Bancroft is excited to announce that we are adding another multi-family project to our portfolio! The Nest, located at 268 E. Main Street in Newark, Delaware, will include the construction of a new 5-story mixed-use apartment building. The ground floor will contain approximately 2,900 SF of retail space, a common area for the residents, and covered parking. Floors two, three, four, and five will include 56 apartment units.
Demolition began earlier this week on the former Super One Motel, which currently occupies the site. Construction will continue throughout 2023, with an anticipated project turnover during the summer of 2024. The prime location of The Nest will provide residents with a quick commute to the University of Delaware campus and easy access to dozens of local restaurants and bars.
Bobby Judge, Bancroft’s Business Development Manager, recently gave a CRE Market Forecast to the Philadelphia Business Journal regarding the state of the multi-family construction industry. “With rising interest rates softening the single-family market, market-rate multi-family continues to be a booming asset class throughout Delaware in urban and suburban settings. This trend will continue in 2023, with over 1,500 units currently underway or near the start of construction,” remarked Judge.
Including The Nest, Bancroft is currently managing over $118,000,000 worth of multi-family construction in Delaware and New Jersey. Stay tuned for more on these great projects!