Issuu

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

GROWING in Sussex PAINS Debate continues on slate of land use ordinances

PRIMED FOR PRIME TIME:

TOP OF THE CLASS:

SCALING SOLAR:

AirJoule ready to debut large-scale product

DBT unveils its 40 under 40 Class of 2026

ECA Energy plans four projects across state

ON THE MARKET:

IN THE C-SUITE: Bancroft Construction

FMC plans $114M deal

CEO Mike Petka charts

to sell Newark campus

new course

22 DELAWARE BUSINESS TIMES / JULY 7, 2026

WHO'S INSIDE Founded 2014, printed bimonthly, serving Delaware’s business community

Bancroft Construction..............19

Delaware Farm Bureau ............11

Mark Hutton ..............................6

Bill Powers................................11

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

Merck ......................................12

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GROUP PUBLISHER Robert F. Martinelli rmartinelli@todaymediainc.com EDITOR Katie Tabeling ktabeling@delawarebusinesstimes.com ASSOCIATE EDITOR Jennifer Antonik jantonik@delawarebusinesstimes.com RESEARCH, DIGITAL, AND ENGAGEMENT COORDINATOR Sabrina Wade swade@delawarebusinesstimes.com DIRECTOR OF DIGITAL SALES Karen Martinelli kmartinelli@todaymediainc.com DIRECTOR OF DIGITAL STRATEGY & CLIENT SUCCESS Mike Rocheleau mrocheleau@todaymediainc.com

Bronze Valley Foundation...........6 Bryan Barton..............................5 Central Delaware

ECA Energy ................................8 Elan Financial ............................6

Chamber of Commerce............13

FMC Corporation .....................13

Charlene Bisson.......................13

Gov. Matt Meyer .........................8

Chemours ..................................5

Independent Newsmedia .........13 Jac Rivers ..................................6

Chestnut Run Innovation &

Mike Petka...............................19 Milford Corporate Center........ 12 MRA Group ..............................12 Neill Wright ................................6 Residence Inn by Marriott ........12 Sepax Technologies .................12 Stine Research Center............. 13

Science Park (CRISP) ..............12

James Baxter ...........................11

Chris Lind ................................11

Joe Pika .............................10, 11

DBT 40 Under 40...................... 7

JPMorgan Chase ........................6

Delaware Association

Krista Philips ..............................6

Sussex Preservation Coalition...................................10

of Realtors ...............................10

M&T Bank .................................6

WSFS .........................................6

Sussex County Association of Realtors ...............................11

ADVERTISING DIRECTOR Lisa Minto lminto@delawarebusinesstimes.com MULTIMEDIA ACCOUNT EXECUTIVES Al Woolfolk, Tanya Tecce, Sophia Mitchell MARKETING DIRECTOR Kate Schlegel

INDEX

MARKETING MANAGER Andrea Hill

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

SALES & MARKETING COORDINATOR Shannon Ward

Industry Updates..............................................5-9

ASSOCIATE DIRECTOR OF PRODUCTION & CREATIVE SERVICES Eric Bolis

Special Section: Construction....................... 10-13

ART DIRECTOR Natalie Newhart

The List..............................................................14

SENIOR GRAPHIC DESIGNER Rosalinda Rocco GRAPHIC DESIGNER Kyle Manzolillo

News Briefs.......................................................15

Business Leads..................................................16 Calendar............................................................17 Viewpoint...........................................................18 C-Suite..............................................................19

SENIOR AUDIENCE DEVELOPMENT MANAGER Lisa P. Bennett DIRECTOR OF DIGITAL STRATEGY Greg Mathias

TODAY MEDIA, A MARTINELLI HOLDINGS LLC PRESIDENT Robert F. Martinelli SECRETARY-TREASURER Richard Martinelli

IN MEMORIAM

ON THE COVER

As Sussex County continues its trend as the fastest growing county in Delaware, officials, residents and business owners are considering new land use regulations to help guide future development. DBT PHOTO BY JENNIFER ANTONIK & DESIGN BY NATALIE NEWHART

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

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JULY 7, 2026 / DELAWARE BUSINESS TIMES 3

AT A GLANCE The Rising Cost of

Home Protection Since 2020, home insurance rates have risen steadily across the country, driven primarily by severe weather, material costs, and labor expenses. In several states — including Colorado, Iowa, and Minnesota — rates increased by more than 85% between 2020 and 2025. Colorado experienced the largest increase, with home insurance rates climbing 100.8% during that period, largely due to hail, wildfires, and severe storms. In 2025 alone, Colorado again led the nation with an 18.3% increase in premiums. Delaware ranked fifth for premium growth in 2025, with rates rising 10.8%. Nationally, the average annual cost of home insurance is $2,395. Oklahoma has the highest average cost at $5,298 per year, which is 121.2% above the national average. By contrast, Delaware ranks 48th, with an average annual cost of $1,165. Source: LendingTree, 2026

U.S. Home Insurance Rates: 46.8% (2020-2025) U.S. Home Insurance Rates: 6% (2025)

U.S. Average Annual Home Insurance Cost: $2,395

Delaware Home Insurance Rates: 33.9% (2020-2025) Delaware Home Insurance Rates: 10.8% (2025)

Delaware Average Annual Home Insurance Cost: $1,165

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42 DELAWARE BUSINESS TIMES / JULY 7, 2026

trust and mutual respect, to become the trusted financial advisors you can always rely on.

MANUFACTURING & DISTRIBUTION

AirJoule readies Prime system for market debut By Katie Tabeling NEWARK — Startup company AirJoule publicly unveiled its first largescale commercial “water harvester” as it prepares to target the big tech and hyperscale data center market. Right outside its research and development lab in Newark on June 26, AirJoule President Bryan Barton and top executives showed off AirJoule Prime, an atmospheric water generator the size of a small shipping container. About 16 vacuum chambers coated with metal-organic frameworks (MOFs) to separate water vapor from air molecules were inside the facility during the event. The company’s AirJoule Core, a smaller stack with two vacuum chambers, can produce up to 10 liters per hour while Prime would produce between 60 to 80 liters of water per hour. AirJoule Prime will soon head to the Net Zero Innovation Hub in Europe and it’s where company executives will demonstrate its capabilities for Google, Microsoft and more. For example, a hyperscale data center that uses 100 megawatts of power, it’s

possible that there could be 100 Prime machines recycling its water and working as a redundant water source. “People don’t realize that 100 megawatts of power also generates 100 megawatts of heat. That heat today is exhausted in the atmosphere, totally unutilized. And data centers have to ask for power and water, and usually they find ways to bring their own power. In our case, we allow them to bring their own water so they can move off the

AirJoule President Bryan Barton talks about the future ambition of the startup company in Newark, as AirJoule unveils its Prime system. | DBT PHOTO BY KATIE TABELING

Chemours to pay for PFAS settlement By Maddy Lauria Contributing Writer Chemours has agreed to pay $112.5 million in penalties plus over $300 million in additional investments to settle a federal lawsuit that aimed to hold the chemical company accountable for public health threats posed by the widespread pollution of toxic “forever chemicals.” The company announced its agreement with federal and state officials in a June 24 U.S. Securities and Exchange Commission report, noting that the deal addressed “PFAS emissions and other alleged activities” at Chemours facilities at Washington Works in West Virginia, Fayetteville Works in North

water grid,” Barton told reporters. The company is still prerevenue and is working to scale manufacturing out of its 42,000-square-foot site in the Delaware Industrial Park. About a month ago, the company also sold 3.6 million shares to raise $14.2 million to help bring both Prime and Core systems to market, according to the U.S. Securities and Exchange Commission filings. The startup was also approved by the Council on Development Finance $1 million in state taxpayer backed grants in 2024. AirJoule executives said that their proprietary process is 90% more

Carolina and Chambers Works in New Jersey. Per- and polyfluroralkyl substances, a group of thousands of chemicals generally known as PFAS or so-called forever chemicals, have been used to make everything from cookware to upholstery stickfree, stainfree and waterproof. Some have been found to be toxic to humans when ingested. The recently announced settlement includes a $22.5 million civil penalty and a requirement that Chemours invest $90 million in mitigation projects to reduce PFAs emissions over the next 15 years. The consent order includes other measures, such as ensuring impacted residents in those three states have access to safe drinking

water, that federal agencies have estimated will cost Chemours another $337 million. “Chemours will also perform certain program and site-related actions specified in the Consent Decree, including the expansion of Chemours’ off-site drinking water projects in West Virginia, Ohio and New Jersey,” a company spokesperson said in an email June 25. “As recognized in the Consent Decree, Chemours has already made significant investment and progress

“As recognized in the Consent Decree, Chemours has already made significant investment and progress in reducing its PFAS emissions.”

