The vacant site of the 45-story "Trump Tower"
project, approved for the Delaware River waterfront at 709-717 North Penn St.
in Fishtown north of Center City Philadelphia but never built, is for sale, by
U.S. Bank and other disappointed lenders who hoped to finance the project.
Broker Michael Barmash at Colliers International, Philadelphia, has the
listing.
The two-acre site, formerly the city's Pier 35-1/2,
"is zoned CMX-3, Community Commercial Mixed Use District, suitable for a
variety of uses, most notably: multifamily, retail, office, medical or
hotel," though apartments remain "optimal" for the site, which
is close to the Piazza and other apartment projects, Colliers says.
The Trump-brand project was one of the grand high rise
proposals killed off by the financial crisis of 2008 and the following
recession. "However, the project’s approvals may still be valid until
7/2/2016 based upon subsequent legislation (Pennsylvania’s Development Permit
Extension Act) which was passed in July of 2013," according to Colliers.
A new building would also qualify for Philadelphia's real
estate tax abatements, under city policy that favors the builders, landlords
and tenants of new construction over existing property owners.
Source: Philly.com
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