Good article with some updates on the Avenue North project:
https://www.delawareonline.com/story/new...th-summer-openings-expected/77595185007/
Key Points:
-Two new restaurants and more retail tenants are expected to open up this summer.
-Avenue North's first apartment complex is beginning construction this week.
Now there are 600-some apartments eventually planned for the campus and the luxury hotel has been delayed for now. Delle Donne is instead considering an option to use some of the apartment units as “long-stay” hotels, to be leased out anywhere from days to years.
When originally proposed, the entire development had a price tag of around $350 million. That number has now shot up to around a $1 billion investment in total.
“The development needed a signature, even though the building might not make economic sense,” Delle Donne said.
By June, Delle Donne expects the office tower and first retail building to be largely completed and operational.
Commercial real estate agency JLL is in charge of leasing out office space in The Tower. According to Jamie Vari, executive vice president for JLL, Wilmington-based law firm Morris James will occupy the first six floors of the office tower. Human resources management company ADP will take over the seventh floor of the building and a wealth management firm will take over the eighth floor. With Delle Donne & Associates moving its corporate office to the tower, only the ninth floor is currently unleased.
“What we’re searching for is things that give not only the residents of the office buildings but also the apartment amenities,” Delle Donne said. “We don’t want this to become another shopping center. We want everything to cater to the residents and employees who are on-site.”
This week, the apartment buildings on the southwest corner of the Avenue North site began construction. This will be one of up to seven apartment buildings built on the Avenue North site. The
$45 million, five-story, near-200-unit building is expected to be one of the most expensive apartment buildings in Delaware’s history. It is expected that construction on this complex will take roughly 18 months.
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