DuPont Sells Hotel du Pont to Buccini/Pollin
The News Journal is reporting that DuPont has sold the Hotel du Pont to Buccini/Pollin and that the DuPont Country Club is also for sale.
DuPont has sold its hotel business to Wilmington-based developer Buccini/Pollin and, separately, has formally listed the DuPont Country Club for sale.
Has anyone been through there lately? the place is like a morgue. Dead.
Hope they can restore its lost luster.
Welcome to Buccinipollinville.
I worry about the close relationship between the Mayor and Buccini/Pollin. At least in the sense that corners could be cut and the easy relationship could become too ‘Delaware Way’ and cross some ethical lines.
Yes, there’s a strong relationship between Purzycki and BPG, but BPG did quite well with its downtown redevelopment efforts (Market Street, Nemours Building, the old Delaware Trust Building) in the Baker administration.
Perhaps the relationship just looks stronger now because Dennis Williams got along with nobody.
I share your concern about ethical lines being crossed under the guise of the Delaware Way, but I suspect that already happened.
Take a look at their current holdings — both sides of the riverfront, a good portion of Market Street up to Rodney Square and two of the three former DuPont HQ buildings between 10th and 11th. And don’t forget the luxury apartments they’re building between Shipley and Orange. When the Hotel deal closes, I daresay BPG will own more real estate within the city than the DuPont Co. ever did.
Thus far, BPG has been good for the city but … if their highly leveraged business ever crashes, city residents will feel like steerage passengers on the Titanic.
“…if their highly leveraged business ever crashes, city residents will feel like steerage passengers on the Titanic.”
That reminds me of a great line from ‘Arrested Development’ “It’s a Jet Pack Michael, what could possibly go wrong?”
In this case:
“It’s debt Michael, what could possibly go wrong?”
Mediawatch, their Senior VP ran the mayor’s campaign — that’s a pretty close relationship.
@hmm … You’re not telling me anything. I said there was a “strong relationship” and it makes perfect sense for a business-oriented candidate to have a successful businessman who he knows well as his campaign manager, especially when that businessman once served on the city council.
It’s a small city, it’s a close-knit power structure, and we’ve got to keep our eyes and ears open for whatever develops. But I’d rather have Purzycki and Buccini working together than Dennis Williams working with nobody.