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Real estate

Real estate

Habitat adds 4 affordable homes in Middletown

Habitat for Humanity of New Castle County will dedicate four new homes in Middletown on Thursday "It has never been more important, with the affordable housing deficit, to create new affordable homeownership opportunities for working families," said Kevin Smith, CEO of Habitat NCC. "This project in Middletown (Grace Point II) does just that; adding four new homes, while continuing our...

Prelude opens new headquarters

Last month, industry and government dignitaries gathered to mark the opening of Prelude Therapeutics new headquarters and research lab at the Chestnut Run Innovation & Science Park near Wilmington. Prelude Therapeutics founder and CEO, Kris Vaddi, began the ceremony by reflecting on Prelude’s mission. “This was an idea to build a cancer-focused biotech company, rooted in science from...

My take: Labor market, Kroger-Albertsons and Macy’s

A few odds and ends from the labor market and retailing. First off, we won't see the state's labor market (unemployment) report for January until March, followed by the February stats later in the month. The state's jobless rate is likely to remain fairly steady. The timing of reports has to do with a short month and labor market figures being...

Fusco makes $5 million commitment to Ursuline Academy

Ursuline Academy, an independent, Catholic, college preparatory school for students from early childhood through 12th grade, receiveda $5 million commitment from Anthony N. Fusco Sr., a Delaware real estate developer. A release stated that this gift is the largest in Ursuline’s 130-year history and will have a widespread impact across the academy. “Mr. Fusco’s extraordinary generosity has not only...

Delaware home sales market slows slightly in January

The Delaware Association of Realtors reported that January's housing market posted a slight decrease in new listings and homes sold. The inventory of new homes did rise sharply. The median price increased by 4.50%, However, the median listed price increased by only 0.17%. The real estate group stated that pending sales fell by 8%, but active inventory showed 13% growth,...

Community Foundation buys Historical Society building in Lewes

The Delaware Community Foundation (DCF) has purchased 302 Savannah Road in Lewes from the Lewes Historical Society. Built in 1898, the 3,485-square-foot structure is in the town’s Historic Business District. “This property offers us a unique opportunity to create a salon-style gathering place for our donors, supporters, and non-profit partners,” said Stuart Comstock-Gay, CEO of DCF. “It will serve...

The Mill cuts ribbon on expansion at Market West in downtown Wilmington

The Mill recently marked the completion of a recent expansion of its coworking space at Market West, 221 W Tenth St. in downtown Wilmington. The 38,000-square-foot expansion makes The Mill one of the largest coworking spaces in the Greater Philadelphia market. The expansion was part of the mixed-use conversion of the former Nemours Building now known as Market West. The Mill expansion to the third floor includes more than 30 furnished offices of various sizes...

Delaware sees increase in home listings as sales prices continue to increase

As 2023 ended, the Delaware home sales market saw a double-digit increase in new for-sale listings, the Delaware Association of Realtors reported. Units sold saw a 9% dip. However, the value of homes continued upward, with median listed and sold prices growing by 5.76% and 5.58%, respectively. "This resilience in property values underscored a market where the worth of homeownership...

Landlord weighs converting 300 Delaware into apartments

The Philadelphia Business Journal (subscription) reported that the 300 Delaware Avenue high-rise office building is being studied for a possible conversion to apartments. Brandywine Realty Trust CEO Jerry Sweeney told the business journal that the Philadelphia company is considering converting the 17-story structure to part-office-part residential or full residential. Brandywine is looking at similar conversions outside of Philadelphia within its portfolio,...

State to spend $25 million in effort to turn around Dover’s struggling downtown

Photo from Dreamstime The State of Delaware plans to spend more than $25 million in three projects aimed at revitalizing downtown Dover. “The State of Delaware has a vested interest in the success of downtown Dover, not only because it is our capital city, but because it is where thousands of state employees work and where many would like to live,”...

Work underway on retail site near Bear residential community

 Reybold Group reported that ground has been broken on a new retail center near St. Andrews, the company's largest residential community of apartments, townhomes, and single-family homes in Bear. The retail center off Route 40 is expected to open in mid-2024 and will house eight stores. Reybold Group already has one signed lease from a future tenant and is...

Office vacancy rate may have peaked in northern Delaware, region

After three quarters of holding steady, the region's office vacancy rate may have peaked as demand seems to have stabilized, at least in the short term, CRBE reported. The real estate brokerage and property management firm said the absorption of office space in the fourth quarter was slightly positive. Aiding the absorption figures was WSFS leasing nearly 31,000...

Home Builders Association changes back to former name

Effective January 1, the association formerly known as the Builders and Remodelers Association of Delaware has changed its name to the Home Builders Association of Delaware (HBADE). This change reflects our history and name recognition in Delaware’s business community, a release stated. The group cited the following accomplishments: Defeated an effort to make residential fire sprinklers mandatory in all...

Home sale listings up by double digits as median price continues to increase

Delaware's housing market in November 2023 saw a sharp rise in new listings. According to the Delaware Association of Realtors (DAR) listings were up by 18% and indicates that potential buyers able to deal with higher interest rates, will have more choices. While more homes have gone on the market, home prices continued to increase, with a 6.56% increase in...

Former Delaware Shoprite CEO Bernard Kenny, 85

Former Delaware Shoprite store CEO Bernard Francis "Bernie" Kenny, Jr. died on Dec. 30. He was 85. Bernie Kenny, a native of New Jersey, worked his way up from a butcher's assistant to become an owner/operator in northern Delaware for Shoprite, the flagship brand of New Jersey-based cooperative supermarket supplier Wakefern Foods. Under the Kenny...
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