Philadelphia Development at Intersection of Broad St. and Washington Ave.
Philadelphia Real Estate Development at Intersection of Broad St. and Washington Ave.
I’ve been hearing a lot of chatter lately and have been asked by several clients what is going on with the lots on the corner of Broad and Washington. Obviously their size and location make them unique development opportunities. The following comes from a reliable real estate tipster who will be lovingly referred to as Large Marge.
Background
1001-29 S. Broad Street & 1223-45 Washington Avenue was acquired by Rimas Properties in a joint venture partnership with Natixis Real Estate Capital in July of 2007 for $16,500,000 or $70/psf. In October of 2007, Rimas Properties received a zoning change on the Property from G-2, Industrial to C-5, Commercial. As a result of the zoning change, Rimas Properties planned to build and construct twin towers. Each proposed tower would be between 27-30 stories tall consist primarily of residential units, although there may be some hotel component in one tower with a few residential condos on the top floors and possibly some office space in one of the towers. The plans also called for a base structure connecting the two towers, no taller than 7 stories high, with a large public park on the roof. That particular structure was planned to contain between 450,000 and 500,000 square feet of retail space and about 350,000 square feet of office space. According to our research and answers from City of Philadelphia’s Department of Licenses and Inspections, there have been no approvals or permits for the construction or development of such. In December, 2008, Natixis took back the Property by deed in lieu of foreclosure and is now the sole owner of the Property.
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
www.CenterCityTeam.com
