In the late 1990s the Authority proposed a development that called for demolition of some historic buildings on the land to make way for a mix of retail and restaurant space that also included a six-story garage. This met with stiff competition from neighborhood groups that took the Authority to court. In 2004, a judge ruled in favor of the plaintiffs, prompting the Authority to put the parcel out for bid.

Dublin-based Castleway outbid local developers and the Houston-based Hanover Co. by just $90,000, Carl Ciglar, deputy executive director of the Philadelphia Parking Authority, tells GlobeSt.com. "They got a very valuable piece of land in an outstanding location."

There is now surface parking, a funeral home, café and seven-story apartment building on the lot. Castleway couldn't be reached by deadline, but Ciglar says, "They won't complete a plan until they've talked with the community. They have an idea of what they'd like to do, which is likely to include high-end living quarters and/or a hotel with lower-level retail, but they are committed to arriving at a plan that will be approved by the community."