Bart Blatstein, who had been vying for the second casino
license for his Provence project on North Broad Street, said he is going to
take some time to re-evaluate what he will do next with 400 N. Broad St. in
Philadelphia.
That was where he was planning on a grand, $700 million
complex called the Provence that would have been anchored by a casino.
He wasn't planning on a so-called "Plan B" for
the site, he said.
"I didn't focus on that because I was all in with
the casino. Now, we sit back and decide what to do," he said. "It's a
tremendous assemblage in a hot neighborhood. There are a number of options for
the property."
Blatstein jokingly said that perhaps it would still work
for a newspaper headquarters but laughed that thought off.
The Philadelphia developer bought 400 N. Broad from the
then owners of the Philadelphia Inquirer and Daily News for roughly $22.6
million in 2011. In 2012, Blatstein went after what would be the second casino
license in Philadelphia and proposed a resort and casino complex called the
Provence. It would have had 650,000 square feet that would have stretched two
blocks along Callowhill Street from Broad Street to 17th Street. While the
casino was part of it, the project involved other, post-dinner and post-play
entertainment venues that Blatstein had said the Philadelphia market was
lacking.
In a 2012 interview with me, Blatstein said he had no
back-up plan if he didn't get the casino license. "I'm in it to win
it," he said.
But, today, the fate of not getting the license became a
reality and like many developers, Blatstein is moving on, looking for the next
chapter and next big project.
"Bart knows how to make lemonade out of
lemons," said Allan Domb, a Philadelphia real estate developer and
investor who was with Blatstein Tuesday evening.
Blatstein said it would take several months before he'll
decide what to do next with the North Broad Street property.
"There are a number of options," he said,
"and I'll see what happens."
Source: Philadelphia
Business Journal
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