CHEMOURS SPOKESPERSON

energy efficient than conventional dehumidifiers as only 10% of the energy input is used to power fans in its machine. There is one European hyperscale data center that has expressed interest in Prime, but the product has yet to hit the market. Outside of tapping into data centers, AirJoule also hopes to target industrial facilities, HVAC companies and international markets for water purification needs. The smaller Core model has already been tested in gardens in Dubai Futures Lab, which company executives framed as an entry point into international markets. A large HVAC supplier had some conversations with AirJoule to use Prime in a warehouse, but it’s likely that Prime would have to be retrofitted for that use. During brief comments to AirJoule supporters, local and state officials, Barton described AirJoule Prime as a collective accomplishment. He credited its development to the company’s supply chain teams, engineers and executives, as well as support from a joint venture with GE Vernova that helped fund the company’s systems. “'We’ve expanded our commercial pipeline and moved from proving breakthrough technology to preparing for commercialization today. Prime represents that progress,” he said. in reducing its PFAS emissions. Since 2018, we’ve reduced our fluorinated organic chemicals process emissions by more than 76% globally, and actions outlined in this settlement will support further reductions in emissions moving forward.” Government officials celebrated the landmark $450 million settlement agreement as the “first comprehensive federal settlement with a major PFAS manufacturer.” It also resolves the company’s liability under federal environmental laws including the Clean Water Act. In the June 23 SEC filing, Chemours also announced a lessthan-$1-million settlement with the West Virginia Rivers Coalition for toxic discharges at the Washington Works facility. In a press release issued June 24, the company also noted it is committed to a program that will reduce the company’s PFAS emissions by 99% or more by 2030.

JULY 7, 2026 / DELAWARE BUSINESS TIMES 5

BANKING

M&T Bank names Phillips as Del. lead By Katie Tabeling WILMINGTON— M&T Bank has tapped Krista Phillips, its chief customer and transformation officer, as the next Delaware market leader. Phillips starts her new role on July 1. As she prepared for the role, she said that Delaware hold opportunity for M&T Bank. “When you take a look at this market, we still have potential to grow in all counties. Certainly, Philadelphia is a really important market for us, as well, as there’s so much wealth accumulated there. But we have an opportunity to lean into the backbone of our business and grow,” Phillips told the Delaware Business Times. Phillips succeeds the previous Delaware market leader, Mark Hutton, who will continue as M&T Bank’s head of business banking. She joined M&T Bank in 2025 but is a banking industry veteran with 30 years of experience with positions at various banks, starting with First USA which later merged with Chase Bank. During Phillips' decade with Chase Bank, she handled a variety of

duties in advertising, banking and later management of the Marriott portfolio of credit cards. In 2011, she was recruited to work at Citi to help rebuild in the wake of the financial crisis and eventually worked with its credit card portfolio. Six years ago, she joined senior leadership at Wells Fargo to lead credit cards, products and global marketing services. But, how she explains it, whe M&T Bank came calling it may have been meant to be. Her husband is a Delawarean having graduated from Cape Henlopen and she opened her first family bank accounts at Wilmington Trust when she first moved to Delaware in 2000. Phillips jokes that M&T Bank will now have her direct deposit as well. “For the past year, I’ve been really leaning in on what matters to our customers and consumers at large. It’s really drilling into insights and consumer behavior and what motivates them, because at the end of the day, what we’re known for is our relationships. It’s part of our DNA,” she said. Headquartered in Buffalo,

WSFS partners with Elan Financial By Katie Tabeling WILMINGTON — WSFS has entered into a deal with Minneapolis-based banking firm Elan Financial Services to sell its credit card portfolio. The deal would also allow Elan to issue WSFS-branded credit cards, allowing the Wilmingtonheadquartered bank to expand its products across all lines of business. WSFS’ credit card portfolio has an outstanding balance of $36.3 million as of May 31. The transaction will generate a $1.7 million gain in the second quarter, according to U.S. Securities and Exchange filings. WSFS would also record a $1.3 million provision release.

62 DELAWARE BUSINESS TIMES / JULY 7, 2026

Elan Financial Services is a division of U.S. Bank which issues and services credit cards for approximately 1,400 banks and other financial institutions, with many offering perks such as cash-back and co-branded cards. Through the deal, Elan can leverage its scale and product expertise while WSFS continues

BY THE NUMBERS

$36.3M

Outstanding balance of WSFS credit card portfolio

$1.3M

Provision release for WSFS

JPMorgan Chase to support startups By Katie Tabeling

Krista Phillips has been named the new Delaware market leader for M&T Bank. | PHOTO COURTESY OF M&T BANK

N.Y., M&T Bank entered the First State a few years earlier, the deal accelerated M&T’s footprint in the state to 48 locations. Today, M&T Bank has 1,600 employees in the state and has a high rise off Rodney Square in downtown Wilmington. It’s also ranked fifth in Delaware’s largest banks with $13.8 billion in deposits. Phillips said that she wants to see M&T penetrate the top two in Delaware. Since Delaware is the fastest growing state in the Northeast, she thinks that could happen organically on most fronts. to build value for its customers. The partnership between WSFS and Elan also will pave the way for WSFS to create and launch competitive cards across consumer, business and wealth divisions, according to a WSFS spokesperson. The bank is still in the early stages of this process. The deal comes at a time when WSFS is enjoying a strong start to 2026. WSFS CEO and President Rodger Levenson has said that the bank’s focus is growing deposits and its investment business in the greater Philadelphia market. The first quarter showed $247 million in revenue and strong deposits and a building customer base in wealth management business. A WSFS spokesman told the DBT that transitioning out of credit card management business would focus on what WSFS does best: building relationships and creating value for clients.

WILMINGTON — JPMorgan Chase has invested $250,000 in Bronze Valley Foundation to aid in the community development financial institution’s start-up accelerator program and help scale up operations in Wilmington. Bronze Valley is a community development financial institution (CDFI) that is unique in that it’s structured as a venture capital fund. While CDFIs across the nation offer loans to small businesses, Bronze Valley instead offers equity investments for early-stage companies and start-ups. Founded in Alabama eight years ago, Bronze Valley expanded in Wilmington in 2023. The investment came as part of JPMorgan Chase’s $40 million grants for small business and entrepreneurship programs across the U.S. at the end of May through the bank’s American Dream Initiative. The world’s largest bank estimated that the grants to dozens of programs and initiatives would expand $500 million in capital, or 13 times the gift itself. Jac Rivers, Vice President Program Officer with the JPMorgan & Chase Foundation, said that the bank was impressed with Bronze Valley’s work and outcomes with small business owners. To date, Bronze Valley has invested in eight startups and has run accelerator cohorts for university students and early-stage companies. Bronze Valley Founder Neill Wright emphasized that while capital is essential for small businesses, funding alone is not enough. Early-stage companies also need to make strategic use of the resources already available to them so they can remain viable after initial funding runs out.

