The Delaware River pier where the ill-fated Trump Tower
Philadelphia was to have been built
is back on the market, with plans for a townhouse development designed by
architecture studio Cecil Baker & Partners at the site.
Northern
Liberties-based Shovel Ready Projects, which represents the 2.13-acre tract's
ownership, has secured permits for a 41-home development on the property known
as Pier 35 1/2 at North Delaware and Fairmount Avenues, spokesman
George Polgar
said in an interview.
The four-story homes would each be about 2,800 square
feet, he said.
Shovel Ready commissioned the townhouse-development plan
from Baker's studio in Philadelphia after permits expired in July for the
project previously proposed there, a 45-story condo-and-hotel tower planned in
a licensing deal with the Trump Organization, Polgar said late last week.
When it was proposed, the $300 million Trump project
—with 263 units, a landscaped garden, and a high-end spa — was to be completed
by mid-2008. By the time the necessary permits and building rights had
been acquired from the city, however, the housing market’s downturn had
doomed the project.
The company formed to develop the tower filed for
bankruptcy in 2013, and the pier was sold later that year by its mortgage
holder to a company in Minneapolis for $86,300.
The group of investors represented by Shovel Ready bought the property for $2.4
million in April 2015. It is now being listed for sale, with plans and permits,
for $12.3 million, Polgar said.
A marketing brochure for the project features a
photograph of now-President Trump, along with a quote from him taken from a
promotional video for the tower
project that was to bear his name.
Polgar said the townhouse plan is a more feasible concept
for the location.
“From a practical standpoint, while everybody liked the
soaring prospect of some great waterfront tower thing, the reality is it’s an
expensive proposition,” he said.
Source: Philly.com
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