Real Estate Development & Investment
You’re looking for an experienced partner to help develop a prime location into a thriving revenue stream—and we have 60+ years of doing just that. We’ve transformed properties into prosperous parking facilities, retail, and office spaces.
Real Estate Development Partnerships
Whether you’re looking to strictly build a parking facility or parking is just one element of your development, we offer our extensive expertise to help guide you through the process. If you don’t already have a property of your own, we have properties that are ready for a development partnership or purchase.
Chief among our real estate inventory are properties operating with an interim use as surface parking lots. These high-traffic properties provide the potential for a variety of office, retail, and residential real estate development. We partner with real estate professionals, developers, and prospective tenants to shape these spaces to meet your needs.
Our Unique Perspective
Our decades of parking management give us the perspective of a manager who will look after the property for many years. Unlike the designers and constructors—whose jobs are complete as soon as the facility is built—our recommendations are based on what we know works for your facility’s long-term benefit.
Our Parking Development Process
1. Economic Feasibility & Demand Studies
The first critical step for the development of most parking facilities is evaluating the economic feasibility of the proposed project. This process involves:
- Reviewing the current and future parking demand
- Creating an economic model of the parking facility to determine its feasibility
2. Design & Construction
Once the feasibility of the project has been established, Colonial can deliver a complete design-build solution. This includes:
- Developing the design of the parking facility (with as much or little involvement from the property owner)
- Building the facility
- Delivering the finished product at the end of the construction period
We provide creative solutions to meet client needs. For past projects, we’ve developed structures where our team may design and build a facility while funding the construction period costs—or even lease land on which we will design, build, own and manage the parking facility.
3. Development Assistance
Colonial can review and monitor your project while it’s under construction. We view this role as a critical step in the development of a parking facility since the parking manager typically provides a different perspective and has the long-term operational responsibility for the completed facility.
Parking & Real Estate Development Projects
The State of Delaware went to the marketplace to determine if a Public-Private Partnership (P3) would be a viable way to develop the parking facility needed when the courthouse opened.
Colonial Principals pulled together a development team that was successfully awarded the development rights. The garage was designed, constructed, owned, financed and managed by the Colonial team on land leased from the State of Delaware. This creative solution required no State investment while providing much-needed, cost-free Juror Parking, and returning dividends to the State.
The land on which the 1201 N. Market Street building was developed consisted of a surface parking lot owned by Colonial on half the block and a surface parking lot owned by the Wilmington Parking Authority on the other half. A national developer of Class “A” office buildings, LaSalle Partners, came to Wilmington to develop a building on behalf of a financial institution client. To provide the development site for this project while retaining some ownership, Colonial negotiated the sale of their half of the block (as well as the WPA half).
Shortly after the building opened in 1985, LP and Colonial sold their interests in the building. However, Colonial continues to manage the building’s parking garage.
The PNC Bank Center began with a ten-year project where Colonial assembled the ownership of the land on which the building was developed. After successfully managing the property as a surface parking lot, Colonial collected a team to develop the lot into a Class “A” office building with integrated parking garage.
Available Properties
During our natural course of business, we continue to analyze our portfolio of properties for their highest and best uses and review strategic acquisitions for future development.
We welcome your interest in any of the properties profiled below and are always happy to discuss potential partnerships.
