Buccini/Pollin Group has purchased the Hotel du Pont and the DuPont Building from Chemours Company. Chemours will lease back the 950,000-square-foot complex for 17 years. The buildings occupy an entire city block facing Rodney Square.
The DuPont Building was one of the city’s first high-rises when it was opened in 1908 as the headquarters of the Dupont Co.
The Italian Renaissance hotel debuted in 1913 as a showcase hotel meant to rival Europe’s best hotels and restaurants. The DuPont Theatre, housed there, brought Broadway shows to town beginning in 1918.
Buccini/Pollin Group has opened more than 20 dining and retails businesses downtown, including the restoration of the Queen Theater. They own more than 40 properties.
“The purchase of the DuPont Building and its assets couldn’t make any more sense to us right now,” BPG Co-president Chris Buccini said. “These is no better way to coalesce our long-running vision for a vibrant downtown where people come together to live, work and play, than to take on the DuPont Building and re-envision it as a modern version of what it has always been, a lifestyle center for the City of Wilmington.”
BPG is planning a $175 million project that includes the preservation of the hotel and its signature Green Room restaurant. PM Hotel Group, an affiliate of BPG, will manage the hotel.
The 1200-seat Playhouse on Rodney Square will also continue to serve as Delaware’s venue for Broadway touring theater.
Chemours will remain headquartered at the building, but the project will turn 256,000 square feet of existing office space into a modern, open floor plan.
“Staying in this historic building is an entirely appropriate acknowledgment of our legacy,” says Mark Vergnano, CEO of Chemours. “And just as we have been transforming Chemours into a world-class chemistry company, now working closely with BPG, we will transform our office space into a modern, world-class work environment.”