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Commercial Real Estate Insider Only New Castle County News

BPG proposes I-495 distribution warehouse

Katie Tabeling
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Rough plans outline a 127,600-square-foot warehouse and a 7,800-square-foot office building not far from the interchange for Interstate 495. | PHOTO COURTSEY OF DELAWARE PLANNING LAND USE SERVICES

Rough plans outline a 127,600-square-foot warehouse and a 7,800-square-foot office building not far from the interchange for Interstate 495. | PHOTO COURTSEY OF DELAWARE PLANNING LAND USE SERVICES

NEW CASTLE — The Buccini/Pollin Group is exploring plans to build a logistics warehouse on the outskirts of Wilmington, a rare industrial project for the multi-billion-dollar real estate development and management firm.

Plans filed on behalf of Industrial Partners V Heald LLC, a limited liability company registered to BPG co-president Rob Buccini, show 11 acres of land on U.S. Route 13 in New Castle would become a 127,600-square-foot warehouse and a 7,800-square-foot office building. It would also include 97 parking spaces as well as 40 loading bays.

“The hope is to revitalize a currently tired, and frankly neglected, parcel in New Castle County into a contemporary, productive logistics warehouse facility,” said BPG land use counsel Mike Hoffman, of Tarabicos, Grosso & Hoffman, in a meeting with state officials on Wednesday.

The project is tentatively called the I-495 Logicenter, as the land near Route 13 merges with Rogers Road, under an interchange for Interstate 495. Pending approvals, the hope is that BPG will secure permits for the project by the end of 2023 and start construction afterwards.

BPG is a well-known developer in northern Delaware, credited with revitalizing large areas of downtown Wilmington. Its investments in Delaware’s largest city exceed $1 billion, from offices like the Brandywine, Nemours, DuPont and I.M. Pei buildings to entertainment venues like The Queen theater, 76ers Fieldhouse and Penn Cinema Riverfront, restaurants like Bardea, La Fia and Makers Alley to 20 different apartment complexes.

Since 1993, the firm has developed and acquired hotels, office, residential, retail and parking properties nationwide.

 

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