The Buccini/Pollin Group, Inc. (BPG), and BPGS Construction held a ribbon cutting ceremony and block party on Friday for MKT 627 and 608, two apartment buildings consisting of 74 units on Market Street in downtown Wilmington.
In attendance were business and government officials including Wilmington Mayor Dennis Williams and Gov.Jack Markell.
“Market Street is a logical connector to the central business district and the riverfront, which is an area that grows continually regardless of the state of the economy,” Rob Buccini, founder of BPG as reported by WHYY Newsworks. “On Market Street, you have great architecture. Some of it has been neglected, and it has been a pleasure restoring the buildings that have been here for hundreds of years.”
According to Newsworks, Wilmington Mayor Dennis Williams told those at the event “Don’t listen to the negativity. We have a great city here,” Williams said. “We have good business folks, good elected officials and good teamwork.”
The new units are more than doubling the portfolio of the existing MKT apartments to 114.
MKT 608 is the first ground-up apartment community on Market Street in more than 50 years, the company noted. MKT 627 took over a space that was formerly vacant and once served as Delaware State University’s Wilmington Campus.
The two new buildings will be managed by BPG’s residential operations arm, ResideBPG.
ResideBPG lists its mission as providing professional management services and amenities to the residents that will allow them to live a concierge-style, urban living lifestyle.
Reside BPG offers perks such as community-wide events, discounts to local shops, restaurants and entertainment venues, and complimentary Delaware Sports League memberships.
The MKT community under the ResideBPG umbrella was previously named The Residences at LOMA.
With the new apartments coming on board and many other establishments utilizing the LOMA brand, BPG decided it was time for a rebranding.
The community offers a variety of studio, one and two bedroom floor plans, several featuring multi-level living space, exposed brick and original beams.
The 608 MKT development has been leasing for two months and is 61 percent occupied while 627 MKT plans to open its doors October 1st and is 13 percent pre-leased.
The event also featured a Tuned-IN Wilmington Block Party Masterpiece on Market featuring live performances throughout the 5th and 6th street blocks, a wine garden, food vendors, yard games and over 33 organizations and artist’s booths.
Buccini/Pollin has acquired numerous properties in downtown with the goal of bringing full-time residents to the area, including young adults working in downtown.
In earlier media reports, teachers were often listed as prime candidates for the apartments. Rental prices were not listed, although previous reports have indicated that the apartment development is aimed at those with moderate incomes.
To date, apartment leasing activity has been strong in downtown and the riverfront, with Buccini/Pollin accounting for much of the residential development in those areas.
Those seeking more information on MKT can call 302.893.7413 or visit www.residemkt.com. The community’s Leasing Center is open weekdays.
( Video courtesy of BPG)