DBT ANNOUNCEMENT

DBT Unveils Top 40 Under 40 Class of 2026 The Delaware Business Times is pleased to announce its Top 40 Under 40 Class of 2026, its annual program known as the DBT40 2026 that honors the First State's top young professionals under the age of 40. Now in its 13th year, DBT40 includes leaders and professionals from all parts of Delaware in both for-profit and nonprofit sectors. The award celebrates rising Delaware residents and workers for their accomplishments in and out of the office. DBT40 continues to be one of our most popular programs, and the applicant pool continues to grow in both numbers and diversity. This year was our most competitive yet — we received 136 applications, surpassing last year's record-breaking pool and marking the largest in program history. With 40 honorees selected from that field, only roughly 29% of all applicants earned a spot in the Class of 2026.

We also hope that you will consider attending our annual DBT40 awards ceremony to meet some of our honorees in person. The DBT40 Awards Celebration will be held on Sept. 17 at the DoubleTree Hilton on King Street in Wilmington from 5:30 – 8:00 p.m.

The Class of 2026:

• Alondra Anderson-Hardin – Women Beyond Measures Inc. • Caitlin Aunet – University of Delaware • Flaveé Banfield – Advanced Family Care • Tyler Berl – Delaware HIV Consortium • Shelby Bingaman – Brockstedt Mandalas Federico • Taylor Campbell – BioConnect DE • Angela Cason – Delaware Financial Mortgage • Daniel Davis – Brain Injury

Association of America, Delaware Chapter • Alex DelCollo – Diamond State Financial Group • Alison Dopler – Applied Control Engineering, Inc. • Erin Eliason – RiversEdge Advisors, LLC • Shawn Futch, Jr. – Brown Advisory • Horacio Garcia-Korosec – Del-One Federal Credit Union • Mariah Ghant – Delaware Shakespeare • Christopher Gunter – JPMorgan Chase • Sierra Harris – Longwood Foundation • Chris Hickey – Chemours • John Himics – First Ascent Design • Melody Hubert – Melodic Movements Performing Arts Program Inc. • Kate Huffman – Biggs Museum of American Art • Amy Hughes – Lord's Landscaping and Lord's Mercantile • Thomas Jackson – Carry My Own Weight • James Jung – Holding Hands

• David Karas – Wilmington Police Department • Kelly Knox – Off Coast Wellness • Kelvin Lesene – Delaware State University • Reggie Lynch – Winterthur Museum, Garden & Library • Hunter McHugh – McHugh Insurance Group • Monique McKenny – Nemours Children's Health • Sita Patel – Baybird Orthodontics • Justine Paul – DuPont • Nicole Pedi – Potter Anderson & Corroon LLP • Nicholas Piane – Verdantas, LLC • Jalyn Powell – OUTLOUD • Jaclyn Quinn – Delaware Community Reinvestment Action Council Inc. • Lindsay Richard – Joshua M. Freeman Foundation • Jessica Sarter – Castleview Wealth • Justin Savini – Delmarva Christian School • Emily Sweeney – M. Davis & Sons, Inc. • Jordan Wolff – Hightower Trust Company, N.A.

JULY 7, 2026 / DELAWARE BUSINESS TIMES 7

GOVERNMENT

Meyer fast-tracks $73M in new solar projects By Jennifer Antonik DOVER — Four community solar projects representing more than $73 million in private investments are among the next wave of permitting accelerator applications to join the state’s JobsFirst program. The four new projects by ECA Energy include one each in Clayton and Townsend and two in Seaford. Altogether, they will generate more than 16 megawatts of new energy, roughly 39.6 million kilowatt hours of electricity annually, and could save more than 15,000 households hundreds of dollars in energy usage each year through Delaware’s community solar program. “Delawareans shouldn’t have to choose between keeping the lights on and putting food on the table,” Gov. Matt Meyer said during a press conference. Meyer made the announcement

June 23 from an existing ECA Power solar farm located on the west side of Dover, stating that the investments could significantly impact the state considering Delaware currently relies on energy imports rather than creating it in-house. “We do not generate enough power here in our state,” he said. “Projects like this help relieve some of the pressure on the grid.” Additional energy initiatives are expected later this summer as the administration develops a broader strategy that includes renewable energy, battery storage, natural gas generation, offshore wind and emerging technologies. “We’re an all-of-the-above energy state,” Meyer said. “Delawareans deserve reliable power at a price they can afford, power that is made here by Delaware workers for Delaware families.”

Gov. Matt Meyer announced the acceptance of four new solar projects in the state’s JobsFirst Permitting Accelerator program. | DBT PHOTO BY JENNIFER ANTONIK

The JobsFirst Permitting Accelerator was created to speed reviews for priority projects involving energy, housing, water, broadband and other infrastructure while adding jobs and increasing investments into Delaware’s economy. State officials said permitting timelines for some solar projects can exceed four years because of overlapping state, local and utility review processes.

82 DELAWARE BUSINESS TIMES / JULY 7, 2026

The accelerator will, however, offer coordinated reviews intended to move projects through permitting and utility interconnection requirements more quickly. “Of the three counties, Sussex has been probably the most problematic. It takes us two to three years for us to get our shot at a permit hearing and sometimes even longer,” ECA Power Chief Development Officer Vincent Moschella said during the event.

GOVERNMENT

DPP looks to support ‘innovation ecosystem’ By Katie Tabeling WILMINGTON — Tracing its roots back to DuPont centuries ago, Delaware has been home to many start-up companies that start with an idea and research in a computer or science laboratories. But the problem the state faces is how to develop those discoveries into companies and keep them here. Delaware often is at a disadvantage when competing against California, Pennsylvania, Boston and New York as company founders are considering where to base operations to reach venture capital and a talented workforce. To address these issues, the Delaware Prosperity Partnership is proposing to expand its office to hiring a point person to directly support the so-called innovation

ecosystem in the state. "Economic development is a competitive sport. By more fully entering the arena to support growth stage innovative companies, the expansion of DPP will make Delaware more competitive with our neighbors as well as on the national stage,” said Noah Olson, the vice president of innovation, enterprise, and expansion at DPP. Olson and the DPP presented to the Council on Development Finance on June 1, outlining the plan to embed more innovation and entrepreneurship for fintech chemicals, advanced materials, biopharmaceutical and more in the office’s activities. The DPP was approved $1.36 million from the state’s Strategic Fund for the program for the next two years, and this request was included in the state’s capital

improvement bill for Fiscal Year 2027. The DPP’s new focus on the state’s innovation ecosystem follows Gov. Matt Meyer’s directive to the focus on next-generation technology and science startups. Last year, he reshaped the DPP board and its leadership to allow more entrepreneurial points of view, and the state’s budget included more funding for startups in the state’s EDGE grant program. This new pilot would include hiring a new senior manager with

"Economic development is a competitive sport. By fully entering the arena to support growth stage innovative ocompanies... [this expansion] will make Delaware more competitive."

NOAH OLSON

Vice President of Innovation Enterprise & Innovation, Delaware Prosperity Partnership

the expertise and relationships to build a robust pipeline and community for innovators. This manager would serve as a point person to work with entrepreneurs and researchers looking to turn ideas into a business, from helping them navigate the federal, state and local resources available. This role would also work as a bridge between Delaware’s universities and the DPP to help identify prospective research that could be turned into potential companies. A report issued last year found that Delaware’s universities are commercializing research fast enough, in large part due to the lack of infrastructure to develop an idea into a full-fledged company. Olson told the CDF members that one of the goals of the new program would be to pitch Delaware as a place for venture capital funds to make deals and find startups to invest in. It would mirror the strategy DPP uses for site selector companies and conventions.

