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Study Finds Redevelopment of Former GM Plant in Wilmington, Del. To Create More Than 2,100 Permanent Jobs

May 31, 2018

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Dan Ivers
201-509-2913
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FOR IMMEDIATE RELEASE

 

Study Finds Redevelopment of Former GM Plant in Wilmington, Del. To Create More Than 2,100 Permanent Jobs

Harvey Hanna & Associates’ Plan for Modern Distribution & Business Campus Holds Potential for $281 Million in Economic Impact Per Year

 

Wilmington, Del. (May 30, 2018) — Harvey Hanna & Associates, Inc., a leading Delaware-based commercial real estate redevelopment firm, today announced the results of a study commissioned to measure the economic impact of its planned redevelopment of the former General Motors plant in Wilmington, Del. into a thriving, state-of-the-art business, fulfillment and distribution campus.

The report, prepared by Philadelphia-based Econsult Solutions, found that upon completion, Harvey Hanna’s exploratory plan for the property would produce more than $281 million in annual impact, largely through the creation of more than 2,100 permanent jobs in logistics, distribution, engineering, transportation and an array of support industries and services. The project would also create another 160 jobs annually over an estimated nine-year construction period.

“Since purchasing the former GM plant in 2017, Harvey Hanna’s plans for the property have been focused on a singular mission to create thousands of lasting, 21st century jobs for the residents of Wilmington, New Castle County and greater Delaware,” said Thomas J. Hanna, President of Harvey Hanna & Associates. “This study affirms our belief that creating a modern distribution and business campus can help restore this property’s long history as a vital source of employment and a nucleus for the local economy.”

According to the study, construction of the new business and distribution campus would generate a total of $6.8 million in taxes for the state of Delaware. Once construction has been completed, the reimagined property would also generate more than $7.6 million in annual revenue through personal and business taxes, as well as $2.4 million in new property taxes annually for the Red Clay School District and New Castle County.

In addition, the study found Harvey Hanna’s transformation of the former plant will also have a positive impact on property values in its immediate vicinity, driving the median home price up roughly 14 percent from $215,000 to $245,000 or higher, exclusive of inflation.

“We must win the future,” said New Castle County Executive Matt Meyer. “This is further proof that Harvey Hanna’s redevelopment vision could create thousands of jobs and transform our largest shuttered factory into an economic engine for generations to come.”

Filed with the New Castle County Department of Land Use in April, Harvey Hanna’s Brownfield Redevelopment concept plans call for the complete demolition of all dormant buildings on the 142-acre property, to be followed by the construction of 3 million square feet in new commercial space spread across four buildings with a lower overall footprint than the previous structure. If approved, the buildings would be constructed in multiple phases, with additional green space, improved storm water management and new landscaping buffers added to the new business and distribution campus. The plans are conceptual in nature, and must be reviewed and approved by New Castle County as well as other state regulatory agencies.

“The transformation of the former GM plant from a vacant brownfield to a thriving center of jobs and commerce holds the potential to create economic impact far beyond the property itself,” said Hanna. “By generating new jobs, raising property values and creating additional tax revenue, we hope to serve as a catalyst for the revitalization of downtown Newport and other communities across the region.”

The economic data does not reflect other redevelopment efforts planned by Harvey Hanna as part of a wider effort by Harvey Hanna to transform underutilized areas of New Castle County, specifically in and around the greater Newport area. The firm is currently pursuing $150 million in transit-oriented development of 400,000 square feet of mixed-use commercial transit oriented development around the SEPTA rail station in downtown Newport, Del., where future employees at the Boxwood Road property can live, eat, shop and play. Harvey Hanna’s plans for the Newport development also include an environmental center advocated by town officials, as well as a Riverwalk trail that will connect with the New Castle County bicycle and pedestrian trail network currently under construction.

Harvey Hanna acquired the Boxwood Road property in 2017 with the goal of redeveloping its more than 3 million square feet of industrial and office space. The longtime former home of a General Motors automotive plant, the property is strategically located along the I-95 corridor and is set in one of the country’s major population base, making it an ideal setting for distribution, fulfillment and logistics users and businesses. Offering easy access to major markets including Philadelphia, New York City, Baltimore and Washington, D.C, the property is a springboard to multiple major U.S. highways, including I-95, I-295 and I-495.

The property is also equipped with full access to area rail lines, allowing distribution or fulfillment companies to both ship and receive goods from across the region, and is just minutes from the growing Port of Wilmington, which handles more than 400 ship calls and 6.8 million tons of cargo each year.

About Harvey Hanna & Associates, Inc.
Founded in 1998, Harvey Hanna & Associates, Inc. is a Newport, Delaware-based real estate development company with a significant record of success related to the acquisition, redevelopment and repopulation of underutilized properties in the Mid-Atlantic region. Led by Thom Harvey and Thomas Hanna, the company has acquired and developed more than 5.2 million square feet of space, including 2.8 million square feet of industrial space. Harvey Hanna has deep personal and professional roots in Newport and the surrounding Delaware community, and the company’s comprehensive understanding of both the Boxwood property’s history and the Newport community has helped shape its vision for a first-class commercial campus that will become a critical economic driver for the region.

