Delaware Business Times 4-7-26 by Today Media

April 7, 2026 | Vol. 13 • No.7 | $4.00 | DelawareBusinessTimes.com

Buccini Pollin Group's plans for Bracebridge take shape 12 − 13 OPEN DOORS:

NEW SPOT, SAME BRAND:

SEARCH IS ON:

Qnity cuts the ribbon on Newark site

Helen's Sausage House plans Rehoboth site

DPP hires firm to fill top job

THIRD TIME'S THE CHARM:

COURTING CONTROVERSY:

Mutifamily developer

Longtime DEFAC member

buys The Helm

ousted

22 DELAWARE BUSINESS TIMES / APRIL 7, 2026

WHO'S INSIDE Founded 2014, printed bimonthly, serving Delaware’s business community Vol. 13, No. 7 dated April 7, 2026 Copyright © 2026 by Today Media, all rights reserved This newspaper or its trademarks may not be reproduced in whole or in part in any form or by any means electronic or mechanical, including photocopying or recording, or by any information storage and retrieval system now known or hereafter invent without written permission from the Publisher. For licensing, reprints, e-prints, plaques, e-mail Advertising@delawarebusinesstimes.com.

GROUP PUBLISHER Robert F. Martinelli rmartinelli@todaymediainc.com ASSOCIATE PUBLISHER Alex Cornelius acornelius@delawarebusinesstimes.com EDITOR Katie Tabeling ktabeling@delawarebusinesstimes.com ASSOCIATE EDITOR Jennifer Antonik jantonik@delawarebusinesstimes.com RESEARCH, DIGITAL, AND ENGAGEMENT COORDINATOR Sabrina Wade swade@delawarebusinesstimes.com DIGITAL SALES & MARKETING MANAGER Karen Martinelli kmartinelli@todaymediainc.com LEAD DIGITAL STRATEGIST Mike Rocheleau mrocheleau@todaymediainc.com ADVERTISING DIRECTOR Lisa Minto lminto@delawarebusinesstimes.com

9th Street ................................16

GE Aerospace............................ 5

MBNA American Bank...... 12, 13

American

Genesis Healthcare .................16

Michael Houghton................... 10

Gov. Matt Meyer .......................10

Michaels Organizations ............16

Grotto Pizza .............................14

Nylon Capital

Hatching Time........................... 5

Shopping Center ......................14

Helen's Sausage House............. 6

Qnity Electronics ........................5

Incyte ................................12, 13

Rob Herrera ................... 9, 14, 16

Advisory Council...................... 10

JLL ..........................................16

The Mil................................... l 14

Delaware

Johnson Commercial

The Picklr ..................................7

Prosperity Partnership............... 9

Real Estate.............................. 14

University of Delaware .........9, 13

Delle Donne & Associates........ 14

Jumpstart Sussex ....................17

Widener Delaware

Desa Burton ........................9, 15

Longwood Foundation............. 13

Law School ..............................13

Game on Sports Complex ...........7

Marcus Henry ..........................11

Zip Code Wilmington ............9, 15

Pickleball Association ................7 Buccini Pollin Group..... 12, 13, 15 CBRE .......................................13 CMBS...................................... 14 DBT40....................................... 8 Delaware Economic and Financial

MULTIMEDIA ACCOUNT EXECUTIVES Al Woolfolk, Tanya Tecce, Sophia Mitchell

INDEX

MARKETING DIRECTOR Kate Schlegel

At a Glance..........................................................4

News Briefs.......................................................19

MARKETING MANAGER Andrea Hill

Industry Updates................................ 5-11, 16-17

Business Leads..................................................20

Special Section: Banking & Financial Services....................... 12-15

Calendar............................................................21

The List..............................................................18

Viewpoints................................................... 22-23

SALES & MARKETING COORDINATOR Shannon Ward PRODUCTION DIRECTOR Eric Bolis ART DIRECTOR Natalie Newhart SENIOR GRAPHIC DESIGNER Rosalinda Rocco GRAPHIC DESIGNER Kyle Manzolillo SENIOR AUDIENCE DEVELOPMENT MANAGER Lisa P. Bennett DIRECTOR OF DIGITAL STRATEGY Greg Mathias

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ON THE COVER

IN MEMORIAM Chairman Angelo R. Martinelli (1927 – 2018) Vice President Ralph A. Martinelli (1962 – 2019)

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Bracebridge I on 11th Street was under redevelopment for a corporate headquarters. Now with a new owner, it's slated for muxed-use, including apartments and offices. DBT PHOTO BY KATIE TABELING/COURTESY OF BUCCINI POLLIN GROUP

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Delaware Business Times (USPS 21760, ISSN 2639-8087), Vol. 13, No.7 dated April 7, 2026 is printed 24 times per year by Today Media, 1000 N. West Street, Suite 601, Wilmington DE 19801 and is available by subscription for $96 per year. Periodicals postage paid at Wilmington, DE and additional mailing offices. Single copy/back issues are available at the cover price of $4 plus $2 shipping and handling. Attention Postmaster: Send address changes to Delaware Business Times, PO Box 2512, Williamsport, PA 17703-2512. Delaware Business Times cannot be responsible for the return of unsolicited material with or without the inclusion of a stamped, self-addressed return envelope. Information in this publication is gathered from sources considered to be reliable, but the accuracy and completeness of the information cannot be guaranteed. No information expressed herein constitutes a solicitation for the purchase or sale of any securities.

APRIL 7, 2026 / DELAWARE BUSINESS TIMES 3

AT A GLANCE

The Real Estate Ride Northern Delawareʼs commercial real estate market has been a roller coaster over the last 15 years. Leasing activity in the Wilmington market reached a 15-year high in 2019, when over 1.2 million square feet of leases were signed. By 2025, that number had dipped to nearly 500,000 square feet, compared to the historical average of 600,803 square feet, according to Newmark.

After 2019, the market declined sharply but has since been gradually recovering, setting a record in 2024 with about 700,000 square feet of leases signed. As of Q4 2025, over three million square feet was available for lease, bringing the vacancy rate in the Wilmington market to 17.7%, with an asking rent of $25.28 per square foot.

Source: Newmark 2025

Wilmington Market Asking Rent: $25.28 ~785,000 office-using jobs Total Inventory 15,455,406 square feet Total Available 3,155,885 square feet Vacancy Rate: 17.7%

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INNOVATION

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SHOWCASING DELAWARE’S INNOVATORS

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DELAWARE

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MANUFACTURING & DISTRIBUTION

Qnity opens Newark manufacturing site By Katie Tabeling GLASGOW— Qnity Electronics debuted its Delaware presence last week when it opened its new polishing pad factory in Glasgow right as the company is projecting steady growth into 2026. Qnity formally opened its manufacturing site on March 11, a site where chemical mechanical planarization (CMP) pads are made from engineered polymer fibers and will work to smooth semiconductor wafers in other devices. Those pads, as Qnity executives put it, power the most cutting-edge technologies in smartphones, cloud computing, health care electric vehicles and data processing chips for artificial intelligence. By smoothing the wafers to be as flat as a mirror’s surface, it can maximize a semiconductor chip’s performance. “The next leap in AI won’t come from design alone. Its ability to scale will come from advancement across the entire ecosystem in materials, equipment and process technology,” Qnity CEO Jon Kemp said at the ribbon cutting event held on opening day. “As chip designs become more

complex, demand is rising for materials that meet the next generation requirements like speed, reliability, miniaturization – and materials that smooth and shape, as well as those that connect and protect, are paramount,” he said. Qnity is a spin-off of DuPont, taking its electronics division and launching its initial public offering last November. Its market cap now sits at $23 billion, topping the value of all of Delaware’s dozen public companies with its short time on the stock market exchange. Last month, Qnity reported 10% year-over-year growth in 2025 and is forecasting to

Qnity CEO Jon Kemp talks about the company's mission to serve the innovative companies in semiconductor chips, including its CMP Pads.| DBT PHOTO BY KATIE TABELING

Hatching Time cracks the U.K. market By Katie Tabeling NEW CASTLE — Hatching Time, an e-commerce company that sells egg incubators, chick brooders and more, has now expanded into the United Kingdom with a logistics center in Northern Ireland. Operations started on March 20. Third-party logistics partner Well Fed Pets manages warehousing, inventory management, order fulfillment, and shipping, so this deal means that Hatching Time can now ship throughout Europe. It’s the retailer’s latest major international move after previously expanding shipping into Latin America and the Caribbean. The company, headquartered in New Castle, also acquired the Bug

hit $5.2 billion in revenue for this year based on the market’s appetite for semiconductors which analysts project will hit $1.6 trillion by 2030. The roots for the company’s innovation in CMP pads can be traced through the 1960s when a company like Rodel took “chemistry and a garage in Wilmington with a small team” to create the smallest and most precise technologies, according to company executives. Under the leadership of Rodel CEO Bill Budinger, it was later said that every semiconductor made in the world used one of Rodel’s products. The company eventually came into the DuPont portfolio and was later identified as the company’s most promising division as the semiconductor chips became more in demand for today’s technology.

Factory in the U.K. last year. “Most of the technology comes from Europe and the Middle East before it travels to the U.S., so we’re taking some of our equipment and hitting markets we haven’t been in before to compete with the flagship brands there. We know the demand is there, because our competitors are there,” Hatching Time Co-CEO Ryan Flanagan said. The new distribution center was also a byproduct of the steep tariffs imposed by the Trump administration. Hatching Time sources most of its products from Turkey which was later hit with a 25% tariff. In addition, the company stopped ordering from China completely and worked to pass half the costs from tariffs to

customers. “We’re just taking our same blueprint model and duplicating it to other counties where we see fit,” he added. Hatching Time essentially serves as a one-stop shop for raising backyard chickens, selling equipment that spans “egg-tomeat” for chickens and quail, including products like incubators, brooders, processing cones and feather pluckers. The company also found a strong niche in the homesteader industry as customers can purchase everything they need to raise their backyard chickens. Its products are made out of a decay-resistant plastic, meaning they are more durable and cleaner than typical cages found on the market. Hatching Time reports growth between 20 and 30% each year, and its biggest problem is keeping inventory in stock.

GE Aerospace to invest in Newark plant By Katie Tabeling NEWARK — GE Aerospace’s only Delaware plant will see $5 million in investment through the jet and turboprop engine manufacturer’s plan to invest $1 billion across a large swath of sites across the country. GE Aerospace announced a plan to invest hundreds of millions of dollars in manufacturing and operations to "accelerate engine deliveries, ramp production of parts” and strengthen defense production, according to a press release. This investment will impact 30 communities in 17 states, including Delaware. The manufacturing site in the Diamond State Industrial Park off Bellevue Road produces ceramic matrix composite components used in both defense and commercial engines. These ceramic resins and fibers are onethird the density and weight of metal alloys and are heat resistant – improving safety and allowing the engine to run more efficiently. Three out of four commercial flights are powered by GE Aerospace engines and the company estimated that 1 million people are flying in an aircraft powered by their parts and engines at any given time. “We are building the next generation of advanced manufacturing to deliver the products and technologies our customers need. We are all in on U.S. manufacturing, Newark and our customers,” GE Aerospace Newark Site Leader Austin Capone said in a prepared statement. The GE Aerospace plant employs 30 people and has eight job openings.

APRIL 7, 2026 / DELAWARE BUSINESS TIMES 5

RETAILING & RESTAURANTS

Helen’s Sausage House looks to expansion By Jennifer Antonik LEWES – For years, beachgoers craving a Helen’s Sausage House scrapple sandwich have driven north to Smyrna to visit their favorite breakfast shop. But soon, Helen’s will be much closer. Just three years after opening a new location in Newark, the familyowned breakfast restaurant plans to open another hot spot in The Vineyards shopping center in Lewes along Route 9, expanding the brand into Sussex County for the first time. They hinted that future growth could eventually include an additional location in northern Delaware but, for now, the focus is on establishing a presence in Sussex County and serving the steady flow of beach visitors who already know the brand.

