Posted Jan 4, 2023, 8:55 PM
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Join Date: Oct 2011
Location: Philadelphia
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As Durst pauses construction on 26-story tower, negotiations continue on $2.2B Penn's Landing development
Quote:
The Durst Organization remains in negotiations for a proposed $2.2 billion mixed-use development at Penn's Landing despite pausing construction on a neighboring 26-story apartment tower along Columbus Boulevard near the Benjamin Franklin Bridge.
The pause in construction is the result of “unexpected rising construction costs and a challenging financing market,” Anthony Campisi, a Durst spokesman, said in a statement.
Durst, a major New York developer, has big plans for Philadelphia's Delaware River waterfront. The company is negotiating with Delaware River Waterfront Corp., a quasi-public agency, for a development agreement at Penn's Landing where the agency owns land. Durst won a request for proposal process, beating out a bid from the Philadelphia 76ers to build a new 18,500-seat arena along the waterfront. Durst's 3.5-million-square-foot proposal includes 1,834 residential units, a 225-key hotel, 94,000 square feet of retail space and some affordable housing.
Durst has said the 12-acre Penn's Landing project would be built in four phases over nine years.
“We have confidence that The Durst Organization remains committed to the realization of its mixed-use project at 300 N. Columbus Blvd. as well as to Philadelphia and its Waterfront,” Delaware River Waterfront Corp. President Joe Forkin said in a statement. “It is unfortunate that unexpected economic conditions and rising costs of construction mean that construction activity must be put on pause.”
Delaware River Waterfront Corp. is planning to break ground later this year on the new Park at Penn's Landing, an 11.5-acre park that would be created by capping a portion of I-95, Forkin said.
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Article behind paywall here:
https://www.bizjournals.com/philadel...Pos=1#cxrecs_s
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