WILMINGTON — The Buccini Pollin Group (BPG) is working on the next phase of its residential projects in downtown Wilmington and has successfully secured state funds to aid in their efforts.
The Delaware State Housing Authority (DSHA) awarded BPG a combined $886,599 in funding reservations for two projects through the Downtown Development District (DDD) program. The DDD offers 20% rebates to property owners and investors who make exterior, interior, and structural improvements. The rebate is awarded to developers after the project is completed.
While this round of DDD reservations spanned all three counties, the program has been a valuable tool in the past to help offset costs for Wilmington developers like BPG and 9th Street Development as they look to
breathe new life into older buildings downtown.
Among the list of 15 projects that received state funds,
BPG was granted $660,000 for a future apartment complex on the corner of Orange and 12th Streets. The project would include 252 apartments, according to the DSHA. The Delaware Business Times
previously reported that BPG planned for 230 units as well as a four-story office annex there.
BPG was also approved for $266,600 to renovate the former Delaware College of Art and Design gallery and academic building on Market Street.
The developer firm bought 600 N. Market Street for $3.5 million last year, and the application with the state shows plans to convert it into 44 apartments.
In addition to these two projects, BPG was also awarded $229,400 to renovate 136 rooms at the Hotel du Pont, including HVAC replacements and assorted upgrades.
BPG representatives declined to comment to the Delaware Business Times for this story.
Now that the first milestone of Market West – BPG’s reimagining and massive redevelopment of the Brandywine and Nemours buildings as one campus – has been reached, the company has turned to its next phase of projects.
That includes 299 market-rate apartments at the University of Delaware STAR Campus, one of the rare projects in Newark. BPG also
broke ground on Justison Landing along the Riverwalk last week, which will bring 164 units there.
With the projects approved with DDD rebates and the other projects announced this year, BPG has at least 759 units planned in the pipeline, boosting the company’s profile as Wilmington’s largest landlord.