| Address: | 1202-1212 N. Market Street 1203-1209 N. King Street 3-11 E. 12th Street Wilmington, Delaware |
| Bound on the north by other commercial properties, the east by King Street, the south by 12th Street and the west by Market Street. | |
| Land Area: | 26,216.9 sq. ft. (0.60 ac.) |
| Frontage: | Market Street 123.5′ 12th Street 192.3′ King Street 67.1′ |
| Zoning: | 26 C-4 – Central Office |
| Owner: | Tiffin, LLC c/o Colonial Parking, Inc. 715 N. Orange Street Wilmington, DE 19801 |
| Development Information: | This property is available for development or co-development. |
| Proposed Development: | Office 316,900 sq. ft. Retail: 7,200 sq. ft. Parking: 510 spaces |
| For more information, please contact: | Jed Hatfield, president Phone: 302-651-3600 e-mail: jhatfield@colonialparking.com |
| Address: | 905-919 Washington Street 904-918 Jefferson Street Wilmington, Delaware |
| Bound on the north by 10th Street, the east by Washington Street, the south by other commercial properties and the west by Jefferson Street | |
| Land Area: | 77,220 sq. ft. (1.77 ac.) |
| Frontage: | Washington Street 250.6’ 10th Street 300.0’ Jefferson Street 259.0’ |
| Zoning: | 26 C-4 – Central Office |
| Owner: | Hat Square, LLC c/o Colonial Parking, Inc. 715 N. Orange Street Wilmington, DE 19801 |
| Development Information: | This property is available for development or co-development. |
| For more information, please contact: | Jed Hatfield, president Phone: 302-651-3600 e-mail: jhatfield@colonialparking.com |
| Address: | 804-828 Washington Street 402 W 9th Street 809-823 West Street Wilmington, Delaware |
| Bound on the north by 9th Street, the east by West Street, the south by other commercial properties and the west by Washington Street | |
| Land Area: | 86,272 sq. ft. (1.98 ac.) |
| Frontage: | Washington Street – 337’ 9th Street – 256′ West Street – 337′ |
| Zoning: | 26 C-4 – Central Office |
| Owner: | Hat Square, LLC c/o Colonial Parking, Inc. 715 N. Orange Street Wilmington, DE 19801 |
| Development Information: | This property is available for development or co-development. |
| For more information, please contact: | Jed Hatfield, president Phone: 302-651-3600 e-mail: jhatfield@colonialparking.com |
| Address: | 600-608 N. Orange Street 107-111 W. 6th Street 601-615 N. Shipley Street Wilmington, Delaware |
| Bound on the north by a commercial office building and accessory parking lot, the east by Shipley Street, the south by 6th Street and the west by Orange Street | |
| Land Area: | 26,202 sq. ft. (0.60 ac.) |
| Frontage: | Orange Street – 140.4′ 6th Street – 178.8′ Shipley Street – 140.4′ |
| Zoning: | 26 C-4 – Central Office |
| Owner: | HLPM, LLC c/o Colonial Parking, Inc. 715 N. Orange Street Wilmington, DE 19801 |
| Development Information: | This property is available for development or co-development. |
| For more information, please contact: | Jed Hatfield, president Phone: 302-651-3600 e-mail: jhatfield@colonialparking.com |
| Address: | 205-209 W. 5th Street 501-515 N. Orange Street 200-212 W. 6th Street 516 N. Tatnall Street Wilmington, Delaware |
| Bound on the north by 6th Street, the east by Orange Street, the south by 5th Street and the west by Tatnall Street | |
| Land Area: | 68,023 sq. ft. (1.56 ac.) |
| Frontage: | 5th/6th Street – 265.3′ Orange/Shipley Street – 256.4′ |
| Zoning: | 26 C-4 – Central Office |
| Owner: | Substation Associates, LLC c/o Colonial Parking, Inc. 715 N. Orange Street Wilmington, DE 19801 |
| Development Information: | This property is available for development or co-development. |
| For more information, please contact: | Jed Hatfield, president Phone: 302-651-3600 e-mail: jhatfield@colonialparking.com |
For more information on partnering for a Parking or Real Estate Development project, please contact us.
Real Estate Development
Our decades of providing parking management services have given Colonial the opportunity to own and develop a variety of real estate projects. Chief among our real estate inventory are properties operating with an interim use as surface parking lots.
These high-traffic properties provide the potential for a variety of office, retail and industrial real estate development. We partner with real estate professionals, developers, and prospective tenants to shape these spaces to meet their (your) needs.
Real Estate Development Projects
PNC Bank Center Garage
The PNC Bank Center began with a ten-year project where Colonial assembled the ownership of the land on which the building was developed. After successfully managing the property as a surface parking lot, Colonial collected a team to develop the lot into a Class “A” office building with integrated parking garage.
For more information on partnering for a Real Estate Development project, please contact us.