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Is there anything officially planned for the abandoned projects on Greenfield and Front Street?

Patrick Gannon
StarNews

It depends how you define “officially.”

The Caper Corporation, owned by Walter and Beth Pancoe, has a contract to purchase the 12-plus-acre Nesbitt Court site from the Wilmington Housing Authority. The due diligence period is set to run out in mid March 2010.

Caper Corp., instead of tearing the old buildings down and starting over, wants to use parts of the existing buildings and turn them into a colorful community of townhomes. The company has had trouble getting financing for the purchase, however.

At a housing authority in early March, the authority board of commissioners voted to allow the Pancoes to make a new offer, likely much less than the original $3.1 million price. They are supposed to do that in March 2010.

If Caper Corp. doesn’t end up buying it, it’s back to square one for the housing authority: tearing down the old Nesbitt Courts buildings and putting the property on the market.

Related links:

What will happen to Nesbitt Court?

UPDATE: Overhaul under way on Nesbitt Courts

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Rachael
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