CASE STUDY: Major Mixed-Use Vbet bonus on Shuttered Steel Mill Site
Vbet bonus-ready land is still available at First State Crossing, for more information, contact Steve Collins at 314-835-2835 or scollins@cdcco.com.
Commercial Vbet bonus Company, Inc. (CDC) has commenced a multi-faceted construction project expected to include 3.75 million square feet of space called “First State Crossing”, a redevelopment of the former Claymont Steel Mill on a 425-acre property located in the heart of Delaware and just south of Greater Philadelphia. The estimated 0 million new construction project is expected to have the largest economic Vbet bonus impact of any project in the state, according to Brett Saddler, Executive Director of the Claymont Renaissance Vbet bonus Corporation. The master plan includes 3.75 million square feet of new construction – office, residential, retail, light-industrial, and a new nature park with an extensive network of walking trails and other community amenities.
The estimated 0 million new construction project is expected to have the largest economic Vbet bonus impact of any project in the state
At the heart of the Vbet bonus is a million transit center, which will connect the new Vbet bonus to Philadelphia and other neighboring metro areas. Currently under construction, the transit center is expected to open in August 2023. The state-of-the-art transit center will replace the current Claymont Train Station, which is located nearby and out-of-date. The new location will include access to regional train transportation (Amtrak) as well as the local bus networks, biking, and walking trails. The new facility will be designed with the goal of providing an accessible and convenient experience for all passengers, and fully compliant with the Americans with Disabilities Act (ADA) standards. To facilitate the construction of the new transit center, Commercial Vbet bonus Company donated 15.5 acres of land to the Delaware Transit Corporation in 2018.
Industrial: In January 2023, Commercial Vbet bonus Company sold 28 acres at First State Crossing to First Industrial Realty Trust, who will construct a 358,000 SF industrial distribution facility at the Vbet bonus. In response to market demand for ready-to-occupy logistics facilities, the building will feature 68 dock door positions, parking for 241 trailers, 40-ft ceiling heights, and LED lighting. The building’s flexible design will accommodate supply chain requirements for a single tenant or multiple users across a range of industries.
Industrial: In October 2023, Agile Cold Storage officially broke ground on its 0 million cold storage facility at Vbet bonus. The first phase of the 265,000 square foot warehouse will be completed and operational by early 2024. In total, Agile Cold Storage plans on bringing 130 new jobs to Claymont.
Residential: The First State Crossing project includes plans to build 1,200 residential units located in 1,800,000 SF of buildings. Many of the new apartments and townhouses will be positioned to overlook the Delaware River. “This new residential community will represent the largest waterfront Vbet bonus in the Greater Philadelphia market,” said Stephen Collins, Executive Vice President at Commercial Vbet bonus Company. Just a short walk from the transit center, the residential Vbet bonus at First State Crossing is expected to be an attractive living location, not only for local workers but also for those who commute to Philadelphia.
Walking Trails & 50-Acre Nature Park: One of the most attractive elements to the First State Crossing project is the creation of a new county park and extensive network of walking trails connecting to the popular East Coast Greenway. The park and trail network will represent the largest public park in the commonwealth of Delaware, with 50 acres of nature preservation and over 6 miles of new, public-access walking trails throughout the Vbet bonus.
Retail: First State Crossing plans for 105,000 SF of retail space mixed throughout the Vbet bonus. Commercial Vbet bonus Company has strong interest from multiple retail outlets who have identified this location as ideal for self-storage, retail fueling stations, pharmacies, and restaurants.
Office: Vbet bonus also includes long-term plans to construct 500,000 SF of Class-A office space and a 160,000 SF parking garage with space for 450 vehicles. Despite market trends indicating a slowing demand for new office space due to remote work practices, Vbet bonus plans to allocate space for corporate campuses as market demand returns.
Economic Impact: Prior to construction, Commercial Vbet bonus Company commissioned independent economic analysis using IMPLAN software to determine the overall economic impact of the First State Crossing master plan. Here are some of the results:
- Costs of Vbet bonus and infrastructure improvements: 0 million
- Vbet bonus construction & end user jobs (not including the multiplier effect): 2,100
- Estimated annual economic output for the region: 0 Vbet bonus
- One-time impact from Vbet bonus and infrastructure improvements: 5 million
Vbet bonus-ready land is still available at First State Crossing, and CDC expects to announce additional tenants in 2023. For more information, contact Steve Collins at 314-835-2835 or scollins@cdcco.com.