A Florida developer and a private equity firm have announced plans for a 220-apartment complex in an area on the Newark Shopping Center property.The property was not described as a student rental, although that is expected to be a key market for the project at the site of a bowling alley at the shopping center.
Multifamily housing developer The Bainbridge Companies, in association with real estate private equity firm Pinecrest Partners, announced the development of Bainbridge Delaware with the address listed at 230 East Main Street, the address of the shopping center.
Based in Wellington, FL, with other offices on the East Coast, Bainbridge has developed, acquired and repositioned multifamily properties in Florida, North Carolina, New York, Maryland, Virginia, and Washington, DC.
In 2012, the company developed Campus Circle Tallahassee near Florida State University, and later won a Multi-Family Executive community of the year award.
Bainbridge’s latest development not only expands its geographical footprint into a new state, but also launches what it described as “an innovative, highly-amenitized, technology-driven community designed to appeal to anyone who wants to live within walking distance of a major university.”
“We believe that there is strong demand for full-service rental housing with pedestrian access to larger universities,” said Thomas J. Keady, president and chief operating officer of The Bainbridge Companies. “This dynamic location offers myriad opportunities for employment, learning, culture, recreation, social interaction, and personal growth. To appeal to potential residents, we are incorporating a wide range of amenities that reflect how people live today and the increasing importance of technology in their lives.”
Bainbridge Delaware will be the only Class A full-service rental community within walking distance of the City of Newark’s Main Street retail and restaurant corridor and the nearby University of Delaware.
A released described it as having an “edgy, urban aesthetic, Bainbridge Delaware is scheduled to deliver beginning in early 2016.”
An earlier proposal for apartments was rejected. However, Bainbridge returned with a revised design, the Newark Post reported. That design was approved by the council. There has been an increasing amount of skepticism about the need for additional student apartments among some residents.
A dollar figure for the project was not released.
The Newark Shopping Center itself is undergoing improvements as it struggles with a large number of vacancies.
Newark Natural Foods from its East Main location to expanded quarters at the shopping center.
Newark has seen a boom in luxury apartment complexes that in most cases cater to students, with luxury touches that include granite countertops, fitness centers and pools. One complex even offers shuttle bus service to the UD campus.