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Read Boxwood Site Economic Impact Study




Want to Find out What’s Driving Real Estate in the Diamond State?

January 26, 2016

 

Find out about some real significant opportunities in entrepreneurial real estate at the Urban Land Institute’s (ULI) Delaware Developers’ Forum to be held Tuesday, February 2nd at University of Delaware Arsht Hall. You’ll get a feel for what is driving real estate this year as you hear about all the new and planned development trends and investment activity taking place in Delaware’s competitive market.

Keynote Speaker, Jeffrey C. Flynn, Wilmington’s Director of the Office of Economic Development  will reveal private and public real estate investment deals worth up to $650,000 that are in the works. This area’s real estate market has largely been consumer-driven by it eclectic makeup of financial and legal services, government/politics, pharmaceuticals, “eds and meds” and more.

Louis Capano, III a Principal in Capano Management, LC Construction and LC Homes will talk about several development projects that are underway, such as the luxury apartments in Claymont, Middletown and the Avenue of the Arts on Wilmington’s riverfront. He’ll also discuss what to expect at a few commercial sites, including the redevelopment of the Brandywine Country Club located off of Shipley Road in North Wilmington.

Want to find out what is developing at the Residences in Midtown Park and Rockford Falls at the former Bancroft Mills site? Michael Hare, Senior VP of Buccini/Pollin Group, a real estate acquisition, development and Management Company, will discuss his company’s plans.

Angela Tsionas-Matulas, Principal of Tsionas Management will talk on her family-run company’s plans to create a mixed-use redevelopment at 2000 Pennsylvania Avenue in Wilmington. Gregory Pettinaro, CEO of Pettinaro will discuss the company’s plans for the recently acquired Greenville retail sites; Powder Mill Square and Greenville Center, longtime home to many iconic institutions including Greenville Post Office, Janssen’s Market and Brew HaHa!

William E. Holloway, PWant to Find out What’s Driving Real Estate in the Diamond State?rincipal of Bernanrdon, an architectural, interior design and landscape architectural firm, will be the Delaware Developers’ Forum moderator. The ULI is a nonprofit research organization whose mission is to provide leadership in the responsible use of land and creating sustainable communities.

The ULI Philadelphia has hundreds of members across the region, including satellites in Central Pennsylvania, Delaware, Lehigh Valley and Southern New Jersey. Thomas J. Hanna, Managing Director of Harvey, Hanna & Associates is on the advisory council of the Delaware branch of the ULI.

For more information, Click Here and to Download a Registration Form, Click Here.

About Harvey, Hanna & Associates- Established in 1997, HHA is a full service Commercial Real Estate Redevelopment Company featuring 3,000,000 square feet of prime location commercial, retail, and industrial real estate in Delaware.




Congratulations to Dan Rattay – HHA 2015 Broker of the Year!

January 20, 2016

Dan Rattay 2015 Broker of the Year

Harvey Hanna & Associates is pleased to announce that Dan Rattay , a Senior Associate at CBRE, has been selected as its ‘2015 Broker of the Year’. Rattay, a three time winner of the award, specializes in sales and lease of industrial and office properties and was instrumental in bringing CEVA Logistics to Delaware.

A donation of $3000 under Rattay’s name will benefit the Delaware KIDS Fund, a non-profit organization founded by Thomas J. Hanna, VP of HHA. Delaware KIDS Fund is an acronym for ‘Kids in Distressed Situations’ that helps at-risk children in Delaware who may face violence, abuse, family financial troubles, or other distressing situations.

Rattay negotiated the Twin Spans Business Park (TSBP) lease for CEVA Logistics, a worldwide company. CEVA Logistics is currently leasing 125,000 square feet of HHA owned warehouse, office and distribution space at 800 Ships Landing Way, located conveniently of I-95 in New Castle, Delaware. It is expected that this global company’s new location will bring more quality jobs to Delaware.

CEVA Logistics is one of the world’s leading non-asset based supply chain management companies that specializes in the design and implementation of industry-leading solutions for freight management and contract logistics. Click Here to find out more.

TSBP is considered by many to be the premier distribution campus in the mid-Atlantic region, featuring 1.85 million square feet of Class A commercial warehouse space spread across 135 acres of land along the Delaware River. Twin Spans further offers superior logistics throughout the mid-Atlantic region and points beyond, with immediate access to I-95, I-295, I-495 and the Delaware Memorial Bridge.

About Harvey, Hanna & Associates- Established in 1997, HHA is a full service Commercial Real Estate Redevelopment Company featuring 3,000,000 square feet of prime location commercial, retail, and industrial real estate in Delaware.

Read the Press Release