COMMUNITY EDUCATION BUILDING YOUTH DEVELOPMENT & EARLY LEARNING CENTER | WILMINGTON, DE

JULY 7, 2026 / DELAWARE BUSINESS TIMES 9

XSPECIAL SECTION: CONSTRUCTION

EVOLVING COUNTY Officials weigh the price of growth in Sussex amid competing visions

By Jennifer Antonik GEORGETOWN — Every acre in Sussex County tells a different story. To some, it's the ideal location for the county's next neighborhood as builders race to meet demand in Delaware's fastest-growing county. To others, it's a family farm that has survived for generations, a source of financial security, or open space worth protecting before it's gone. Those competing visions are now being tested through a package of proposed land-use regulations that would reshape housing and future development as landowners and residents alike grapple with how the county can move forward while managing evolving growth. “Property rights are deeply ingrained in Sussex culture. It's a little bit like gun ownership and gun rights,” Sussex Preservation Coalition President Joe Pika told the Delaware Business Times. The Sussex Preservation Coalition, a nonprofit advocacy organization focused on responsible growth, land-use policy and environmental preservation in Sussex County, is just one of many organizations taking the opportunity to speak openly about the issue at hand. For many, Pika said the long-term conversation around how growth will be managed can feel deeply personal to those who spent their lives creating something from the ground up in Sussex County. And the pressure to revisit zoning regulations has only intensified over the years as Sussex County has continued to grow.

102 DELAWARE BUSINESS TIMES / JULY 7, 2026

Sussex growth by the numbers Sussex County's population has grown from about 197,000 residents in 2010 to an estimated 277,000 in 2025, an increase of roughly 80,000 people in 15 years, according to U.S. Census estimates. Over the last decade, the county's population has increased by nearly 29%, primarily in single family homes, almost four times the national growth rate during the same period. Between 2023 and 2024 alone, the county added approximately 7,200 residents, a 2.7% increase compared to Kent County’s increase of 1.4% and New Castle County’s 1% increase during the same time period. Population growth has fueled demand for new businesses and thousands of additional homes in the area, but questions remain: is it enough and is it sustainable growth? According to the Federal Reserve’s FRED database which utilizes U.S. Census Bureau permit data, Sussex County is working toward addressing that need even outside of recently approved and debated regulations. The database reported that 3,885 new private housing units were authorized by building permits in Sussex County in 2025, raising concerns among many residents about the pace of growth, traffic congestion, infrastructure capacity and the loss of farmland and open space. The increase has been noticed yearover-year with Delaware’s 2023 report on state planning issues showcasing

The Federal Reserve's FRED database shows that 3,885 new private housing units were authorized by building permits in Sussex County in 2025. | DBT PHOTO BY JENNIFER ANTONIK

a 101% increase in development applications in Sussex County alone, compared to a 54% decrease in New Castle County and 35% decrease in Kent County for the same year. After several years of a hot housing market with tight inventory, recent data from the Delaware Association of Realtors suggests Sussex County’s housing market is starting to normalize. Housing inventory more than doubled from 1,215 homes in May 2022 to 2,818 homes in May 2026. During the same period, the average time a home spent on the market increased from 22 days to 60 days while the median sale price slipped from $452,500 to about $438,500. Even so, state and county housing studies continue to project a need for thousands of additional housing units over the coming decade as Sussex's population continues to grow.

BY THE NUMBERS

101%

Increase in development applications in 2023

7,200

New residents in 2023-2024 The Delaware State Housing Authority's 2023 Housing Needs Assessment found that Delaware as a whole needed 24,400 additional housing units by 2030 just to keep pace with projected household growth. Since then, the state's

Affordable Housing Production Task Force has warned that the shortage could grow to 45,000 units by 2030 if production doesn't accelerate. The same Housing Needs Assessment projected Sussex County, specifically, will need 2,643 additional affordable rental units by 2030. A 2019 Sussex County Housing Opportunities and Market Evaluation prepared for the county by LSA Planning went a step further and identified the housing need at large, stating that the county would need to add 1,549 net new housing units every year for a decade to meet demand, including occupied and vacant units needed for a healthy housing market.

Looking at options But that increase in growth doesn’t sit well with everyone. Concern over rapid development became a defining issue during the 2024 county elections when several candidates campaigning on slowing growth won seats on County Council. In early 2025, Councilman Matt Lloyd proposed a one-year moratorium on residential development to give county leaders time to evaluate future growth. Although the proposal failed after strong opposition from business groups, it prompted county leaders to establish the Sussex County Land Use Reform Working Group to study potential changes to the county's development regulations. Two of the group's proposed

SECTION: CONSTRUCTION X XSPECIAL ordinances have since been approved by the council, including revisions to the Sussex County Rental Program which is intended to encourage more attainable rental housing and technical updates to development standards. The remaining proposals have generated considerably more debate. One proposal would require developers to preserve more land as open space, 30% in designated growth areas and 50% in rural areas. It would also narrow the types of land that could count toward those requirements by limiting the use of features such as stormwater facilities and other undevelopable areas to satisfy those requirements. While those changes may sound technical, they have become a proxy for a much larger conversation – the value of land. For farmers, land represents far more than acreage. It is equity, retirement, collateral for operating loans and family legacy. Their argument is that real estate values are appraised according to a land’s highest and best use. If a parcel has residential development potential, it becomes part of its market value which can impact loans, future usages and other valuations. Reducing that potential is possible via new zoning or land use regulations, something Delaware Farm Bureau President Bill Powers told council members was not only possible, but has happened to farmers in the First State before. Farmers further argued that reducing that value would, in fact, limit future development opportunities for those property owners. Pika said, however, that the argument doesn’t hold much weight considering much of a farm’s current

value would remain intact after new regulations go into effect. “These aren't eliminating property rights; they're modest adjustments that still leave landowners with substantial economic value,” Pika told DBT. “Council is on very sound legal grounds to adopt an ordinance that might have a negative economic impact so long as it does not remove all of the economic value of someone's property.” During public hearings this spring, fourth-generation farmer James Baxter warned that reducing development potential effectively diminishes property values. He joined other farmers in calling the proposal “a taking,” a legal term for when government restrictions on private property go so far that they are viewed as taking or limiting the owner’s use or value of that property. “You devalue my property; you are taking my property value,” he told the county council during a public hearing on May 19. Former MidAtlantic Farm Credit executive and state agriculture secretary Kenny Bounds similarly argued during the same hearing that farmland value remains central to the financial health of many agricultural operations. He said he alluded that he was “desperately afraid” of the unintended consequences of regulations enacted before they were ready. “The value of that land directly impacts the amount of money they can borrow. And then there's other ratio analysis that lenders do for equity and leverage and liquidity and things like that that those values get imputed into,” he explained. “With this ordinance, you're affecting the base of the farmer's ability to borrow money from a financial standpoint and that's serious.”

Homes at Cypress Grove near downtown Milton are among some of the newest to be built in Sussex County. | DBT PHOTO BY JENNIFER ANTONIK

“Agriculture right now is on a banana peel. Commodity prices are low, leverage is high,” Bounds added. Those concerns resonated with many landowners who fear additional development restrictions could make farming more difficult when commodity prices remain volatile and operating costs continue to rise.

“Property rights are deeply ingrained in Sussex culture. It's a little bit like gun ownership and gun rights.” JOE PIKA

President, Sussex Preservation Coalition

Housing economics But not everyone had the same view. “Land costs do not disappear. Infrastructure costs do not disappear. Regulatory costs do not disappear,” Sussex County Association of Realtors President Chris Lind told DBT in an interview. “They get built into the final price of housing.” Lind said he supports several of the county's recently adopted reforms, including updates to the Sussex County Rental Program and technical changes intended to provide greater predictability for developers. His concerns lie with proposals he believes could reduce housing supply while increasing development costs. “When the county adds restrictions, mandates or cost layers, that can slow projects, reduce investment and make it harder to deliver housing at price points local workers can afford,” Lind said. From his perspective, Sussex County needs more housing options, not fewer. “The county is clearly trying to shape not only how much housing gets built, but also what kind of housing gets built and where,” he said. Pika agrees housing affordability deserves greater attention but argues affordability should be measured by more than the purchase price of a home. Building less expensive housing farther from employment centers, schools and essential services, he said, often increases a family's dependence on automobiles, adding transportation costs that can offset savings on a mortgage. “Affordable housing in the middle of nowhere isn't necessarily affordable,” Pika said, noting that transportation is

one of the largest household expenses for many Sussex County families.

