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| River City is comprised of five parcels totaling just over seven acres and is L-shaped. It consists of 60 N. 23rd St., 2301, 2201, 2101 and 2001 John F. Kennedy Blvd |
In late 2012, Garrison Investment Group of New York
decided to test the market and tried to sell a huge Center City development
parcel that many refer to either as the Fruchter site or its more recent
moniker — River City.
It was then shown to just a small group of potential
investors with no transaction sealed up. Garrison is trying again and with a
little more gusto. The site is being widely marketed to a larger pool of
prospective buyers, said Jim Galbally, an investment broker with JLL who had
the listing three years ago as well as now.
"The market has matured a lot more," he said,
noting its current owner has initiated the zoning and approval process to make
it an even more attractive investment. By right, as much as 2.5 million square
feet can be constructed on it.
The property, if it sells, is expected to go for north of
$30 million.
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| Current ownership has plans for a 2.5 million square foot mixed use development that includes residential, retail, hospitality, office, and parking. |
River City is comprised of five parcels totaling just
over seven acres near the Schuylkill River and is L-shaped. It consists of 60
N. 23rd St., 2301, 2201, 2101 and 2001 John F. Kennedy Blvd. The most appealing
of the sites is 60 N. 23rd St.
Source: Philadelphia
Business Journal
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