Ships Tavern Development Gets $23M Financing

Reilly Mortgage Corporation has joined with the US Department of Housing and Urban Development to contribute $11.25 million to the project. The City of Wilmington has contributed $4.25 million and the Delaware Community Investment Corporation has offered $7.2 million to the project.

"After a great deal of hard work and commitment, the Ships Tavern project, which plays a prominent a role in the new kind of vibrant City we are creating, is ready to move forward to implementation," Wilmington mayor James Baker says. "The pieces of Wilmington's future as it will be for residents and visitors alike continue to fall into place providing a tremendous boost for the local economy."

Baltimore, MD-based developer Struever Bros. Eccles & Rouse Inc. is spearheading development of the revitalization project, serving as the general contractor and developer. "Having been involved in the renaissance of other great buildings in the mid-Atlantic region, "Struever president bill Struever says, "the Ships Tavern District represents one of the country's premier opportunities to bring terrific retail and classic downtown living to an area well-poised for expansion."

The goal behind the project, which encompasses a 6-block section in downtown Wilmington, is to create a bustling, 24-hour community in this historic, but greatly underutilized area. Ships Tavern District will ultimately consist of meticulously restored structures with ground-level retail space and upper-level office and residential space.

Carefully reinventing the 18 and 19th Century buildings at 201-239 North Market Street into The Mews, while maintaining their historic attributes, is the job of local design firm Homsey Architects. In addition to the uniquely designed individual apartments, the complex will also have a parking garage to accommodate up to 450 vehicles.