The Buccini/Pollin Group has purchased the DuPont Building and intends to transform the complex with a $175 million renovation.
News outlets report that the Wilmington properties include the Hotel du Pont, Playhouse on Rodney Square and an office building. The properties will be converted into a mixed-use complex that includes living, retail, office and dining options.
The original building was built in 1908. Wilmington Mayor Mike Purzycki lauds the plans as returning confidence in the city by reinvigorating a "powerful'' symbol.
The group purchased the buildings from Chemours Company, which will lease office space back.
Renovation of the 950,000-square-foot complex is expected to take three to four years. The group will preserve the hotel and the Four-Diamond-Status Green Room restaurant. The Playhouse will remain operational throughout.