Quote:
Originally Posted by Larry King
Bart's site at columbus and reed is being marketed for sale.. if anyone cares
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WHAT!? This dude is really — me off. Constantly buying, proposing, selling, and doing very little! I guess that's just the way developers work, but its incredibly frustrating. It seems like he is only making money from buying and selling along with strip shopping centers and small townhome developments. Outside the only partially finished piazza development, he hasn't done any other "grand" plans but constantly acts like he does and is praised as if he does. He did the spring garden st project, but sold it right when phase 1 was finished.
With this sale, Blumfield's plot of land right next door will likely be sold off too!
Buy land, propose something big to increase the value without any intention of doing anything, then sell it off. Some of these developers seem less and less like innovators and more like speculators artificially inflating the value of Philly real estate. And in doing so, we get land values in certain areas that are too high priced to be able to move on (1919 walnut).
He owns four corners of Philly right now, Inquirer, Penn Treaty Park, This plot of land, and Washington/Broad. At this rate, he will sell these off at inflated values and cause them to sit idle for 5-10 more years as the next developer struggles to get financing to move forward.