DOVER — Hoping to leverage the growing need for professional services, a Kent County developer is looking to construct a $3.5 million office building along a key corridor in the city.
Frank DiMondi, a residential and commercial developer has filed plans for a 24,657-square-foot office building, on Mont Blanc Boulevard with city officials. In the meantime, R&R Commercial Realty is marketing the property dubbed Walker Pavillion at $18 per square foot, including a triple net rent.
DiMondi, the principal partner of DGKP LLC which owns the land, determined the need for general office and business services through a market analysis. Breaking down cost, about $3 million would be in construction expenses and $500,000 in land costs.
“They usually examine the existing inventory and prevailing rents to gauge demand,” said Charles Rodriguez, the owner of R&R Commercial Realty and the listing agent for the site. “Location is a factor as well. The land on the corner of Walker Road and Saulsbury Road is in a growing business district. The developer saw an opportunity to continue cultivating that type of use.”
The future Walker Pavilion would also be 3 miles away from major Dover manufacturers like the Kraft-Heinz plant and the future U.S. Corrugated box plant. In addition, it would be a short drive from the Edgewell Product plant.
According to Kent County’s 2018 comprehensive economic study, legal and professional services and health care were among the top biggest potential growth industries.
Rodriguez said that Walker Pavilion has interest already, and the project still has to clear city regulatory hurdles. Six to eight different tenants could easily fit in the building, but he said it also depends on the various square footage needs of each tenant.
“There’s always a chance one or two very large tenants may come along to take all the space,” he said. “We’re currently negotiating with prospective tenants.”
DiMondi has been involved with commercial development since 2001 and is the owner of Salt Air Homes, a residential building company noted for the Wynsome Knoll townhome development.
By Katie Tabeling
ktabeling@delawarebusinesstimes.com
