The commercial office space will be redeveloped to introduce 39 residential units over existing retail space.
Wilmington-based developer, The Buccini/Pollin Group, Inc. (BPG) is pleased to announce the purchase of Lincoln Square. Located at 300-318 N Market Street, Lincoln Square is a collection of ten contiguous buildings totaling 48,000 SF, which encompasses an entire city block in Downtown Wilmington. BPG plans to convert the upper floor office space into 39 residential apartments and maintain the existing ground-floor retail. The company closed on the acquisition on June 3, 2021.
Originally developed in the 1800s as a collection of individual townhomes, the property was first converted to retail space in the years following the Civil War. By the end of the 19th century, Lippincott & Co occupied most of the block from 306-314 Market Street. The department store thrived as “one of the leading merchandise locations in Wilmington” for over 60 years, as described by the Wilmington City Directory in 1940.
After many years of neglect and abandon, Market Preservation Initiatives, LLC completed a comprehensive interior and exterior historic renovation of the buildings in 2008, introducing ground-floor retail, adjoining commercial office space on the upper floor, and a common-entry lobby.
The property was then renamed Lincoln Square in honor of Abraham Lincoln’s visit to Wilmington on June 10, 1848. Congressman at the time, Lincoln addressed members of the Whig political party from the balcony of the Fourth Street Market House, which was located in the center of 4th Street between Orange and Market Streets. This was Lincoln’s only documented visit to Delaware.
BPG will adopt the Lincoln Square name and plans invest $12.1 Million in revitalizing this historic block of Market Street to its former vibrancy. BPGS Construction will manage the construction, Studio Jaed Architects will oversee the design, ResideBPG will handle residential leasing, and Virtus Realty Advisors will handle commercial leasing. The project is expected to be completed in Spring 2022.
For interest in retail space, please contact Jeffrey Gannett at (302) 691-4067 or email jgannett@bpgroup.net.
Image Credit: Loopnet.com
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