Bill introduced to clear way for Philadelphia Airport expansion

A bill has been introduced to City Council that would make way for Philadelphia to buy International Plaza, a two-building office complex on 27 acres in Tinicum, Pa.

It is assumed the property would go toward the eventual expansion of the Philadelphia International Airport. The airport has eyed the property for years for possible runway expansion or even for cargo operations.

As the bill is written, the property would be acquired by the city, which would then enter into a master lease with the Philadelphia Authority for Industrial Development. PAID then would sublease portions of the property to tenants under their existing leases or future lease. This would be done purportedly while the expansion, which is years away, is being planned.

The bill doesn’t mention the airport or its future expansion, which is in the works although there is little other reason Philadelphia would acquire the property. Philadelphia and Tinicum, which is in Delaware County, recently reached a settlement that had tied up expansion plans. Once the project gets underway, the work will happen in several phases over the next 10 to 15 years.

PAID is a public agency overseen by the Philadelphia Industrial Development Corp. PAID is used to for these types of transactions and other economic development endeavors involving the city. Officials at PIDC couldn’t be reached for comment.

Amerimar Enterprises bought International Plaza in 2005 for $43 million. It is comprised of two office buildings totaling 488,009-square-feet on 27.05 acres. The property has a lot of parking and it is connected to the airport by a 24-hour shuttle service and public transportation.

An official from Amerimar couldn't be reached for comment.

The complex was constructed in 1971 for Scott Paper Co., which maintained its headquarters in Philadelphia.

At one point, 1,200 Scott employees worked out of what was called Scott Plaza. That number dwindled to just a few hundred workers after “Chainsaw Al” Dunlap took helm at the company in 1994.

Back in 1999, the property’s previous owner nearly struck a deal to sell it to the airport for reportedly $90 million but a deal never happened. It's unknown how much the city will pay for the property.

Source: Philadelphia Business Journal