“We’re known from people all over,” Hunter said. “Now when travelers come down to the beach from New Jersey, New York, wherever, we’ll be available down there too.” The Vineyards is a growing mixeduse development near Five Points that includes retail, housing, and other professional services. Helen’s will occupy about 2,000 square feet of newly constructed space. If construction proceeds smoothly, the Lewes store could be open late this summer or early fall. Helen Achenbach opened the original Smyrna location in 1983 and it remains a familyowned business to this day under the leadership of Achenbach’s grandson Clifford Murphy, III, who runs the Smyrna location, and great-grandson Zack Hunter, who runs the Newark location. The expansion into Lewes reflects

Clifford Murphy, III, and Zack Hunter are looking forward to reaching more patrons at their family-run Helen's Sausage House which will be expanding into Lewes this year. | DBT PHOTO BY JENNIFER ANTONIK

steady growth for the brand and a continued commitment to its smalltown feel and hands-on approach. “We’re mom-and-pop. We’re family-owned,” Murphy said. “Everything’s made by hand, and we try to keep that home cooking feel. . . We’ve always wanted to be somewhere near the Five Points area. Route 9 is busy enough and it’s a good location without paying Route 1 frontage prices.”

The pair said that expansion will not deter them from continuing to source ingredients and other supplies from local Delawareans, something they take pride in as a brand. Murphy added that the restaurants routinely purchase meat from local butchers multiple times per week, use bread from Delaware bakeries and partner with local businesses for merchandise and supplies whenever possible.

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62 DELAWARE BUSINESS TIMES / APRIL 7, 2026

TOURISM & HOSPITALITY

Delaware is banking on the pickleball boom By Jon Buzby Contributing Writer Pickleball is one of the fastest growing sports around the country and Delaware is responding with indoor facilities in both the private and public sectors. Before the COVID-19 pandemic, there were no pickleball-exclusive facilities in the state. Today, there are several, with many other facilities adding pickleball courts to their existing properties. In recent years, the state has also seen the importance in the sports tourism movement, offering $5.3 million in two rounds of Sports Tourism grant funds to pickleball sites across the state, as well as additional funds to other sporting opportunities. "Pickleball is the fastest-growing sport in the nation, and we want to be able to capitalize on that growth

here in Delaware,” said Rep. Debra Heffernan, who co-chairs the fund. “Our investments through the sports tourism fund have already brought millions into our state, and facilities like the ones that received funding through this latest round of awards will help us attract major tournaments that drive tourism and economic activity.” Pickleball specific grants went to Game on Sports Complex in Millsboro to add indoor courts in a second phase of construction; Midway Motion and Fitness in Rehoboth to build an indoor facility and Dave Marshall Tennis and Pickleball to expand to 18 courts. Game on Sports Complex co-owner Layla Yilmaz said it would allow the venue to host larger scale programs like pickleball. Midway Motion and Fitness’ 12 courts would meet the requirements for tournaments sanctioned by the American Pickleball

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Association, while Dave Marshall Tennis and Pickleball’s owners believe that its expansion would also make it more likely to attract national tournaments. Delaware could see the greatest economic benefit in those larger tournaments, according to Delaware Tourism Office Sports Sales Leader Ryan Wolfe. “Our office is funded by the accommodation tax on hotels so we are a big proponent of heads in beds,” Wolfe said. “Pickleball has exploded since the pandemic and so we are trying to build as fast as we can to meet the demand.” He is hopeful that the demand will include attracting people from not only around the area, but around the country and maybe even the world. Beyond hosting large tournaments, there’s also a demand for the “casual” player to have access to indoor courts. Dill Dinkers in Newport, The Picklr in Newark, and Ace Racquetball Club in Wilmington all opened their doors within the past year. “We try to be a one-stop shop,” explained Picklr Club Manager Liam

Halsey. “Members are finding people to play with and you can reserve court times. They're finding leagues, beginner and junior programs. They're finding coaches and clinics. We have a fully stocked pro shop. So I think that all of that combined really does drive business into The Picklr.” Bear resident Joy Perry was introduced to the game while playing on the free outdoor courts at a nearby park but is glad she made the move to the Picklr. “I honestly struggled with justifying paying the additional cost, but after joining I'm glad that I made the decision,” Perry shared. “This membership has allowed me to play anytime regardless of the weather, and network and play with people that are at various levels in the sport.” The November 2024 Economic Impact of Sports Tourism report stated that there was $403.2 million in total business sales generated by Delaware sports tourism. Given the recent growth of pickleball, it makes sense the sport will continue to postiviley impact the Delaware economy for years to come.

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DBT 40

2026 EDITION JOIN US IN SHOWCASING YOUR INNOVATIVE BUSINESS & INNOVATION ACROSS THE FIRST STATE The Innovation Delaware magazine highlights companies and their technological achievements in a beautiful four-color, glossy magazine. The editorial content includes a comprehensive report on recent achievements and what the future holds for:

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DBT40 opens for 2026 applications The Delaware Business Times has opened the application period for the 2026 Class of its Top 40 Under 40 program, also known as DBT 40. The deadline to apply for this year’s program is 5 p.m. on Wednesday, May 20. The Annual DBT 40 recognizes professionals who have excelled in their respective fields and are making waves throughout Delaware and beyond – all before the age of 40. These rising stars are shaping the future of Delaware’s business landscape and community. DBT40 also works to raise the profile of rising executives, entrepreneurs, dedicated public servants or nonprofit leaders, naming a cohort of people to watch in the years to come. Now in its 13th year, the DBT40 is Delaware Business Times’ longestrunning awards program and has celebrated 480 honorees in business, non-profit, government and many more sectors throughout the state. Each honoree is thoughtfully selected by an independent judging

panel based on professional accomplishments and community engagement. “The DBT 40 awards have long been a powerful stage for recognizing Delaware’s most exceptional rising talent. Time and again, our honorees have gone on to lead with distinction across the for-profit, nonprofit, and government sectors — and that track record speaks for itself,” Editor Katie Tabeling said. “I am truly excited to discover the next wave of trailblazers shaping our state’s future.” To be eligible for our 2026 class, applicants must be under 40 as of Sept. 17. Honorees can only receive this award once. Our annual DBT 40 banquet reception is scheduled for Thursday, Sept. 17. More information on the celebration will come in the weeks ahead. To apply, or to inform us of someone who you believe should apply, visit: delawarebusinesstimes. com/events/dbt40/

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DBT40 has celebrated 480 honorees in 12 years through print and online content as well as in an award ceremony. Applications for the class of 2026 are now open. | DBT FILE PHOTO

82 DELAWARE BUSINESS TIMES / APRIL 7, 2026

ECONOMIC DEVELOPMENT

DPP committee hires search firm for next CEO By Katie Tabeling WILMINGTON — The Delaware Prosperity Partnership has formed a search committee and has hired a executive search firm to aid with the hunt for its next leader. The search committee, which is led by Zip Code Wilmington Executive Director Desa Burton, has a goal to hire the next DPP president and CEO by the end of the second quarter of this year. The DPP Board has hired Jorgenson Pace Inc., one of the top executive search firms in the economic development, community development and non-profit space.

It is an ambitious goal and not one set in stone, according to Burton. “We want to get it right,” she told the Delaware Business Times. It’s also an opportunity to reimagine the role of someone who will build on the foundation set by the previous DPP President and CEO Kurt Foreman and lean more into economic development strategies for attracting, retaining and scaling new companies in the state. Foreman was a seasoned economic development professional well-versed in building systems and incentives to attract companies to a location. He was tasked with building the state’s public-private economic

“I think [innovation] really going to be the hallmark of the decision-making process here. It’s not going to be business as usual.” DESA BURTON

Executive Director, Zip Code Wilmington

development agency in 2019. Gov. Matt Meyer has since developed a new economic development strategy focused on supporting start-ups and working to find the employers of “the jobs of tomorrow” in technology, biopharmaceutical and manufacturing. A study commissioned by the DPP last

year showed that the First State has tremendous promise in research, development and patents but has lost opportunities to leverage those ideas into a marketable product or company. Burton said that Foreman helped lay an “incredible foundation and structure” for DPP as its first executive. But there is room for the next executive to take the organization and the state’s economic development strategy in a new direction. “Delaware is facing a lot of challenges in a number of directions and so I just think it gives us an opportunity to put innovation on the table as we make this decision. And I think that’s really going to be the hallmark of the decision-making process here. It’s not going to be business as usual,” she said.

Rising costs, risk hits Delaware�s farming business By Jennifer Antonik HARRINGTON — With farm bankruptcies rising and input costs continuing to climb, Delaware’s agricultural sector is entering a period of heightened financial strain, experts said during a recent Delaware Farm Bureau risk management conference. The conference, held at the Harrington Volunteer Fire Company in collaboration with the University of Delaware Cooperative Extension, brought together industry leaders and economists to discuss both Delaware-specific challenges and national trends as farmers prepare for the year ahead. The strain stems from a combination of rising input costs and uncertain markets, along with federal and state volatility in ever-changing policies. Expenses for fertilizer, fuel and labor have remained high, while commodity prices have fluctuated. Farmers say this makes it harder to lock in profits and any dip in yield or price can quickly turn a season unprofitable. The conference seeks to highlight those risks for farmers so they can better prepare their operations for the future. “Risk management, to me, is a component of just about everything that we do as farmers.

Risk management is about seed selection, fertilizer strategy, about your equipment choices… everything that we do has an inherent risk, and it's second nature to us, but occasionally we need to consciously stop and think about how we operate and how we manage our risk in particularly tenuous times,” said Milton farmer and Delaware

BY THE NUMBERS

3% per acre

Production costs increase for corn crop

$4 per bushel Rough breakeven price for crops

Secretary of Agriculture Don Clifton. Clifton said agriculture is in one of those “tenuous” moments, as farmers navigate uncertainty at the local, state and federal levels. He pointed to rising bankruptcies across U.S. agriculture, which increased 46% from 2024 levels, reflecting growing strain tied to rising input costs, volatile commodity markets and the constant balancing act between risk and profitability. But addressing those pressures requires breaking down the economics of farming piece by piece. To do that, many producers rely on “enterprise budgets,”

according to University of Delaware Extension Farm Business Management Specialist Nate Bruce, who helped coordinate the event. Enterprise budgets estimate revenue, variable costs such as seed and fertilizer, and fixed costs including equipment and land. Those calculations highlight just how tight margins can be. For example, a typical corn operation may require hundreds of dollars per acre in combined variable and fixed costs before turning a profit. Break-even prices, or what farmers must earn to cover expenses, often hover around $4 per bushel, depending on yield and input costs. “If you have a good enterprise budget, it’s a good way to make decisions,” Bruce said, pointing to its role in determining crop mix, acreage and marketing strategy. Costs are expected to continue rising into 2026 for producers across the state and Delaware’s top crops, corn and soybeans, are no different. Corn production expenses are projected to increase by about 3% per acre, while soybeans are expected to see smaller gains — a dynamic already influencing planting decisions nationwide as some farmers shift acreage to lower-input crops. In Delaware, however, leaders said a major shift away from corn is unlikely, as much of the crop

supports the state’s poultry industry. Beyond crops, other farm expenses continue to climb, including labor, land preparation, harvesting and farmland rental rates. Those pressures are compounded by broader uncertainty at the federal level, including tariffs and funding concerns. To offset rising costs, Bruce said many farmers are turning to precision agriculture technologies such as GPS-guided equipment, yield monitors and automated steering systems to improve efficiency. Jarrod Miller and James Adkins, both of the Cooperative Extension, said some of those tools can pay for themselves within a few years by reducing overlap in planting and spraying and lowering fuel, labor and input costs. More advanced systems, however, may take longer to justify financially, particularly for smaller farms. In Delaware, the $2 million Agricultural Production Insurance Assistance Program helps offset the cost of crop insurance for eligible policies, providing a financial safety net by protecting both yield and price. Producers were also encouraged to participate in federal agricultural surveys, which leaders said help shape policy decisions and funding at the national level.

