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New 120-unit apartment complex coming to Old New Castle
The News Journal
November 20, 2017
Construction is underway to fill a vacant property along Seventh Street in Old New Castle with four buildings that will bring apartments and retail space.
Pennrose, LLC is building phase one of the $20 million development project that will produce 120 one and two-bedroom apartment units.
The company, which acquired the approved site in May, said the project is the first new multifamily development in Old New Castle since 2010.
The classic, traditional design will include amenities like key fob access to doors, covered parking, a roof deck space and a community and fitness center.
Phase one, expected to be complete in April 2018, is being built along the road and will be home to first-floor retail space, which Pennrose says it hopes to fill with some sort of complementary food service business.
The front building will also house on-site management and maintenance, a community room, fitness center, business center and a billiards room – all accompanied by a patio looks out over Seventh Street.
Speaking of views, roof access on top of the four stories will allow for sight lines of the Delaware River over the marshes.
One bedroom rents will be around $1,300 and two-bedroom plans around $1,500, with premium features like balcony access and views to drive prices a little higher.
Pennrose is allowing prospective tenants to sign up for more information on its website.
“It’s a really beautiful, historic, close-knit neighborhood that wants economic development,” senior developer Ryan Bailey said when asked what he liked about the location.
Other perks include the connection to the Wilmington-New Castle greenway, the proximity to highways and the ease of walking to and from downtown New Castle, Bailey said.
To read the article on DelawareOnline.com, click here.