This move follows termination of Indianapolis-based Simon Property Group's exclusive development rights for the property because of its failure to meet a series of extended deadlines. Simon is the sixth developer in three decades to abandon the site.
At least two more are lining up in Simon's wake: locally based Tower Investments and the Bala Cynwyd, PA-based Keating Group.
Bart Blatstein of Tower hired the locally based architectural firm of Shapiro Petrauskus Gelber to develop a plan that includes an outdoor piazza partially surrounded by multifamily housing and office buildings.
As the owner of the Hyatt hotel at Penn's Landing, Keating has a vested interest in the riverfront development. It built the hotel, based on Simon's ambitious plans for a 600,000-sf entertainment center, which were approved during the tenure of Mayor Ed Rendell.
Meanwhile, the city's Please Touch Museum, which committed to relocating at Penn's Landing, put its plans and fund-raising on hold for five years. Now it is threatening to bolt if development plans are not in play by January.
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