APRIL 7, 2026 / DELAWARE BUSINESS TIMES 9

GOVERNMENT

DEFAC member removed after raising questions By Katie Tabeling WILMINGTON — Gov. Matt Meyer has removed a long-time member of Delaware’s independent panel of fiscal analysts who raised concerns about missing data on franchise fees from the regular report made recently. Michael Houghton, who served on the Delaware Economic and Financial Advisory Council (DEFAC) for years, was removed from his appointed position on March 25 via an email. A spokesperson for the Meyer administration confirmed the decision to remove Houghton on the following morning. The spokesperson declined to offer a comment to DBT on the matter. When asked by DBT, Houghton said that he had no communication with the governor’s office on his termination from DEFAC beyond the email he received. “I know that I serve at the pleasure of the governor and he has to be displeased with me or he would not have removed me,” he said. The decision to remove Houghton came a week after the March DEFAC meeting during which the

board approved raising Delaware’s spending limit to a slim $34 million. During that meeting, Houghton raised questions about the state’s projections was no change in the franchise tax – one of the state’s largest revenue sources. Houghton told DBT later that he thought there was more detailed information available on the franchise tax after Meyer’s previous comments on the rise of total new

entities created. At the beginning of the year, Meyer had included a significant increase in new incorporations for Delaware in two separate speeches, including his annual State of the State Address. In those addresses, Meyer said that in the first 10 months of 2025, nearly 280,000 new entities incorporated in Delaware, a 14% increase in the same period of time the year before. “As I said at DEFAC, I thought that by March, we would have that information. It may not be complete, but it would still be useful and informative. So, I asked whether that information either was available or could be made available, and I asked

Mike Houghton, an attorney who had served on the state's independent economic advisory panel for seven years was dismissed on March 25. | DBT PHOTO BY KATIE TABELING

State analysts raise budget limit by $34M By Katie Tabeling NEW CASTLE — Delaware’s independent panel of analysts added $34 million to the state’s spending limit for the next fiscal year, although state financial experts caution that economic instability is the biggest wild card. Delaware will have to weather more uncertain times ahead, according to state leaders who cited issues like sluggish U.S. job growth, unknown federal policy, the war in Iran now entering its third week which is raising oil prices and the threats of spiking inflation and continuing tariffs. In unusual opening comments before the Delaware Economic and

102 DELAWARE BUSINESS TIMES / APRIL 7, 2026

Financial Advisory Council (DEFAC) March 16 meeting, Chair Alan Levin said that much of these threats were outside the state’s control and that the discussions should be removed from personal biases. “I just want you all to be mindful that we are not here politically. We're not going to raise issues. . . We don't have that power. We are an apolitical group. We are here to really provide advice and to review the numbers and pass them on to the legislature, the governor and the cabinet secretaries,” Levin said. DEFAC is a non-partisan group made up of business and community leaders, along with academics and government professionals. The group meets

throughout the years to set the state’s official revenue estimates. Its activities are closely watched as it is one of the closest realtime indicators to how the First State’s economy is performing. Lawmakers and lobbyists also sit in to its meetings during the legislative session as DEFAC is responsible for setting the spending limit for the governor and lawmakers to work with as they determine how to spend state funds. As it stands, Delaware’s appropriation limit for Fiscal year 2027 is now set at $7.13 billion, a modest increase from the December projections and includes $334 million in unencumbered cash after expenses, other appropriations and budget reserves. Delaware still sees its expenses outweigh its revenue at $7.49 billion for FY 27, though it is slightly down from the December estimates,

that an update be provided to the council in April,” Houghton told DBT. Senate Pro Tempore Dave Sokola sharply criticized Houghton’s removal from DEFAC in a prepared statement, claiming that it undermined the council’s role to work without political interference. He was hopeful that “cooler heads can prevail” and that Houghton could be reinstated to DEFAC.

What is DEFAC?

DEFAC is a highly influential body which includes council members from both the public and private sectors of Delaware’s economy. It is the official entity charged with reviewing revenue and expenditure forecasts that form the foundation of Delaware's state budget five times a year. The body was established in 1977 via Gov. Pete du Pont’s executive order as a non-partisan tool to improve the state’s fiscal management practices. At these meetings, the state’s Finance Department provides macro and micro economic trends, tax policy and future projections to the council. In turn, the council takes this analysis into consideration while offering opinions on financial conditions and ultimately voting on recommendations for adjustments to the state’s projected revenues and expenses, as well as the Transportation Trust Fund. showing signs of slowing down. The March report forecast that expenses are reduced $1.9 million from the previous predictions in December. Much of that change was driven by a small reduction in Medicaid costs. Now the projected costs down $17 million from FY 26 and now down $18.2 million for FY 27 compared to the December report. Private insurers - who the state contracts with to administer the program- have recently finalized their negotiated rates. Another factor in the reduction in Medicaid expenses was updated modeling on the provider tax, as well as the drop in people eligible for Medicaid. The state’s precarious economic outlook was also fueled by little gains in key revenue sources in personal income tax, lottery, public utility tax and flat franchise tax for FY 27.

GOVERNMENT

NCC proposes tax hike to address $42M deficit By Katie Tabeling NEW CASTLE — In his annual budget address, New Castle County Executive Marcus Henry proposed a hike to sewer fees, along with a 17% property tax increase, all measures he says would address a structural deficit which would take years to fix. The property tax increase would partially close the county’s $42 million deficit which county officials said was created from years of revenues outpacing expenses and the reliance of the millions from federal funds. Henry has proposed a Fiscal Year 2027 operating budget of $387.6 million and a capital budget of $75.7 million. The operating budget is 4.4% increase year-over-year from the current spending plan while the capital budget is a 10% decrease from this current year.

His proposal also includes a 5% sewer fee increase, the first since 2019. Unlike the county’s budget, the sewer is self-sustaining, but the county reported its debt service is on the rise. In an interview with the Delaware Business Times, Henry framed the property tax increase as the minimum needed to address the financial shortfall. Without drawing down the reserves, the county would have to seek a 30% property tax hike. Henry’s budget also uses $18.4 million from its reserves to balance the budget, essentially cutting it in half and demonstrating the precarious point the county’s finances are in. “It’s just not fiscally responsible to deplete your reserves, especially with our size of government. The point is, we’re trying to cure this structural deficit. It will take years, but that

New Castle County Executive Marcus Henry, seen here at an event in the fall, said that the county is facing a "structural deficit." | DBT PHOTO BY KATIE TABELING

was the necessity of the tax increase to balance it out,” Henry said. The proposed tax increase would draw in $23 million for the county. For homeowners, it translates to a $102 per year increase on a home valued at $378,100. “I'm only taking truly what we need to balance the budget and to stabilize us moving forward,” the county executive said. How the deficit was created

When DBT asked Henry if he thought he’d be in the position of addressing a $42 million deficit in his second year in office, he quickly had an answer. “Hell no,” he said. “But I have a lot of experience, I have a great team in front of me and we will get through this. It’s a much bigger challenge than I expected. Now that I’m here, I’m going to do the work to fix it.”

APRIL 7, 2026 / DELAWARE BUSINESS TIMES 11

XSPECIAL SECTION: COMMERCIAL REAL ESTATE

TRADING OFFICE DESKS FOR APARTMENTS ON RODNEY SQUARE By Katie Tabeling WILMINGTON — For two years, the former MBNA headquarters looming large over Rodney Square seemed poised for a comeback when Incyte Corporation pledged to make its headquarters and bring hundreds of high-paying jobs to downtown Wilmington. The biopharma company started renovation work in 2025 with the promise to state officials to bring at least 400 employees, but ideally as many as 800. But that vision shifted when Buccini Pollin Group announced it would buy the buildings from Incyte earlier this year and turn them into another mixed-use conversion site that the developers are famous for. Incyte would lease two floors of Bracebridge I for offices, built by BPG, while most of the space would be used for retail and recreation as well as 202 apartments. Incyte could have up to 200 employees in the building for work, or about one half of the jobs previously promised to government officials in incentive applications. It may be one of the most daunting projects BPG will take on to date. Both Bracebridge I and III, two buildings of a sprawling complex built for MBNA, were put on the

market in 2017, but the buildings have a longer history. The entire campus was built as part of a ambitious redevelopment plan for MBNA CEO Charlie Cawley when the company moved the fast-growing credit card company from the Newark suburbs to Wilmington. At its peak, company had 10,000 people in the state, with many of them reporting to work in the 1 million square-foot campus. But after MBNA merged with Bank of America, the workforce downsized in Wilmington. Bracebridge IV was donated to the Longwood Foundation to serve as a education hub, and Bank of America eventually moved its staff into Bracebridge II until last year. That left half a million square feet between Bracebridge I and III listed for sale since 2018, until Incyte bought it for $48.7 million in 2024. “We specialize in buying white elephants,” joked Rob Buccini, co-founder of BPG. He told the Delaware Business Times that he might be more energized by the challenges instead. “It’s hometown pride. In our business, there’s thin margins and we do live with the fear of making a design or construction mistake, especially when you do this stuff on spec. Other than Incyte, we turn 202 units and you have to

122 DELAWARE BUSINESS TIMES / APRIL 7, 2026

Bracebridge I, seen here in 2024 and in 2026, is in a prime spot in downtown Wilmington. But it also is too large for one company these days. | DBT PHOTOS BY KATIE TABELING

assume there’s no other guarantees with tenants,” Buccini said.

Present plans BPG built their success on office-to-apartment conversions, particularly in their hometown of Wilmington. When DuPont downsized its office space from three buildings in 1999, BPG saw an opportunity and leveraged historic tax credits to buy the properties and leverage capital to renovate them. BPG successfully added apartments to Dupont’s former offices in the Nemours Building and the Dupont Building. In fact, BPG has been adding more units to the Nemours building as part of a $230 million redevelopment plan, repurposing more offices to make more units. It’s a playbook BPG has followed throughout the years, and one planned to be in full play with Bracebridge I. Incyte had already spent an undisclosed amount of money on renovations, including ripping off the facade of the upper floors of Bracebridge I. That created an opportunity to open a landscaped terrace on the fifth floor, overlooking Rodney Square, at little cost to the BPG. Reducing the floor space is

also a strategic choice, as it also reduces the floor plate to make the layouts easier for apartments. Bracebridge I spans 372,000 square feet while Bracebridge III spans 145,000 square feet with a combined 1,277 underground parking spots between the two. Buccini estimated it would be a $100 million project to convert the Bracebridge buildings. The deal to buy both buildings closed on March 13, but terms of the deal were not made publicly available. The ground floor of the Bracebridge buildings will follow another BPG strategy: highly-amenitized spaces to draw people in to stay and spend longer. This time, BPG plans on possibly including a pickleball court, basketball court, a lounge, high-tech golf simulator and a coffee shop. Buccini said this project is different, not just because of the symbolic nature of taking the former MBNA buildings and repurposing them into apartments. He said he’s taking a long view and trying to venture into making a neighborhood out of what he called a row of offices. “I think it’s more about how we can improve that building, that corner of the city, which has basically been a huge office park within a city. We

SECTION: COMMERCIAL REAL ESTATE X XSPECIAL feel very comfortable we can make it a neighborhood and even connect it to the east side. There’s a lot of stuff I believe we can do together,” he said.

