Speakman Place David Holden The Ingerman Group

Speakman Place Cornerstone West and The Ingerman Group collaborated to redevelop the former Speakman Company Factory, in Northeast Wilmington, into a new community for homeowners. Project consists of two phases, totaling 71 homes. Provides a significant first time homeownership opportunity for families that want to live in Wilmington.

Speakman Place The Site Six Acre Property in the Northeast portion of the City of Wilmington

Speakman Place The Site Home of the Speakman Company for almost 100 years. Included over 100,000 SF of factory buildings. Zoning and Infrastructure for Industrial Use. Significant soil and groundwater contamination. Adjacent land uses include Speakman Park, residential, warehouse space, industrial and Riverview Cemetery.

Speakman Place The Former Speakman Factory 30 th Street View of Factory

Speakman Place The Former Speakman Factory Back Loading Area of Factory

Environmental Clean Up and Costs Community Approvals Funding Sources Speakman Place Challenges to Development Process Fire ! Marketing and Sales

Speakman Place Development Team Cornerstone West – Non-Profit Developer The Ingerman Group - Developer Architectural Alliance – Project Architect

Cornerstone West –A non-profit community development corporation that grew from a collaborative effort between WENH, St. Francis Hospital, and the community of Wilmington’s Westside. –Designed to deliver housing to serve the needs of Wilmington’s low and moderate-income families. –Seeks to create homeownership opportunities through the renovation, construction and sale of homes. Speakman Place Development Team

The Ingerman Group –Ingerman Affordable Housing, Inc. –Ingerman Construction Company –Nearly 20 years experience in affordable and market rate housing development throughout NJ, MD, PA and DE Speakman Place Development Team

Architectural Alliance –A Wilmington-based firm who has worked with Cornerstone and Ingerman in the past to develop affordable housing. –Has experience in designing a broad range of building types, including new construction and rehabilitated rental and for-sale development projects. Speakman Place Development Team

Speakman Place Site Plan 71 three bedroom/ 1.5 bath townhomes

Exterior materials include brick and siding Mix of building types – twins, three, four and six unit configuration Speakman Place The Project

1,600 SF plus garage and family room/ storage room Private patios, yards and decks No common area – No HOA Public Streets Option Packages Speakman Place The Project

Speakman Place Ground and First Floor Plans

Speakman Place Second Floor Plan

Speakman Place Finished Units

35 houses for families at 50%, 70% and 80% of the area median income. 36 houses with no income restrictions (market rate). Speakman Place Income Targeting

Speakman Place Project Financing Total Development Costs $15,815,007 Sources of Funds DNREC $2,602,417 DSHA HOME $1,287,590 Sales Proceeds $10,800,000 FHLB of Pittsburgh $500,000 City of Wilmington $625,000 Total Sources of Funds$15,815,007