Looking ahead Delaware State Housing Authority Director of Policy and Planning Alexander Modeas told DBT that he is impressed with the efforts Sussex County has put forth thus far to create change in light of recent growth. Modeas is working with Sussex County as one of nine jurisdictions enrolled in a pilot program offering technical assistance for zoning and land use reform. The General Assembly established the program earlier this year via joint resolution to support local leaders as they identify future needs. The pilot allows municipalities to receive technical assistance on potential zoning reforms such as permitting accessory dwelling units, expanding “missing middle” housing, reducing minimum lot sizes, increasing density in appropriate locations and encouraging mixed-use development. Most of the municipalities enrolled in the program are from Sussex County, including Bridgeville, Georgetown, Laurel, Lewes, Rehoboth Beach and the county itself. The goal of the pilot program is not simply to build more housing, but to create more housing choices while directing growth toward areas already capable of supporting it, something Modeas said Sussex County is working toward. “You're trying to limit sprawl. . . and finding where you can grow within the built environment,” he said. Now, with two ordinances adopted and two still pending, as well as participation in the pilot program through the state, the county's broader land-use reform effort remains unfinished. While County Council approved revisions to the Sussex County Rental Program and technical amendments to subdivision regulations earlier this year, proposals addressing cluster subdivisions and expanded openspace requirements remain under consideration following months of public testimony from farmers, developers, preservation advocates and residents. The work continues, as the council discussed how to refine language and address public comments as recently as June 9. Additional recommendations made by the Land Use Reform Working Group are also expected to return to future County Council meetings. JULY 7, 2026 / DELAWARE BUSINESS TIMES 11

XSPECIAL SECTION: CONSTRUCTION

Residence Inn opens near Merck campus By Katie Tabeling WILMINGTON — The Residence Inn by Marriott has officially opened its premium hotel rooms on the Chestnut Run Innovation & Science Park (CRISP), just feet away from the Merck’s $1 billion campus. The upscale hotel, owned by the MRA Group, features 127 rooms, all styled like apartments with fully equipped kitchens, separate living and sleeping areas, large flat-screen televisions and more. The Residence Inn by Marriott on Route 141 also has a 71-seat bar on the first floor, as well as a conference room and an outdoor patio complete with a grill. The hotel opened on June 16 with prices starting at $149 per night, according to its website. About 120 rooms were booked for its opening weekend. The Residence Inn by Marriott was built in partnership with MRA Group and Gulf Creek Hotels with financing arranged by D2 Capital Advisors. WSFS Bank and Energize Delaware are also incorporated

lenders for this project. The general contractor was IMC Construction and supporting services were provided by Architecture Alliance and CDA Engineering. The hotel is the latest development on the 164-acre campus being developed by the MRA Group. The developer has been reshaping the former DuPont property into a life science campus. “Today represents much more than opening the hotel, it’s about the power of collaboration, investment and shared belief

not just in New Castle County but in Delaware,” MRA Executive Vice President Phil Butler said on June 29 at a ribbon cutting ceremony. “This project will welcome visitors from around the globe, and it will support local businesses for the years to come.” Since the Pennsylvania developer bought the site in late 2021, it has seen massive redevelopment and drawn several big names in the Philadelphiaarea life science industry. Its biggest tenant to date is Merch & Company for its 470,000 squarefoot research center which would serve as a key point to manufacture its immunotherapy drug Keytruda. Construction on Merck’s campus is 15 months in and is on schedule.

Residence Inn by Marriott opened at the Chestnut Run Innovation and Science Park (CRISP) and has seen robust bookings since then . | DBT PHOTO BY KATIE TABELING

NCC SPUR aims to speed select projects By Katie Tabeling NEW CASTLE — The New Castle County’s fast-tracked permit program is targeting projects in life sciences, manufacturing and artificial intelligence, and it’s slowly gaining traction. Sepax Technologies is the first company to make its way through the Streamlined Planning and Unified Review, or SPUR, program for its U.S. headquarters in Glasgow. Global rail manufacturer Alstom and the MRA Group are also reportedly looking to use the program for development, according to county officials. “We’ve heard a lot from the business community in terms of how we can optimize our

122 DELAWARE BUSINESS TIMES / JULY 7, 2026

review process and maintain transparency for both the public and other interested folks,” Henry said. “New Castle County needs to enhance and create a competitive advantage to promote business retention and recruitment here, and this will aid in those efforts.” SPUR takes the place of the Jobs Now program, which was created by then-New Castle County Executive Matt Meyer. That program focused on expediting review for “job rich” projects, while SPUR has a more selective process for projects. The executive order which established SPUR focuses on “encouraging innovation, expansion and growth” in critical industries: manufacturing,

biopharmaceuticals, AI, clean energy and healthcare. The ultimate hope is to target developments that may offer high-paying jobs down the line or attract more housing options for New Castle County. SPUR was developed when the county was considering its guardrails for land use around the data center before the program was unveiled in April. Henry pointed out that data centers for AI are part of Delaware’s future economy — for “good and bad”— and it would be a mistake to ignore that. “We have to be on the front lines in terms of regulating and incentivizing it in the right way. It’s changing our lives every day and every week. To be a responsible government, we have to be on the forefront of dealing with these issues,” the county executive said.

Milford Corporate Center to market lots By Jennifer Antonik MILFORD — The new Milford Corporate Center is getting closer to occupancy as real estate agents begin marketing 27 open lots at the nearly 180-acre site. Located at the intersection of Routes 14 and Route 15, the Milford Corporate Center is designed to attract employers ranging from local contractors to larger industrial and commercial users with approximately 2 million square feet of commercial space. City leaders have previously estimated the development could support as many as 1,300 jobs with occupancy possibly opening up within 12 to 18 months. Ann Bailey, a commercial real estate agent with NAI Emory Hill, told the Delaware Business Times that the project has moved from the planning phase into active marketing as infrastructure work continues on the site. Bailey said NAI Emory Hill began marketing the project is already fielding inquiries from prospective tenants and buyers. The first phase of construction includes several larger interior parcels ranging from roughly seven to more than eight acres, along with smaller lots generally between three and 4.5 acres. The smallest available parcel is about 2.75 acres. Potential users range from HVAC, plumbing, electrical and landscaping companies to manufacturers, distributors and businesses seeking showroom space with production or repair operations in the rear of their facilities. The Milford Corporate Center’s flexibility has generated inquiries from companies seeking manufacturing space, refrigeration facilities, coffee shops, churches and other commercial uses.