Office life of the past? Bracebridge I and III has been of tremendous interest to Wilmington and state officials from an economic development standpoint, mainly because the two buildings represent more than 500,000 square feet of vacant office space. After Bank of America sold it in 2018 to Capital Commercial Investments, it sat vacant for years, dragging the city’s vacancy rate up, eventually hitting as high as 31.3% in 2023. “Incyte was a blessing and it’s disappointing to see [it not work out]. They were going to put a lot of money in that building and it was really exciting for the city,” said Dan Reeder of CBRE. He was one of the brokers who marketed Bracebridge I and III for years before it was sold in 2024. He said Bracebridge I and III was a complex project to sell, adding that it had “great bones.” Potential buyers were intrigued by its history, but the size of it made it difficult to find a buyer and one with enough financial backing to handle the operating expenses and taxes to maintain the buildings. Some of the marketing for Bracebridge I and III was targeted at companies that needed at least 100,000 square feet to anchor the

building, like regional offices for a large company. But, in reality, those companies don’t exist as often as they used to in Delaware since MBNA opened for business in the 1980s. “Over my era of commercial real estate, when I first came down to Delaware, banks flocked here and had back office operations here. But with the consolidation, you have a few big ones left,” Reeder said, referring to Chase, Capital One, Barclays, WSFS and M&T Bank. Then came COVID-19 and companies started to down-size and rethink how their staff works. Developers like BPG started to buy and build more apartment complexes, which drew thousands of new residents to Wilmington. But it adds little to the city’s wage and head tax, Wilmington’s major source of revenue. It wasn’t just Wilmington that felt the hurt from remote work. Social distancing caused companies across the United States to downsize to smaller spaces or go remote entirely instead of expanding. But Wilmington may have been more vulnerable than other cities after decades of banking and credit company consolidation left many of its skyscrapers half-empty. For city officials, that problem more apparent than ever when Incyte bought Bracebridge I and III. Overnight, the office vacancy lifted from 27% to

18.5%, according to reports. “That kind of proved our point and it’s what we’ve been saying for years,” Wilmington Economic Development Director Sean Park told DBT. “We really wanted Incyte downtown, especially in Bracebridge because, when they were empty, our vacancy rates skyrocketed. It really had an outsized impact on the market.” If Incyte fully realized its new headquarters, Wilmington officials believe it may have positioned the city as a serious contender for other life science companies in the greater Philadelphia region. In the immediate future, Wilmington would have also seen $2.3 million in one-time tax revenues from what was a $189 million project. Park said that conversations with Incyte indicated at least 400 jobs to the city, which would have generated $1 million per year in wage and head tax. Incyte’s new promise of 200 employees is still a win in Park’s mind and more apartments also brings new people to live in the off-work hours and shop local businesses. It is more difficult to track the economic impact of more residents than employees, though. “What we're losing is that that number of employees being downtown, that we can tie to wage tax revenues and what we get instead with residents. It’s harder to get that data,” Park said.

The Buccini Pollin Group has announced plans to turn Bracebridge I into 202 apartments, while leasing out two floors to Incyte. Other plans are at play, including indoor athletic courts and a cafe.| DBT PHOTO COURTESY OF BPG

Widener Law School In Discussions For Bracebridge II WILMINGTON — With new plans taking shape for Bracebridge I and III for apartments, there’s still the outstanding question of what remains of Bracebridge II. Two years ago, the Longwood Foundation unveiled an ambitious plan to transform the building into a $60 million higher education complex with the support of public and private funds, as well as grants. Right now, the 240,000 square-foot building is owned by Bank of America, even after the company moved its employees to two locations in Christiana and Pike Creek last year. The center – to be named the Bridge –would be anchored by Widener Delaware Law School and include Delaware State University nursing programs, as well as University of Delaware’s Associate of Arts programs and other nonprofits. While some public funds have been granted for the project, it remains to be seen whether the other funding sources have been secured at this time. Widener Law School is still committed to the vision, going as far as listing its existing campus on U.S. Route 202 for sale earlier this year. The final details have yet to be set, but Widener Law School Dean Todd Clark told the Delaware Business Times that he was in final talks on moving into the city “adjacent” to the 200 apartments Buccini Pollin Group has planned for Bracebridge I. “Things are progressing in the right direction and we’re proceeding as if we will be able to make the transition into that building between the academic year of fall 2027 and 2028. It’s contingent upon approvals, architectural plans and design, things that are outside of our control,” Clark said.

APRIL 7, 2026 / DELAWARE BUSINESS TIMES 13

XSPECIAL SECTION: COMMERCIAL REAL ESTATE

Wilmington’s tallest building has new owner By Katie Tabeling WILMINGTON — The tallest skyscraper in Wilmington has quietly changed hands after past debt restructuring failed and the owner opted to foreclose on the property. A commercial mortgage-backed securitization (CMBS) trust now owns 1201 N. Market St., a 23-story high rise in Wilmington’s central business district. The trust bought the building back at a New Castle County Sheriff Sale in October. The 447,439-square-foot building sold for $32 million – slashing its value by 62% after it was bought by Johnson Commercial Real Estate for $85.5 million about a decade earlier. The deed was recorded by New County officials on March 6. Representatives for Johnson Commercial Real Estate declined to comment to the Delaware Business Times. It used to have its offices in 1201 N. Market Street, but has since relocated to its other asset: 1313 N. Market St. The building has tenants including accounting and financial firm The Siegfried Group, Morris Nichol Arsht & Tunnel and at least seven law

firms, and a data center managed by DaSTOR, among others. Johnson Commercial Real Estate, which was previously known as McConnell Johnson Real Estate, first bought 1201 N. Market Street in 2014 with a 10-year loan for $85.5 million, according to court documents. Starwood Property Mortgage, an affiliate of the Starwood Capital Group, was the loan originator. The loan was underwritten with an 85% occupancy rate assumption. A notice of maturity default was issued on Nov. 22, 2024, at which time the loan balance was $74.99 million. At that time, it was reported that the CMBS loan was transferred for special servicing to LNP Partners. Servicer notes show that the occupancy rate dipped to 73% in December 2024, according to CMBS reports. In commercial mortgage-backed securities, special services are entities that are responsible for administering the loan and collecting the monthly payments. When the situation calls for, these services may also work with the borrowers to modify the loan terms or grant forbearance or

Grotto Pizza gets new Avenue North spot By Katie Tabeling FAIRFAX — Grotto Pizza will be relocating its Route 202 location to Avenue North, building a new restaurant on the mixed-use development. Grotto Pizza will build a 5,300 square-foot new restaurant in the 83-acre campus that used to be the former site of AstraZeneca’s U.S. headquarters. For 20 years, Grotto Pizza has held space in the Fairfax Shopping Center but it is now turning to new construction to build a “more modern feel.” The restaurant will be built next door to another Delaware local chain: Brew Ha Ha! Grotto Pizza is expected to open in summer 2027. President and CEO Jeff Gosnear

142 DELAWARE BUSINESS TIMES / APRIL 7, 2026

said in a prepared statement that “after much deliberation,” it was better to build from the ground up than to retrofit its existing location. “We began looking for sites close to our current location and Avenue North was our first choice. This project is bringing new energy and excitement to North Wilmington. Once we were introduced to the developer’s vision and saw much of the completed project, we knew we wanted to be part of this renaissance and that this was the place for us,” Gosnear said. The deal was brokered by Dan Wham and Dann Gladnick of DSM Commercial, the firm on record for retail space at Avenue North. Avenue North developer Delle

The Mill to open in Seaford at Nylon Capital By Jennifer Antonik

1201 N. Market St. went through some turblent times, resulting in being sold in a sheriff's sale last October. The winning bid was for $32 million. | DBT PHOTO BY KATIE TABELING

start foreclosure proceedings. In the case of 1201 N. Market, Johnson Commercial Real Estate partner Scott Johnson told the Philadelphia Business Journal last year that his firm was “working with the lender on possible solutions,” including restructuring or refinancing the debt as of May. Wilmington’s towering offices have had a disjointed recovery since the COVID-19 pandemic sparked hybrid and work-fromhome trends. Newmark reported that the city’s vacancy rate was 17.7% at the end of 2025. Donne & Associates completed its 1-million square-foot glass office tower on the campus last year and has seen high demand for space and quickly leased offices to law firms and other companies. The glass tower is 200 feet tall, but with the elevation boost, it towers above the tallest building in Wilmington. But the tower is just one component of the redevelopment. Delle Donne & Associates plans to include 360 new apartments with miles of biking and walking trails as well as a boulevard of retail, restaurant and other commercial spaces. The entire complex is a $1 billion investment, according to Delle Donne & Associates. Gladnick told the Delaware Business Times that DSM is targeting “pretty exclusive brands” to relocate or expand into Delaware when the company is marketing Avenue North, be it national, regional or even local.

SEAFORD — After years of vacancy and deterioration, the Nylon Capital Shopping Center is nearing a new chapter as several entities prepare to occupy structures like coworking space and small business hub The Mill. Wilmington-based 9th Street Development Company is wrapping up the conversion of a former grocery store on the site as part of its broader Nylon Capital Center redevelopment with visions of it becoming The Mill, a modern, membershipbased workspace that currently has two thriving locations in New Castle County. A grand opening is expected in the coming months. The project is part of a multibuilding campus that will also house Delaware Technical Community College, TidalHealth, BrightBloom Centers, Community Bank, Vanderwende’s Ice Cream and future retail opportunities. “This place was so outdated — there were literally bats in here,” Rob Herrera of 9th Street Development and founder of The Mill told the Delaware Business Times during a recent site tour. “Now the infrastructure is best-in-class. We’ve completely transformed it.” The Mill in Seaford will mirror the company’s existing locations, offering flexible workspace memberships, private offices and shared amenities aimed at entrepreneurs, remote workers and small businesses. Memberships are expected to start around $65 per month for access to common workspace, with other options for dedicated desks or private officers priced around $250 per month or more.

XSPECIAL SECTION: COMMERCIAL REAL ESTATE

Zip Code Wilmington signs new office lease By Katie Tabeling WILMINGTON — While the Buccini Pollin Group builds out apartments in the former Nemours Building, one of its longtime tenants didn’t have to go very far when searching for new space. Coding boot camp Zip Code Wilmington has landed four floors down in the same building, giving it a rare street-level office in the city’s central business district. The 4,000 square foot office space has large windows facing Orange Street, giving passersby a glimpse of coders and software developers. Those windows fulfill a longterm goal of Zip Code Wilmington Executive Director Desa Burton: making the idea of tech work accessible to the everyday Delawarean. “It actually came from an idea from Kris Younger [Zip Code’s education director] at one of our staff retreats.

He said, ‘I wish we could code in public,’” Burton said. “When I was going to job fairs, people didn’t know what software developers did. They didn’t understand it. What Kris was talking about was if there was a way to bring what we do to them.” Allowing people to catch a glimpse of Zip Code’s work also taps into the nonprofit’s core mission of offering accessible workforce training. Launched in 2015, Zip Code offers low-cost training in an accelerated 12week program, with tuition costing $18,000 though scholarships are available. About 40% of its students are nonwhite and many come from jobs in retail, restaurants and other hospitality industries. In the decade since, it’s expanded through credit agreements with Goldey-Beacom College, but Burton said it’s still true to its mission – and believes that its new office is a

physical representation of that. “Coding in public means anyone can walk by here and see themselves. They can see themselves getting the training, getting that job. We want more people to do it, not less. It doesn’t take a certain person to be able to do it. If you look in here, you’ll be able to see it’s ordinary people,” she said. Zip Code Wilmington used to have space in the Mill at Market West, a coworking location that offers an open-air office and memberships

“Coding in public means anyone can walk by here and see themselves. They can see themselves getting the training, getting that job... If you look in here, you’ll be able to see it’s ordinary people.” DESA BURTON

Executive Director, Zip Code Wilmington

for workers looking to drop by, as well as some short-term leases. But when BPG embarked on adding more apartments to Market West on the fifth floor of the building, plumbing needed to be installed directly in Zip Code’s office. The new Zip Code office has an open floor plan, with long tables lined with computer monitors for students and some white boards off to the side. The idea is to give cohort members and instructors the ability to stand up, see someone’s work and easily talk about it, fostering more collaboration. There are few offices, fitting because Zip Code Wilmington has nine full-time staff members, and many keep hybrid schedules with set hours. For example, career services often come in twice a week to help coordinate “meet the expert” sessions, which bring professionals to talk with the cohort. Zip Code signed a five-year lease, and there’s an option to expand a little more than 2,000 square feet down the line. Burton said it’s “rightsizing” the nonprofit as it heads into the future.

