Posted Mar 25, 2024, 4:57 PM
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Moderator
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Join Date: Jan 2017
Location: Clark Park, Philadelphia, PA
Posts: 3,749
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DeSimone Tower Maybe Moving Ahead Next to Newly Proposed Bus Terminal
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So, the news here is actually extremely encouraging and relates directly to our own confusion last spring around permits that were issued. Just this week, the development team returned to the Zoning Board of Adjustments for an appeal against Licenses & Inspections. Why, you ask? To be honest, it’s sort of messy, with permits being issued incorrectly, vague language and some communication breakdowns from the city, all while the owners spent $300K thinking they were legitimately moving forward. In our extremely-we-are-not-a-lawyer opinion, the development team has acted in good faith every step of the way, asking and seemingly receiving extensions during the chaos of the pandemic, while also getting the support of the local neighborhood groups and Councilmember Squilla. We won’t know the final decision until the morning of March 27th, when a final vote will take place at an executive session after the long proceedings yesterday.
But assuming this is approved to move forward, we may see another development domino fall. The current DeSimone spot is close by, immediately next to The Noble, which is going up at 2nd & Spring Garden. The grand plans for this stretch of 2nd between Spring Garden and Callowhill St., which we just checked on, is for a mixed-use program similar to East Market. With co-developers National Real Estate Development and Kushner Real Estate Group already owning two other large properties between these bookends to the tune of $17.7 million, might we see another sale soon? DeSimone would be well positioned to cash-in, perhaps holding off until their new digs are complete.
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