120 S. French Street
The subject property was a nearly abandoned historic office building located within a deteriorated section of Wilmington’s Christina Riverfront area. The unsightly surroundings of this section of Wilmington and the deteriorated condition of the building created an unusually difficult marketing challenge in attracting potential speculative office tenants. This area of Wilmington’s waterfront had long represented a redevelopment priority for the State of Delaware but years of inaction resulting from a failed public redevelopment effort served to negatively impact this area.
Working closely with the State of Delaware’s Riverfront Development Corporation and our team of architectural, environmental and historical consultants, Summit Realty Advisors prepared and executed a redevelopment plan for the renovation and rehabilitation of the Pennsylvania Railroad Building. The redevelopment plan involved the use of private funding for the redevelopment of the building with public funding from the Riverfront Development Corporation for a parking garage, a waterfront park and bulkhead improvements and walking paths along the river. These public improvements surrounded the building and provided the necessary amenities to attract speculative office tenants.
A long underutilized and under maintained historical building was renovated, rehabilitated and preserved. The Pennsylvania Railroad Building served as the catalyst for approximately $120 Million of additional public expenditures through the Riverfront Development Corporation which has resulted in a model for successful urban development and revitalization. Today, the Pennsylvania Railroad Building proudly serves as the US headquarters for Capital One.