New Markets Tax Credit Investments

Ships Row Tavern

Wilmington, Delaware

Federal HTC: $3,355,000
State HTC: $2,147,000
Federal NMTC: $2,500,000

Community Profile
  • 21.7% Poverty Rate
  • 47.4% Median Family Income
  • 12.5% Unemployment Rate
  • SBA Hub Zone
Note: Based upon 2000 U.S. Census.

CityScape Capital Group assembled the key tax credit equity financing for the $18.7 million re-development of Ships Tavern Row, a unique mixed-use project located at 300-316 N. Market Street and at 7-9 E. Third Streets in Wilmington, DE.

Preservation Initiatives, breitling replica watches Inc. led the innovative project to restore 11 adjacent vacant or otherwise blighted buildings along one city block in Downtown Wilmington. The Ships Tavern Row re-development created 39 market rate rental residential apartments, 13,000 square feet of street level retail space and 11,000 square feet of basement storage space. It is estimated that the renovation project created over 100 temporary construction jobs and more than 85 new full-time permanent jobs in a census tract with 21.7% poverty rate and 12.5% unemployment rate.

The row of historic buildings along Ships Tavern Row includes the former Lippencott Department Store Building, one of Wilmington's premier late-19th century architectural works. In what was previously a dilapidated block, a highly successful new Destination District was created, which dramatically improved the area's level of pedestrian and commercial activity, as well as enhanced the neighborhood's prospects for the future.