$600M Riverfront Tower Gains Approvals

PHILADELPHIA-Marc Stein and Ryan Roberts, two native-Philadelphia iron and steel contractors, have obtained investors, zoning approval and land to develop the city’s tallest, primarily residential tower and its third tallest building of all. Called Bridgeman’s View in tribute to Ironworkers Local Union 401, which helped construct the Ben Franklin Bridge, it will rise 66 stories at an estimated cost of $600 million.

Stein says the company has acquired a 3.5-acre riverfront parcel at 900 N. Delaware Ave. in Northern Liberties for nearly $30 million. “It has a one-acre parking lot and industrial buildings that are now about 70% leased,” he says. Groundbreaking is scheduled for this November, with delivery in 2010.

The developer entity, 2945 PDI LLC, is backed by a Northern New Jersey-based investor group, which Stein tells GlobeSt.com, “has projects in England, Gibraltar, Miami and Israel.” Without identifying the group’s members, he says, “they seek projects that have value; Philadelphia is in their sights, and they see this as an iconic addition to the city.”