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Trump Options 12-Acre Tasty Baking Site

PHILADELPHIA-Acquisition of the baking company's corporate offices and distribution center for $14.4 million would extend the planned TrumpStreet Casino and Entertainment site at the former Budd Co. plant to 30 acres.

By Marita Thomas | Updated on July 11, 2006

PHILADELPHIA-Keystone Redevelopment Partners LLC, a partnership between Atlantic City-based Trump Entertainment Resorts and a group of local investors led by Pat Croce, has entered into an option agreement to purchase Tasty Baking Co.’s corporate offices and distribution center on Fox Street. This property is adjacent to the 18 acres at the former Budd Co. plant on which the Trump partnership obtained a five-year option nearly a year ago for its planned TrumpStreet Casino.

The Trump organization is one of five contenders for the two Category Two slots licenses to be granted by the state for Philadelphia. The Budd site, west of the city at the intersections of Interstate 76 and Route 1, is being redeveloped by Conshohocken-based Preferred Real Estate Investments. This is the only one of the five slots parlor applications that is not proposed for locations east of the city along the Delaware Riverfront. In evaluating an initial 11 proposed sites, the city’s gaming advisory task force, which has no legal influence over the state gaming board, recommended that Philadelphia’s two casinos flank the city. The state expects to grant the licenses by the end of this year.

Keystone paid Tasty Baking $1.6 million for the option. If exercised, it would pay the locally based baker $14.4 million for the acquisition. It must exercise the option by June 30, 2008, but, according to a Tasty Baking statement, it may, under certain, unspecified circumstances, extend the term for an additional year. In either case, it must provide Tasty Baking with at least nine months notice prior to closing.

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