Following
is the text of the press
statement confirming purchase of
the Brookview apartment complex: |
Commonwealth/Setting
Group Signs Claymont Revitalization Deal
Claymont, Delaware –
Delaware-based real estate
development firm The Commonwealth Group today announced
the purchase of the largest single tract in Brandywine
Hundred, northern New Castle County in decades. The
project is a Commonwealth Group/Setting Properties Joint
Venture.
When the residential economic revitalization project is
completed in approximately six years, the 66-acre property,
located in Claymont, will represent a
community-endorsed "traditional neighborhood design"
mixed-use pedestrian-oriented village along Philadelphia
Pike in Claymont.
Work is scheduled to
commence on the property in the summer of 2006, with a
target completion date of fall 2012. The new development
will contain approximately 1,000 to 1,200 residential units.
Preliminary plans call for a mix of town homes,
condominiums, and single-family units in the $160,000 –
450,000 price range. The plan may also ultimately
include 3 acres of commercially zoned land along
Philadelphia Pike next to the current Brookview Apartment
site. The
Commonwealth /Setting
joint venture's
plans are consistent with the area’s
5-year-old revitalization effort
known as the
Claymont Renaissance.
“The Commonwealth Group
and Setting Properties
have made
a commitment to build a new community that is consistent
with our idealized build out plan”, said Councilman Bob
Weiner. He added that "it
is the community's hope that we can build a safe,
aesthetically pleased pedestrian-oriented community where
residents and visitors alike can live, shop, work, play,
pray and school their children without always having to use
their cars."
“Commonwealth and
Setting are also
working with New Castle County to provide affordable housing
and relocation assistance for current residents of Brookview
Apartments”, observed
Councilman John Cartier,
who has initiated and assisted the Brookview residents to
organize a tenants union to receive training and to learn
about their options.
Robert Ruggio, speaking for the
joint venture partners, noted
that "The Commonwealth Group, and our venture partner,
Setting Properties are
two development organizations that have always
prided themselves in working collaboratively with the
public/private partnerships that are essential to guarantee
the success of any community supported project. The Claymont
Renaissance is a challenging project that requires carefully
coordinated cooperation as between a multitude of
government, civic and business organizations."
Recent redevelopment and
revitalization of this community has included renovations to
the historically significant Old Stone School, Darley House,
and Robinson House. Additionally, new construction along
Philadelphia
Pike (Claymont’s main thoroughfare) with a “turn of the
century” look; and revitalization of existing, landmark
structures designed to draw additional businesses to the
area while increasing pedestrian traffic. The State
Department of Transportation has also partnered with the
Claymont Renaissance stakeholders to develop a
transportation plan to fulfill the community’s vision. See
www.claymontrenaissance.org.
“This community has a rich history and lots of potential,”
explains Claymont Renaissance Development Corporation
president Brett Saddler. “Home buyers who are interested in
purchasing in northern New Castle County will soon have an
extraordinary housing option envisioned by The Commonwealth
Group.”
The
Commonwealth
Group is a fully integrated and diversified real estate
company and has
provided services in the tri-state area for over
30 years. The firm offers commercial, industrial and
residential development services and specializes in project
planning, financing, and development. As well, the firm
offers full-service construction, leasing, and asset
management services for commercial, industrial and
residential real estate.
To create the new
development, The Commonwealth/Setting
joint venture
has enlisted the
world-renowned design and architecture firm
Torti Gallas and
Partners. Evidence of this firm’s dedication to urban design
and architecture (known as “traditional neighborhood design
”)spans the globe from Istanbul, Turkey to Austin, Texas.
Torti Gallas and Partners’ signature communities resemble
the best of traditional cities and towns. The firm prides
itself on the creation of projects that integrate
architecture and the public realm, ensuring that they are
not simply buildings, but neighborhoods in the true sense of
the word. Regional examples of its work includes the
award-winning Kentlands project in Maryland.
"Redevelopment is a high priority for my administration.
Brookview is one of the county's first major redevelopment
projects, and I'm excited about it serving as a model for
what redevelopment can do for New Castle County," County
Executive Chris Coons said. "I'm particularly pleased that
initial plans include high-quality affordable housing, which
is urgently needed in northern New Castle County."
Crucial to the revitalization
of the area is the Claymont Renaissance Development Corp.
The organization’s mission is to develop and implement
strategies that will increase the economic vitality of the
Claymont community, enhance Claymont’s reputation as an
attractive and desirable place to live, work, shop, and
play, building upon Claymont's unique history, location,
transportation infrastructure and community character.
New Castle
County is one of three counties in Delaware, and is located
30 miles from Philadelphia. The County’s 437 square miles of
land are low and rolling, sloping from the highest point
near the Pennsylvania border to the low and swampy southeast
portion. Moving south from the suburbs of Wilmington,
Delaware’s only urban center, the County becomes
increasingly a mix of rural tranquility and fast-growing
suburban growth.
As a
national leader in housing and sustainable development,
Councilman Weiner initiated New Castle County, Delaware’s
Claymont Renaissance economic redevelopment initiative 5
years ago to revitalize the blighted sections of this
historic community. Using his skills, contacts and knowledge
as a land use and growth management expert, he raised the
funds to finance the project and organized regular monthly
publicly advertised meetings of public and private
stakeholder groups and individuals for the purpose of
developing a consensus idealized build out plan. The result
was a community-endorsed "traditional neighborhood design"
mixed-use pedestrian-oriented village along Philadelphia
Pike in Claymont. Local business, civic and historic groups
supported by federal, state and county officials have worked
with Councilman Weiner to attract new business investment to
this previously blighted area, resulting in investment of
over 130 million dollars of new private investment capital
in the region.
Claymont is one
of a series of activities initiated by Councilman Weiner and
New Castle County to integrate housing, economic growth and
environmental protection into the development of a cohesive
sustainable community
"Bob Weiner, George Losse and
a broad team of civic, business and elected leaders have
worked hard over the past five years to create the vision of
a revitalized Claymont," Coons said. "I give them a great
deal of credit for their persistence and energy."
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