Less than two years after buying two downtown Wilmington properties known as Bracebridge I and III on 11th Street at King and French streets, Incyte Corporation announced on Tuesday afternoon, February 11, 2026, that they are selling the buildings to Buccini Pollin Group (BPG).
WDEL learned in early December that work had stopped on the two projects, however, neither Incyte nor the City of Wilmington or State of Delaware would confirm the work stoppage.
According to a WDEL news story in May, 2024, the biotech company headquartered in Alapocas was due to receive nearly $15 million in state grant funding in support of the expansion: $9 million is through a Jobs Performance Grant from the Council on Development Finance; and, over $5.5 million from the Delaware Strategic Fund for a Graduated Lab Space Grant.
WDEL has requested comment from the Governor’s Office if any of the money had been distributed and if so, if the state would attempt to claw any funding back.
According to Incyte the company will contribute toward the development costs of both buildings and will then lease approximately 80,000 square feet of space across two floors in Bracebridge I.
The sale is expected to close in the first quarter of 2026.
This grant was the result of (Delaware’s Worst Governor Ever) John Carney’s scheme to ‘privatize’ state economic development, including, but not limited to, exemptions from FOIA.
Matt Meyer has indicated, but hasn’t acted on it yet, that he wants less of this quasi-governmental largesse when it comes to doling out tens of millions of public dollars to corporations.
Anyone surprised that Buccini-Pollin is buying these properties? Certainly not John Carney, the Mayor of Buccini/Pollinville, and only Buccini/Pollinville.
Call it what it is: Delaware Way shit with someone (not you) pocketing a lot of your taxpayer dollars.