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BPG buys DCAD building for $3.5M

December 5, 2024 |By Katie Tabeling

BPG — The Delaware College of Art and Design has sold its last building to the Buccini Pollin Group. | DBT PHOTO BY KATIE TABELING

WILMINGTON — The Buccini/Pollin Group has acquired one of the last properties the Delaware College of Art and Design (DCAD) left behind when it shuttered its doors earlier this year. The five-story building that held the private art college’s main gallery as well as classrooms at 600 N. Market Street traded hands for about $3.5

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WILMINGTON — The Buccini/Pollin Group has acquired one of the last properties the Delaware College of Art and Design (DCAD) left behind when it shuttered its doors earlier this year. The five-story building that held the private art college's main gallery as well as classrooms at 600 N. Market Street traded hands for about $3.5 million on Oct. 25. The 9,555 square-foot DCAD building was first built in 1932. The sale translates to $364.73 per square foot, including a lot at 601 N. King St. that is on the same block. BPG representatives were not immediately available to the Delaware Business Times to comment. The building at 600 N. Market St. is believed to be the last property DCAD had owned when it announced its closure in May, shortly after the class of 2024 had graduated. Property records show that the institution no longer holds property in Wilmington. DCAD had 107 students as of early 2024, according to Delaware Business Times records. The shrinking pool of college-age students, rising costs and declining enrollment were all cited by college officials as reasons behind the decision. Over the years, DCAD had been selling off property, including the residence hall at 707 N. King Street in a lease-back deal for its students - the majority of the DCAD students at the time lived on campus. The private college also sold its historic Saville apartments for $3.3 million. As BPG has invested heavily in downtown Wilmington – including working to bring Bardea Food & Drink next door to DCAD – it’s not too surprising that the city’s largest developer bought the property. In recent years, BPG has converted several older commercial spaces in downtown Wilmington and around Concord Pike to about 1,315 apartment units, showing that it’s well-versed in forming the capital stack to make such projects work. Right now, the developer has plans for $500 million investment in Market West, a mixed-use campus that would include the DuPont, Nemours and Brandywine buildings.