Ships Tavern Development Gets $23M Financing

WILMINGTON, DE-The continued development of Ships Tavern Mews complex–the first phase of a multi-faceted revitalization project in the Ships Tavern District, the city’s last remaining undeveloped historic area–has been secured with a three-part, $23 million financing package. Construction is already underway on the Mews, which will offer 83 apartment units and nearly 33,000 sf of retail space among 22 buildings upon its scheduled completion next spring.

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.”