X SPECIAL SECTION: CONSTRUCTION

FMC Corporation plans $114M Newark site sale By Katie Tabeling NEWARK — FMC Corporation has announced it will sell its massive Stine Research Center near Newark and will enter into a lease back deal for the lab space. The 250-acre property will sell for a gross $114 million. FMC Corporation will continue to hold its Maryland properties, which are next door to the Stine Research Campus in Newark, right along the border of Cecil County, Md. The prospective buyer is Ercor Elkton LLC, a limited liability company connected to New York based real estate investment trust Broadstone Net Lease, Inc. which has a portfolio of nearly 800 industrial, retail and office properties across 44 states and Canada. The broker for FMC is Jones Lang LaSalle. FMC, a global pesticide company, has operated research and development labs in Newark for years. The Stine campus along

Route 279 has greenhouses, offices, laboratories and warehouses where it develops insecticides, fungicides and herbicides. There is also sizable undeveloped land on the property. FMC Corporation intends to lease back the facilities it actively operates under a separate deal. The research and development capabilities, along with its scientific infrastructure, according to company executives. "Unlocking the value of underutilized real estate and applying the proceeds to debt reduction reflects our ongoing commitment to strengthening our balance sheet without compromising the investments and capabilities that will drive FMC's future growth," FMC Executive Vice President and Chief Financial Officer Andrew Sandifer said in a press release. The global agricultural sciences company is most known for manufacturing pesticide and its iconic three red-letter logo which is visible on its high-rise in Philadelphia. Its

Independent Newsmedia to move after press sale By Jennifer Antonik DOVER — Independent Newsmedia is preparing to relocate its Delaware-based newsroom and administrative operations to a new office in downtown Dover months after shutting down one of the state's last newspaper printing facilities. The newsroom, which operates in four states, sold its Delaware office and printing press facility for $3 million on May 12. Daily State News, the Delaware newspaper run by Independent Newsmedia, will relocate corporate and editorial offices to the First Capital Center in Dover, formerly known as the Duncan Center. The company currently owns and operates five publications in Delaware, including the Greater Dover Independent, Middletown

Smyrna Independent, Milford Chronicle and Millsboro Long Neck Independent, as well as five in Florida, three in Maryland and 22 in Arizona. Its website for the Delaware and Maryland newspapers is BayToBayNews.com. Independent Newsmedia

“Our journalists work in the communities they serve. However, they are still working out of our former office until we can move into our new space. CHARLENE BISSON

President and CEO, Independent Newsmedia

FMC Corporation has announced it intends to sell its 250-acre campus to a real estate investment trust. | DBT SUBMITTED PHOTO

market cap is $1.43 billion. In 2017, DuPont sold a part of its crop projection unit and R&D to FMC when the European Commission ordered it to divest some of its agricultural portfolio to secure approval to merge with Dow Chemical. That deal catapulted FMC to the top of the agricultural technology companies in the world. Two years later, FMC Corporation planned a $50 million investment

in the Stine Campus where 500

President and CEO Charlen Bisson confirmed the news in an email to the Delaware Business Times. The company plans to hold a ribbon-cutting ceremony Sept. 24 for its new space with the Central Delaware Chamber of Commerce. The move comes less than a year after Independent Newsmedia announced it would close Delaware Printing Company, ending newspaper printing operations at the Galaxy Drive site. The press ceased operations on Feb. 10. The property was listed for sale in January. The 36,571-square-foot site was acquired by Galaxy Drive LLC. That entity is registered to John Stoltzfus, a known developer in Kent County Stoltzfus did not return a call for comment from DBT. Independent Newsmedia employees continue to work from the company's former facility at 110 Galaxy Drive just off of Horsepond Road and Lafferty Lane while renovations are completed at the new location. "Our journalists work in the communities they serve," Bisson

said in the email. "However, we are still working out of our former building on Galaxy Drive until we can move into our new space. . ." While a firm move-in date has not been established for Independent Newsmedia’s Delaware newsroom and administrative staff, Bisson said the transition could occur by August, depending on construction timelines. She said the company does not disclose terms of its lease agreements and no such lease has been published online by the Kent County Recorder of Deeds’ office as of press time. "We're excited about the space," Bisson said. The company's annual Stars of Delaware event is scheduled for Sept. 23 at Bally's Dover, one day before the ribbon-cutting ceremony for the new office. Independent Newsmedia also owned a 6.5-acre vacant lot next door to the former press at 124 Galaxy Drive in Dover. Although a sale sign at the sign currently states, “sold,” no such sale has been listed online via Kent County Property Records.

people worked at the time. The company received $1.64 million in state taxpayer-backed grants for the project at the time. The company has been exploring the sale of select assets and possibly the company itself since it posted a $2 billion loss in 2025. Recent reports indicate that FMC Corporation is under consideration for sale.

JULY 7, 2026 / DELAWARE BUSINESS TIMES 13

THE LIST AT THE TOP

ENGINEERING & ENVIRONMENTAL FIRMS Ranked by number of Del. Employees RANK

COMPANY

CONTACT

George & Lynch 150 Lafferty Lane Dover, Del. 19901

(302) 736-3031 geolyn.com

KCI Technologies Inc. 600 White Clay Center Drive, Suite 200 Newark, Del. 19711

3 4

Applied Control Engineering Inc. 700 Creek View Road Newark, Del. 19711

Verdantas 5400 Limestone Road Wilmington, Del. 19808

DEL. EMPLOYEES

DESCRIPTION

SENIOR EXECUTIVE(S)

217

Infrastructure

Chris Baker (President & CEO)

FOUNDED

1923

CHRIS BAKER President & CEO George & Lynch

(302) 731-9176 kci.com

302-738-8800 ace-net.com

(302) 239-6634 verdantas.com

104

Alma Mater: University of Delaware

Engineering & Construction Services

Daniel E. String (Dover Office Manager) Ryan Flickinger (Regional Practice Leader)

Control system engineering for manufacturing

Steve Monaghan (Vice President of Continuous Improvement) Ian Burns (President) Dave Erby (Vice President of Marketing and Sales) Mike Lennon (Vice President of Operations)

1991

Jesse Kropelnicki (CEO)

1976

Civil, Geotechnical, Environmental, & Construction

1955

Since 1989

1,000 Civil engineers in 2024, per Delaware Department of Labor (DDOL).

$105,082 Mean annual salary for civil engineers in 2024, per DDOL.

DEDC, LLC 315 South Chapel St. Newark, Del. 19711

(302) 738-7172 dedc-eng.com

Design & Consulting

Howard P. Krinsky (Principal)

2010

5% Anticipated U.S. sector job growth by 2034, per U.S. Bureau

Davis, Bowen & Friedel, Inc. 1 Park Ave. Milford, Del. 19963

(302) 424-1441 dbfinc.com

Becker Morgan Group 309 S. Governors Ave. Dover, Del. 19904

Architecture, Civil, Structural & Surveying

Ring Lardner (President)

1983

(302) 734-7950 beckermorgan.com

Surveying, Planning & Design

W. Ronald Morgan (President)

1983

R.C. Fabricators, Inc. 824 N. Locust St. Wilmington, Del. 19801

(302) 573-8989 rcfabricators.com

Construction

Matt Suppe (CEO) Daniel Reutter, Jr. (President)

1983

BrightFields, Inc. 1 801 Industrial St. Wilmington, Del. 19801

(302) 656-9600 brightfieldsinc.com

Environmental Consulting & Remediation Services

Marian Young (President) Kathy Stiller (Vice President, Program Director) Mark Lannan (Principal)

2003

McKim & Creed, Inc. 2 200 Continental Drive, Suite 400 Newark, Del. 19713

(302) 323-9377 mckimcreed.com

Civil Engineering, Surveying & Environmental

Street Lee (CEO)

1978

Montrose Environmental Solutions, Inc. 5341 Limestone Road Wilmington, Del. 19808

(302) 234-4400 montrose-env.com

Environmental Engineering & Consulting

Paul Miller (Principal) Michael Vanderslice (Northeast Regional Business Development Manager) Joseph Rossi (Operations Manager)

2012

of Labor Statistics.

Our upcoming lists include:

Blake and Vaughan Engineering, Inc. 800 Woodlawn Ave. Wilmington, Del. 19805

(302) 888-1780 blakevaughan.com

Consulting Engineering Services

James Igo Dan Blake Jeff Vaughan (Principals)

2003

Kent County Employers (7/21) Sussex County Employers (8/4) Colleges and Universities (8/18)

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.

1 Terraphase Engineering, Inc. acquired BrightFields in Nov. 2025. 2 McKim & Creed Inc. acquired Landmark Science & Engineering in May 2025.

