Contact - Volunteer - Contribute - (302) 468-6024

Bob Weiner
Home About Bob Legislation & Essays 2nd District News Articles Calendar Photo & Video Gallery 2018 Campaign Contact Bob
Bob Weiner News  

6/8/2012
'Friendly foreclosure' planned for Darley Green development - News Journal

June 8, 2012  Written by ADAM TAYLOR  The News Journal

Darley Green, the mixed-use development project being counted on as the key to Claymont’s revitalization, will change hands Monday in a “friendly foreclosure,” officials said.

Louis Capano III’s company will buy the note on the 66-acre property, off Philadelphia Pike, for about 30 cents on the dollar from Bank of America, New Castle County Councilman Robert Weiner said.

The current developer, The Commonwealth Group, unsuccessfully tried to refinance with the bank, said Commonwealth Group’s Don Robitzer.

“We were unable to refinance, so the bank sold them the note,” Robitzer said. “The friendly foreclosure will be Monday, and The Commonwealth Group will be the developer going forward.”

The purchase price was not available Friday. Capano could not be reached.

County officials said they don’t think the change will harm the project.

County Councilman John Cartier said Commonwealth was overextended on the project.

“They had to borrow so much money to buy the land. There were demolition costs, and there was no income being generated yet,” Cartier said. “In the meantime, they were bearing all these interest costs.”

The project was hurt by the housing crash of 2008.

Residents began moving into Darley Green in October 2009. About a year ago, only 5 percent of 1,226 planned housing units had been built.

If fully built, the project, valued at $300 million, would have town homes, condominiums and about 67,000 square feet of commercial space on the former site of the dilapidated and crime-ridden Brookview Apartments.

The county recently broke ground on a $9.5 million library in Darley Green on 7.5 acres donated by Commonwealth.

County Land Use General Manager David Culver said Capano’s company must build the rest of the development to the specifications and design approved for The Commonwealth Group.

“Any changes would have to be approved by the county,” Culver said.

Weiner said he’s not worried by the new ownership.

“Projects change hands from developer to developer all the time,” Weiner said. “Mixed-use projects of this nature take 10 to 20 years to come to fruition.”

Cartier said he’s hopeful the change will actually speed up Darley Green’s progress.

“They’re buying it at a discount, and the housing market has improved,” he said. “This is better than a long period of no progress at all. I think Darley Green will emerge from this more competitive and more economically sound in the near future.”

Contact Adam Taylor at 324-2787 or ataylor@delawareonline.com.

Back to the News Summary

Have news? Please contact me!

HOT TOPICS:
Important Safety Tips
File a Property Complaint
Presentations to Council
Redevelopment
NCC Council Video
New Castle County Finances
NCC Public Safety
Stoltz Developments
Other Development Proposals
NCC Clearwater Disconnect Program
Brandywine 100 History
Anti-Graffiti Brigade
Talley Day Bark Park
Claymont
Search BobWeiner.com:

Latest News:
4/21/2017
  A low-lying, flood prone portion of Talley Day Park in Brandywine Hundred to become a wetland
4/7/2017
  Plan to develop Brandywine Country Club development plan sets stage for rezoning debate - News Journal
3/29/2017
  Brandywine Country Club development plan returns

New Castle County Comprehensive Plan
How to Attend a County Council Meeting
Info on Planning Board Public Hearings
Time Limits For Speakers And
Standards For Review Of Applications
Directions to Reads Way

 

 

Give Bob a "like" on Facebook:


   
Latest News:
4/21/2017
  A low-lying, flood prone portion of Talley Day Park in Brandywine Hundred to become a wetland
4/7/2017
  Plan to develop Brandywine Country Club development plan sets stage for rezoning debate - News Journal
3/29/2017
  Brandywine Country Club development plan returns
Upcoming events:
County Council meets on the 2nd and 4th Tuesday evenings of each month
"Bob Weiner's energy and vision have been invaluable in bringing about better land use and transportation planning."

Ted Matley
Former Executive Director, Wilmington Area Planning Council

Paid for by Friends of Bob Weiner - www.BobWeiner.com - (302) 468-6024 - Volunteer - Contribute
Friends of Bob Weiner is the political candidate committee that accepts contributions on behalf of New Castle County Councilman Robert S. Weiner.

Facebook Twitter Youtube