APRIL 7, 2026 / DELAWARE BUSINESS TIMES 15

RESIDENTIAL REAL ESTATE

N.J. Developer acquires third apartment complex By Katie Tabeling NEW CASTLE — A New Jersey developer and property management group acquired a 220-unit apartment complex steps away from historic New Castle at the end of last year, and the group plans to hold it for the long term. The Michaels Organization, an apartment building developer and operator headquartered in Camden, N.J. bought the Helm and Deemer’s Landing Apartments in midDecember for $56.3 million, according to county land records. The deal breaks down to $255,909 per unit. The complex, which is split into two separate properties off Washington Street, has 1-, 2-, and 3-bedroom apartments averaging around 1,150 square feet in size. It also has a pool on site and an on-site storage facility. The complex is 94% occupied, according to the company. The plan is that the Michaels Organization will invest $2 million in capital expenditures for the roof, HVAC, unit interior upgrades as well as other amenities, said Chief Operating Officer Matt Sullivan. “We’re opportunists. I personally love to hold real estate as long as

possible, but if the right offer comes along and we have another use for the capital, we would sell. But mostly speaking, especially with affordable assets, we hold those. It will depend on market conditions,” he told the Delaware Business Times. The Michaels Organization bills itself as the largest privately-held owner of affordable housing and has 80,000 units across 39 states and the U.S. Virgin Islands. Breaking that down is 50,000 affordable housing units and 20,000 military housing units and 10,000 in student and

The Helm and Deemer’s Landing Apartments in New Castle were bought for $56.3 million, according to county land records. The deal breaks down to $255,909 per unit. | DBT PHOTO BY KATIE TABELING

Local developer takes on Kennett Square project By Katie Tabeling KENNETT SQUARE, Pa. — Wilmington developer 9th Street Development is now entering the southern Pennsylvania market with the acquisition of two buildings in downtown Kennett Square. The company recently announced that it will acquire 128 E. State St. and 101 E. State St. in April 2026. The firm, well known for its conversion projects of smaller retail spaces throughout Wilmington, will convert 128 E. State St. to 60 apartments with ground-floor retail. Rob Herrera, president of 9th Street Development, described the project as the “next evolution” for the company.

market-rate housing. Helm and Deemer’s Landing Apartments was attractive to the organization because of its close proximity to Wilmington and a 45-minute drive to Philadelphia all while keeping the charm of Historic New Castle. But the company doesn’t just hold and manage housing units, it also develops them with financial institutions through the federal LowIncome Housing Tax Credits. In 2014, the Michaels Corporation finished building Jazz Court Apartments on Wilmington’s East Side with partnership of Bank of America. Fast forward to today, the firm’s current construction projects are in both Tampa and Orlando, Fla. “With our capital partner, we’re

“We’re an entrepreneurial company, and we’re always looking for the next kind of opportunity. We like to have a vibrant commercial corridor, and it’s been the focus of everything we’ve done,” Herrera told the Delaware Business Times. “These two beautiful buildings are in the heart of Kennett, and they’re really central to the community.” Both buildings were built to be the headquarters for Genesis Healthcare, a short-term rehabilitation and elder care provider which filed for bankruptcy in 2025. Genesis will lease back 5,000 square feet in 101 E. State St. The development company will then have the rest of the space open to develop several suites between 2,500 square feet to 25,000 square feet in size.

162 DELAWARE BUSINESS TIMES / APRIL 7, 2026

“Otherwise, it’s a blank slate,” Herrera said. The project will be rebranded “the Walker” in honor of Genesis co-founder Michael Walker who has close ties to Kennett Square. The entire project, including acquisition, should cost up to $40 million, according to Herrera. JLL brokers Blaise Fletcher and Jamie Vari will represent 9th Street Development in leasing and

BY THE NUMBERS

60 apartments in 128 E. State Street

25,000 sqft. Retail suites

marketing the properties. Fletcher said that 101 E. State St. presented unique opportunities as large and mid-size companies are

able to restrict 51% of the units to 80% area medium income levels [Helm and Deemer’s Landing Apartments]. As long as we’re here, that’s affordability preserved at this property,” Sullivan said. The Michaels Organization declined to name its financial partner for this deal. Much of the conversation in residential real estate in Delaware has turned to unexpectedly sharp increases in the valuation for apartment complexes, while commercial properties did see a significant cut to their valuation. Last year, a coalition of apartment and hotel industries sued the state over a temporary split school tax rate which caused astronomical increases in multi-residential properties’ tax bills. Sullivan did acknowledge it was a “big surprise” when the reassessment happened and the bills came in for both Jazz Court Apartments and its other Wilmington asset Lincoln Towers. But it was less of a concern for new acquisitions in his opinion. “You can forecast what that number will be for the property tax obligation. It’s a larger concern for properties that you may have owned for 10, 20, 30 years that had been assessed at one level and overnight it’s assessed at a higher level. It’s just a cost that we underwrite for and part of the deal,” he said. continuing a “flight to quality” or seeking newer Class A buildings with amenities. Notably, he said that Genesis built specific to their needs and aesthetics, providing a unique look and added features. “There’s a beautiful, brick facade and the interior lobbies are beautiful. It’s extremely walkable and you have every amenity you could possibly think of outside your front door,” he said. “There’s a parking garage attached to the building, and that can be hard to find. It checks a lot of boxes." 9th Street Development will add a fitness center and upgrade the boardroom, along with other amenities. Both buildings are reportedly in good condition as much of the use was office space or internal data centers. “I’m not trying to say my job is too easy, but right now in the postcorporate world, it’s the kind of property that we’re able to lease up,” he added.

RESIDENTIAL REAL ESTATE

Jumpstart Sussex to fill affordable housing gap By Maddy Lauria Contributing Writer Aspiring developers don’t always have to go big or go home. At least that was part of the message shared with the first cohort of wouldbe Delaware developers involved in the new Jumpstart Sussex initiative launched last year. “Every single house we develop or renovate and are able to keep affordable is a win,” said Lillian Harrison, who has been unhomed herself before. “That’s my hope and my goal: is that we educate to create a pipeline of community developers of affordable housing.” Jumpstart Sussex is modeled after similar successful programs, the first of which started in Philadelphia, explained Harrison, the Jumpstart Sussex program manager. The

training program also received $10,000 in support from WSFS Bank’s WSFS CARES Foundation, supported in large part by her own organization, Elevated Community Development Corporation (Elevated CDC), a nonprofit that provides reentry, housing and other related services. Jumpstart Sussex launched last fall with 15 participants who spent eight weeks learning about every element of development, from permitting and zoning to financing, buying real estate and hiring contractors. The program included presentations by a variety of experts, including those in the legal industry to those who have been in the downstate development game for years, like Preston Schell of Ocean Atlantic Companies. “There is a severe shortage of affordable and workforce housing in Sussex,” he said, adding that he

New Castle County Chamber of Commerce

Annual Dinner

sees the new niche developers as important to meeting that need. “Even if three or four of them are out there doing things now and the information we provided them helped, then it was a success.”

Luby’s WHPEI aims to combine small-scale development projects with other real estate services, like assistance buying, selling, or building on properties for both residential and business customers. “We’re connecting the dots,” he said, adding that he and his business partner literally wrote a workforce housing guide that can help people identify financial supports for projects like renovating apartments. “While we are a developer, we found this missing niche that will also contribute to solving the housing crisis.” For Maryland resident Warren Munroe and his partner David Rohrbaugh, a focus on the older LGBTQ+ community has inspired their hope to someday develop a property in Harbeson into a respite for retirees. They participated in Jumpstart as a way to brainstorm options for their project. Harrison said the next Jumpstart Sussex cohort is being planned for fall 2026. For more information or to sponsor the program, contact Harrison at info@jsscde.org.

“Every single house we develop or renovate and are able to keep affordable is a win.” LILLIAN HARRISON

Program Manager, Jumpstart Sussex

For Toro Luby, one of Jumpstart Sussex’s first participants and the co-founder of Workforce Housing Private Enterprise Inc. (WHPEI), pursuing development projects that meet community needs for affordable housing has become a professional passion. He said the Jumpstart Sussex program was worth far more than the thousands he had spent on other professional trainings.

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AT THE TOP

Ranked by Del. Employees

RANK

COMPANY

CONTACT

DEL. EMPLOYEES

SENIOR EXECUTIVE(S)

FOUNDED

Buccini Pollin Group 200 W. Eleventh St. Wilmington, Del. 19801

(302) 691-2100 bpgroup.net

1,285

Christopher Buccini Robert Buccini David Pollin (Founders)

1993

Jack Lingo Realtor 246 Rehoboth Ave. Rehoboth Beach, Del. 19971

(302) 227-3883 jacklingo.com

140

Bill Lingo (President)

1974

CHRISTOPHER F. BUCCINI

ROBERT E. BUCCINI

CBRE 3711 Kennett Pike, Suite 210 Wilmington, Del. 19801

(302) 661-6700 cbre.com

Bob Sulentic (Chair & CEO)

1989

Pettinaro Construction 234 North James St. Newport, Del. 19804

(302) 999-0708 pettinaro.com

Gregory Pettinaro (CEO)

1965

Emory Hill & Company 10 Corporate Circle, Suite 100 New Castle, Del. 19720

(302) 322-9500 naiemoryhill.com

DAVID B. POLLIN Founders Buccini Pollin Group Since 1993

Carmen J. Facciolo (President)

1981

740

Harvey Hanna & Associates 405 E. Marsh Lane, Suite 1 Newport, Del. 19804

(302) 323-9300 harveyhanna.com

E. Thomas Harvey, III (Chairman & CEO) John C. Fannin, III (President)

1997

Meyer & Meyer Realty 2706 Kirkwood Highway Wilmington, Del. 19805

(302) 994-9600 meyer2realty.com

Peter Meyer (President)

1996

Carl M. Freeman Companies 21 Village Green Drive, Suite 200 Ocean View, Del. 19970

(302) 436-3000 freemancompanies.com

Michelle Freeman (President & CEO)

1947

R & R Commercial Realty 46 S. State St. Dover, Del. 19901

(302) 674-3400 randrcommercialrealty.com

Charlie Rodriguez (Broker & Owner)

1996

Lang Development Group 100 Dean Drive Newark, Del. 19711

(302) 731-1340 langdevelopmentgroup.com

Jeff Lang (President & Owner)

1999

Cornell Property Management Corp. 14 Rockford Crossing Dover, Del. 19901

(302) 674-1460 cornellpmc.com

Brett Smith (CEO)

Real estate agents in 2024 in Delaware, per Delaware Department of Labor (DDOL).

$62,192

Mean annual salary for real estate agents in 2024 in Delaware, per DDOL.

