WILMINGTON, DE – Wilmington-based developer The Buccini/Pollin Group, Inc. (BPG) will expand its residential community of rental properties know as “The Residences” and build a new 116-unit luxury rental community, as they commence Phase II of their successful Justison Landing development.

Across BPG’s existing three luxury apartment communities in The Residences family, occupancy rates are at a minimum 95% and retention rates are exceeding industry benchmarks. There continues to be increasing demand for urban living in Wilmington, Delaware, as renters prefer rental communities within walking distance to Wilmington’s various corporate headquarters and centrally-located train station. The new community, to be built at 401 Justison, is the next step towards realizing the master plan that is Justison Landing, a live-work-play environment on Wilmington’s Riverfront.

“To us, this is about seeing Wilmington continuing to grow into its potential. We remain confident in our hometown and we’ll continue to build on the City’s strong foundation for growth,” says Rob Buccini, Co-President of BPG, who completed the first phase of residential projects at Justison Landing in 2008.

Adds Chris Buccini, Co-President of BPG, “We take tremendous pride in having contributed to the resurgence of our hometown. This has been a major undertaking, but we’re invested in Wilmington for the long haul, both financially and personally.”

The Justison Landing project will begin early 2012 and is expected to be completed by Spring of 2013. The five-story building will be comprised of one- and two-bedroom units, each with a full bath and kitchen and many with balconies offering scenic views of the Christina River. The building’s attractive

amenities will include a welcoming lobby, fully-equipped fitness room, stylish club room with catering kitchen and a relaxing outdoor pool with a stone terrace.

“It takes vision and conviction to be a successful developer in today’s world,” says Mike Purzycki, Executive Director of the Riverfront Development Corporation. “Buccini Pollin Group continues to demonstrate its confidence in the city and the Riverfront. The thousand residents already living in Justison Landing and Christina Landing have transformed the feel of the Riverfront from a working environment to a living, breathing community. Hundreds of new residents can only serve to enrich the fabric of Riverfront life.”

Determined to attract professionals who commute to Wilmington from across the region to live, work and play in the city, BPG made a significant investment in and around the lower corridor, developing everything from apartments, condominiums and townhomes to restaurants, retail projects, and a standard-setting live music venue, World Café Live at the Queen, which opened in April 2011. In total, BPG has invested in more than 25 blighted or underused buildings since launching this revitalization in 2007.

“BPG is once again demonstrating its unwavering commitment to a better and stronger Wilmington by moving forward with another significant development project,” said Wilmington Mayor James M. Baker. “During both good economic times and bad, BPG has invested millions upon millions of dollars in our local economy and has created new neighborhoods and communities that have brought new citizens and businesses to our City, all of which adds greatly to Wilmington’s bright future. Citizens of Wilmington and indeed citizens throughout Delaware are the recipients of BPG’s energy, creativity and bold decisions which continue to strengthen Delaware’s center of commerce and thus, the entire state. I express my thanks to Rob, Chris and the all of the BPG team for their support for our City and its citizens.

Some examples of the nearly $700 million in direct investment that BPG has made in the City of Wilmington since 1999 include:

Christina Landing 420 residential units on the Christina River ($189 million)

Residences at CityCenter 85 furnished corporate residential units in the Nemours office building ($15 million)

Justison Landing 340 residential units, with retail and restaurants on the Christina River ($100 million)

Residences at Rodney Square 280 residential units, 20,000 square feet of retail space and 280 parking spaces in the former Delaware Trust Building ($40 million)

Christina Crossing 143,000 square feet of retail space anchored by a Shop Rite, the area’s only grocery store, on the Christina River ($35 million)

World Café Live at The Queen A live music venue and full-service restaurant in the restored historic Queen Theater ($25 million)

WSFS Bank Center 371,000 square feet of Class A multi-tenant office space at 500 Delaware Avenue ($85 million)

BPG and EJ Deseta Headquarters 35,000 square feet of Class A office space and an adjoining 75,000 square feet of manufacturing space on the Christina River ($20 million)

421 Market Street a four-story, 20,000 square foot building with 12 new multifamily units and prime retail suites, including a solar-powered brewery ($6 million)

837 Market Street a four-story property with a ground-floor retail suite (leased to Q’doba) and three floors each of two multifamily units per floor ($2.5 million)

605 Market Street a four-story, 20,000 square-foot building with a ground-floor retail suite (leased to Sneaker Villa) and boutique office space on floors two through four ($3 million)

With a booming waterfront at the south and signature redevelopment projects on each block of Market Street in between, the area is at the forefront of the current national trend towards “new urbanism,” which has seen cities rise to renewed prominence as centers of commerce and entertainment, rather than simply hives of laborers who return to suburban isolation after a day’s work.

About BPG

Buccini/Pollin is a privately-held, full-service real estate acquisition, development and management company with offices in Washington, DC, Wilmington, DE, Philadelphia, PA, and Baltimore, MD. Formed in 1993, Buccini/Pollin develops and acquires hotel, office, residential, retail, and parking properties in the Mid-Atlantic and Northeast regions of the United States. Longtime area residents, principals and brothers Robert and Christopher Buccini have made lasting commitments to urban renewal in both downtown Wilmington, DE and Chester, PA.

On behalf of its principals, investors and financial partners, Buccini/Pollin has acquired or developed real estate assets having a value in excess of $3 billion, including seven million square feet of office, flex office, and retail space in 69 buildings, 23 internationally branded hotels and 9 major residential communities. For more information, please visit www.bpgroup.net.

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For images of Justison Landing Phase II, please CLICK HERE