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Developer Unveils $3.6B Project Concept

PHILADELPHIA-A locally based JV acquires 8.5 acres along the Schuylkill for Philadelphia River City, a 12-million-sf residential, office and retail complex.

By Marita Thomas | Updated on December 15, 2006

(For more retail coverage, click GlobeSt.com/RETAIL, and for more on the multifamily market, click here.)

PHILADELPHIA-A partnership between locally based World Acquisition Partners and Patriot Parking Corp. has closed on the acquisition of an 8.5-acre L-shape parcel along JFK Boulevard between 20th Street and the Schuylkill River. The JV has unveiled plans for Philadelphia River City, a mixed-use complex that would encompass 12 million sf of residential, office and retail at an estimated cost of $3.6 billion.

Ravi Chawla, World Acquisition’s president, declined to disclose the price for the land being sold by a New York City investment firm, but tells GlobeSt.com, “It was appraised by Cushman & Wakefield at $77 million.” The land is largely occupied by surface parking lots. “We are in the very, very early stages of the Philadelphia River City plan. We began with what could be done on the largest of scale and will refine it in consultation with the neighborhood, government and in accordance with market demand. Similar to Peachtree Center in Atlanta, it is a generational project that will take up to 20 years.”

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