142 DELAWARE BUSINESS TIMES / JULY 7, 2026

Wealth Managers, Financial Advisors (9/1) If your organization should be on one or more of these lists email swade@delawarebusinesstimes.com

NEWS BRIEFS

HONOREES ARE SELECTED BASED ON

For more coverage of these stories, visit DelawareBusinessTimes.com

2 0 2 6 DELAWARE BUSINESS TIMES EVENTS

Delaware Business Times earns 11 editorial honors The Delaware Business Times is celebrating 11 journalism awards this year from state and regional associations, recognizing excellence in business, government and enterprise reporting, as well as editorial writing. The newsroom received nine awards in the Delaware Press Association’s (DPA) annual Communications Contest and two first-place regional awards from the Maryland Delaware DC Press Association’s (MDDC) annual Power of the Press contest. The DPA contest recognizes outstanding journalism from news organizations across the state with the added opportunity of advancing first-place winning entries to the National Federation of Press Women communications competition.

Delaware continues to trend higher than the U.S. unemployment rate which is at 4.3% in May. | PHOTO COURTESY OF ADOBE STOCK

Delaware’s unemployment rate shows little improvement

Delaware’s unemployment rate has slightly dropped to 5.1% in May, showing meager improvement in the state’s unemployment picture for the year. While the state added 2,000 jobs between April and May, the number of unemployed residents is still larger than what it was a year ago. Delaware’s unemployment dropped 20 points in that period. It’s also Delaware’s lowest unemployment rate since August 2025. The report reflects Delaware’s labor force, capturing not only workers and those receiving unemployment benefits, but also those in search of work who aren’t receiving assistance. As workers stop seeking work, for a variety of reasons ranging from retirement to childcare, they are no longer counted as being unemployed in the state. Delaware’s labor force is now 510,200 people, shrinking down by 1,500 people from April to May 2026.

Mansion Farm Inn is up for sale for nearly $1.3 million in Milton | PHOTO COURTESY OF MANSION FARM INN

Historic Mansion Farm Inn hits market for $1.3M in Milton A historic bed-and-breakfast in Sussex County has been listed for sale, offering a potential opportunity for a new owner to continue its hospitality business or convert it into a private estate. The Mansion Farm Inn, located at 26285 Broadkill Road near Broadkill Beach, is on the market for nearly $1.3 million. Originally built in 1810, the historic property has been a bed and breakfast for years, welcoming guests to its restored farmhouse and grounds just a few miles from the Delaware coast. Prior to becoming a bed and breakfast, the property was home to the Robbins’ family who helped support Milton’s early agricultural economy encouraging the growth of local canneries while creating jobs. The original home was expanded between 1860 and 1909, according to the business website.

The second Surf Bagel in New Castle County opened on June 13 and will hire 30 to 40 employees. | PHOTO COURTESY OF SURF BAGEL

Surf Bagel expands in New Castle County

Surf Bagel opened its second location in New Castle County and seventh store overall near Christiana Hospital at 1103 Churchmans Road in the Churchmans Place Shopping Center. “The opening of Surf Bagel Christiana is significant to our team because it marks further expansion into New Castle County and gives us the opportunity for us to join and serve another incredible local community that is at the heart of our state,” Surf Bagel President Matt Patton told Delaware Business Times. The SoDel Concepts-owned chain opened its first location in New Castle County in March last year. At that time, Patton said they were exploring options in the northern county but did not have any specific plans.

Put the spotlight on your corporate-nonprofit partnership Delaware Business Times will spotlight up to 10 standout philanthropic champions — often partnerships between for-profit businesses and nonprofit organizations — that are making a meaningful difference in our community. Does your business or nonprofit have a philanthropic partnership? Submit an application to tell us about it! One application per partnership.

Strength and impact of the for-profit & nonprofit partnership Clear collaboration on initiatives during the last 18 months A sustained, meaningful relationship between the two organizations Measurable and specific outcomes or community impact How the partnership reflects and directly benefits Delaware communities

SELECTED PARTNERS WILL RECEIVE An editorial feature in the November 3 issue of Delaware Business Times Recognition at the Partners in Philanthropy event on November 12

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Submission Deadline: August 14, 2026

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FOR MORE INFORMATION & APPLICATION delawarebusinesstimes.com/partners-philanthropy

Risk Policy Sr Officer I for Citibank, N.A. (Wilmington, Delaware) Use statistical and data analysis tools and methodologies including Excel, SAS, and SQL to perform risk management strategic analysis and reporting. Telecommuting/hybrid work schedule may be permitted within a commutable distance from the worksite, in accordance with Citi policies and protocols. REQS: Bach deg (3 or 4 yr), or frgn equiv, in Fin, Cmmrce, Econ, Accntng or rltd fld & 6 yrs of exp as Crdit Risk Anlyst, Fin Anlyst, Consumer Biz Operatnl Risk & Control, AVP – Sales Plnning & Prfrmnce Mgmt, Rltnshp Mger or rltd pos in retail credit risk mgmt industry. 6 yrs of exp must incld: Fin P&L anlysis, incld simulations & NPV; Fin anlysis/portfolio performance evaluation; Fin planning, incld budgeting & fin forecasting; Expertise in portfolio governance concepts & Mgmt Info Systems; Advanced knwl of the retail credit lending industry & products, especially unsecured products, incld credit cards & personal loans; & Advanced knwl of U.S. banking regulations w/ particular emphasis on retail lending & bank safety & soundness. Salary range: $181,400 to $205,400/yr; 40 hrs/wk. Applicants submit resumes at https://jobs.citi.com/. Please reference Job ID #26972856. Citi offerings may include discretionary incentive & retention awards for eligible employees. Citi also offers competitive benefits. See citibenefits.com. EO Employer.

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JULY 7, 2026 / DELAWARE BUSINESS TIMES 15

BUSINESS LEADS REAL ESTATE TRANSACTIONS Source: Local Recorders of Deeds

NEW CASTLE CO. MEMD Christiana to V&V Christiana; 606 Christiana Mall, Newark 19702; $13,500,000

Delaware Careers provides comprehensive information for a wide range of career seekers. This glossy, full-color publication offers insights into various career options, including details on employers hiring in Delaware and the types of positions they are looking to fill. Place your advertisement, or profile, within the relevant career sector and category to expand your brand exposure and attract and retain top talent in Delaware.

Mohan Iyer to William Wood & Noel Relyea; 203 Alisons Way, Wilmington 19807; $3,050,000 Andrew III & Jennifer Cottone to Patrick & Megan Ede; 2305 N Grant Ave., Wilmington 19806; $1,635,000 Brett & Jennifer Costello to Paul & Anuradha Truax; 915 Centre Road, Wilmington 19807; $1,551,000 AG EHC II (Len) Multi State 3 to U.S. Home; 3150 Pett Level Drive, Middletown 19709; $1,500,325 Par 1, Inc. to NVR, Inc.; 1044 Shinnecock Drive, Wilmington 19808; $1,435,000

10 INDUSTRY SECTIONS WITH NEARLY 40 CAREER CATEGORIES DISTRIBUTION - 150,000+ Delaware Careers will receive added exposure. • Delaware Business Times will be inserted into the September 15 issue of Delaware Business Times • 15,000 additional copies will be distributed to local schools, regional workforce organizations, trade shows, and job fairs • Delaware Careers will be mailed to approx. 5,000 job seeking 21-24 yr old residents • A digital copy will also be emailed to approx. 100,000 18-34 yr olds

PUBLISHES: 9/15 AD SPACE: 7/16 MATERIALS: 7/23

Contact your Account Executive or DBT Advertising at Advertising@DelawareBusinessTimes.com I 302.656.1837

162 DELAWARE BUSINESS TIMES / JULY 7, 2026

SUSSEX CO. Bayberry Lot 28 to Ovis Herena; 39687 Sandpiper Lane, Bethany Beach 19930; $5,775,000 Jason Copen & Christopher Kirby to Laurel Hummel & Chad Parker; 32 Eleanor Lee Lane E, Rehoboth Beach 19971; $4,550,000 The County Corporate Center to Brent West; 19953 Shuttle Road, Rehoboth Beach 19971; $4,000,000 Robert Whiting, Jr. to Alex Bourdon & Ephimia Coumanakos; 53 Daisey Ave., Ocean View 19970; $2,850,000 Paul, Jr. & Barbara Kalafos to Nathan & Jenny Barker; 37 West Side Drive, Rehoboth Beach 19971; $2,750,000 John Fulchino & Ann Cashion to Christopher & Katherine Dilullo; 124 Jersey St., Dewey Beach 19971; $2,500,000

