For Family And History

Plans for major improvements fell by the wayside, delayed by life and the home’s overwhelming degree of deterioration, which placed the prop...


Chill Couple Grows Ice Cream Stores

Boombalatti’s Homemade Ice Cream became a local favorite when it first opened in The Forum on Military Cutoff Road in 1999. When Wes and Kri...

Book On Business

The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2022 Power Breakfast: Wilmington's Most Intriguing People - Spence Broadhurst & Hannah Gage
2022 Power Breakfast: Wilmington's Most Intriguing People - George Taylor
2022 Power Breakfast: Wilmington's Most Intriguing People - Mike Ford
2022 Power Breakfast: Wilmington's Most Intriguing People - Meaghan Dennison
2022 Power Breakfast: Wilmington's Most Intriguing People - Rhonda Bellamy