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Wilmington Mayor Mike Purzycki has endorsed an ambitious plan to renovate a former MBNA-Bank of America complex.
A DelawareLive story outlined the education hub project, which would cost $57 million. The online site cited a presentation to city leaders.
According to the report, Widener University Delaware Law School and the Delaware State University nursing program would occupy the space at Bracebridge II in downtown Wilmington, bringing millions of dollars in economic benefits.
The story indicated that the Longwood Foundation and Bank of America are involved in the project. Other funding will come from the state and New Castle County, subject to legislative and council approvals.
“Most successful cities have an educational component that profoundly contributes to its culture. This would be is a blessing for Wilmington. A first-rate law school and university locating on what will be our own urban education campus. I couldn’t be more excited about the potential of this project,” said Purzycki.
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There was no initial response from the Carney administration, Widener or Bank of America regarding the plans.
It has long been rumored that Widener would considering moving its law school, located on a prime piece of real estate on Concord Pike in north Wilmington and some distance from Chancery and other courts.
Unlike many cities its size, Wilmington failed to become the home of a four-year college or university, although institutions occupied and vacated space in downtown buildings at various times.
Attracting higher educational institutions has been a priority in city redevelopment efforts in recent decades.
City and business leaders were instrumental in the formation of the Delaware College of Art and Design, which occupies buildings in downtown Wilmington. Delaware Technical Community College also has a downtown campus but has little room for expansion. Delaware State University now occupies a building near the Biden Train Station that was donated by Capital One
Bank of America plans to vacate the portion of Bracebridge II it currently occupies and has indicated that it would assist in the complex’s redevelopment.
The massive Bracebridge complex was built by MBNA when it moved its headquarters from the Newark area to downtown Wilmington. A couple of decades ago, when the credit card bank was acquired by Bank of America, operations were dismantled and downsized and moved to other locations.
A portion of the complex is now occupied by a charter school, with other areas on the office real estate leasing market.
Center City Wilmington has one of the highest office vacancy rates in the region.
The news also comes as Incyte may be considering occupying space in Wilmington as an alternative to leasing suburban sites.
The Delaware Council for Development Finance is considering a proposal for a $14 million-plus Incyte grant at its Monday meeting. Specifics have not been released.
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Source: delawarebusinessnow.com
