Located in the heart of Wilmington, on a corner R2 lot....there are a few possibilities here for a potential developer/buyer. There are essentially 2 sections of the lot, one is contained by a chain link fence by the City to protect the historic monument, one is a large grassy and flat lot which appears to be about 4,000 sq ft (buyer to verify) of area to develop.
The structure itself is a Civil War-era Powder Magazine, built in 1862, used to store gunpowder for the nearby Camp Drum. See link here:
https://en.m.wikipedia.org/wiki/Powder_Magazine_(Camp_Drum).
Current Sellers inherited the property that was purchased in the 1970's as a Duplex. When the Seller went to tear the duplex down to rebuild in the 80's I believe, the powder magazine was discovered and revealed. The City claimed it as a historic monument and the owner decided not to build.
According to my title rep, It was declared a Historical Monument in 1982, but they didn't record the Resolution until 1994. The document indicates it is Historic-Cultural Monument No. 249. The property is also being sold with Mineral Rights.
Please feel free to do a field trip to drive by and check it out and do not hesitate to reach out to me with any questions, I'll do my best to answer them!