Master Plan for the Central Delaware’s Festival Pier Rendering, showing the redevelopment of the entire 11-acre site.

Master Plan for the Central Delaware’s Festival Pier Rendering, showing the redevelopment of the entire 11-acre site.

The Delaware River Waterfront Corp. is seeking to gauge the interest level in developing Festival Pier, a prime 11-acre site that juts out into the river.

The organization has initiated a formal process to ask developers if they'd like to construct a project on the site. It's the second-largest contiguous piece of land that the public sector owns along the waterfront. Penn's Landing is the largest.

The pier is currently used as a Live Nation concert venue but DRWC believes now is the time to explore a new use for the site that's consistent with its vision for the Delaware River waterfront. The waterfront corporation's master plan designated the property as a mixed-use development with residential and retail components along with public spaces designed so that it "feels like a natural extension of the city."

Located at Spring Garden Street and Delaware Avenue, a project on this scale would be a significant anchor for the waterfront and continue activating a part of the city that is experiencing growth all around it in Old City, Northern Liberties and Fishtown. There has also been an uptick in private development along the river with PMC Property Group and Core Realty constructing residential projects not far from Festival Pier.

"This site is at the nexus of where all of this is happening," said Joe Forkin, vice president for operations and development at DRWC. "This feels like the right time and the right site. There is momentum and more awareness of the waterfront."

The city and waterfront corporation have spent the last several years installing infrastructure along the waterfront and on Festival Pier to help incentivize private development to take a serious interest in the property, said Alan Greenberger, Philadelphia's deputy mayor for economic development. The city wants more people to live and work along the waterfront and a project at Festival Pier would go a long way toward that.

"Enough has been accomplished and we think it has the best development opportunity," he said. "We've met with a number of developers privately and they have said they are interested and now we need to see that play out."

A mixed-use development at Festival Pier that ties back into the neighborhoods with compelling public spaces, such as a 50-foot promenade, can also be a regional destination since it has highway and public transit access, Forkin said. As part of the master plan, DRWC plans to add connections along the waterfront to surrounding neighborhoods with trails, parks and streets and enhanced streetscaping.

The effort to test interest in the site would also be a testament to the waterfront and whether it can attract a marquis project that would likely set the tone for future development. Since it was formed in 2009, DRWC has steadily executed on the master plan with a series of successful placemaking initiatives such as Race Street Pier, Washington Avenue Pier, Penn Street Trail, Spruce Street Harbor Park and Waterfront Winterfest. The Live Nation venue at Festival Pier would be relocated.

The site is owned by the waterfront organization, which would enter into a long-term lease with whomever is selected. Developers have until March 23 to respond to what is referred to as a request for expression of interest. DRWC expects to create a shortlist of candidates within 30 days of that deadline and then issue a request for proposals.

Source: Philadelphia Business Journal