MD real estate firm to develop Delaware mixed-use community

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St. John Properties Inc., a Baltimore-based commercial real estate development and management company, announced its entry into the Delaware market after acquiring a 75-acre site in Middletown. 

The real estate firm announced plans to develop what will be the Middletown Exchange, a mixed-use community comprising 225,000 square feet of flex/research and development and retail space that will include 450 homes, according to a release.

Groundbreaking for Phase I of the construction project – which includes the development of two flex/R&D buildings – is slated for the spring with completion expected early next year. 

Upon completion, the project’s commercial component is expected to support more than 600 jobs.

“Middletown Exchange seamlessly integrates into our town’s landscape of designed growth for new startups, expanding businesses, and new homeowners, and we have full confidence in St. John Properties’ ability to execute its innovative development plan,” Middletown Mayor Kenneth L. Branner Jr. said.

“From the start, St. John Properties has been completely transparent and willing to work with the town and our community to assure they meet the needs of local stakeholders and our comprehensive plan goals. We look forward to the value that Middletown Exchange will bring to Middletown.”

SJPI is still seeking a development partner to purchase the residential land parcels and construct the 450 homes, the company said.

“St. John Properties was attracted to Middletown based on the area’s sustained population growth, convenient access to major cities, and business-friendly environment,” SJPI executive Sean Doordan said. 

“This milestone reflects a true team effort across our internal development, contracts, finance, leasing, and construction teams, working in close partnership with Middletown officials.”

The development will aim to be tailored for professional services companies, traditional office uses, government contractors, retailers, daycares and schools, light manufacturing and warehouse/logistics users, according to SJPI.