Reilly Mortgage Corporation has joined with the US Department of Housing and Urban Development to contribute $11.25 million to the project. The City of Wilmington has contributed $4.25 million and the Delaware Community Investment Corporation has offered $7.2 million to the project.

"After a great deal of hard work and commitment, the Ships Tavern project, which plays a prominent a role in the new kind of vibrant City we are creating, is ready to move forward to implementation," Wilmington mayor James Baker says. "The pieces of Wilmington's future as it will be for residents and visitors alike continue to fall into place providing a tremendous boost for the local economy."

Baltimore, MD-based developer Struever Bros. Eccles & Rouse Inc. is spearheading development of the revitalization project, serving as the general contractor and developer. "Having been involved in the renaissance of other great buildings in the mid-Atlantic region, "Struever president bill Struever says, "the Ships Tavern District represents one of the country's premier opportunities to bring terrific retail and classic downtown living to an area well-poised for expansion."