First State Crossing, at $850 million and 3.75 million square feet, is expected to have the biggest economic development impact of any project ever in the state of Delaware.
Commercial Development Co. has started work on the massive redevelopment, which will transform the former Claymont Steel Mill, a 425-acre property located in the First State, just south of greater Philadelphia. The project — which will include residential, office, industrial and retail space — is a massive undertaking and its impact will be felt around the region, earning it a 2023 CoStar Impact Award for development of the year in Philadelphia, as judged by real estate professionals familiar with the market
As part of the development, 1,200 residential units within 1.8 million square feet of buildings will be constructed. Many of the new apartments and townhouses will overlook the Delaware River, making it the largest waterfront development in the greater Philadelphia market. There will also be 500,000 square feet of Class A office space, a 160,000-square-foot parking garage, a 358,000-square-foot distribution center, 105,000 square feet of retail space and a new county park and a nature preserve.
It is estimated that the development will have an annual economic impact of $880 million for the region.
About the project: At the heart of First State Crossing is a $70 million transit center, which will connect the new development to Philadelphia and other neighboring metropolitan areas. It is slated to open in August and will replace the existing Claymont Train Station. The new transit hub will offer access to regional train transportation, via Amtrak, as well as local bus lines and biking and walking trails.
What the judges said: The project took on the complexities of redeveloping a former steel plant and incorporating “the ‘four major food groups’ of real estate — residential, industrial, retail and office,” said Ed Falkowski, a managing director at Cushman & Wakefield.
They made it happen: Stephen Collins, executive vice president at Commercial Development Co.; Brett Saddler, executive director of Claymont Renaissance Development; Bob Byrd, president of ByrdGomes; John Sisson, CEO of Delaware Transit; and John Hanlon, executive director of First Industrial Realty Trust.