Tag: New Castle County

Gov. Carney Designates Four Cities as Downtown Development Districts

Gov. Carney designates four cities as Downtown Development Districts


Gov. John Carney is designating New Castle City, Middletown, Clayton and Delaware City as Downtown Development Districts.

The selections mean property owners and developers can get up to 20 percent of their construction costs refunded back to them for eligible redevelopment projects.

State Rep. Jeff Speigleman represents parts of Middletown and Clayton. He said plenty of projects in the eight other development districts would not have gotten done without this program. He points to the House of Coffi in Dover as one example.

“Right around the corner from Legislative Hall, which has become a meeting place for legislators and lawyers,” he said. “One of those like neat little coffee shops that people love where a lot of us get business done, doesn’t happen without the DDD.”

Carney said the program is very successful and will help the economies of smaller cities and towns by leveraging state funding and private investment.

“It’s also a signal that the economic development efforts of the state are not just geared towards larger businesses and large corporations and big banks, which are an important part of our economy, but small businesses as well,” he said.

Former Gov. Jack Markell designated the eight current Downtown Development Districts, which include Dover, Seaford, Harrington, Georgetown and Wilmington.

Lawmakers approved $8.5 million for downtown redevelopment in this year’s budget. Delaware State Housing Authority Director Anas Ben Addi said the program has issued $31.6 million in rebates, leveraging $597 million in private investment.

This article was originally posted on the Delaware Public Media at: https://www.delawarepublic.org/post/gov-carney-designates-four-cities-downtown-development-districts

Kurt Foreman


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25 Opportunity Zones Ready for Development

25 Opportunity Zones ready for development

9 JULY, 2019

Whether you are looking for mixed-use, multi-family, affordable/attainable housing, commercial rental, owner-occupied, energy, transportation, infrastructure, social impact or traditional projects, Delaware has options for you within our 25 qualified Opportunity Zones.

Click here for more information.

Opportunity Zones are an economic development tool designed as revitalization programs in economically-distressed communities in Delaware and in other communities by providing tax benefits to investors.

Governor John Carney selected 25 census tracts as Opportunity Zones in April 2018 in which communities and economically-distressed properties across Delaware could see additional private sector investment. These Opportunity Zones are designated by the U.S. Department of the Treasury.

The 25 Opportunity Zones in Delaware are found in specific census districts in the following towns and cities, from the top of the State of Delaware (located less than 15 miles from the Philadelphia International Airport-PHL) to the bottom (located 20 miles from Salisbury Regional Airport – SBY).

Click here for more information.

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Delaware’s Fintech Boom is Already Here

Delaware’s Fintech Boom is Already Here

25 JUNE, 2019 

If you’re still waiting for fintech to explode in Delaware, you may be looking at it in terms too narrow.

“It already has,” says John Taylor, director of economic research for the Delaware Prosperity Partnership, who recently completed an in-depth report on fintech in Delaware along with First State Fintech Lab and University of Delaware’s Institute for Public Administration.

The view that fintech has yet to truly materialize in Delaware is fueled by a definition that hyper-focuses on the startup sector and disregards established financial institutions as not real tech companies.

As we’ve written over the past few years, companies such as JPMorgan Chase and Capital One are tech companies. Once you factor in the evolution of banks — and their large pool of Delaware tech jobs — the Wilmington fintech boom materializes.

(Fun fact: Delaware accounted for 75% of all fintech investment in the Philadelphia region in 2018.)

“We think taking the broad view makes a lot of sense here, particularly from a workforce angle,” said Taylor in an interview with Technical.ly. “A major reason early stage fintech companies are so interested in Delaware is because of our strength in the broader financial services space — they know they can hire folks with talent on the financial services side, the credit risk analysis side and tech talent.”

While several digital-born fintech companies such as PaypalAcorns and SoFi have bases in Delaware, and homegrown fintech startups like Fair Square Financial and Marlette Funding continue to grow, they’re only half of the picture.

“Just focusing on the startup side of things really misses a big piece of what fintech has become,” said Taylor. “Particularly if you look at the increasing synergy between startups and established firms. We’re seeing more acquisitions in this space, as some of those larger firms look to grow their services.”

How much impact does fintech have in Delaware?

“Right now, we have the most jobs we’ve ever had in Delaware, about 465,000 jobs in the state; unemployment is 3.2%; and financial services is really a significant driver of our economy: We’ve got nearly 48,000 jobs, up from about 41,000 at the bottom of the recession,” said Taylor. “We’ve seen some pretty significant growth, and fintech accounts for about 9% of employment in the state, the highest share of any state in the country — about double the national average.

“And these jobs are at firms of all shapes and sizes,” he said. “One of the rules of our report was to help bring in some clarity and shared understanding to what that means and some of the trends.”

