Shipley Artist Lofts
701 Shipley Street, Wilmington, DE 19801
302 652-7606 • www.ingerman.com
This page was last updated in March, 2010
This building in downtown Wilmington is at one end of the block while our church is at the other.
History of the building at 701 Shipley Street in Wilmington, Delaware.
In 1997, the Episcopal Church of Sts. Andrew and Matthew formed a task force to identify, explore and recommend options for the development of the vacant building located at 701 Shipley, which it owned. The development of this building is another step in a journey to rejuvenate this area of the city.
To implement a vision for a vibrant downtown district, SsAM formed Shipley Village Community Development Corporation in 1999. SVCDC aims to create a vibrant community with a high quality of life and an environment that promotes economic opportunity through developing affordable housing and stimulating the presence of appropriate business, educational, cultural, social and other amenities.
In 2003, with no clear direction for the use of this building, the building continued to deteriorate. The roof had collapsed, causing extensive damage. A complaint was filed with City of Wilmington, but we were able to get it dismissed.
However, a couple of years earlier SVCDC representatives had met with the Mayor of Wilmington and members of his staff to discuss an idea the Mayor had for making the building into loft apartments for artists with gallery space on the first floor for the low-income artists to display and/or present their works. In light of the recent growth in the arts community in the area including the continued growth of the Delaware College of Art and Design and David Bromberg and Associates Fine Violins on Market Street, it seemed like the perfect idea.
While resources were not available at that time to make this dream a reality, we eventually discovered funding was available through the Low Income Tax Credit program. We found that new artists lofts had been developed in Philadelphia, Pennsylvania, and in Montgomery County, Maryland.
In 2005, we partnered with The Ingerman Group, a for-profit affordable housing developer and submitted an application to the Delaware State Housing Authority for Low Income Tax Credits. We did not secure funding, in part because we had hoped for capital funding from Historic Tax Credits, but we were not yet eligible because we were not on the National Historic Register. So we pulled the application and took steps to get on the National Historic Register.
We began to make progress!
- 701 Shipley placed on the National Historic Register in early 2006.
- The site qualified for Historic Tax Credits.
- We re-applied for Low-Income Tax Credits, which were awarded in the spring of 2006.
- We applied for Foundation support, which was awarded in December, 2006.
- Final assistance came from City of Wilmington in the form of a $400,000 grant award. With that, all the funds are in place:
- FUNDING:
Historic Tax Credit Equity: $1,931322
Foundations: 400,000
Low Income Tax Credit Equity: 2,514,681
DCIC Loan: 636,648
Seller Financing: 400,000
City of Wilmington: 400,000
Total: $6,282,651
The Project
Shipley Village Community Development Corporation (SVCDC) is the General Partner. Investors are Limited Partners, including the Episcopal Church of Saints Andrew and Matthew, which leased the building to SVCDC for 99 years in payment of $100,000 at closing and a $400,000 note.