From money to medicine: What is happening to the former Bank of America building downtown?
New Hanover leaders have green-lighted the nearly $12 million purchase of an expansive downtown Wilmington office building to house the growing nursing program at Cape Fear Community College.
On Monday, the New Hanover County board of commissioners unanimously approved using $11.8 million in county funds to buy the five-story, 55,000-square-foot building at 319 N. 3rd Street.
College president Jim Morton said the new real estate buy will help the school address a nurse shortage that’s being felt in the Cape Fear region and nationwide.
“Workforce development is one of the primary reasons Cape Fear Community College exists,” Morton told the board. “We wanted to develop a plan to address the nursing shortage in our community.”
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Hospitals and healthcare centers across the country have struggled to find and retain nurses. Some of these shortages were exacerbated by the ongoing COVID-19 pandemic, the effects of which often left hospitals understaffed and nurses overworked.
The downtown structure housed Bank of America’s downtown location, starting in 2010. In 2019, the company announced its plans to move out of the space. Since then, it’s been occupied by various companies, including market research company Suzy, investment firm Eshelman Ventures and logistics company Summit Logistics Group.
A formal purchase request was made in a letter dated Sept. 12 from Cape Fear Community College Board of Trustees Chair William Cherry. The building along with its associated parking lots was under contract with Cisco Ventures. Monday’s approval by the board transferred the contract to New Hanover County.
The building will need approximately $14.8 million in renovations to convert the current office space into classroom and lab space for the college’s nursing and allied health programs. Those changes are expected to take place in phases through fiscal year 2027.
County leaders have not yet considered funding for the renovations. That’s expected to take place later once “renovation costs have been more fully developed,” according to the capital project ordinance. The community college also expects to hire 17 new faculty members and about 20 part-time positions to support the new facility. Morton estimated the new hires would cost the college about $2 million.
The county is still working through due diligence on the building, a process that will include an appraisal, property inspection and review of the building’s current leases. The building and surrounding 1.92 acres was valued at $9.1 million by New Hanover County in 2021, according to county manager Chris Coudriet. The county has until the beginning of November to complete a property assessment on the building.
Property records show the building was bought for $7.95 million by River Bend #1 LLC. New Hanover County is under contract with Cisco Acquisitions, LLC to buy the property. The $11.8 million to buy the building will be from the county’s capital project fund, which would be paid for with debt financing.
Since its founding in 1958, the campus of Cape Fear Community College has steadily grown both in downtown Wilmington and in its north campus located in the northern part of New Hanover County.
Reporter Emma Dill can be reached at edill@gannett.com.
This article originally appeared on Wilmington StarNews: Downtown Wilmington offices could house expanded CFCC nursing program
