The Wilmington City Council is in the process of deciding what to do about the Water Street parking deck. The council went into closed session during a recent meeting to talk about the potential purchase of the part of the deck that is owned by PB&G Partners. The city owns the other half.
The original plan was for PB&G to develop the dilapidated deck into condos and stores but the economy and other complications got in the way. Part of the land is also planned for a city park. PB&G has since restructured and formed 200 Water LLC. The company’s new plan is to develop luxury apartments for residents 55 and older. But the company still owes the city parking deck revenues. The city council will have to vote in open session on what they decide to do with the deck. It’s unclear when that might be.
Date posted: May 5, 2011
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