MRA Group Begins Construction of New Marriott Residence Inn
MRA Group, a notable figure in real estate development, is taking significant steps to enhance the Chestnut Run Innovation & Science Park. Recently, they announced the groundbreaking of a new Marriott Residence Inn. This initiative is part of a broader redevelopment effort aimed at establishing this area as a leading innovation campus.
Benefits of the New Residence Inn for the Community
This Residence Inn will offer 127 well-appointed guest rooms and promises to cater not only to business travelers but also to families and community visitors. MRA's Executive Vice President and Partner, Phil Butler, highlighted how the hotel would provide high-quality lodging for visitors to the CRISP campus as well as the greater area.
Hotel Features and Amenities
The new hotel will serve both short-term and long-term stays, ensuring a diverse range of accommodation options to meet various needs. On-site offerings will include a restaurant, full-service bar, and versatile meeting spaces event spaces. These amenities will significantly benefit campus tenants and local residents alike, contributing to a local hospitality landscape that has not seen new hotel developments in years.
Comprehensive Integration with the Campus
The Marriott Residence Inn will complement a variety of existing and planned amenities at the Chestnut Run campus. These amenities include childcare facilities, fitness centers, and outdoor recreational spaces, creating an integrated environment where work and leisure come together seamlessly.
Financial Aspects of the Project
Securing construction financing involves partnerships with D2 Capital Advisors, alongside supportive lenders like WSFS Bank and Nuveen Green Capital. This financial backing underscores the commitment to environmentally sustainable building practices.
Looking Ahead: A Bright Future for CRISP
The anticipation surrounding the official groundbreaking ceremony, slated for early next month, showcases the excitement and hope tied to this project. By positioning the Residence Inn within the innovation park, MRA Group is poised to attract diverse businesses as well as fostering a vibrant community atmosphere.
About MRA Group and Their Expertise
Founded by Lawrence J. Stuardi in 1991, MRA Group has earned a strong reputation in the mid-Atlantic region for its high-level real estate services and developments. The firm specializes in sectors such as healthcare and life sciences, showcasing a robust portfolio that spans over 4.5 million square feet.
Recent Developments by MRA Group
Among their notable projects is the Spring House Innovation Park and the Medical Building at 201 Veterans Way. These ventures highlight MRA's commitment to developing exceptional and functional properties that contribute significantly to regional growth.
Partnership with Gulph Creek Hotels
The collaboration with Gulph Creek Hotels, known for their excellence in hotel management since 1995, further ensures that the new Residence Inn will meet the highest standards. Their extensive portfolio includes numerous well-known hotel chains, indicating a promising partnership for this venture.
Frequently Asked Questions
When is the Residence Inn expected to open?
The exact opening date has not been confirmed, but the groundbreaking ceremony is scheduled for early February.
What amenities will the Residence Inn offer?
The hotel will feature guest rooms, food service, a full-service bar, meeting spaces, and outdoor patios.
How does this project impact the local economy?
This development is expected to create jobs and enhance local hospitality services, benefiting both business and leisure travelers.
Who is financing this hotel project?
Financing has been arranged by D2 Capital Advisors with support from WSFS Bank and Nuveen Green Capital.
What is the vision for Chestnut Run Innovation & Science Park?
The goal is to position CRISP as Delaware’s premier multi-tenant innovation campus, enhancing collaboration, and community engagement.
