Some Tenants, such as Adam Vassar, who owns Vassar Interiors, an upscale furniture store, and Elli + Co, a flooring company, hopped on board early. “We support a lot of architects and designers, and the location is very easy for them to get to us,” says Elli + Co managing partner Youness Baftechi, who moved the store from Lancaster Avenue to the 200 block of Market Street two years ago. “We thought it would be a really great fit.”
LOMA would have to agree. Besides being of the creative class Winburn speaks of, Elli + Co scores another plus for selling environmentally-considerate “green products”—flooring made of cork and bamboo.
Baftechi predicts it will be another few years before LOMA sees its heavily anticipated turnaround. The seeds are there, he says.
Winburn thinks so, too; he says it could take even less time, “about 18 to 24 months before we’ll see a higher activity level.” But what LOMA—indeed, most of Market Street—suffers from is a type of chicken-and-egg syndrome. Recovering neighborhoods need businesses and tenants to move in; businesses and tenants want some existing features in place first. Round and round it goes.
To crack the egg (or hatch it, rather), developers need a strong vision, not just for the buildings they’re buying and renovating, but for the additional blocks that surround them. They need a plan.
The Buccini/Pollin Group has taken over much of the city (somewhere between 30 and 40 percent of downtown’s office inventory, actually). Look anywhere and you’ll likely see one of their buildings or works-in-progress. What they have in mind for Market Street, however, is about sharing the pie. They have a plan.
It goes something like this: The spectrum of center-city Market Street, already anchored by arts organizations such as the DuPont Theatre and the Grand Opera House on the upper end and the Riverfront on the lower end, will be filled in between with restaurants and chic retail spots, and, of course, LOMA. Each block or couple of blocks will have its own identity while feeling like a part of the bigger vision. “From Eighth street north, you’ve got your fine dining area,” begins BPG development manager Jackie Ivy, who is working on the firm’s Market Street projects. “That’s where you’d put a nice restaurant, so you can feed off the DuPont Theatre and the Grand. Then from Eighth to Sixth is a really good area for your cool retail. From Sixth and below, you’ve got some interesting things happening. The 500 block has the Historical Society and Kuumba Academy. DCAD just bought the Saville, which they’re using exclusively for their students. So it’s an incredibly stable area, because you know these folks aren’t going anywhere.”
The idea to string the blocks together is something that occurred to partner Chris Buccini as he walked the nine blocks from The Residences at Rodney Square, where he had an apartment, to BPG’s Wilmington headquarters on A Street every morning. “Chris was living in The Residences and walking to work,” Ivy says. “And he asked himself, ‘How hard can it be to develop nine blocks?’”
Hopeful words. Wilmington’s size and accessibility have already lent themselves to promising development by way of Riverfront projects such as Christina Landing. Ivy sees more left to do. “We’re the last little city on the East Coast that hasn’t been developed.” |