Housing Development Corporation MidAtlantic, developers of The Flats in Wilmington, is opening a new office location in Wilmington.
Company President Michael R. Carper said the office at
1201 N. Orange St., Suite 7500, will serve a hub for the Lancaster, Pa. company’s expansion into Delaware. HDC MidAtlanti’s property management portfolio includes developments in Dover, Smyrna and Wilmington.
“HDC MidAtlantic’s new office in Delaware supports the organization’s growth and expansion to new service areas,” said Carper. “We’ve been developing and managing affordable housing communities for over 40 years and we’re excited to carry out our mission by serving new communities in the region.”
HDC MidAtlantic is currently constructing 72 new, general occupancy affordable housing units at The Flats in Wilmington. The Flats neighborhood was the creation of visionary philanthropist William Bancroft to fulfill the demand for workers’ housing in Wilmington during the early twentieth century. Bancroft, who established the Woodlawn Company in 1901, built The Flats over the course of a decade.
Woodlawn Trustees, owners of The Flats property, sought to replace 430-units of functionally obsolete housing stock and build new, energy-efficient affordable units. They selected HDC MidAtlantic to secure funding, develop and manage the first phase of the redevelopment. Construction began last month.
Demolition began this spring and construction kicked-off at a groundbreaking ceremony last month.
In addition to working on Phase 1, HDC MidAtlantic submitted an application to fund the second phase of The Flats — 108 new affordable homes for rent.
HDC MidAtlantic Senior Development Officer Mimi E. Rayl is based in the Wilmington office. Rayl, who joined HDC MidAtlantic in February 2015, has more than 20 years of real estate development experience in for-profit and non-profit organizations as well as experience as an urban and regional planner in state and local government.