As Wilmington renters grapple with rising housing costs and City Council members and housing advocates push for rent stabilization, a downtown redevelopment promises below-market rents and long-term affordability.
Buccini Pollin Group announced Jan. 20 that it sold the building at 417 N. Market St. for $1 to Delaware Affordable Housing Group, the nonprofit affiliate of the Wilmington Housing Authority.
The transfer will convert an underused commercial building into rent‑stabilized apartments aimed at middle‑income residents who are increasingly being priced out of the city’s core.
Nonprofit partnership will oversee redevelopment
The 5,200-square-foot building will be redeveloped into five one-bedroom apartments, including one fully accessible unit, along with about 800 square feet of ground-floor retail space. Rents will be set at 25% below U.S. Department of Housing and Urban Development fair market rents for the neighborhood. Annual increases will be capped at 1%, to preserve long-term affordability…