Developing Situations: Wave of projects slows on waterfront
by solomon d. leach / metro philadelphia
APR 9, 2008
NORTHERN LIBERTIES. Another high-rise development approved for the Delaware River has been delayed thanks to the housing slowdown.
Developers for Bridgeman’s View, a 66-story residential tower which was expected to break ground last November, said the mixed-use project has been put on hold given the credit crunch and market conditions.
“It’s still moving ahead. It’s not a dead deal,” said developer Ryan Roberts, who is working with Marc Stein on the high-rise. “It’s going to be a great project for Philadelphia and Northern Liberties.”
Bridgeman’s View was proposed in winter 2006 as the highest residential building in the city at 950 feet, to include a boutique hotel, more than 700 condos and two floors of retail on Delaware Avenue. It aimed to give nearby residents a major retail outlet on the other side of I-95.
However, the waterfront has recently become more crowded with the approval of Donald Trump’s 225-condo project. Meanwhile, condo sales in the area declined more than 50 percent in the second half of last year compared to the first half of 2007.
“Getting financing for construction of a new condominium right now is tougher than seeing God,” said local developer and condo expert Alan Domb. “The market has to get healthier in all of Center City before the waterfront recovers.”
Roberts said there is no new timetable for breaking ground. He also said the company’s Stamper Square development for the Society Hill section would not be affected.
“It’s full steam ahead as well,” he said.
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