810 Justison Street, Wilmington, DE, 19801, US

814 Justison Street

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker, has been retained on an exclusive basis to

arrange the sale of the 814 Justison Street (the “Site”), a 0.72-acre site located within the emerging Riverfront East

neighborhood of Wilmington, Delaware.

The Site is currently zoned 26W4 – Waterfront Res/Comm, which allows for the by-right development of multi-family

and presents an investor with the opportunity to immediately focus on repositioning the Site upon closing. Current

ownership has preliminary plans for the construction of 124 luxury units, a 1,120 square foot lobby, and 3,055 square

feet of community amenity space. The proposed building spans 7 floors and includes plans for a community pool along

the east end of the parcel, situated between the property and the scenic Riverwalk trail. As the area along Riverfront

East is slated to receive an estimated $2.5B of funding to further the revitalization initiative, the development of luxury

apartments at 814 Justison is poised to benefit from significant long-term appreciation and a growing desirability

among renters.

...

Attributes

Land area gross

2,914 sm

Zoning

26W4

Parcel

26-049-00-039

Media

Investment highlights

Premier Multifamily Development Opportunity

The Site's 26W4 zoning allows for the by-right development of multifamily. Ownership has preliminary plans for the construction of 124 luxury apartments.

Reliable Multifamily Fundamentals

Over the past five years, rent growth has averaged 4.7% annually across the Wilmington submarket, and is forecasted to remain above 3.0% for the foreseeable future.

Proximate to Downtown Wilmington's Corporate Hub

A future development on the Site will benefit from Wilmington's robust financial sector which attracts major corporations and educational institutions, fostering economic growth and job creation in the region.

Located within Wilmington's Emerging Riverfront East Neighborhood

The Site is surrounded by a collection of prominent retailers, restaurants, grocery stores, and numerous recreational spaces.