Trinity Redevelopment Joins Downtown Development

Oct 1 2019 /

Craig De Mariana Aleman and his partners Jose Quinones and Dr. Aaron Green plan to join the resurgence of private investors of Downtown Milford as they recently purchased 38 N. Walnut Street. The brick building hosts the Downtown Barber Shop.

A 2001 Milford graduate, Aleman has invested in numerous residential buildings in Downtown Seaford as a part of the State of Delaware’s Downtown Development District (DDD) Grant program. He has now come home with his partners under Trinity Redevelopment LLC, and is excited to get his first Milford project underway.

“We want to focus on downtown areas and picking up buildings instead of seeing them torn down. Some have been neglected or forgotten about or in some cases just severely damaged,” said Aleman “We want to bring them back to life and the grant program from the DDD allows us to do that. Otherwise it is financially unreasonable. The DDD grant actually changes things and can help keep historic buildings in downtowns.”

The DDD program is designed to spur private investment in commercial business districts, stimulate job growth, improve the commercial vitality of Delaware cities and help build stable communities in their downtowns. Rebates from the State of Delaware of up to 20 percent are available to qualified investors with qualified real property investments associated with commercial, industrial, residential or mixed-use buildings/facilities located within a designated downtown District. In Milford alone, a total of 53 projects have been part of the program since its designation in 2016. A total of $20,570,163 of private investment has been committed as the State of Delaware has reserved or awarded State rebates totaling $2,442,211. As local incentives, the City of Milford has granted $207,743.34 of City fee waivers or tax abatements for those 53 projects. The City of Milford recently expanded the DDD area adding an additional 15 acres of land surrounding the Central Business District.

Trinity Redevelopment LLC partner Jose Quinones, a former resident of Milford, has seen the benefit of the grant program in cities across the State including Smyrna and Seaford and wants to join the excitement in Milford. “The feeling of this community is that they want to preserve the beauty as the community continues to change,” said Quinones. “We want to show people that it’s critical to make an investment in our community and investment in the future while recognizing the importance of the past.”

Making investments in Seaford, Dr. Green states that Milford is a town that many others want to replicate because of its enthusiasm and innovative thinking. “I hope Milford keeps on the direction they are going right now because there are many towns in Delaware saying ‘we want to be more like them’. The festivals and local commitment to a better quality of life is known by people from across the state.”

The name Trinity Redevelopment LLC is a reminder to the three partners that there is “something greater than us at work’ and acts as their reminder to ‘not limit ourselves’

“Profit is not at the forefront as much as possible and our focus is playing a role at helping build our communities is a way that creates value for families of all ages,” stated Dr. Green.

To learn more about other DDD incentives, individuals can visit https://stateplanning.delaware.gov/about/ddd.shtml. Questions regarding DSHA’s DDD Rebate Program and application process can be directed to Penny Pierson by phone at (302)739-0246 or by email at Penny@destatehousing.com.

Screen Shot 2016-04-22 at 7.24.15 AM

Sign up for you free digital subscription of The Weekly Review, delivered directly to your email every Tuesday morning. A quick cover-to-cover read to catch up on the news of the week and experience great stories about our local communities. Sign up for your free email subscription below.

 

Comments are closed

Log in | Copyright 2010-2012 Milford LIVE, LLC. 805 Joshua Dr., Milford, DE 19963