DSHA Announces Downtown Development Districts Funding Awards
Delaware State Housing Authority | News | Date Posted: Thursday, July 11, 2019
Delaware State Housing Authority | News | Date Posted: Thursday, July 11, 2019
DOVER – Twelve downtown revitalization projects in Milford, Smyrna and Wilmington have been selected to receive funding through Delaware’s Downtown Development Districts (DDD) program, with $5.5 million in rebates leveraging $103 million in total investment, Governor John Carney and the Delaware State Housing Authority (DSHA) announced today.
Established in May 2014, the DDD program was created to spur private capital investment in commercial business districts and other neighborhoods; stimulate job growth and improve the commercial vitality of our cities and towns; and help build a stable community of long-term residents in our downtowns and other neighborhoods.
Since the first reservation awards in April 2015, the DDD program has been a catalyst for private investment in Delaware’s downtowns. With these new reservation awards, $31.6 million in rebates through the program has leveraged $597 million in private investment in designated downtown districts in all three counties.
“This latest round of Downtown Development Districts funding will continue our commitment to revitalizing our downtown business districts and surrounding neighborhoods,” said Governor Carney. “These investments are a vital tool in our economic development toolbox and will have a long-term impact on these communities.”
“DSHA is pleased to support these new projects that will renovate empty and vacant buildings, create homes, and bring businesses and jobs to our downtowns,” said Anas Ben Addi, Director of the Delaware State Housing Authority. “Community development is central to our mission, and we are encouraged by the continued strong interest in the Downtown Development District program in all eight districts.”
Investments eligible for DDD rebate funds include capital investments on rehabilitation, expansion or new construction for commercial, industrial, residential or mixed-use buildings within the district boundaries. Rebates are issued after the project is completed. Qualified applicants include property owners, tenants, for-profit developers, nonprofit organizations, businesses and homeowners.
By utilizing a DDD large project reservation award, investors Randy Dawson and Kaushik Shah plan to renovate and repurpose the former Metal Masters/Harris Manufacturing plant located at 655 Glenwood Avenue in Smyrna. At more than 170,000 square feet, the building will be repurposed for warehousing, recreational and light manufacturing use, and the investors also plan to create a farmers’ market that will provide approximately 72,000 square feet of retail and restaurant space for tenants to sell merchandise, food, crafts, and more. “The building we are renovating has been vacant and neglected for a number of years. This Downtown Development Districts reservation award will allow us the opportunity to bring the site back to life in a meaningful way for the residents of Smyrna,” Shah said.
In Milford, investor and business owner Lisa Johnson plans to complete extensive renovations of a restaurant building in the Riverwalk Center at 249 NE Front Street. The restaurant will include a bar and areas for general and fine dining as well as event spaces for catered meetings or parties. Johnson currently operates a private events business. “We are excited to be receiving this reservation award from the Downtown Development Districts program. This award will allow us to expand upon our growing business in Milford and gives us the opportunity to provide the residents of the city with a new dining option.”
DDD Rebate Large Project Reservation Award Details
Milford
Smyrna
Wilmington
Related Topics: Delaware State Housing Authority, Downtown Development Districts, Governor Carney
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.
Delaware State Housing Authority | News | Date Posted: Thursday, July 11, 2019
DOVER – Twelve downtown revitalization projects in Milford, Smyrna and Wilmington have been selected to receive funding through Delaware’s Downtown Development Districts (DDD) program, with $5.5 million in rebates leveraging $103 million in total investment, Governor John Carney and the Delaware State Housing Authority (DSHA) announced today.
Established in May 2014, the DDD program was created to spur private capital investment in commercial business districts and other neighborhoods; stimulate job growth and improve the commercial vitality of our cities and towns; and help build a stable community of long-term residents in our downtowns and other neighborhoods.
Since the first reservation awards in April 2015, the DDD program has been a catalyst for private investment in Delaware’s downtowns. With these new reservation awards, $31.6 million in rebates through the program has leveraged $597 million in private investment in designated downtown districts in all three counties.
“This latest round of Downtown Development Districts funding will continue our commitment to revitalizing our downtown business districts and surrounding neighborhoods,” said Governor Carney. “These investments are a vital tool in our economic development toolbox and will have a long-term impact on these communities.”
“DSHA is pleased to support these new projects that will renovate empty and vacant buildings, create homes, and bring businesses and jobs to our downtowns,” said Anas Ben Addi, Director of the Delaware State Housing Authority. “Community development is central to our mission, and we are encouraged by the continued strong interest in the Downtown Development District program in all eight districts.”
Investments eligible for DDD rebate funds include capital investments on rehabilitation, expansion or new construction for commercial, industrial, residential or mixed-use buildings within the district boundaries. Rebates are issued after the project is completed. Qualified applicants include property owners, tenants, for-profit developers, nonprofit organizations, businesses and homeowners.
By utilizing a DDD large project reservation award, investors Randy Dawson and Kaushik Shah plan to renovate and repurpose the former Metal Masters/Harris Manufacturing plant located at 655 Glenwood Avenue in Smyrna. At more than 170,000 square feet, the building will be repurposed for warehousing, recreational and light manufacturing use, and the investors also plan to create a farmers’ market that will provide approximately 72,000 square feet of retail and restaurant space for tenants to sell merchandise, food, crafts, and more. “The building we are renovating has been vacant and neglected for a number of years. This Downtown Development Districts reservation award will allow us the opportunity to bring the site back to life in a meaningful way for the residents of Smyrna,” Shah said.
In Milford, investor and business owner Lisa Johnson plans to complete extensive renovations of a restaurant building in the Riverwalk Center at 249 NE Front Street. The restaurant will include a bar and areas for general and fine dining as well as event spaces for catered meetings or parties. Johnson currently operates a private events business. “We are excited to be receiving this reservation award from the Downtown Development Districts program. This award will allow us to expand upon our growing business in Milford and gives us the opportunity to provide the residents of the city with a new dining option.”
DDD Rebate Large Project Reservation Award Details
Milford
Smyrna
Wilmington
Related Topics: Delaware State Housing Authority, Downtown Development Districts, Governor Carney
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.