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NewMarket Condo Footprint Shrinks Again

PHILADELPHIA-After more than a year of discussion with Society Hill neighbors, the condo tower is scaled down from an initial 31-plus floors to 19, with 42% of the parcel devoted to open space.

By Marita Thomas | Updated on September 05, 2006

(To read more on the multifamily market, click here.)

PHILADELPHIA-In order to overcome neighbors’ objections to construction of NewMarket condominium on a 1.5-acre parcel in Society Hill, the tower has been scaled back to just 19 stories containing 130 units, plus eight townhouses. This compromise has come after more than a year of negotiations.

World Acquisition Partners, the parent company of locally based Sant Properties, acquired the vacant land two years ago for $10.5 million from a company headed by actor Will Smith. That company, Treyball Development, had obtained approval for an 11-story W Hotel, but abandoned its plan following the 9/11 attack.

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