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Friday, May 24, 2024

City council will give developer more time to finalize Water Street development deal

East West Partners' original rendering.
East West Partners’ original rendering.

The City of Wilmington has authorized a second extension of an evaluation period for the company that was chosen to redevelop the Water Street parking deck.

East West Partners Management Company of Chapel Hill was granted the extension to the Memorandum of Understanding related to the development of the property that exists between the company and the city. The initial agreement, which had a limit of 180 days, was entered by both parties on May 20, 2015 so that negotiations regarding the purchase of the property and development of the project could be reached.

“The City and East West have been diligently pursuing negotiations intended to lead to the finalization of the [Purchase and Development Agreement], but require additional time for further negotiations,” states the resolution, which was passed in the council’s consent agenda Tuesday night.

An 60-day extension of the evaluation period was mutually agreed upon by the city and company on November 13, 2015. The first extension is set to expire on Jan. 15, and the second one will last 90 days from that date, ending on April 14.

The city has been trying to develop the Water Street parking deck, considered by some to be an eyesore, for some time. In 2014 the city put a call out for development proposals, and presentations by six firms were made before council in December of that year. East West, whose proposal for the mixed-use property included 190 residential units, 225 private parking spaces, 280 public parking spots and over 30,000 sq. feet of retail space on the 1.22 acre lot, was chosen by the council in February. The plan includes a provision for the city to sell East West air rights in order to accommodate the development.

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