Buccini/Pollin Group expects to begin work on $165 million
in projects this year, continuing the momentum the real estate company has
experienced during the last two years.
Most of its activity has been focused on multifamily
developments and hotel projects. The company is expected to focus on those two
areas with the occasional office buy.
The Wilmington, Del., company already has $350 million in
hotel projects underway and some of the developments are scheduled to be
completed this spring. They include:
- A Westin-Wilmington, which will be Wilmington’s first riverfront hotel. It is located at 818 Shipyard Drive and will open in April.
- A Hampton Inn off Old Churchman’s Road near the Christiana Hospital in Christiana, Del. It is set to open in May.
- The company will complete next month a Homewood Suites in Midtown Manhattan.
On the multifamily front, BPG said in a statement it has
maintained an average occupancy rate of 93 percent across its portfolio, giving
it confidence to move forward on additional apartment developments.
It started construction of Harlan Flats at 401 S. Justison St.
in Wilmington. The project will have 116 units and is expected to be completed
this fall.
Two other apartment projects will get under way this spring,
and with those included, the company will have six apartment projects in
development in Wilmington. BPG also rebranded some units at four of its
Wilmington properties as LuxiaSuites, which is its line of furnished
apartments.
Source: Philadelphia
Business Journal
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