December 10, 2014 [Philadelphia, PA] – Colliers International is pleased to present a new development offering to investors for an opportunity to acquire a prime waterfront site with lucrative development potential. Call for offers are due by March 2, 2015.
The 2.13 acre parcel at 709-717 N. Penn Street, commonly known as Pier 35 ½, is zoned CMX-3, Community Commercial Mixed Use District, suitable for a variety of uses, most notably: multifamily, retail, office, medical or hotel. Recent highest and best use analysis suggests multi-family development with supporting commercial is optimal for this site.
The property was previously approved for the construction of a 45-story luxury high rise Trump Tower. However, the project’s approvals may still be valid until 7/2/2016 based upon subsequent legislation (Pennsylvania’s Development Permit Extension Act) which was passed in July of 2013.
The site is eligible for the BRT 10-year real estate tax abatement which exempts owners from paying taxes on the value of the improvements for the duration of the ten year term.
To obtain access to the Offering Memorandum contact: