Convergence Investments


Complete: 76 Acre Master Planned Water Front Community

Project Details

Property Location:
Sussex County, DE
Property Type:
Mixed-Use Resort
Project Cost:
$1.1MM
IRR:
89%
Return Multiple:
3.2
Size:
540 Residential Units
Status:
Completed Project


Project Summary

Located in Milton, Delaware this 540 unit master planned community is located along one of the tributary rivers to the ocean. The concept was for a traditional neighborhood resort community, with a riverwalk retail section to include restaurants, entertainment, and spectacular views of the maritime community in which the project was located. The project was placed under a purchase agreement, entered an extensive design and feasibility process, and an application for annexation into the local municipality was submitted. During the annexation and approval process, Convergence sold its interest in the project to a private investment group.