Our upcoming lists include: Auto Dealers (4/21)

LMT Commercial Realty 1117 N. Franklin St., Suite A Wilmington, Del. 19806

(302) 414-1000 lmtcre.com

Chris Moore (Broker of Record) Joseph Latina (Managing Principal)

2022

Source: Information for Delaware Business Times' lists are either generated through public sources or supplied by individual organizations through questionnaires. We assume that information provided by company representatives is accurate and truthful.

182 DELAWARE BUSINESS TIMES / APRIL 7, 2026

Family-Owned Businesses (5/5) Largest Hotels (5/19) Pharma & Bioscience Companies (6/2) If your organization should be on one or more of these lists email swade@delawarebusinesstimes.com

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For more coverage of these stories, visit DelawareBusinessTimes.com

YMCA of Delaware CEO Jarrett Royster kicked off the opening of the Wellness Exchange at the Central YMCA in downtown Wilmington. | PHOTO COURTESY OF YMCA

YMCA of Delaware opens first-ofits-kind health hub in Wilmington

The YMCA of Delaware has launched a new community hub designed to connect Delaware residents with health education and resources to help address chronic conditions and improve quality of life, all without having to navigate the health care system alone. Inside the YMCA on 11th Street, also known as YMCA Central, people can walk in and get access to wellness programs, education, referrals and peer support for their health journey. “People are tired of calling and listening to music to get a hold of someone, and in some cases, they may be talking to someone not even in their area. Face-to-face, we’ve found, is preferred for a lot of people.” said Amy Desmond, the executive director of YMCA Community Health.

College students can "earn while they work" through a co-op program run through the University of Delaware's Lerner Business College. | PHOTO COURTESY OF UNSPLASHED/ RUT MITT

UD Lerner Business College co-op program surpasses early goals

The University of Delaware’s Lerner College of Business and Economics first co-op program has about 39 students enrolled, working at 24 companies in the First State, demonstrating solid growth for a new “earn-as-you-learn” program. That’s blown past the Delaware Workforce Development Board’s initial goal of 25 students. Many more students are actively interviewing for additional positions, so the number could be as high as 50 students by the time summer arrives, according to Brandon White, the coordinator for the UD program. Top sectors represented include banks, financial and professional services like JP Morgan & Chase Co., WSFS, Best Egg and BlackRock Financial Group, the Siegfried Group and CSC. But the list also runs the gamut from IT, developers, nonprofits, tourism and health care.

SEDAC is collecting stories about workforce housing in Sussex County. | PHOTO COURTESY OF JAKUB ZERDZICKI/UNSPLASH

SEDAC launches campaign to gather workforce housing stories across Sussex

The Sussex Economic Development Action Committee (SEDAC) is launching a countywide campaign to collect stories from people affected by rising housing costs and long commutes in Sussex County. Through a new website, SussexWorkforceHousing.com, the group is inviting residents to share their experiences with housing affordability and availability. SEDAC Chair Scott Thomas told the Delaware Business Times that the initiative is meant to collect stories of lived experiences, combined with existing housing data, to help illustrate how workforce housing shortages affect the local economy. While the campaign focuses on Sussex County, State Housing Authority Director Matt Heckles recently called out the issue statewide as Governor Matt Meyer signed an executive order to hasten the permitting process for construction projects in Delaware.

Tuesday, April 28, 2026 9:00 AM - 3:30 PM

Bally's Dover Casino Resort 1131 North DuPont Highway, Dover

Leadership Delaware founders Sandy and Terry Strine will receive the 2026 Pete du Pont Freedom Award. | PHOTO COURTESY OF THE PETE DU PONT FREEDOM FOUNDATION

Leadership Delaware founders Terry, Sandy Strine to receive du Pont Freedom Award

@Delaware-Business-Times @DelawareBusinessTimes @DeBusinessTimes

Terry and Sandy Strine, co-founders of Leadership Delaware, will be honored with the 2026 Pete du Pont Freedom Award, recognizing their role in building one of the state’s most influential leadership development networks. Sandy Strine has been deeply engaged in civic and community initiatives, with a focus on strengthening nonprofit organizations and leadership development efforts across the state. Terry Strine is a longtime Delaware business leader and attorney who has held executive roles in financial services and corporate sectors alike, including leadership positions with Wilmington Trust. He also played roles in Delaware’s political sphere. APRIL 7, 2026 / DELAWARE BUSINESS TIMES 19

BUSINESS LEADS

LOOKING FOR THINGS TO DO?

REAL ESTATE TRANSACTIONS Source: Local Recorders of Deeds

NEW CASTLE CO. Incyte Real Estate Holdings II to 1100 N French Partners; 1100 N French St., Wilmington 19801 Incyte Real Estate Holdings I to 1100 N King Partners; 1100 N King St., Wilmington 19801 Empire Delaware to Chasemontcap; 54 Cheswold Blvd., Newark 19713; $10,150,000

Plan Your Day Out at DelawareBusinessTimes.com/Calendar Share your events on the DBT Calendar: DelawareBusinessTimes.com/Submit/Event

CitiMortgage, Inc. seeks Operational Risk Officer for Wilmington, DE, to create lasting solutions for minimizing failed internal processes, inadequate controls & emerging risks. Telecommuting/hybrid work schedule permitted w/i commutable distance from worksite in accordance w/ Citi policies & protocols. REQ’MTS: Bachelor’s or foreign equiv, in Data Analytics, CS, Info Sys’s, Info Sys’s Eng’g, IT, or rel field & 6 yrs’ exp in job offered or rel IT occupation assessing & resolving risk rel issues. 6 yrs’ exp must incl: Working w/ SAS & SQL coding to generate reports; analyzing extracted data & dvlpg analytical reports using SAS. 40 hrs/wk. Sal range: $144,414$144,414/yr. Citi offerings may incl discretionary incentive & retention awards for elig employees. Citi also offers competitive bnfts. See citibenefits.com. Applicants submit resumes at https:// jobs.citi.com/. Ref Job ID #26937273. EOE.

Citibank, N.A. seeks Apps Dvlpmt Tech Lead Analyst in Wilmington, DE, to ensure appropriate integration of functions to meet goals. Identify & define nec system enhancements to deploy new products & process improvements. Resolve high impact problems/projects thru in-depth evaluation of complex bus. processes, system processes, & industry standards. Telecommut’ng/ hybrid work sched may be permitted w/in commutable distance from worksite in accordance w/ Citi policies & protocols. Reqs: Bach, or foreign equiv, in Computer Eng’g, CS, Info Science, Tech, or rel field, & 6 yrs exp in job offered or rel IT occupation performing apps devpt. 6 yrs exp must incl: Designing systems using Waterfall & Agile methodologies; Dvlpg single web page apps & webpages using SharePoint Javascript client object model, REST API, jQuery UI, Bootstrap V5 & Appian; 40 hrs./wk. Sal range: $153,358 - $153,358/yr. Citi offerings may incl discretionary incentive & retention awards for eligible employees. Citi also offers competitive benefits. See citibenefits.com. Applicants submit resumes at https://jobs.citi.com/. Ref Job ID# 26930872. EOE.

202 DELAWARE BUSINESS TIMES / APRIL 7, 2026

Neptune Properties to Linda Ridenour; 939 N Pennsylvania Ave., Bethany Beach 19930; $4,550,000 Debra Maryland to James & Mary Parker; 1535 Savannah Road, Lewes 19958; $3,470,000 James & Rachel O'Hara to Brian Levenson; 11 Chicago St., Dewey Beach 1997; $3,160,000 Geno Vento to Lisa Roberts & David Irwin; 510 Lee St., Rehoboth Beach 19971; $2,900,000

Par 1 to NVR, Inc.; 1063 Shinnecock Drive, Wilmington 19808; $1,435,000

Kimberly & Ryan Clough to John & Ashely Avirett; 16515 New Road, Lewes 19958; $2,800,000

Grant Ave. Holding Co. to Thomas & Beth Crumplar; 1601 Greenhill Ave., Wilmington 19806; $1,395,000

Joseph Reed to Belmead Farm Parcel A Eat; 20033 John J Williams Highway, Lewes 19958; $2,600,000

NVR, Inc. to Parinay Chandorkar & Dipali Jinturkar; 1103 Spyglass Hill Way, Wilmington 19808; $1,016,275

Joseph Reed to Belmead Farm Parcel B; John J Williams Highway, Lewes 19958; $2,595,000

409 Cleveland to RCP VI Properties; 409 E Cleveland Ave., Newark 19711; $825,000

Thomas & Lisa Holmes to Philip & Norrice Topper; 8 Maass Lane, Rehoboth Beach 19971; $2,500,000

NVR, Inc. to Robert Olivieri & Nancy Petit; 1012 Shinnecock Drive, Wilmington 19808; $808,200

Douglas & Kirstin Coutts to 35798 Coastal; 35798 Coastal Highway, Fenwick Island 19944; $2,400,000

Julius & Juanita Bradley to Kwame & Lily Osei; 1225 Caitlin Way, New Castle 19720; $760,000

Andrew & Paige Martin to Jonathan & LIsa Kingery; 120 Read Ave., Dewey Beach 19971; $2,200,000

Peter & Jennifer Atkinson to Varsha Nimbagal & Aravind Sanku; 205 Clydia Court, Middletown 19709; $750,000

Tamarack Land Mitchells Corner to K. Hovnanian at Mitchells Corner; 22355 Langford Lane, Lewes 19958; $2,142,000

Kevin & Tonya Castora to Luis AponteOrtiz; 33 W Kilts Lane, Middletown 19709; $710,000

Joshua & Natalie Hay to Robert & Lisa Ashe; 27152 Briny Bluff Lane, Selbyville 19975; $1,900,000

KENT CO. Pepsi Bottling Ventures to Nanticoke Business Park; 58 Cluckey Drive, Harrington 19952; $3,150,000 PTV 1222 to DG Harty; 2832 Arthursville Road, Hartly 19953; $2,250,960 Forty Nine Estates to Leigh & Nathan Brown; 849 Weatherstone Lane, Felton 19943; $761,793 Beverly Moore to Joseph Gingerich; 401 Lynnbury Woods Road, Dover 19904; $680,000 K. Hovnanivan's Four Seasons at Hatteras Hills to Frank & Heidi McNerney; 393 Buxton Circle, Magnolia 19962; $606,400 Cynthia Baker to Stephanie Yin & Mary Alessi; 554 Lexington Mill Road, Magnolia 19962; $600,000

Scott Humphrey & Philip Manolakos to Robert Jr. & Dawn Masten; 307 Swedes St., Rehoboth Beach 19971; $1,700,000 Newton Properties II to Old Dominion Freight Line; 16644 Emma Jane Lane, Bridgeville 19933; $1,700,000 Jeffrey McCracken to Renee Rash; 52 West Side Drive, Rehoboth Beach 19971; $1,600,000 Capstone Homes to Richard Matthews; 85 Filly Lane, Lewes 19958; $1,519,789 Linda Kurpjuweit to David & Kelly Parr; 36885 Crossrail Way, Lewes 19958; $1,407,500 Kirk & Tammy Kness to Michael & Paige Schumacher; 38319 Canal St., Ocean View 19970; $1,362,500

SUSSEX CO.

William Jr. & Mary Lynch to Scott Goldman & Emily Bernstein; 20459 Blue Point Drive, Rehoboth Beach 19971; $1,350,000

William & Julianne Farmer to John & Ashely Avirett; 12 Rolling Road, Rehoboth Beach 19971; $6,700,000

EVG - County Ventures to Sean & Erica O'Brien; 662 Tingle Ave., Bethany Beach 19930; $1,350,000

Barabara Pillote & Doris Stegeman to Robert & Stephanie Pelt; 99 Maplewood St., Bethany Beach 19930; $5,395,000

Schell Brothers to Surendrakumar & Kalpana Chaturvedi; 21818 Eastbridge Loop, Lewes 19958; $1,288,881

Unless otherwise noted, webinar access

through cross-sector networking,

details (including dial-in information)

and gain insights into the evolving

will be e-mailed to registrants.

workforce development landscape.

