(To read more on the multifamily market, click here.)
PHILADELPHIA-Marina View Properties LP has put its planned 30-story Marina View Towers condo parcel and approved plans up for a fee-simple sale or the entry of an additional equity partner. The owner, a partnership between an unidentified locally based developer and a Los Angeles-based equity firm, handed the marketing assignment to the local office of Cushman & Wakefield.
Asked if the project is on the market in reaction to a proliferation of for-sale Center City condos, Rud Porter, C&W director, says, "Not at all. The developers wouldn't be looking for a partner if they didn't have confidence in the project. They acquired raw land, obtained all approvals and permits and completed the design. Now, with the selection of SugarHouse casino nearby, the surrounding land will not be stagnant, and they believe the value has increased, making this an opportune time to either re-cap or sell."
The project comes to market unpriced, and Porter and Joseph Verdejo, C&W senior director, head the marketing team. On condition of anonymity, a broker involved in Center City condo projects tells GlobeSt.com, "It will probably command a range of between $17 million and $20 million."
The shovel-ready parcel is on the Delaware River at 240 N. Columbus Blvd. adjacent to the Old City neighborhood. Porter tells GlobeSt.com, it has C4 zoning, "which is flexible and would allow for residential rental, hotel or another commercial use as well as for-sale condos."
The architect, locally based Bower Lewis Thrower, "has created floorplates that can accommodate from 200 to 250 residential units, depending on their size," he says and projects condo selling prices at about $590 per sf. "We've had interest from local developers and from the West Coast, New York, and Northern New Jersey," he adds.
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