This month, The Buccini/Pollin Group’s Co-President, Chris Buccini was a panelist at Bisnow’s Delaware State of the Market on February 16, 2023. The panel discussed Riverfront East and the new development plan in a post-pandemic Wilmington. BisNow Reporter Matthew Rothstein recaps the panel’s remarks below.
“Riverfront West has been a rousing success, with apartment buildings, hotels and restaurants popping up in the past seven years, RDC Executive Director Megan McGlinchey and Buccini/Pollin Group co-President Chris Buccini said at the event.
Over those same seven years, RDC drafted and pursued a complementary master plan for the eastern bank of the Christina, but the pandemic impacted Riverfront East in a similar way to the rest of the country.”
The original plan for Riverfront East allocated 2M SF of commercial space. As a growing number of employers now offer a hybrid schedule or are fully remote, there is discussion on whether the Riverfront Development Corporation (RDC) should head to Plan B: less commercial, more multi-family.
“The preference for multifamily is born from more than just a lack of options. Multifamily development in Wilmington has roared back to life after 50 years of dormancy, with 1,000 units consistently in the pipeline and new deliveries leasing up rapidly, Buccini said.
‘As soon as one delivers, another one starts back up, and so far, people keep moving in and getting these places occupied,’ Purzycki said.
While 1,000 units may not represent a Philadelphian’s idea of a development boom, it also may not represent the best Wilmington can do. Over the six-month period ending in May, Wilmington will see 800 units delivered across four apartment projects, Buccini said.
‘So, it’s happening,’ Buccini said. ‘Like, it is game on.'”