Young Conaway Represents The Buccini/Pollin Group, Inc. in Purchase and Redevelopment of Wilmington’s “DuPont Building”
FOR IMMEDIATE RELEASE
Young Conaway Stargatt & Taylor, LLP is pleased to announce that partners, Eugene A. DiPrinzio, Daniel P. Johnson, and Craig D. Grear represented client, The Buccini/Pollin Group, Inc. in a $175 million transaction to purchase and redevelop downtown Wilmington’s “DuPont Building” located at 1007 Market Street.
The project – one of the city’s most ambitious redevelopment projects in decades – will take three to four years to complete. It will involve the existing landmark 13-story office building which includes the Hotel du Pont and the Playhouse on Rodney Square. A portion of the office building will be converted into a 40,000 square foot mixed-use complex that will house apartments, retail space and a food hall.
“It is incredible to work on a project that will help bring more people into such an iconic building and boost the economy of our downtown community,” said DiPrinzio, who serves as the Chair of the Firm’s Commercial Real Estate, Banking and Land Use Section. His practice focuses on a broad range of commercial real estate and lending matters and he often serves as local counsel on transactions that are local, regional and national in scope.
The Buccini/Pollin Group, Inc. is funding the project through a construction loan backed by M&T Bank, private equity investors and historic tax credits. The credits, governed by the Internal Revenue Service and the National Parks Service, encourage the preservation and reuse of historic properties by offering a dollar-for-dollar reduction on taxes.
Young Conaway Stargatt & Taylor, LLP, one of Delaware's largest law firms, counsels national and international clients handling sophisticated advisory and litigation matters involving bankruptcy, intellectual property, corporate and alternative entity law. Young Conaway also guides regional businesses through a myriad of employment, education, real estate, tax, estate planning, environmental, and banking issues.