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Waterfront Condo Tower Plan Goes Shopping

PHILADELPHIA-With the changing of the Delaware riverfront landscape, the partnership that obtained permits for Marina View Towers looks to cash in or add a JV partner.

By Marita Thomas | Updated on February 08, 2007

(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.”

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