Dates and times subject to change.

For more information,

APRIL 16 9:00 AM - 3:00 PM 25th Annual 55+ Expo

visit web.dscc.com/atlas/calendar.

The Central Delaware Chamber of

MAY 6 5:30 PM - 8:30 PM Excellence in Nursing

Commerce will host the 25th Annual

Delaware Today and 302Health

55+ Expo, providing an opportunity for organizations to share their products, services, and information with attendees. The Expo offers a platform to reach potential clients, and double booth spaces are available at discounted rates for those seeking additional visibility. The event will be promoted statewide by The Dover Post to over 300,000 people over the next three months and will include an official program guide. For more information, visit cca.cdcc.net

APRIL 23 8:30 AM - 12:00 PM SBDC Spring Grants & Loans Fair The Spring Grants & Loans Fair, presented by the Delaware Small Business Development Center (SBDC) and Delaware Business Times, features two educational sessions on securing funding and managing capital (tracking and reporting) after you receive it—followed by the opportunity to connect with key lenders and grant organizations to help fuel small

present the 14th Annual Excellence in Nursing Awards and pay tribute to the a difference in our community. This elegant event will recognize the state’s

issue. The awards program includes

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JUNE 18 5:30 PM - 8:00 PM CEO and C-Suite Awards Event The CEO and C-Suite Awards event will recognize outstanding CEOs and C-Suite leaders across Delaware.

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she has steere good d the econo firm throug mic econo h mic periodperiods and horrib focus “The s. le busine years ss intere 2008catast entert 2009 rophic ainme sts in were in all nt enterp sports busine One of and ss,” Freem phases the compa rises. of years housin an recou our later. ny’s most g projec “We nts 15 house Tower ts recen s a year went from Hill comm is the 292-h t selling selling in Count ome 100 zero housea developmen y, winne unity in Susse never t to r of the Gover s. The x sold any nor’s compa 2024 I neede of its Conse Delaw ny had assets “I try d to inspire rvation Award are before the day, to sell assets telling , but . our emplo . At the the busine then to move end the beaut yees ss had comm of forwar unities y of buildin by new oppor d so that to be able is you throug g we could tunitie CARL get to h them Under s.” drive COMP M. FREEM find years people Freem ANIES later AN walkin done and see just that. an’s leader g their golf,” ship, Freem dogs Today it has or playin an said leader , the compa Freem of her g ship. Susse an, scion own “I tell ny x Count back develo them years y office touts a and anoth ped Sea of the compa they can from Beach in Ocean small Colony er ny now look in Bethe that , died compa part of and say, in a helico in Betha 2006. ny has sda, Md. View that.’” ‘I was Freem That grown prope pter crashny a an two childr left her rties to includ The her philan is perha and Virgini in Delaw ps most en and a single mom in develo are, Marylae thropi the new proud compa per a, focusi of c efforts from of nd leader ny’s Since company. ng reside of a $25 million foundations through the ntial develoon everyt manag Decem taking over hing , suppo ement as pmen ber 500 nonpr in donat rting of well-p enviro was strugg 2009 when its CEO in t and ions to nmen ofit organ more the nation Delma tally conce lanned, now known ling with comm than ization rva region a unities rned s in the as “the housing to develo . “We give crisis Great pers with commercial where Reces “One beach prope we live,” portfo sion,” out of -front, rty lios six childr she said. Count and shopp golf course highlighting y goes en in comm ing center Susse to bed story x hungr of the s. Leade unities y. haves so we rs also and the It’s a don’t have-n have charit ots, able giving to look far for our .”

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At rd. , but , the bus the em the end to mo iness commu n the beauty ployees by ve forw of had to ard so nities of bui new opp be abl is you lding that we through e ortuniti CAR get to could them By Roger L M. es.” Under drive CO MP find yea FRE people Morri Contr Byibutin Freem Rog AN IES EM AN Miche walking rs later and done g Write ers Morris and the lle Freeman just tha an’s leaders golf,” see selling their bad as Conhas navig 100 house Freem t. dogs Companies, hip, it the CEO tribu ated the to sellin Today, s a year or ting of Carl an has good a family g play one zero lead said Writer M. Freem the com never in a devel Freem Micof Delaw -owne ing ership of her sold any houses. The Sussex an are’s larges d comp opme comm helle an, scio I neede comp . “I tell nt of its unities. Fre own the any t devel any and County pany touts assets back dev when Some em goo the day, d to sell asset them elop before, had n of housi herd of it an opers years thengcom hasof new and ano projec a husba office and s. At the ed the comm but ts is personal, nav move the business of ofCar nd Joshu the comp from thewas unity pan end of Sea Col Bea in Oce ther in small 292-h badan,as like igated forward hadch, in Sussethe l M.any 2024 now and y can look in to be that devela Freem ome Towe com onyDelaware tha so that an View she has steered the firm Bethany part of Fre xyCount Bethes tuniti able d scion the CEOoppor through fam Beach eman we could die Awar in Bet oped pany focus to in say, ‘I y,twinne r Hill Gover 200 interests ily-oThat , diedbusiness Under es.” good economic periods in 2006. that.’” Sea Colon in sports and da, Md han nor’s find new a heli d. has gro Com and horrible 6. 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County, of Yghofthem years using sfrom res the nation years later. “We wentwith whe leadeer and of the 2024 Delaware rts CEO y’s fou panleade e of Sin from walki - E A in aselling e prope The comp new n100 anoth horrible housi Decem on identia y. rship.g golf,”entertainment her was strug it was Governor’s anyce tak houses a year in a development Senterprises. Conservation and Virgin ng er in $25 mill Freem ofngatheir ndation through the rties in Great ber economic crisis hus to periods. PAY manag dogs Y Reces gling Award.per l develop everything Delaw has growning oveyears Dec now ban ia, focus R O“IL tell them an said of “I try to selling zero houses.fiThe inspire sion,” s, son ion our employees byreside know are, Maryl to rm company em L P R One d from sup her em r had she ing throu ntial Jos al, n in they as ber of own O on every has then the as “the hua of“The years of that.’”its now and C E S S canthe company’s most ment porting donatio never sold any of itshorrib and 500 non gh good telling 200 assets before, well-p developme of wel environ entrecent 2008-2009 CEO in but econo steeredbeauty of building say, ‘I I N G look and were9 whe lanned, was nt struthing from theget to communities I needed to sell assets. le econo ns to was a E X Pback Freem profit l-plann is you mic perio At the end ofmic drive communitie menta mana enviro and housing “The smallE R T Sis n the ggli an is perha more projects perio gement catastrophic organiz the day, the business had years ds and Delma her philan through part ed, 292-home ds. them years now lly con in nmen comthe later and seedevelopers s to comm natps all phases in all to be able 2008-2009 tally conceng than of with ourcomp most ion rva reg muniti ations to move forward so that phase people TA Xwn a any’s with portfoercialkno cerned walking their dogs or playing proud ic eff beach rned s offind houthrop were Tower recou we could Hill F I L as orts throu our busin community -front es to business,” of T prope in the catastroph sing IN I M E rty found nts 15 new opportunities.” lios highli Freeman golf,” Freeman developin Sussex “We give ion. recounts of her own and shopp , golf cours C LO G“th ations ess,” Freemsaid comme years gh the n cris emillio 15 ic DGre , suppo later.leadership. I R E in donationsCounty, is rting Under Freeman’s leadership, ing cente e comm ghting C K S nonpr ers with them they canfocus 162 “We went“I tellan where it has T DRec rcial pro winner look years W O RofiCtat to unitie of the 2024 E P O ess businlater. “One rs. Leade $25 bea “We done just that. DELAWARE went back years from region K organ s S I T more from ess intere we live portfol izatio selling now and say, ‘Ienter BUSINE MICHELLE FREEMAN CARL M. FREEMAN ch-fron Delaware perty 100 rs also from ion,than was atainm out of . ERS’ C SS TIMES Today, the company touts O Governor’s sts in ”4 500Conservation Mns small part of that.’” ios ,” she COMPANIES ent P in the Delma “We give a houses six chil sports t, golf / JUNE One year AC C 0 1 K County W Wout Sussex County office in of the aenter 17, 2025 Award. prisesin a development V Iwher said. rva and sho and P R OV Freeman RUA S I T e we Ocean View course highlighting Wof is perhaps most proud dren to . comp . Psix IDIN LS of A Ychildr goes and another in Bethesda, pping G YO in Sus R “I R en O U live,” her philanthropic efforts toUbed try commu Md. The Wshe most zeroany’s to bed E Sto inspire our employees throughselling W I Thung O L L in houses. By Roger Morris the story - SSusse centers recenThe company sex company has grown to H T Hry. Freeman, scion of the I T “One O L Ux B said. by company’s foundations, the haveinclude t company that hungry of the TCount T had supporting R U S E BIt’s I O Ny E A T . Leader nities Contributing Writer developed Sea Colony properties in Delaware, SER nots,T U SE,SaT story . goes never sold any of its assets for our C Othe in Bethany then $25 million in donations Maryland V of haves . I so weYO telling M beauty of building to more than so we U W C Ethe Beach, died in a helicopter s also and Virginia, focusing on before,charit NCE don’t O N ' T S I haves but and the It’s a crash in Michelle Freeman has everything 500 nonprofit organizations able giving have to 001. don R E G 2 and navigated 2006. That left her a single in the from R residential development communities I needed to sell assets. ’t hav the good and the bad as lookE Tfar mom of .” I T ! is you get Delmarva region. and the CEO charita two children and the new At the end of to drive e to look have-nots, management of well-planned, of Carl M. Freeman Companies, leader of a “We give where we live,” a developer company. ble givi she said. the day, the business had family-owned company environmentally concerned through them years later far for and one of “One out of six children Since taking over as its ng.” to be able and see Delaware’s largest developers in Sussex our CEO in communities to commercial of new property December 2009 when County goes to bed hungry. communities. Some of the nation people walking their dogs It’s ato move forward so developers with portfolios it was personal, that we could find highlighting was struggling with a housing story of the haves and like when her husband or playing crisis the have-nots, beach-front, golf course Joshua now known as “the Great communities so we don’t have to look new opportunities.” Recession,” golf,” Freeman said of and shopping centers. far for our Leaders also her own charitable giving.” Under Freeman’s leadership, leadership. “I tell them it has they can look done just that. back years from now and say, ‘I was a CARL M. FREEMAN Today, the company touts small part of that.’” COMPANIES a Sussex County office in Freeman is perhaps most Ocean View proud of and another in Bethesda, By Roger Morris her philanthropic efforts Md. The selling 100 houses a year through the By Roger Contributing in a development WriteMorris company has grown to housing projects is the 292-home Freeman, to selling zero houses. ofcommunity company’s foundations, The companyscion the company that Tower Hill include had Michelle Freeman has navigated never sold any of its assets in Sussex County, winner supporting the good of the before, but developed properties in Delaware, and the bad as Contributing Writer 2024 Delaware Sea Colony the CEO of Carl M. Freeman I needed to sell assets. At Governor’s Conservation in Bethany $25 million in donations Maryland the end of Companies, a family-owned Award. to more than the day, the business company and Beach, had to be died and Virginia, focusing on able to in a helicopter one of Delaware’s largest “I try to inspire crash Michelle move forward so that we everything developers of new 500 nonprofit organizations our employees in by telling Freeman could find new communities. Some of it was has navigated 2006. in the beauty of building communitiesfrom residential opportunities.” That left herthem personal, like a the the mom good development and when ofthem years and Joshua is 8 her husband yousingle the Freeman, Delmarva region. to drive bad asscion through the CEOUnder Freeman’stwo 0get0 leadership, -people PAY it has and1 - E A S Ymanagement of children the company that developed later and seeleader done just that. the new of ofCarl walking their dogs Sea Colony M. Freeman Companies, well-planned, in Bethany Beach, or playing golf,” Freemanof a “We give where we live,” aToday, the company died in a helicopter crash developer said of her own touts a Sussexcompany. she said. family-owned environmental leadership. “I tell them they in 2006. That left hercompany County office in Ocean View a single mom of and ly P concerned A can YROLL PROCESSI two one of and another in N G look “One out of six children E X Pback years from now ERTS children and the new leader Since Bethesda, Md. The company and say, ‘I was a small part a developer Delaware’s in Sussex as its CEO has taking grown to over communities to commercial in largest ofdevelopers of that.’” company. ofinclude newproperties inDecember Delaware, Maryland property County goes to bed hungry. 2009 when Freeman “Since taking over as its and Virginia, focusing on communities. is perhaps the most proud of nation CEO in December It’s a Some everything from developers with portfolios her philanthropic efforts 2009 when the nation was of it was personal, residential development highlighting wasand through the struggling struggling management with story of the haves and like a housing company’s her withwhen of well-planned, environmentally foundations, crisis a housing the have-nots, supporting $25 beach-front, golf crisishusband now known asJoshua concerned “the course communities million in donations to more now known communities to commercial Great Recession,” she has TA X F I L as I N G“theDGreat than 500 so we don’t have to look steered the property I R E C T DRecession,” EPOSIT developers with portfolios T I M E C L O C K S nonprofi 4 0 1 K and shopping firm through good economic far for our W O R Kt organizations in the Delmarva centers. 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While the adults argue, the patients suffer There is a scene familiar in even the best of homes. Mom and dad are fighting in the kitchen — loud, Brian DiSabatino entrenched, neither side backing down. Meanwhile, the children are sitting in the TV room, not being heard, not being helped, not entirely sure what the fight is even about. They just know things aren’t okay. That is precisely where Delaware’s families find themselves today. In one corner: legislators pressing forward with Senate Bill 1, the latest attempt to control hospital costs through rate caps and expanded regulatory authority. In the other: Delaware’s struggling hospital systems, warning the bill will cost 1,500 jobs and strip $165 million from their institutions. The Delaware Healthcare Association has called SB1 a revival of notions already rejected in HB 350 — signaling that the legal battle that consumed the last two years is preparing to restart. And in the TV room — waiting, watching, and getting no healthier — are the people this fight is supposedly about. The cost of the argument itself Chronic diseases account for seven of Delaware’s top ten causes of death.

