Real estate

Real estate

Staybridge Suites hotel added to downtown Wilmington hotel roster

Driftwood Capital announced the completion of the new $31 million Staybridge Suites hotel in downtown Wilmington. Located at 1220 N. Market Street, the 11-story property features 134 suite accommodations, lounge, fitness center, sundries shop, and a business center with meeting spaces. Rates start at around $170 a night with an extra charge for parking or pet. The former office building that housed...

Amazon’s Middletown site sold

American Real Estate Partners (“AREP”), and its Joint Venture partner Machine Investment Group announced the company’s purchase of a 1,015,740 square foot property located in Middletown. The site houses an Amazon distribution center. The Delaware Business Times reported the selling price was $118 million. Amazon typically leases distribution center space with the original developer selling to real estate investors. A similar sale...

Memorabilia company opens secure storage site in New Castle area

Collectors has launched  Collectors Vault, a service that authenticates, grades, researches, stores, buys, and sells collectibles through one platform. The company earlier announced plans for a secure storage facility for collectables in the New Castle area. Delaware has become a popular site for secure storage, thanks to its East Coast location and the lack of a sales tax. In recent years,...

76ers announce plans for a $1.3 billion arena

The Philadelphia 76ers announced a new development company 76 Devcorp has been formed with the goal of having a $1.3 billion Center City arena in the early 2030s. Sixers owners  Josh Harris and David Blitzer announced that Philadelphia business leader David Adelman, in partnership with Harris Blitzer Sports Entertainment and the development corporation will pursue a privately-funded sports and...

Northrop Realty marks opening of a Lewes-Rehoboth office

Northrop Realty, opened its 5th coastal office in Lewes-Rehoboth at 18467 Coastal Highway. The new location will serve the northern coastal towns and provide an educational training center for sales agents as the brokerage expands its Delaware footprint. "The Northrop Realty name is synonymous with business excellence and success, and I'm so excited to be a part of our state-of-the-art...

Distribution center boom continues in Middletown

Council green lights 567,000 'spec" warehouse The Middletown Mayor and Council earlier this month approved a Record Major Land Development Plan for a 567,000-square-foot "spec"  industrial warehouse at 929 Middletown-Warwick Road. The project  is  a “spec building” with no announced tenants. The center would include  619 parking spaces (419 auto, 200 truck trailer), a loading area for 145 trucks and vans,...

Rescue Act funding aims to spur affordable housing in Delaware

A housing and housing development initiative has been announced. The Delaware State Housing Authority will use American Rescue Plan Act funding to develop the Catalyst Fund with the goal of preserving affordable homeownership opportunities through the acquisition and rehabilitation of vacant homes in Delaware’s neighborhoods. The funds will be administered in partnership with Cinnaire, a certified Community Development Financial Institution that...

Newmark reports weaker 2nd quarter for the northern Delaware office market

Law firms remain a bright spot The New Castle County office market experienced a downturn in the second quarter of 2022, with absorption losses being recorded in all submarkets, according to a report from Newmark, a commercial real estate company. The vacancy rate for northern Delaware rose to 18.3%, up from 17.3% in the first quarter and 18.2% in the second...

Housing Authority launches Mortgage Relief Program

The Delaware State Housing Authority has launched a $50 million Delaware Mortgage Relief Program. ,designed to assist eligible households who experienced a COVID-19-related financial hardship that resulted in mortgage delinquency or forbearance. Homeowners can apply here.The Delaware Mortgage Relief Program provides up to $40,000 to cover the following delinquencies: mortgage, property tax, chattel loan, land lease, water and sewer utilities, homeowner or condominium...

Start-up green hydrogen company Versogen to relocate to Newark area

Versogen has chosen Newark as the site for a $4.8 million expansion that includes moving its operations from The Innovation Space near Wilmington to larger, upgraded facilities at FMC Stine Research Center. Versogen is focused on anion-exchange membranes (AEMs) and AEM-based electrolyzers to produce low-cost green hydrogen. The startup company’s systems are engineered to make green hydrogen affordable and sustainable –...

Vice Chancellor rules in favor of Friends School in dispute with Alapocas homeowner group

Delaware Vice Chancellor Sam Glasscock has ruled in favor of Wilmington Friends School in a dispute over the sale of the property to fast-growing pharmaceutical company Incyte. Glasscock expressed disappointment that the school and the Alapocas Maintenance Association, a homeowners association or HOA, could not come up with an agreement regarding the sale in mediation. The private school operates...

From the Delaware Independent: Home development is transforming Ellendale

By Andrew Sharp Welcome back to the beach” is the message written large on a billboard for drivers heading east into the town of Ellendale, accompanied by the image of a real estate agent with arms outstretched.  Ellendale is about as much “the beach” as Milford or Georgetown, which is to say it is not. But it is within shouting distance,...

State sees slight downturn in home sales

Delaware saw a slight slowdown in home sales, according to the May report from Berkshire Hathaway Home Services  Fox & Roach and Berkshire Hathaway Home Services Gallo. Inventories remain right. Total properties sold in Kent and New Castle Counties dipped by 3.6 percent, from 940 sold in May 2021 to 906 sold in May 2022. New Castle County posted a 22.2 percent decrease...

Wawa plans to expand to Nashville

Wawa plans to expand into the fast-growing Nashville area in the next few years It comes after announcements of future expansion into the Florida Panhandle, south Alabama and North Carolina. Current plans are for Wawa to open its first Nashville store in 2025 with the potential for up to 40 stores in the market in the future. “With a commitment to...

Mayor releases code violation notices that led to Wilmington apartments being declared uninhabitable

Wilmington Mayor Mike Purzycki issued an update listing hundreds of code violations that led to an order that to the rapid displacement of those living in 27 apartments. Click here for the document. The buildings on north Adams Street were cleared after structures were declared unfit for human habitation. WDEL, which broke the story on the city's order and its aftermath,...