01/09/2025
PRESS RELEASE
Laurel Redevelopment Corporation Partners with Nally Ventures, Inc. to Tackle Affordable Housing Crisis in Laurel, DE
Laurel, DE; December 18, 2024 – The Laurel Redevelopment Corporation (LRC), a non- profit organization dedicated to revitalizing the community of Laurel, Delaware, has developed a strategic public/private partnership with Nally Ventures, Inc., a renowned local developer and builder based in Bethany Beach, DE.
This collaboration aims to address the pressing affordable housing crisis in Laurel, where nearly 50% of residents are renters, highlighting the urgent need for workforce housing solutions.
The partnership with Nally Ventures, Inc. is a significant step forward in LRC's mission to provide affordable and sustainable housing options for the community. Nally Ventures, known for their commitment to quality and community-focused development, has brought their expertise to the project, ensuring that the new housing meets the needs of Laurel's diverse population.
One of the key projects under this partnership is the development of The Promenade, a planned 28-unit, cottage-style subdivision. This project is designed to offer affordable, owner- occupied
units that cater to the local workforce, providing much-needed housing options for families and individuals who are essential to the community's economy.
The Promenade is not just a housing project; it is a cornerstone of a larger economic development initiative known as The Ramble, which aims to revitalize downtown Laurel.
The Ramble plan is an ambitious effort to transform downtown Laurel into a vibrant, economically thriving area. By integrating The Promenade into this broader initiative, LRC and Nally Ventures
are ensuring that the benefits of affordable housing extend beyond individual residents to the entire community. This holistic approach is expected to attract new businesses, create jobs, and enhance the overall quality of life in Laurel.
To support the development of The Promenade and other similar projects, LRC and Nally Ventures have been exploring a variety of funding mechanisms. These include grant programs and state rebates available through Delaware's Downtown Development District program. By leveraging these financial resources, the partnership aims to minimize costs and maximize the impact of their efforts, making affordable housing a reality for more residents.
The Downtown Development District program offers significant incentives for projects that contribute to the revitalization of designated areas. By qualifying for these incentives, The Promenade project stands to benefit from reduced development costs, which can be passed on to residents in the form of lower housing prices. This approach not only makes housing more affordable but also ensures the long-term sustainability of the project.
LRC Executive Director, Brian Shannon, expressed his enthusiasm for the partnership, stating, "We are thrilled to work with Nally Ventures on this critical initiative. Their expertise and
commitment to community development align perfectly with our goals. Together, we can make a real difference in addressing the affordable housing crisis in Laurel."
Conor Nally with Nally Ventures added, “The Laurel Redevelopment Corporation has been influential in developing the town of Laurel in the last 30 years. Our team has loved working with the LRC to help
them see their vision through bringing affordable homes to the town they call home.”
For more information about The Promenade and other initiatives by the Laurel Redevelopment Corporation, please visit www.reimaginelaurelnet
Contact: Brian Shannon, Executive Director, Laurel Redevelopment Corporation
(302) 875-0601
