East Carolina University’s Board of Trustees has approved two deals that will bring a hotel into the downtown area and development to the city’s warehouse district.
The board approved the deals during a special called meeting held on Friday.
Two deals were struck on a project involving three properties in the warehouse district, also called the East Carolina Research and Innovation campus.
ECU will sell to Elliott Sidewalk Communities, a Maryland-based firm, three properties through what is known as a simple deed. The deed will include terms requiring the land to revert back to ECU after 80 years. The company will pay the appraised value of $2.68 million for a term of 80 years.
The three properties are the Export Leaf Tobacco building at 301 West 10th St., Prichard Hughes Warehouse at 1003 Clark St. and American Tobacco Company storage warehouse No. 2 at 1104 Clark St.