231-Unit Luxury Complex Set to Break Ground in Downtown Wilmington
- May 08, 2015
This summer, Buccini/Pollin Group will break ground on a new luxury apartment complex as part of a revitalization plan in Wilmington.
Named the Residences at Midtown Park, the project is expected to serve as a gateway between the city’s decades-long redevelopment effort on Market Street and a newly proposed Creative District that will take shape immediately west of downtown.
As reported by The News Journal, Buccini/Pollin Group’s new residential complex is set to replace the Midtown Parking Center—which is located downtown Wilmington, between 8th, Orange, 9th and Shipley streets—, the Ninth Street Book Shop, and other adjacent retail stores.
The Residences at Midtown Park will consist of two high-rise buildings that, combined, will offer 231 luxury apartments targeting Millennials. The new apartments are expected to be occupied in record time, seeing that the overall downtown Wilmington luxury rental market hit 93.2 percent in Q4 2014, according to research data compiled by MPF Research and quoted by the news source. Approximately 800 new luxury apartment units have been completed in this part of the city in the last 15 years, yielding an occupancy rate of 99 percent. The high-end luxury apartments completed post 2000 posted an average rent of $1,643 in downtown Wilmington.