Before Gov. Jack Markell and city officials cut the ribbon on two new MKT apartment buildings at 608 and 627 Market Street last month, 608 Market Street was already 61 percent occupied and 627 was already 13 percent pre-leased. New residents began moving into MKT 608 in July.
Buccini/Pollin Group was awarded $1.1 million in Downtown Development District grants for the 74 units. Rob Buccini, co-president of the group, said the units are the first ground-up apartments built on Market Street in more than 50 years.
At 608 Market, once the address of Delaware State’s University’s Wilmington campus, a one-bedroom apartment rents for $1,108. The apartments feature floor-to-ceiling windows, exposed elements, quartz countertops and stainless steel appliances.
The two new buildings will be managed by BPG’s residential operations arm, ResideBPG. They will be part of the larger Buccini/Pollin presence on Market Street, now also called MKT. The other apartments had been dubbed The Residences at LOMA, but, with the new apartments coming on board and other establishments using the LOMA brand, BPG decided it was time for a fresh name.
The MKT brand will include studio, one-bedroom and two-bedroom floor plans in the new buildings and walk-up apartments above Market Street businesses.
The ribbon cutting event coincided with Tuned-IN Wilmington Block Party, which featured live music, food vendors, yard games, and more than 33 organizations and artists’ booths.