A Monday ceremony marked the beginning of the next phase of The Flats, a $110 million housing project that is redeveloping Wilmington property dating the early 1900s.
Developers recently completed Phase II of the project, which is being led by Woodlawn Trustees, Inc. through its partnership with Todmorden Foundation. Work is underway on Phase III
“The State of Delaware is pleased to support this important project, and we share in the vision of the partners working to bring new life to The Flats community by providing safe, affordable housing for its residents,” said Gov. John Carney. “As the project progresses, I want to congratulate those who have worked so hard to see this come to fruition and commend them for their efforts to address a crucial need in this area of the city.”
FHLBank Pittsburgh and its members Fulton Bank and WSFS have provided a total of $1.75 million in grants for The Flats through FHLBank’s Affordable Housing Program. Additional funding support was provided by JPMorgan Chase, Cinnaire and FHLBank Atlanta. Delaware State Housing Authority also provided $9 million in funding support for the project through the state’s Housing Development Fund.
Once completed, the development will have 434 modern, affordable units with access to public transportation, on-site supportive services, 24-hour maintenance services, free wireless internet service that will help residents complete schoolwork and other tasks, and an on-site community center.
The Flats has become a major driver of Wilmington’s economic development, representing a capital investment of more than $110 million in the city. The project has created hundreds of construction and auxiliary-service jobs and spurred new development in the neighborhood.
Woodlawn Trustees, Inc. was founded in 1901 by William P. Bancroft to continue his interests beyond his lifetime.
Woodlawn’s core objectives are the preservation of open space for public enjoyment, affordable rental housing in the City of Wilmington, and orderly planned development to benefit the community and provide funding for Woodlawn’s activities, a release stated.