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Law Signing Spurs Start of $300M Trump Tower

PHILADELPHIA-The 45-story Trump Tower Philadelphia will have 225 residential condominium units, a restaurant, fitness center and spa.

By Gina Kenny | Updated on March 12, 2008

PHILADELPHIA-Following action by Gov. Ed Rendell, construction is expected to begin on Trump Tower Philadelphia, which will be constructed along the Delaware River at 709-17 N. Penn St. The estimated cost of the 225-unit project is $300 million, a Trump spokeswoman says.

Last week, Rendell signed a law allowing riparian rights for the New York City-based Trump Organization to construct the 45-story tower. The governor’s action ends a moratorium on riparian development of riverfront properties since April 2006, according to a released statement from New York City-based Multi Capital Group, which is an equity partner for Trump Tower Philadelphia.

The Trump Organization will have to pay a one-time fee of $5 per sf of land and a $1 per sf of building fee for a 99-year riparian lease, according to the release. A Trump spokeswoman says that she did not know the total size of the building or the amount of the fee that would be paid. The riparian lease was one of the last things needed for the Trump Organization to break ground, the spokeswoman says. Work on pilings of the pier is under way now and “construction should start very soon,” she says.

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