River House Apartments

The River House Development involved the two-phase development of 300 market rate apartment units, plus high-end amenities, along the Christina River in Wilmington, DE.

“From the outset, we knew River House would be a challenging project, but the unprecedented disruptions of the pandemic tested it in ways no one could have anticipated. Throughout an extended preconstruction period and into construction, Bancroft consistently demonstrated proactive problem-solving, professionalism, and tenacity successfully navigating workforce shortages, material escalation, and supply constraints to keep the project moving forward.”
Dominic Wiker, LEEP AP
Vice President & Director of Development
Washington Place Equities

Project Stats

  • Owner
    Washington Place Equities
  • Location
    Wilmington, DE
  • Project Type
    CM w/ a GMP
  • Design Professional
    Alexander Design Group
  • Market
    Multifamily + Hospitality
  • Square Footage
    139,340

The River House Apartments is a two-phase, 300-unit market-rate multifamily development located along the Christina River in Wilmington, Delaware. Phase I comprises a five-story building with wood-frame construction over a partial steel-and-concrete podium, delivering 150 residential units and 75 surface parking spaces. Resident amenities include a fitness room, lounge, and business center, as well as a rooftop lounge and bar overlooking the riverfront.

Case Study: Leveraging Our Connections to the City of Wilmington  
Bancroft was engaged during the design phase in fall 2019 to provide preconstruction services and establish the budget for Phase I. As the project approached a May 2020 mobilization, it was paused due to the onset of COVID-19 and the withdrawal of the original lender, prompting a pivot to HUD 221(d)(4) financing. Bancroft collaborated closely with trade partners to re-budget the project to meet HUD requirements during a volatile market, navigating a prevailing wage mandate that increased costs by approximately 30% and significant material price escalation. Leveraging strong relationships with the City of Wilmington, Bancroft worked with the Mayor’s economic development office to secure infrastructure grant funding, enabling the project to move forward. For Phase II, Bancroft continues to support the developer through conceptual planning, including coordinating an uncommon preliminary Fire Marshal review to inform design decisions and maximize density on a constrained site, reinforcing Bancroft’s role as both a trusted partner and a liaison to the City.

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