Delaware is #1 in patents issued in the United States. (Screenshot via Delaware Prosperity Partnership report)

And it’s not just jobs: “We’re not just an employment, hub, but really a hub for innovation,” Taylor said.

“One thing I found particularly interesting was that when we looked at some data over the last decade in fintech-related patenting activity, we found almost 200 over that time, which ranked Delaware first nationally on a per capita basis,” he said. “That accounts for where these companies and individuals are based, not necessarily where the patent is created. And even if we look at that, we still rank second.”

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Premier Research Campus Available

Premier Research Campus Available

11 JUNE, 2019

Available: Premier Research Campus

974 Centre Rd. Wilmington, DE 19805

  • First time on the market.
  • 444,000 sq ft of laboratory and support space.
  • Master planned development includes 14 buildings. Existing space totals 788,000 sq ft.
  • Seven stand-alone buildings, totaling 468,000 sq ft available for lease.
  • Existing infrastructure includes chemical, engineering, and process laboratories.
  • Campus served by central utility plant for the generation of chilled water and steam.
  • Highly flexible traditional poured concrete and steel constructed buildings.
  • Land available for potential build-to-suit opportunity

Click here for a campus map.

For more information:

Becky Harrington
Director, Business Development

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Biotech Institute Expanding to New Space on STAR Campus

Biotech Institute expanding to new space on STAR campus


The Delaware Biotechnology Institute will expand into 70,000 square feet within the new six-story, $160 million Biopharmaceutical Innovation Building on the STAR Campus next February.

The building, which includes labs, offices, collaborative space, and shared research instrumentation facilities, will be the home of the National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL), a UD-led coalition of 150 companies, educational institutions, nonprofits and state governments.

Biopharmaceuticals are prescription drugs made with living cells.

“We need more space to support the expanding needs of life science researchers across campus,” said Dr. John Koh, the interim director of DBI and a UD professor in chemistry and biochemistry. “We’re not abandoning our current site, but expanding and moving our core facilities to support current and future initiatives on STAR campus. There’s an enormous difference between office space and wet research space. Being in the new building will also help us support the new NIIMBL program.”

The Delaware Biotechnology Institute is a magnet for life-science research and development. The institute supports multidisciplinary, collaborative research at all of Delaware’s research organizations, including the University of Delaware, Delaware State University, Christiana Care Health System, Nemours/A.I. duPont Hospital for Children, Wesley College, and Delaware Technical and Community College.

The Institute houses research laboratories with scientists, students, and faculty working on projects related to agriculture, human health, and energy and the environment and also makes available high-end instrumentation facilities to Delaware’s entire life-science community. DBI researchers are focused on advanced sequencing technologies, imaging technologies, and computational capabilities.

NIIMBL is funded through a $70 million cooperative agreement with the National Institute of Standards and Technology (NIST) in the U.S. Department of Commerce and leverages additional commitments from partners.

Koh said the new building will be occupied by UD faculty from four colleges and will help faculty and staff that will help launch a new program in pharmaceutical sciences at the university. The Delaware Biotechnology Institute will take a little over two floors of the six-story building besides the 70,000 square feet it has in its current location at 15 Innovation Way.

This article was originally posted on the Delaware Business Times at: https://www.delawarebusinesstimes.com/biotech-institute-expanding/

Kurt Foreman


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Wilmington Becoming a Tech Hub

Wilmington becoming a tech hub


There’s a huge demand for technology professionals — and for good reason.

Almost everything about our behaviors as consumers is changing, becoming more digital, meaning that the companies that serve us have to become digital as well.

At M&T Bank, we recognize that organizations need to be adaptable in order to find success in the future, a change largely driven by technology.

We recently announced plans to hire hundreds of professionals in Delaware in the next few years, including about 200 technologists. Our goal is to make Wilmington a destination for tech talent, and we plan to embed our new tech hires with all the other employees driving the growth in our downtown offices.

Choosing Wilmington was no mistake. Wilmington offers businesses like ours a unique opportunity to work with local government, higher education, non-government organizations, startups, and other private corporations to create a unique ecosystem conducive to the very tech talent hub we are working to build.

Plus, it doesn’t hurt that Wilmington offers a lower cost of living and stronger sense of community when compared to the top-tier cities competing for the very same tech talent.

So we asked ourselves, how can M&T Bank be part of the solution in cultivating and bringing tech talent to Delaware? To put it simply, we saw an opportunity to bring our use of technology in-house and place it within the communities we serve.

We think this gives us an edge in differentiating our products and services, but it also challenges us to build a strong tech community in Delaware.

To create alternate pipelines for hard-to-find tech talent, we will establish a technology development program in partnership with higher education institutions such as the University of Delaware and other colleges. We have also committed to partnerships with programs such as Zip Code Wilmington, which coaches motivated people from diverse backgrounds into skilled, professional developers.

Kurt Foreman


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