Wilmington apartments  a big part of $103 million investment  in downtown revitalization program

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Twelve downtown revitalization projects in Milford, Smyrna and Wilmington have been selected to receive funding through Delaware’s Downtown Development Districts (DDD) program.

A total of $5.5 million in rebates will leverage $103 million in total investment,

Established in May 2014, the DDD program was created to spur private capital investment in commercial business districts and other neighborhoods.

With the new reservation awards, $31.6 million in rebates through the program has leveraged $597 million in private investment in all three counties.

Investments eligible for DDD rebate funds include capital investments on rehabilitation, expansion or new construction for commercial, industrial, residential or mixed-use buildings within the district boundaries. Rebates are issued after the project is completed. Qualified applicants include property owners, tenants, for-profit developers, nonprofit organizations, businesses and homeowners.

Large Project Reservation Awards

Milford

  • Benvenuto LLC plans to use a DDD large project reservation award for extensive renovations of the restaurant building at 249 NE Front Street. The investors plan to open a restaurant in the building later this year.
  • Mispillion Street Partners LLC plans to construct four 12-unit condominium buildings (48 total units) to be situated along the Mispillion River at 401 Mispillion Street. This will be new construction on a vacant lot, and units will consist of two and three bedroom options available for renters or buyers.

Smyrna

  • Shadaw Enterprises LLC plans to completely restore and fit out the former Metal Masters/Harris Manufacturing plant located at 655 Glenwood Avenue. Upon completion of renovation work, the building will be repurposed for warehousing, recreational and light manufacturing use, and the investors also plan to create a farmers’ market that will provide approximately 72,000 square feet of retail and restaurant space for tenants to sell merchandise, food, crafts, and other items.

Wilmington

  • 9th and Tatnall LLC plans to construct a new building housing 34 apartment units and two ground floor retail spaces on the southeastern corner of North Tatnall Street and West 9th Street. The investor has assembled seven parcels with the plan to demolish a fire-damaged central portion of one of the consolidated parcels and part of a garage complex facing onto Girard Street in order to construct the new building. The project will include a mix of three-story historic buildings and a five-story newly constructed building slotted in between.
  • 105 West 7th LLC plans to demolish three existing vacant buildings (103, 105 and 109 West 7th Street) and construct a new building containing 30 market-rate multifamily units with six units on each of five floors.
  • 210 Market Cooper LLC plans to create a mixed-use, ground-up development on the 200 block of N. Market Street. The project will consist of the demolition (some facades exempted) of the existing structures at 206, 210, 212, 214 and 216 N. Market St. as well as 221 and 225 N. King Street. The development will include 90 market-rate apartment units as well as ground floor retail space and parking.
  • 627 Market LLC plans to fit-out the retail space at 627 N. Market Street for a modern Chinese food concept restaurant called Tom’s Dim Sum. The investor previously used a DDD reservation for the renovation of the apartments and general work done on the façade of the building.
  • 901 Market Associates LLC plans to renovate the Market Tower Building at 901 N. Market Street to create studio, one and two bedroom apartments totaling 68 units over 11 floors. Floors one through three will be renovated into new functional commercial and retail space totaling more 16,000 square feet.
  • BPG Real Estate Services LLC plans to renovate the existing retail space at 838 N. Market Street in order to fit out the space for the installation of a bank branch at the site.
  • Quaker Arts LLC plans to upgrade four existing buildings (708-710, 801, 816 and 822 West Street) into 53 apartments with a preference for artists. The four existing buildings will be converted into affordable housing for individuals and families with incomes ranging between 30 and 80 percent of Area Median Income.
  • The Mill – Wilmington LLC plans to further grow The Mill co-working space located within the Nemours Building at 1007 N. Orange Street by 10,000 additional square feet. The current space will be rehabbed.
  • The Warner 927 LLC plans to renovate the building at the corner of 10th and Orange Streets. The property is a multifamily mixed-use building that was constructed in 1923. The building includes two ground floor commercial spaces, four residential units and two underutilized units that will be converted to residential. One of the ground floor commercial spaces will be redeveloped for a new restaurant concept.
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