Posted Apr 9, 2019, 12:38 PM
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Join Date: Jul 2014
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Cavanaugh's, other Delaware River waterfront properties hit the market
https://www.bizjournals.com/philadel...aterfront.html
Quote:
Three high-profile properties along Delaware River have come up for sale, highlighting the increase in interest for the Philadelphia riverfront.
One of those properties is Pier 25, which is where Cavanaugh’s River Deck operates its nightclub. The seller is a partnership involving Adam Spivak, which acquired the property in 2017 for $4.1 million, according to property records. The 90,400-square-foot sit is located at 417 N. Columbus Blvd.
While the acquisition of Pier 25 would make sense for Durst Organization since it now owns several piers and properties leading up to it and would give it control of a contiguous stretch of the Delaware waterfront that gives it a critical mass, the company isn’t pursuing it, according to spokesman Anthony Campisi.
Even so, Durst is an example of how interest along the Delaware River has heightened over the last couple of years. The New York firm owns Piers 12, 13-15, 19 and 24. Earlier this year, Durst moved to buy a surface parking lot located between Vine and Callowhill streets on the west side of Columbus Boulevard from the Delaware River Waterfront Corp. with plans to build a mixed-use development. The 1.6-acre property is referred to as the Vine Street lot and located at 300-346 N. Columbus Blvd.
Michael Barmash, a broker with Colliers International, is marketing Pier 25 along with two other waterfront properties. “Things are heating up all over,” he said.
Ensemble Properties has put up for sale 933 North Penn St. at Pier 40, which was going to be developed but the deal didn’t happen, Barmash said. It’s zoned for 36 townhouses and an asking price has been set at $7.9 million. The pier on the property would be used for public space.
In addition, two undeveloped parcels that are part of Waterfront Square condominium community have also come in the market. Owned by Ullico Insurance, a developer could have the option complete the long-planned Waterfront Square project with these two properties.
In 2003, plans for Waterfront Square were unveiled to great fanfare. The project consisted of a gated condominium community of five residential towers ranging from 22 stories to 35 stories. In all, 780 condominiums and 1.3 million square feet were planned on 10 acres on Piers 36-39 along the Delaware River north of the Benjamin Franklin Bridge. Just three of the buildings were constructed and the third, which was completed in 2009, went into receivership.
“What is nice is you don’t have to go through the approval process,” Barmash said. "They are shovel ready."
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