Locally based Bridgman, headed by Marc Stein and Ryan Roberts, plans a mixed-use development named Stamper Square, after John Stamper, an English merchant who was mayor here in 1759. Stampers Street intersects the parcel, which is bounded by Second, Front, Lombard and Pine streets. "This is a really great community landscape, and we see a wonderful opportunity to create something that complements it," Stein says.
Stein and Roberts declined to disclose the price for the rights. The seller is an entity named 410 S. Front Street Partners LP, which includes the previous owner of the land. "That company retains a financial stake in the project along with us," Stein tells GlobeSt.com, "But it has absolutely nothing to do with the development of Stamper Square."
Bridgman is working with the neighbors in developing the design. "We want their support," he says, "and we're soliciting their ideas." Roberts says it is likely to be no taller than the size of the hotel, which was once planned by Treyball Development, a partnership headed by actor Will Smith, and received community approval in 2001. That plan fell victim to the 9/11 terrorist attacks.
Stein says Stamper Square will have a hotel component along with residential condos and retail on level one. "There will most likely be a public cobblestone walkway through the property from Second to Front," he adds. Acknowledging that prior to final planning, it's hard to estimate costs, he says "It's likely to exceed $100 million." Condo unit pricing, Roberts says, will begin in the high $900s per sf for small units and reach to above $1,000 per sf. The number of units is yet to be determined.
Approximately three years ago, World Acquisition Partners, the parent of locally based Sant Properties, paid Treyball $10.5 million for the parcel. It rolled out a series of residential condo designs, all of which were met with opposition from neighborhood groups. Each new design decreased the number of stories, shrinking profit potential while construction costs and the number of Center City condos under development rose.
Stein acknowledges that Society Hill neighbors, most of whom own townhouses, approach development with vigilance, "and they should," he says. That's why there is no timeline for Stamper Square groundbreaking. "The financials are set, but we need to make sure it is something the neighborhood wants."
Meanwhile, this January Bridgman paid nearly $30 million for a 3.5-acre parcel along the Delaware in Northern Liberties and gained approval for Bridgman's View, a 66-story tower. At an estimated cost of $600 million, it calls for a 250-room hotel with about 700 residential condos on top and 80,000 sf of ground-floor retail/restaurant space. Stein says plans for a November groundbreaking are on track, which completion expected in 2010. "We have a terrific group of equity partners, and we hope to go national," he adds.
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