University of Delaware Fintech Building Calls for $6.5 Million to Complete

In 2020 the University of Delaware began the construction of a new Fintech Center on its Science, Technology, and Advanced Research (STAR) campus. Cinnaire, a community building company, supported the development of the new 100,000-square-foot-building with a New Markets Tax Credit investment.

The financial services technology building is expected to be completed by November of this year. The University’s President Dennis Assanis is asking the state legislature for $6.5 million to furnish and equip the establishment.

Assanis stated, “Construction of the building is only the first step. It needs about $14 million in fit-out-in partitions and cabling, in wiring and furnishings, in other work to make it suitable for occupancy and to have the labs that we need in the building.”

Three million dollars has already been provided by the state through the Higher Education Economic Development Fund along with $4.5 million from industry partners.

This new space on campus will serve as an economic driver for the state. According to Assanis, “The extensive investments that the university is making are helping to drive progress in healthcare, in engineering, in business, and many other areas that would benefit Delawareans today and for many years to come.”

The building is owned by the Delaware Technology Park (DTP) and will hold a partnership along with UD and Discover Bank. DTP will fund it with a below-market-rate loan from Discover.

Other tenants will include NIIMBL workforce development; Discover Bank; the Kendal Corporation, a senior living company; Financial Health Network, a nonprofit research organization; The Venture Center, a national Fintech incubator; Tech Impact, a nonprofit digital workforce development organization; RAAD360, a supply chain IT startup; and Grain Exchange, a new restaurant from Grain Craft Bar + Kitchen.