More Wilmington news ....
New loan program aimed at priming Market Street renaissance
"...Backed by $625,000 in funding from JPMorgan Chase and $15,000 from Bank of America, the program offers forgivable loans to entrepreneurs, landlords and developers with the goal of prompting them to open new restaurants, entertainment venues and retail shops – or undertake improvements at existing businesses – from Second to 12th streets. The loans – each worth up to $50,000 – will be available for site acquisition, expansion, renovation, working capital, inventory, furniture and fixture upgrades, according to CEO Van Hampton Jr.
"As long as businesses remain open and use the money as promised, there will be no payments and at maturity, the loan will be 100 percent forgiven," Hampton said. "The purpose is to act as a catalyst by providing another valuable tool for rejuvenating Market Street."...
"Much of the resurgence along Market Street can be credited to the developers Buccini/Pollin Group, which has invested about $125 million to open nearly a dozen apartment buildings that have added about 200 residential units from Fourth to Ninth streets. Brothers Chris and Rob Buccini also have helped draw several restaurants downtown, including La Fia + Market + Bistro, the Merchant Bar, Chelsea Tavern, Ernest & Scott Taproom, the future 3 Doors Brewing Co. and a beer garden planned at 817 N. Market St.
In June, the developers broke ground on Residences at Mid-Town Park, a $75 million complex at the site of the former Mid-Town Parking Garage that will include 200 luxury apartments, 12,000 square feet of retail space and an underground garage with more than 500 spaces."
http://www.delawareonline.com/story/...ance/89647966/
Tri-State Mall could see residential, retail future
"Claymont is seeing a flurry of activity with the repurposing of the Evraz Steel Mill, a new train station and ongoing construction of new apartments on Philadelphia Pike.
But the Tri-State Mall's future remains an uncertain eyesore tucked into the unincorporated area. Local planners hope activity around the faded shopping center off Interstate 95 will prod its owners to rethink the 41-acre site's future."...
Saddler's organization has teamed with state economic development and transportation officials, the Wilmington Area Planning Council and New Castle County government to develop an "ideal scenario" they hope can serve as a guide for future development of the center.
They say the mall has potential for an institutional use as well as retail and residential development situated in a walkable village setting. The idea includes a road connecting the Tri-State through the former steel mill site to the new train station, tying potential residents to job centers in Wilmington, Philadelphia and beyond.
"The train station will be the big catalyst for redevelopment there," Saddler said."
http://www.delawareonline.com/story/...mall/89603644/
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