Developer Lou Cicalese revised his plans on his Marina View
project along the Delaware River in Philadelphia and has now sold it.
The site at 230 N. Christopher Columbus Blvd. traded for a
roughly $5.5 million, according to Philadelphia property records. An entity
affiliated with PMC Property Group of Philadelphia bought it.
When Cicalese first set his sights on 230 N. Christopher
Columbus in 2005, his Delaware River Development Group planned a
three-building, $450 million project. It would have been constructed in three
phases in three towers with a total of 600 condominiums. The idea was to create
a new cluster of communities along the strip facing the river.
The developer was set to break ground in October 2005 but
never went forward.
Cicalese, who couldn’t immediately be reached for comment,
revised the project in 2012. It shaped up to be a 14-story apartment building
with 180 rental units as well as some retail space. It couldn’t be determined
what PMC Property Group plans do with the site.
Source: Philadelphia
Business Journal
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