Posted Feb 9, 2021, 6:53 PM
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Moderator
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Join Date: Jan 2017
Location: Clark Park, Philadelphia, PA
Posts: 3,637
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Quote:
Originally Posted by summersm343
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Here's a snippet:
Quote:
Astoban Investments has paid $7.5 million for Dilworth House, an historic building that overlooks Washington Square in Philadelphia and has been involved in a series of legal battles for more than a decade.
John Turchi Jr. sold the property and brings to an end his controversial 20-year ownership of the building at 223-225 S. 6th St. Under his ownership, Turchi had proposed various controversial development plans for the building that were routinely met with resistance from neighborhood groups, such as Society Hill Civic Association, as well as historians and preservationists.
Dilworth House was built in 1957 by former Mayor Richardson Dilworth in a show of his commitment to the ongoing revitalization of Philadelphia — particularly in that neighborhood — and valued for its historical symbolism. It was placed on the Philadelphia Register of Historic Places in 1999.
Turchi bought the house in 2001 and planned to use it as a single-family residence but later proposed the construction of a 16-story condominium tower. Those plans were rejected by civic groups and those living in neighboring buildings and litigation ensued. In 2015, Commonwealth Court ruled in Turchi's favor. It wasn’t until 2019 that plans were approved to demolish a portion of the rear of the structure to make way for a 12-story residential tower with 10 units.
Astoban is tweaking the design of what will be a roughly $36 million project, working on construction financing and its development is expected to get underway by June, said Tim Shaaban, managing director and partner at Astoban. The project will likely have nine units with the pricing starting out at around $1,200 a square foot and eventually rising to between $1,400 to $1,800 a square foot.
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