Delaware Developer’s Forum explains 2016 business trends
The Urban Land Institute’s Delaware Developers’ Forum this morning featured four major developers and Wilmington Economic Development Director Jeffrey C. Flynn.
Flynn said the city is growing jobs, now up to 53,039, from about 50,000 in 2000. The largest job sector is finance with 12,473 jobs. Other strong sectors include professional, government and health.
Companies that service those sectors are beginning to dot the downtown. “We’re starting to see a little startup quarter happening…,” Flynn said. “I think it’s going to have an impact on real estate. Wilmington’s going to have its third co–working space open up in a couple months, The Mill in the Nemours Building.”
He discussed transportation improvements to drive professional and blue-collar jobs to Wilmington. “Nothing attracts young professionals like a well-paying job,” he said. “Nothing attracts well-paying jobs like a talented workforce.”
Louis Capano III, principal of Capano Management, LC Construction and LC Homes, said his company is building apartments and expanding its retail centers, but has no new retail in the pipeline.
Greg Pettinaro, CEO of Pettinaro, said his company’s 2016 focus will be on multi-family. He said the company’s purchase of much of the commercial property in Greenville last year will allow the company to work with community groups on plans that everyone will want. “Having one developer control everything helps,” he said.
Angela Tsionas-Matulas, principal in Tsionas Management, the company that announced plans for a new $40 million luxury- apartment-and-retail center on the site of the Galleria Shoppes on Pennsylvania Avenue, told the group all of her mostly mixed-use student apartments around Newark’s Main Street are 100 percent leased and she has waiting lists for apartments currently under construction.
Michael Hare, senior vice president of Buccini Pollin Group, discussed his plans to do over the Concord Plaza office park as a mixed-use development with shops, high-end restaurants and a four-story signature office building. “We think it’s a great contribution to set a trend for Brandywine Hundred, revitalizing Brandywine Hundred,” Hare said.