The plan, reached in agreement with the Delaware River Port Authority, calls for phased development of nearly four million sf of residential, office and retail space, plus parking garages. It is estimated to cost about $700 million.
Specifically, it will contain a 42-story, 396-unit luxury apartment project; Tower One, which is an 18-story, 400,000-sf office building; a subsequent 42-story, 800,000-sf office tower; a final 42-story, 1.1-million-sf office tower, and 118,000 sf of retail space. A "sky plaza," located on top of the ninth level of a 2,100-car parking garage, will join the office towers, which will have unrestricted river and Center City views.
The developer awaits financing to break ground for the residential building, which will be the first structure, and is "ready to move forward with construction," a spokesperson for Carl Marks tells GlobeSt.com. Construction of the first office building will begin "once at least 70% of its 400,000 sf is pre-leased," she adds. WRA is handling the leasing.
Martin Schiffman, a managing director of Carl Marks' real estate group, is president of WRA and led the partnership's efforts to obtain the license to construct a World Trade Center on the site. Licenses are granted by New York-based World Trade Centers Association, which represents more than 300 licensed World Trade Centers worldwide.
DRPA is providing $14 million in seed funding for the project and has also formed the World Trade Center of Greater Philadelphia Inc., a not-for-profit organization to provide international trade assistance to businesses in this region. Toward that end, DRPA is sponsoring a program about business opportunities in northern Greece and southeastern Europe at the Union League Club here on April 3.
The state has granted Keystone Opportunity Zone status to World Trade Square, which provides a variety of income tax incentives and tax abatements to businesses that lease space there. "The potential tax savings (of the KOZ designation) could be equal to, or greater than, total occupancy costs for a period of up to 12 years," according to Schiffman.
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