Montchanin Builders on Monday held a groundbreaking ceremony for its latest residential development in Wilmington.

Mayor Mike Purzycki joined Montchanin partners Don Robitzer, Tony Ruggio and Tim Jones to commemorate the construction of 32 luxury town homes on the former site of the historic Bancroft Mills. Opened in 1831, Bancroft Mills was the largest cotton finishing mill in the U.S.

"Not only is this area of Wilmington steeped in natural beauty and rich history," said Purzycki, "but it is convenient to numerous cultural and recreational amenities like the Delaware Art Museum and Alapocas Run State Park. I welcome the new residents of The Overlook at Rockford Falls and invite them to become deeply involved with our City and all that is has to offer to residents and visitors alike."

The starting price for the homes is $570,000. Construction started in January and is scheduled for completion by 2020. Two finished homes are currently occupied, and another 20 properties have buyers lined up.

"We are honored to be a part of Wilmington's continued revival, adding a much needed "˜for sale' component to augment the red hot rental market," said Robitzer. "I am humbled by the overwhelming response to The Overlook at Rockford Falls and look forward to working with the city to provide more opportunities for new homeowners in Wilmington."