(Read more on the multifamily market.)
PHILADELPHIA-A partnership that includes some members of the group that put property and plans for Marina View Towers up for sale this February is seeking to do the same thing with a parcel it calls Penn's Landing Tower. The Penn's Landing property consists of Piers 34 and 35 on the Delaware River at 735 S. Columbus Blvd.
Rud Porter, director of the capital markets group in the local office of Cushman & Wakefield, who headed the marketing of Marina View Towers, is also marketing Penn's Landing Tower. There is no asking price and Porter declines to estimate one. However, on condition of anonymity, a broker familiar with the land and the condo and hotel markets, tells GlobeSt.com, it will probably be in the mid-$20-million range.
The adjacent piers contain an aggregate of slightly more than 3.7 acres that are fully entitled. The owner entity, which includes a local developer and a Los Angeles-based investor, has obtained riparian rights for the surrounding waterfront and C3 zoning for the land. C3 allows for multifamily, hotel and/or retail development. The land is fully entitled. In addition, the owner has two alternative "as of right" concept designs that adhere to the new zoning. They were developed by the locally based Cope Linder architectural firm, and "access to the plans" is included in the marketing package, Porter says.
One is for a 39-story, 230-unit residential tower, which could contain for-sale condos or rental units, on Pier 34, with a joined pool, fitness center, clubhouse and parking garage on Pier 35. The other plan is a hotel of approximately 36 stories, which could include either or both traditional hotel and condo hotel units. A ballroom, conference space and retail and restaurants on the smaller Pier 35 lot join the hotel.
As with Marina View Towers, Porter insists the offer is not a consequence of what some real estate executives see as an over-built condo market. "Both condo and hotel markets, especially along the waterfront, are hot," he tells GlobeSt.com. "The residential condo market has been re-mixed, and several planned properties have been stopped or reduced in size. There have been a lot of corrections that have cut the condo pipeline in half, and it's now right about where it should be."
As evidence, he tells GlobeSt.com, "The sale of Marina View Towers will close within the next few weeks." He also says, "We've had very good interest in Penn's Landing Tower and have obtained more than 100 confidential agreements expressing interest." The interest is split about 50/50 between residential and hotel developers, he adds.
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