The developer is a locally based partnership, Isle of Capri Associates, through G.S.R. Development, an affiliate of Israel-based B.S.R. Engineering and Development. The first of the buildings, the Peninsula, a 30-story tower on the southwest side of the parcel, is currently being marketed for an anticipated January 2004 groundbreaking.

This tower contains 129 units. The smallest one-bedroom is 760 sf and is priced at approximately $220,000. Three-bedroom penthouses are being offered at above $1.5 million. Units on the higher floors have 10-ft ceilings--those on floors 14 and below have 9-ft ceilings, and all have upscale cabinetry, appliances and fixtures.

Center City condos at $1 million or more were a rarity until the late 1990s, and almost unknown in any area other than surrounding Rittenhouse Square until 2002. Waterfront Square is the second planned project east of Independence Mall to now be offering units above the $1-million-mark, and top-floor condos in Independence Place, a two-tower complex built on Washington Square West in the 1970s, and I M. Pei's three Society Hill Towers have now also passed that barrier.