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Synterra Withdraws Chinatown Condo Plan

PHILADELPHIA-Citing rising costs and abundance of condos, the developer retreats on building 300 units.

By Marita Thomas | Updated on September 14, 2006

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

PHILADELPHIA-Locally based Synterra Partners has withdrawn its proposal to develop a 300-unit condominium project at Ninth and Vine streets in Center City’s Chinatown. The Redevelopment Authority, owner of the one-block parcel, selected Synterra for the development in April 2005, but has now accepted its withdrawal of the plan.

“Sadly, we won’t be proceeding with it,” Lisa Welsch, Synterra’s director of development, tells GlobeSt.com. “When you go after something two years out, construction costs rise and condos come on the market. This was a large project and on a challenging parcel to begin with. Total project costs rose above $300 million and it became infeasible.”

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