Location: Wilmington, DE
Developer: Buccini/Pollin Group
Owner: Market Street Village, LLC
Partners: Buccini Pollin Group, Citi Community Capital, Delaware State Housing Authority, Cinnaire, Discover Bank, City of Wilmington, Delaware Division of Historical and Cultural Affairs, Blackney Hayes Architects, Ingerman Management
Market Street Village is a mixed-income development that provides a mix of retail and housing for teachers and other young professionals in a transit-oriented location in the central business district. The development’s 76 apartments include 63 units reserved for households at or below 60% of the area median income (AMI) and 13 units for households earning 60-120% of AMI. The development reuses three historic mid-rise buildings along the Market Street Historic Corridor. The locations of the buildings along the corridor were selected to reactivate vacant structures and eliminate pockets of blight.
The project’s financing includes a Downtown Development District Grant and over $8 million in equity generated through 4% low income housing tax credits and federal and state historic tax credits. The tax credits will ensure that the units remain affordable for 30 years.
The development offers residents a bike share program and fitness center. The location is also transit-oriented, walkable, and in close proximity to major employers and schools.