MRA Group Announces Groundbreaking for Marriott Residence Inn at Chestnut Run Innovation & Science Park Campus
WILMINGTON, Del., Jan. 14, 2025 /PRNewswire/ -- MRA Group (MRA), a privately held real estate development and services firm, is set to break ground on a Marriott Residence Inn as part of the ongoing transformative redevelopment of the Chestnut Run Innovation & Science Park (CRISP) campus in Wilmington, Delaware. The new hotel, developed in partnership with Gulf Creek Hotels, will enhance the existing list of inviting amenities on the 164-acre, 1.3 million-square-foot innovation campus. This latest addition advances MRA's vision to establish CRISP as Delaware's premier multi-tenant innovation campus.
"The addition of the Residence Inn is not only an amenity that benefits the CRISP campus, it also serves as a viable hotel option for the broader Wilmington area," said MRA Executive Vice President and Partner Phil Butler. "We're excited to break ground on the hotel and look forward to providing a high-quality experience through the built environment and operational excellence delivered by our partners at Gulph Creek Hotels."
The Residence Inn, a ground-up development featuring 127 guest rooms, will provide both short and long-term lodging options. The facility will include food service, a full-service bar, meeting spaces, and outdoor patio areas catering to the needs of campus tenants and residents of the broader community. The first hotel to be built in the area in nearly three years, this project is expected to fill a gap in the local market, supporting business and non-business traveler needs across the area.
The hotel will complement the campus's existing and planned amenities, which include childcare and fitness centers, a bank, restaurant, and outdoor recreation spaces. The convenience of on-site lodging offers tenants a seamless, all-inclusive experience to work, stay, and collaborate with colleagues and local residents. Campus visitors will be able to enjoy a unique, integrated business environment without leaving the campus grounds.
Construction financing was arranged by D2 Capital Advisors, with WSFS Bank, Nuveen Green Capital, and Sustainable Energy Utility Incorporated as lenders, underscoring MRA's commitment to energy-efficient building practices.
The official groundbreaking ceremony is scheduled for early February.
About MRA Group
MRA Group (MRA), based in Horsham, PA, is a privately held, vertically integrated real estate development and client services firm servicing the healthcare, higher education, and life sciences sectors. Founded in 1991 by CEO and founding partner Lawrence J. Stuardi, MRA prides itself on maintaining the same high level of integrity and excellence that led to its recognition as one of the most respected real estate firms in the mid-Atlantic region. With over 34 years of value-add and ground-up development experience, along with providing a full suite of real estate solutions to our clients, MRA has developed and continues to manage more than 4.5M square feet of medical, life sciences, and office real estate and has structured over $3B of financial transactions. A few recent and notable development projects include Spring House Innovation Park, the Medical Building at 201 Veterans Way, and the Lab at the University of Pennsylvania's Pennovation Works Campus. Learn more at www.mragroup.net.
About Gulph Creek Hotels
Founded in 1995, Gulph Creek Hotels is recognized as a leading hotel management and development company in the Mid-Atlantic region. Gulph Creek's portfolio of managed hotels includes Hilton, Marriott, Intercontinental Hotels Group, Choice Hotels and Best Western International.
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SOURCE MRA Group