Despite the pandemic, BPG’s outlook remains positive as the company opens new apartment communities and plans to develop new units
Wilmington-based developer The Buccini/Pollin Group (BPG) remains committed to the multi-family residential market in Downtown Wilmington, DE and reports high occupancy rates and strong leasing activity despite COVID-19. To date, BPG has brought over 1,900 units to the residential market in Wilmington and has another 500 units under development or construction. In March, BPG opened 13 units on Market Street at 713 MKT. In September, BPG welcomed its first residents to the Dupont Building to the new 198-unit community at 101 dupont place. Currently, BPG is moving forward full-steam ahead with the construction of 92 units on Lower Market Street at The Cooper.
In September, BPG welcomed residents home to 101 dupont place, the first luxury living experience within the iconic Dupont Building. The brand new ResideBPG community offers studios, 1, 2, and 3-bedroom apartment homes appointed with state-of-the-art features that embrace sophistication and style, including smudge-free stainless-steel appliances available in traditional or matte black, wifi-enabled smart thermostats, backlit vanity mirrors, and Latch Keyless Access. Although still under construction, amenities at 101 dupont place encourage residents to make the most of everyday living, like a rooftop deck with BBQ grills and cornhole court that’s ideal for entertaining, coworking space perfect for working from home, and fitness center with Peleton equipment essential for staying active. The community also features a resident lounge in the historically-preserved DuPont Company boardroom, a movie theater room, and a pet washing station. The apartment community is expected to be fully complete by the end of the year amidst other upgrades throughout the building. Learn more at www.101dupontplace.com.
For over a century, the Dupont Building has stood as a symbol of prosperity, quite literally, in the heart of Downtown Wilmington. Buccini/Pollin purchased the property in 2017 and has spent the last 3 years enhancing the building to once again become the epicenter of life in Wilmington. The renovations span from the ground floor to the 13th floor and bring new life into this historic space. From 101 dupont place to Le Cavalier at The Green Room, DE.CO Food Hall to Currie Salon & Spa, The Playhouse on Rodney Square to Hotel Dupont, Chemours Worldwide Headquarters to M&T Bank, the Dupont Building is so much more than office space. It is a City Within Four Walls.
“Wilmington is the heart and soul of our business, and the Dupont Building is the metaphorical heart of Downtown Wilmington. It makes sense that we jumped on the opportunity to purchase this iconic building,” said Rob Buccini, Co-Founder of The Buccini/Pollin Group. “There is no better way for us to honor the rich mixed-use history of this space than to re-envision the building as a modern version of what it has always been: a lifestyle center for the city of Wilmington and the surrounding Mid-Atlantic region. For the first time in history, people are now calling the Dupont Building home.”
Earlier in 2020, BPG also historically renovated vacant buildings on the 700 block of Market Street, introducing 13 new residential units at 713 MKT and 5,000 SF of retail space below. These studio and 1-bedroom apartments offer unique floor plans with restored architectural features such as wood molding, Victorian staircases, and bay windows. Since their completion in March, at the height of the pandemic, the property is now fully leased. Learn more at www.residemkt.com.
Last year, Buccini/Pollin broke ground on the new studio, 1, and 2-bedroom apartments at The Cooper in December and is still on track for completion in March 2021 despite of the pandemic. Aptly named, The Cooper is located on the site of the former Cooper’s Home Furniture Store at 212 N Market Street. The new development will honor this history by refurbishing the original cast-iron facade built in 1874 by Royer Bros. of Philadelphia, also known for the iconic facade work of The Grand Opera House. The façade will connect two striking residential buildings on either side with a private, landscaped courtyard and glass bridge. The already thriving 200 block of Market Street is an ideal location for The Cooper, with easy access to the new Wilmington transit center, regional commuter routes, train station, and major employers like JP Morgan Chase, Barclays, and AAA. Learn more at www.residebpg.com/thecooper.
Deemed essential during the stay-at-home mandate, the ResideBPG property management team adapted their procedures to remain fully operational, reinforcing their unyielding commitment to quality living. For the health and safety of all, the team implemented enhanced cleaning protocols, face mask requirements, and online scheduling tools to maximize social distancing. ResideBPG also increased its digital presence to offer virtual tours and video chat appointments, which result in uninterrupted leasing during the pandemic. Overall, BPG’s residential portfolio is 95% leased and rent collections have remained stable this past year. The Buccini/Pollin Group feels confident that the Wilmington multi-family residential market will prevail.
“Navigating the pandemic takes a lot of cooperation and patience, but I couldn’t be prouder of the way our property management and leasing team have stepped up to the challenge,” said Christine Schontube, Vice President of Residential Operations for BPG. “Our resiliency during this unprecedented time shows that, as a company, we can successfully manage our growing portfolio and are prepared for whatever the future of the industry holds.”
About ResideBPG
BPG Residential Services, LLC (ResideBPG) is the premier full-service residential management and leasing company formed to compliment Buccini/Pollin’s residential investment objectives. The company currently operates a portfolio of 3 residential brands comprised of 10 apartment communities and over 1,900 unfurnished apartments. From high rise luxury overlooking the Christina River and urban walk-ups along Market Street to city-living in Philadelphia, ResideBPG has an extensive variety of communities and an unyielding commitment to quality.
The Buccini/Pollin Group has also completed 373 “for sale” properties along the riverfront in Wilmington, and currently has 4 additional residential development projects in progress, totaling an additional 500 units. For more information, please visit residebpg.com.
About The Buccini/Pollin Group
The Buccini/Pollin Group, Inc. (Buccini/Pollin) is a privately held, integrated real estate acquisition, development and management company co-headquartered in Wilmington, Delaware and Chevy Chase, Maryland. For over 25 years, Buccini/Pollin has developed and acquired hotel, office, residential, retail, and parking properties throughout the United States.
Buccini/Pollin has acquired, developed and owns real estate assets having a value in excess of $5.0 billion, including over 40 hotels, 7 million square feet of office and retail space, 15 major residential communities, and multiple entertainment venues, including Subaru Park Stadium, home of the Philadelphia Union Major League Soccer team and the 76ers Fieldhouse, home of the 76ers G-League affiliate the Delaware Blue Coats. Buccini/Pollin has third-party experience in multiple markets with adaptive re-use and mixed-use development, most recently, the 28-acre Lower Hill redevelopment in Pittsburgh, Pennsylvania.
The principals of Buccini/Pollin, along with PM Hotel Group (hotel operating company), BPG | 360 (office property management and leasing), ResideBPG (residential property management and leasing), BPGS Construction, LLC (construction management), and BPG | Sports (sports management) oversee all aspects of project acquisition, finance, development, construction, leasing, operations, and disposition for its portfolio properties. The Buccini/Pollin Group has over 3,500 employees in 12 states. For more information, please visit www.bpgroup.net.