Obesity has more than doubled among Delaware adults since the early 1990s, now affecting nearly 38% of the population. Diagnosed diabetes has more than doubled over the same period. Healthcare expenses from obesity alone are projected to reach nearly $1.6 billion annually. Delaware’s rates of obesity, diabetes, and hypertension all rank higher than the national median — with Kent and Sussex counties carrying a measurably heavier burden than New Castle. These numbers did not improve while Delaware’s institutions fought over HB 350. They will not improve while they fight over SB1. The people getting sicker are not waiting for a settlement agreement. What the science has been saying for 50 years When I visited the Cooper Institute in Dallas, I was searching for ways to reduce healthcare costs at EDiS. What I found was more clarifying than a better insurance strategy. Increasing fitness decreases the risk of dying from all causes by 58%. Dr. Dean Ornish spent four decades proving that comprehensive lifestyle intervention — nutrition, physical activity, stress management, and social support — doesn’t just slow chronic disease. It reverses it. His program became the first nonsurgical therapy for heart disease to qualify for insurance reimbursement.

222 DELAWARE BUSINESS TIMES / APRIL 7, 2026

What EDiS proved — and what Delaware saw I didn’t just read the research. I brought it home and built on it. EDiS Company now leads our industry nationally in the mitigation of metabolic syndrome — the cluster of conditions that drives healthcare costs nearly 70% higher per affected employee. We built a culture, made health personal, made the incentives real, and measured everything. Part Three of this series will share the numbers. Earlier this year, I invited Delaware’s decision-makers to see it firsthand — legislators, health entrepreneurs, nonprofit leaders, and hospital executives. Not to a hotel conference room. To EDiS. They walked through our model, met our people, and saw our data. The response was unanimous: genuine enthusiasm for a consumer-centered approach that rewards families for investing in their health and gives employers a reason to build cultures where people thrive. That consensus is real. It was expressed in this building. And then Senate Bill 1 was introduced.

of Mapleton Village in Whitehall — rather than at a highway interchange — they made a declaration I haven’t forgotten: they were going to fight childhood obesity with bricks and mortar, guided by Nemours Foundation research on walkable design and chronic disease. The school district didn’t just read the science. They built it. Delaware already knows how to do this. Whitehall proved it. The Cooper Institute validated it. EDiS demonstrated it. Delaware’s Insurance Commissioner confirmed the stakes when SB1 was introduced: for more than a decade, the state has outpaced the nation in healthcare cost growth, without corresponding results in the health of residents. More spending. Worse outcomes. A decade of it. The fight in the kitchen has to stop, because the children in the TV room are running out of time. Health is not primarily a product of the healthcare system. It is a product of how people live. And until we govern like we know the difference, the spiral continues.

Delaware already knows how to do this When the Appoquinimink School District placed Lorewood Grove Elementary at the walkable center

Brian DiSabatino is CEO of EDiS Company, a fifth-generation Delaware construction firm. Part One of this series was published in the Delaware Business Times in September 2025.

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SB 205 protects Delaware’s economic future Delaware is at a crossroads. We can pursue unchecked data center development Dustyn Thompson and pass the costs on to residential and commercial ratepayers, or we can ensure each project is carefully planned and coordinated so that it’s clear what it will cost to develop in Delaware. PJM, our regional grid operator, emphasized during the Senate and House joint committee hearing on February 27th that states must develop policies to ensure adequate energy and infrastructure for new large loads. PJM’s primary focus is to facilitate the bringing of new power online and its reliable transmission across the region. They plan to accelerate the deployment of power plants dedicated solely to data centers and to require data centers that do not supply their own power to be disconnected before residential customers and

service providers like hospitals. All other data center regulations are up to the states to develop. According to PJM’s Independent Market Monitor, customers, including Delaware businesses, are already paying $23.1 billion more on their energy bills due to increased costs distributed across the region from data centers. This problem could worsen locally if we neglect proper planning and fail to review each project thoroughly to ensure developers cover the full costs of necessary upgrades for reliable service. Ratepayers in Virginia are already paying an extra $16 a month for infrastructure related to data centers, with an additional $13 planned for next year. That’s why all three utilities in Delaware have shown support Senate Bill 205. Right now, in Delaware, there is no single agency that reviews these new massive data center applications from an energy infrastructure and ratepayer cost perspective. In fact, as we heard

in an answer to Senator Buckson’s question at the Joint Hearing, we have no real regulatory framework for data center development. Senate Bill 205 rectifies this problem by charging the Public Service Commission (PSC) with reviewing each proposed Delaware data center project to ensure we have adequate infrastructure and energy to support it. If there is not enough energy or the transmission system cannot handle the load, the PSC can assign costs to each individual project developer to ensure that the energy and infrastructure are paid for before we grant approval. Without this project by project level review, the costs will still have to be paid, they will just be spread out to all customers, rather than being assigned to the data center. That means higher energy costs for small businesses to subsidize someone else’s massive project. From a business perspective, it is important to have these project-level reviews to ensure that new businesses

that invest in Delaware after a major data center project are not stuck paying for upgrades that would not have been needed if the data center had paid its share. This is what is called a “first mover advantage,” which allows large developers to crowd out smaller businesses in an area by saddling them with downstream costs. In the end, it’s pretty straightforward. This bill makes sure that each data center pays for its own power and infrastructure, not Delaware families and other businesses. Dustyn Thompson is the Chapter Director of the Sierra Club Delaware Chapter, the local affiliate of the nations oldest environmental advocacy organization, focused on energy affordability, climate policy, and environmental sustainability. This opinion piece is a response to “Viewpoint: Don’t undermine Delaware’s economic future”

Fragmented privacy laws hurt businesses A quiet but consequential shift is happening under the feet of every Nancy Dibert Delaware small business. At Epic Marketing Consultants Corporation, we’ve always believed that the internet can be a force for good. We’ve seen it happen. We’ve employed digital tools to help a client reach potential lifesaving kidney donors. We’ve helped a client reach domestic violence survivors to help them in their healing journey. We’ve used targeted outreach to support a client in collecting construction remnants that are then used to build housing for those that are looking for a safe and secure home to call their own. Over the last 18 years, we’ve worked with almost every credit union in Delaware to help them reach underbanked communities. We utilized precise data targeting to help a client get in front of engineers at NASA to showcase their tech, resulting in it being on the Mars Rover. None of these victories were accidents. They were the result of a digital ecosystem that allows small

businesses and nonprofits to identify and reach their audience: the right person, at the right time, on the right digital channel. However, as we move through 2026, a well-intended but fragmented regulatory landscape is now putting these outcomes at risk. The Unintended Consequences When regulations become too complex, the safe move for big tech platforms is often to simply disable the very tools on which small businesses rely. We are seeing the unintended consequences play out in real-time: • Diverted Resources: Money that should go toward finding a kidney donor or building homes for the housing-insecure is instead being diverted to legal audits to ensure digital outreach isn’t accidentally violating a specific statute in a neighboring state. • The Niche Penalty: To avoid the risk of massive fines, many digital platforms are simply turning off the precise targeting tools that allowed us to find the specific professionals at NASA or decision makers at local construction firms. Those potential connections may no longer exist. • A Degraded Experience: As the

FTC and various states push for opt-out defaults that treat all data use as harmful, the tools we use to stay competitive, from basic bookkeeping dashboards to streaming services, become more expensive and less efficient. • Economic Friction: According to a study from Deloitte, small businesses that use data-driven ads are 16% more likely to see growth. By making these tools harder to use, we aren’t just protecting privacy; we are inadvertently cooling the engine of our local and national economy. Why We Need a National Standard We are currently in a regulatory storm. While Delaware has taken its own path, we are just six weeks away from new federal COPPA deadlines that add yet another layer of complexity. This fragmentation doesn’t just confuse businesses — it confuses consumers. The irony is that while our government is spending billions to expand broadband access across the country, a fragmented regulatory landscape is making the content on that broadband more expensive and less effective. According to research from MIT, Americans value

ad-supported services at thousands of dollars annually. If we make it impossible for small businesses to use data responsibly, then that value disappears. We don’t need a war on digital advertising or to choose between privacy and progress. We need a National Privacy Standard that protects every American equally, while ensuring that small businesses in the First State and all states can continue to use vital digital tools and services. Privacy and innovation don’t have to be enemies, but they do need a clear, consistent map to follow. Delaware has always been a leader in business and innovation. As we look at the hurdles facing our small businesses, entrepreneurs, and nonprofits today, it’s time to advocate for a common-sense federal framework. Let’s protect our neighbors’ data without accidentally dismantling the digital tools that help them save lives, build homes, and reach the stars. Nancy Dibert is CEO of Epic Marketing Consultants, a marketing instructor and program director at the University of Delaware, and the founder of The Epic Collaborative Foundation. APRIL 7, 2026 / DELAWARE BUSINESS TIMES 23

YOUR VISION OUR EXPERTISE BPGS Construction Partners in Planning / Building / Seamless Delivery bpgsconstruction.com / (302) 691-2111 242 DELAWARE BUSINESS TIMES / APRIL 7, 2026