Other details of the master plan include the development of approximately 180 townhomes, 225 apartment units, 42,000 sf of retail, including an 8,000-sf restaurant, 435,000 sf of new office and a 200,000-sf convention center. There will also be structured parking providing 1,350 spaces, a community marina and greenways on the 70-acre site.
The development will be next to the soon-to-be constructed 20,000-seat waterfront stadium and entertainment complex. Recently, Major League Soccer awarded Philadelphia the league's 16th franchise. The new team, which is backed by an investor group that includes the founding partners of the Buccini/Pollin Group, will be housed in the stadium, which is expected to be completed in 2010 along with new ramps to the waterfront from Interstate 95.
The Buccini/Pollin Group first invested in Chester in 2005 with its acquisition and renovation of a former power plant on the Delaware River, which had tax advantaged status as it is in the Keystone Opportunity Zone. Today, the Wharf at Rivertown is 99% leased and home to such tenants as Wells Fargo Auto Finance, AdminServer and SIG. With this latest project, the developers will be receiving public subsidies from the Commonwealth and an infrastructure development grant from the Delaware River Port Authority.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.