Developer Behind Chester's Waterfront Overhaul Faces His Toughest Phase Yet

Victor Reyes has spent nine years redeveloping stretches of Chester's Delaware River waterfront, converting former industrial parcels into office and light-commercial space. He describes the current phase of the project, attracting retail tenants to fill ground-floor space, as harder than any of the environmental remediation or financing challenges that came before it.

"Retailers want proof of foot traffic before they'll commit," Reyes said. "But you can't generate foot traffic without retail already there. It's a chicken-and-egg problem financing alone doesn't solve."

Reyes has offered below-market rent to a handful of local businesses willing to open early, betting that early tenants will make later leasing conversations easier once there is something for prospective retailers to see in person rather than a rendering.

City officials have paired the private development with public investment in a waterfront walking trail, hoping recreational use will help draw the retail customers still missing from the equation. Reyes says he expects the retail phase to take longer to stabilize than the office redevelopment did, and has adjusted investor expectations accordingly.