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Originally Posted by Insoluble
Saw this one coming.
Now I'm getting nervous that they'll leave this as a surface lot forever. There needs to be some provision in the tax code for cases like this. Something along the lines of anyone buying a property then demoing the buildings on it within a certain time period gets taxed as though the buildings were still there until something new gets built. That would remove some of the incentive to demo the existing buildings and sit on the property forever.
On the other hand, residential development in Center City has been going gangbusters and there's still not enough supply to meet the demand, so we can hope that this will still get developed pretty soon.
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Prescient. I have to think that the hot residential market will result in something that makes use of the entire vacant plot, if it can be assembled. Someone earlier posted that the City would sit on its lot so long as they occupy One Parkway. Is there a compelling reason why the City wouldn't want to cash in? The size of the lot would not appear to provide significant additional parking for One Parkway.