Millrose Properties Delaware to U.S. Home; 6304 Suncrest Way, Middletown 19709; $1,387,025

Edmond Bolton & Steven Harvey to 20398 Silver Lake; 20398 Silver Lake Drive, Rehoboth Beach 19971; $2,250,000

13 Smyrna to Smyrna Development Co.; 5563 Dupont Parkway, Smyrna 19977; $1,150,000

Mulholland Family Beach House to Eric & Nicole Islinger; 30954 Heather Lane, Bethany Beach 19930; $2,200,000

NVR, Inc. to Craig & Lyne Wilson; 1328 Muirfield Way, Wilmington 19808; $1,025,525

Schell Brothers to Rafael Tan; 30552 Lightkeepers Way, Selbyville 19975; $2,022,493

Jeanette & Heidy Cantoran to Joseph Jr. & Michelle Gleason; 1215 Bunker Hill Road, Middletown 19709; $1,087,475

Seadelto 1116 KH Associates; 24456 Sussex Highway, Seaford 19973; $2,000,000

NVR, Inc. to Edward Pruitt; 1115 Spyglass Hill Way, Wilmington 19808; $1,028,900

Zachary Gelof to James & Frances Hattauer; 58 Glade Circle E, Rehoboth Beach 19971; $1,897,750

Stephen & Linda Clark to Robert & Yael Haislip; 801 Westridge Drive, Hockessin 19707; $855,000

Stephen Villano to Fat Properties I; 18 Christian St., Rehoboth Beach 19971; $1,895,000

Benchmark Builders, Inc. to Erdal & Ozgur Gunaydin; 625 McCracken Drive, Middletown19709; $837,025

Lois Porterfield to Nicholas DiEmidio; 303 Salisbury St., Dewey Beach 19971; $1,700,000

Thomas & Kimberly Lindia to Shawn & Sarah Liberge; 332 Canvasback Road, Middletown 19709; $775,000 KENT CO.

Helene Brook & Stephen Pollard to Vibha & Aman Vij; 209 Country Club Drive, Rehoboth Beach 19971; $1,675,000

Brandon Davis to Barnes Branch; 3870 Hazlettville Road, Dover 19904; $2,135,000

DRP Greenbough to U.S. Home; 12116 Honeysuckle Drive, Milton 19968; $1,569,700

Miller Investments to Banyan Kentco; 133 Roosevelt Ave., Dover 19901; $1,275,000

Joseph, Jr. & Michelle Gleason to John Ellis & Jody Malcolm; 128 Creekside Drive, Dagsboro 19939; $1,500,000

Forty Nine Estates to Annette Rodgers; 831 Weatherstone Lane, Felton 19943; $727,309

Brian & Elizabeth Johnson to Thomas & Dana Hunter; 648 Tingle Ave., Bethany Beach 19930; $1,450,000

John Kernaghan to Delmarva Land Holdings; 664 Myers Drive, Hartly 19953; $650,000

Paul & Ida Ladner to Lyda Mostashari; 38315 Canal St., Ocean View 19970; $1,417,500

Katherine Markisohn & Diane LaRouche to Sharon & David Maerten; 199 Cool Breeze Drive, Clayton 19938; $649,000

Margaret Oliver to David Brown & Heather Poley; 410 Victoria Drive, Bethany Beach 19930; $1,415,925

BUSINESS CALENDAR Unless otherwise noted, webinar access details (including dial-in information) will be e-mailed to registrants. Dates and times subject to change.

showcase why they earned their Best of Delaware titles. For more information, visit delawaretoday.com/events/best.

JULY 15 12:00 PM - 1:30 PM Minority Supplier Diversity Quarterly Session with City of Wilmington

SEPTEMBER 12 10:00 AM - 4:00 PM Bethany Beach Boardwalk Arts Fest

Join the Delaware Black Chamber of Commerce for the Minority Supplier Diversity Quarterly Session, featuring the City of Wilmington’s Department of Real Estate and Housing. This session will provide valuable insights into upcoming projects, procurement opportunities, and how contractors and small business owners can position themselves for success. For more information, visit business.debcc.org/ calendar.

JULY 15 9:00 AM - 12:00 PM 2026 State of the County The New Castle County Chamber of Commerce is hosting the 4th Annual State of the County to hear from business leaders investing in, and reimagining, the future of our growing county. This event will bring together community leaders and residents, from diverse backgrounds, to celebrate and build awareness about the remarkable growth of our county. From the latest developments in infrastructure and transportation to groundbreaking innovation projects, you'll have the opportunity to gain firsthand insights into the exciting initiatives and projects shaping our county's future. For more information, visit business.ncccc.com/events.

AUGUST 5 5:30 PM - 7:30 PM Shining Light Awards The Delaware Breast Cancer Coalition will host the 2026 Shining Light Awards to celebrate the exceptional individuals and organizations whose innovation, advocacy, and generosity advance the fight against breast cancer across the Greater Delaware region. For more information, visit web.dscc.com/atlas/events.

AUGUST 6 5:00 PM - 9:00 PM Best of Delaware The Best of Delaware Party is a lively event that celebrates excellence and supports worthy local causes. This highly anticipated party of the summer features winners from our annual readers’ poll, who use the night to

We’ve Got You Covered.

The Bethany Beach Boardwalk Arts Fest is hosted annually the Saturday after Labor Day where more than 100 juried artists – both local and from around the country – display their works of are in downtown Bethany Beach, where the beach is the backdrop. For more information, visit bethanybeachartsfestival.com.

Audit & Attest I Forensics & Valuation I Tax Financial Accounting Outsourcing I Advisory

SEPTEMBER 12 5:30 PM - 8:00 PM DBT 40 Under 40

Visit www.horty.com to learn how we can help your business cover all the challenges of today and beyond.

DBT40 Awards —a celebration of the region’s most dynamic young professionals under 40 who are driving impact through intelligence, initiative, and innovation. The special celebratory event honors the DBT40 Class, composed of rising stars making their mark in business and the community. For more information, visit delawarebusinesstimes.com/events/ dbt40.

302.652.4194 (Wilmington) 302.730.4560 (Dover) Horty & Horty, P.A. | CPA’s & Advisors

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OCTOBER 8 8:30 AM - 1:00 PM Developing Delaware: Conversation, Collaboration, Innovation Join business leaders, policymakers, and community stakeholders for a data-driven discussion on Delaware's competitive position. Explore key issues impacting the future—including energy reliability, availability, and affordability; housing; and fiscal stability—while examining opportunities to strengthen our state's economic outlook. For more information, visit web.dscc.com/atlas/events.

DECEMBER 3 & 9 11:00 AM - 2:00 PM Women of Influence Do you know a woman who doesn’t just succeed—but sets the standard for what success looks like? A trailblazer, a builder, a leader who lifts others as she rises? Nominate her for Delaware Today’s 2026 Women of Influence awards (formerly branded Women in Business). This is more than an honor—it’s a platform to celebrate influence, vision, and lasting contributions. For more information, visit delawaretoday.com/events.

Print | Online | Events INNOVATION

July, 1 2025 | Vol. 12 • No. 13 | $4.00 | DelawareBusinessTimes.com

SHOWCASING DELAWARE’S INNOVATORS

INNOVATION March 17, 2026 | Vol. 13 • No.6 | $4.00 | DelawareBusinessTimes.com

DELAWARE

SHOWCASING DELAWARE’S INNOVATORS

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How Middletown planned for explosive growth on the west side 10-11

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Merck details plans for Wilmington site