The economic growth that downtown Wilmington has experienced with the recent real estate boom is continuing. In an announcement given by the Buccini Pollin, a real estate development group, more apartments are slated to be built along the city’s riverfront. The new project is part of an overall plan to bring a “critical mass” to the area to further stimulate growth and make the district a “24-hour vibrant community” as described by Marty Hagemen, executive director of Downtown Visions.
Three construction projects are slated to begin soon; a $7.5 million, four story building that will house 46 units, a $6 million, five story building that will have 28 units and a cluster of multi-story buildings that will have a total of 77 units that will cost $16 million. The projects are anticipated to house residents of mixed incomes, including teachers who will likely teach at the surrounding charter schools. Currently, about 2,000 people live in the nearby area. When the projects are completed, it is anticipated that as many as 10,000 will call the area home.
While the promise of economic vitality is certainly a benefit, the initiation of the projects are examples of the work that commercial real estate attorneys complete in securing property, obtaining approval of specific permits, defending and addressing zoning issues, and assisting with financing questions.
In the meantime, the projects are slated to begin soon, although no solid start date was given in the report provided by delawareonline.com. Nevertheless, developers and city officials believe that the respective projects represent a long term investment into the city.
Source: Delawareonline.com “New apartments coming to downtown Wilmington,” Yann Raviano, June 12, 2014