Lighthouse Cove Redevelopment Case Study – Dewey Beach DE Commercial Real Estate

Lighthouse Cove Redevelopment

Dewey Beach, Delaware

Considered the premier ocean/bay block in the Mid-Atlantic Region, The Lighthouse Cove property offers a full block of resort-inspired property on Rehoboth Bay in Dewey Beach. It features the award-winning Hyatt Place Hotel (Delaware’s first Hyatt branded hotel), The Residences at Lighthouse Cove (luxury 2-, 3- & 4-bedroom condos), The Lighthouse Cove Event Center, Lighthouse Restaurant and Dewey Beach’s first ever ADA-recreational Baywalk with fishing pier.

CHALLENGE

Formerly known as Ruddertowne, Lighthouse Cove has always been envisioned as a true resort destination that would serve not only as a vital source of tourism and economic activity, but also an asset to all in the community. The goal was to take this area (once scheduled to be a private, gated townhome community that would have forever eliminated public access to the Rehoboth Bay between Van Dyke and Dickinson Street) and transform it into a vibrant, mixed-use resort destination.

PROJECT OVERVIEW

Acquired in 2007, these 388,000 square feet of hospitality space were constructed throughout 2012-2020, in multiple phases over time. Designed and developed like no other property along the Delaware Coast, Lighthouse Cove boasts 73 privately owned luxury condominiums, the award-winning Hyatt Place Hotel with 140 guest rooms and luxury suites plus 10 hotel condos, the all new Lighthouse Restaurant and Lighthouse Cove Event Center.

Lighthouse Cove At a Glance

Square Footage

388,000 Total

Acquired

2007

Constructed

2012–2020

PROJECT Highlights

Delaware’s first ever Hyatt branded hotel in Hyatt Place Dewey Beach opened in 2013 and is one of the top performing Hyatt Place hotels in the World.

2016, 2017, 2018, 2020 – Best Hotel in Sussex County (Coastal Style Magazine).
2017 Family Vacation Critic Winner – “30 Best Mid-Atlantic Family Hotels & Resorts”
Hyatt Leadership Awards Recipient – “Thrive Ambassador Award”
Hyatt Operational Excellence Award, 2019
Top 10 Hyatt Place Rated Hotel in Annual ADR and REVPAR Indexes
Top Workplaces to Work in Delaware, News Journal 2019 & 2020
TripAdvisor Travelers’ Choice Winner, 2020

Lighthouse Cove Event Center features over 18,000 square feet of flexible indoor and outdoor event space overlooking the Rehoboth Bay. The venue has quickly become the premier waterfront destination event venue for weddings, receptions, corporate meetings, concerts, tradeshows and many other special events in the Mid-Atlantic region.

The Lighthouse Restaurant is a 40-year Dewey Beach tradition, revitalized! The Lighthouse Restaurant proudly serves fresh, local, and coastal-inspired dishes paired with handcrafted cocktails and live entertainment at one of the best sunset spots in the world.

The Residences at Lighthouse Cove, a resort-themed property in Dewey Beach, Delaware, has been making waves since it debuted above the Hyatt Place Dewey Beach Hotel in 2013. Buyers appreciate the open floor plan and the upscale appointments that sport a coastal flair. The Residences feature a number of enviable amenities including: onsite dining, rooftop garden, rooftop pool with an infinity edge, a new bay-walk and a recreational pier on the Rehoboth Bay, a sunset gazebo, and bay-front units offering direct views of the water.

COMMUNITY & ECONOMIC IMPACT RESULTS

In addition to hundreds of construction jobs, this 10-year build project brought new, invigorated revenue streams to the area. From dining and housing to entertainment and events, the Lighthouse Cove project reshaped the entire local economic landscape throughout the duration of the build as well as the trajectory for years to come.

Total employment at Lighthouse Cove exceeds 350 jobs

Total revenue generated to Dewey Beach, Sussex County, and the state of Delaware from time of acquisition: $4,912,487.99