If Simon fails to comply, city officials and other locally-based stakeholders in development of the area along the Philadelphia side of the Delaware Riverfront will turn to another developer. At least three are said to be waiting in the wings.
If Simon signs and fails to meet the March 2003 deadline--the latest in a fve-year string of deadlines--the city keeps the $10 million and turns to one of the other developers.
Numerous projects associated with the 600,000-sf family entertainment center are on hold. Among them is a $65-million Please Touch Museum, for which donors, anticipating an opening in 2000, have already contributed approximately $40 million. Additional fundraising has been halted.
Another is the $32-million aerial tram that would cross the Delaware River and connect Penn's Landing with the Camden, NJ waterfront development.
Simon officials were unavailable for comment.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
