The City's Latest Homeownership Opportunity Continues to Demonstrate the New Wilmington that is Emerging from the Old

Tuesday, October 17, 2006

WILMINGTON, DE, October 17, 2006 – U.S. Sen. Thomas Carper (DE), Lt. Gov. John Carney, Wilmington Mayor James Baker and a host of affordable housing and community revitalization advocates officially set the stage today for development of a 71-unit, mixed-income neighborhood that epitomizes the changing appearance of the Wilmington skyline.

At a groundbreaking ceremony at 30th and North Spruce streets, the group accepted a $500,000 affordable housing grant from Citicorp Trust Bank, FSB to help finance some of the 71 units to be built at Speakman Place, a $14 million mixed-income townhomes project that will stand on the site of the former Speakman Company manufacturing plant in the City’s Northeast area. Each unit will boast a spacious three-bedroom and two-and-a-half-bath interior with energy efficiency, wall-to-wall carpeting, wood trim and fully equipped kitchens with EnergyStar® appliances as well as extensive landscaping and a private rear yard. Homebuyers may also upgrade and customize homes prior to their completion. The site design will showcase a panoramic view of the Wilmington skyline and Delaware Memorial Bridge.

Of the 71 units, 36 will be sold to families earning less than 80 percent of the area median income. Prices will range from $110,000 to $165,000. The remaining 35 townhomes will be priced above $165,000. Each unit will cost $200,000 to build. Citicorp Trust Bank’s $500,000 grant, arranged through the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh), is targeted to 18 affordable housing units in Phase I of the four-phase development.

“Speakman Place represents a wonderful collaboration of public, private, and nonprofit partners who are working together to bring much-needed housing stock to a dormant manufacturing site,” said U.S. Sen. Thomas Carper. “It will increase the rate of homeownership in this city, extend opportunities to low- and moderate-income families, and spur additional Downtown revitalization. It is a model of how things ought to be done in other municipalities both inside and outside our state.”