(To read more on the multifamily market, click here.)
PHILADELPHIA-Phase two of Waterfront Square Condominiums & Spa, a five-tower, 968-unit gated condominium complex along the Delaware River, will break ground within 60 days. All but eight units in the 25-story Peninsula and 29-story Regatta buildings are sold.
Residents began moving into the two towers in the summer although both buildings are not yet fully complete. Waterfront Square's total development cost is $600 million, Libby Wenger, who is marketing the complex, tells GlobeSt.com.
The developer is a partnership between locally based Isle of Capri Associates LP and GSR Development, which is an affiliate of Tel Aviv-based BSR Engineering and Development Ltd. According to published reports, the partners acquired the 9.6 riverfront acres at 901 N. Penn St. from the locally based Tabas family for $7 million.
Wenger says the 21-story Reef tower is 90% pre-sold. It is slated for completion in October 2008. Reservations are in hand for half of the units in the 37-story Horizon, the tallest of the five buildings. It is expected to deliver in May 2009.
Groundbreaking for the 33-story Tides, the fifth and final tower, which represents a third phase of construction, is not yet scheduled. However, Wenger says reservations have been inked for 35% of its units. Its completion is scheduled for 2010.
One-bedroom units range from 739 sf to 1,130 sf; the selling prices are $448,000 to $723,000. Two-bedroom layouts range from 1,206 sf to 1,705 sf, with prices from $603,000 to $1.3 million. Three-bedroom units measure 1,985 sf to 2,660 sf and sell for $1.2 million to $1.8 million. Only the penthouses reach above the $700-per-sf mark. They range from 3,500 sf to more than 10,000 sf at prices of $2.7 million to north of $10 million.
The complex includes a sixth building, which contains a clubhouse, spa, fitness center, pool and outdoor cafe. All units include covered parking for one car. All buyers are eligible for the 10-year tax abatement that applies to new residential construction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
