Development

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.

The 12th & Market Street property represents the assemblage of fifteen separate tax parcels. The result is an excellent development opportunity with the potential for a parking garage and significant office building located in the heart of downtown Wilmington, Delaware.

Owner Tiffin, LLC
Address 1200 N. Market Street
(NEC of 12th & Market Streets)
Wilmington, Delaware
Land Area 26,217 square feet (0.60 acres)
Zoning C-4

This location offers a large assemblage (76,440 square feet), prime development site a block from the Delaware Avenue/Western Gateway into the City of Wilmington. With frontage on 10th, Washington, and Jefferson Streets, this property is located a block from 500 Delaware Avenue office building and across from the Sheraton Suites Hotel.

The site is an excellent development site for Class “A” Office, Hotel, or Apartments with C-4 zoning and easy access to and from Interstate-95.

Owner Hat Square, LLC
Address 905-919 Washington Street & 910-918 Jefferson Street
Wilmington, Delaware

Bound by 10th St, Jefferson St, and Washington St.
Land Area 76,440 square feet (1.76 acres)
Zoning C-4

This site offers a prime development opportunity for a complete city block (29,385 square feet). Located ½ block from the Brandywine River with extraordinary views. Ideally suited for residential development with the H. Fletcher Brown Park and St. Patrick’s Church both located right across the street.

Owner Winkler Associates, LP
Address 100 E. 16th Street
Wilmington, Delaware
Land Area 29,385 square feet (0.67 acres)
Zoning C-4

This assemblage of land is nearly 2 acres of prime downtown real estate occupying almost a whole city block. Located on the western portion of the CBD, this property could be developed for a variety of mixed uses, including office, call center, retail residential, parking, or any combination.

Owner Aspire, LLC
Address 402 W. 9th Street,
804-828 Washington Street & 809-823 West Street,
Wilmington, Delaware
Land Area 86,272 square feet (1.98 acres)
Zoning C-4

Located on the Orange Street Corridor in the middle of downtown, this property has the potential mixed-use development of office, retail and residential. At the intersection of 4 other parking facilities, this may also represent the anchor for the development of a downtown campus.

Owner HLPM, LLC
Address 600 N. Orange Street
Wilmington, Delaware
Land Area 29,227 square feet (0.67 acres)
Zoning C-3

This site represents tremendous development opportunity, with over an acre and a half of land located along the spine of western downtown Wilmington (Orange Street). Currently serving as a 174-space surface parking lot, this site offers a variety of development opportunities, including office, retail, and residential.

Owner Substation, LLC
Address 5th & Orange Streets
Wilmington, Delaware
Land Area 68,023 square feet (1.56 acres)
Zoning C-3

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.