Delaware Money Moves: A $90M downtown ‘press’ for housing

This month’s Money Moves is all about public and private funding that has the potential to improve the quality of life for Delawareans up and down the state.

One of the biggest issues facing the people of Delaware (and people interested in moving here) is housing. To keep up with housing growth, the state will have to add around 2,400 new residential units a year, according to the 2023 Housing Needs Assessment report. A lot of that development is happening in Kent and Sussex County, but housing growth, including vital affordable housing, is happening in and around Wilmington, too, where rents are high and housing is in short supply.

Buccini Pollin’s $90 million development

Buccini Pollin has a new $90 million downtown Wilmington project called The Press. It’s named after the old News Journal building that, until 1989, was on the 801 N. Orange Street site; now, a new 14-story residential tower will bring 243 apartments to the neighborhood in the summer of 2025. In addition to studio, one-, two- and three-bedroom apartments, the 1.15-acre multi-family project will include duplexes across the street from the highrise.

“At The Press, we expect to attract 400 new residents to Wilmington,” said Rob Buccini, founder of the Buccini Pollin Group, in a press release. “People who will frequent our small businesses, add to our workforce, and invest in our growing community.”

$2.7 million of New Castle County funds will renovate Claymont development

New Castle County has allocated $400,000 from its Housing Trust Fund to pay for renovations to Overlook Colony, a housing development near Philadelphia Pike that was built post-WWI. The rest of the $2.7 million earmarked for the project will come from American Rescue Plan Act funds, according to Delaware Public Media.

After the renovations, the units will continue to be offered at below-market rates to eligible tenants — about $900 a month for a three-bedroom unit.

More funding news

• The Mid-Atlantic Clean Hydrogen Hub (MACH2), which includes entities in Delaware, Southeastern Pennsylvania and South Jersey, was selected as one of seven U.S. Department of Energy Regional Clean Energy Hubs. With that consortia, it will negotiate for funding of up to $750 million to research and develop sustainable clean hydrogen solutions, as well as create educational and workforce development programs.
• Nemours Children’s Health received a four-year $2.4 million contract from the Health Resources and Services Administration of the Department of Health and Human Services to fund more primary care nurse practitioners in underserved areas of Delaware.
• The National Fish and Wildlife Foundation awarded $9.6 million in grants to support the restoration and conservation of the Chesapeake Bay watershed, which includes southwestern Delaware. Including about $9.4 million in matching contributions, the total conservation impact will be around $19 million.