Five Companies Locate to Wilmington's Riverfront

Five companies are locating operations in Wilmington's riverfront buildings. These properties include the Christina Crescent Building on North West Street , and the Red Brick Building and Shipyard Shops, both located on South Madison Street. The largest project is the location of with Phillips and Cohen Associates, Ltd., which is moving into a 34,000 square feet space. The company collects on Deceased Debt, Cease and Desist accounts, Dismissed Bankruptcy accounts, and specializes in Pre-Litigation collections, Pre-Arbitration collections, Litigation and Arbitration Management, and complete Bankruptcy Process Management. It will employ more than 300 people at the site, with plans to grow that number in the near future.

The City of Wilmington is providing Phillips & Cohen Associates with an assistance package that includes an initial $100,000 to assist with relocation costs. Additional assistance could be provided as the company continues to grow. For example, if after three years at the Riverfront the company's total employment reaches 310 with a $12.2 million payroll, the city would provide another incentive of $75,000. However, if after three years, employment reaches at least 325 with a payroll of $13.25 million, the city would increase the amount of the incentive to $100,000.