Revealed: $2.2 Billion Redevelopment Plan for Philadelphia's Waterfront
Ryan Briggs reports the big reveal about the closely watched, highly anticipated redevelopment plans for Penn's Landing, on the day that Delaware River Waterfront Corporation announced its selected vision for the site.
The Delaware River Waterfront Corporation has selected the Durst Organization to execute a $2.2 billion redevelopment of two prominent parcels along Old City’s riparian shore — effectively ending a competing bid by the Philadelphia 76ers to construct a new arena on the site.
Briggs also provides the critical details of the redevelopment vision for the valuable waterfront site:
The selection will set in motion an eight-year redevelopment process which will also integrate a new cap over I-95 which will feature a public park. Durst, a $10 billion international real estate firm, proposed replacing two adjoining parking areas with some 3.3 million square feet of new development, including over 2,300 residential units, a 225-bed hotel, over 120,000 square feet of retail, 850 parking spots and thousands of square feet of new public space.
The New York-based Durst Organization also announced its intention to take advantage of the city's density bonus for affordable housing.
The Delaware River Waterfront Corporation also explained their reasoning for the selection, as described by Briggs in the source article, along with more information about the projects that didn't make the cut, like the dramatic overhaul of the waterfront proposed by the owners of the Philadelphia 76ers NBA team.