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Developer Unveils Plan for $700M World Trade Square

PHILADELPHIA-Waterfront Renaissance Associates, a Carl Marks affiliate partnership, signs an agreement with Delaware River Port Authority for development of the largest waterfront site in Center City. The 5.3-acre parcel will encompass four million sf of residential, office and retail space.

By Marita Thomas | Updated on March 27, 2003

PHILADELPHIA-Waterfront Renaissance Associates has unveiled the master plan for World Trade Square, the 5.3-acre tract of land at the Old City Harbor, which extends 1,000 lineal feet along Columbus Boulevard at the Delaware River waterfront between Spring Garden and Callowhill streets. WRA, the local affiliate partnership of New York-based Carl Marks & Co., acquired the four parcels that make up the tract in the late 1980s.

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.

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