If you follow Philadelphia real estate development news, you have probably heard that New York City based development company, Durst Organization, recently won the rights to develop Penn’s Landing. Durst is planning a $2.2 billion project at Penn’s Landing that will include 2,000 residential units, a hotel, a food hall, a school, and a supermarket spanned over 3.5 million square feet of buildings.
However, this was not Durst’s first splash into the Philadelphia real estate market. In 2017, Durst acquired Piers 12, 13, 14, 15, 19, and 24 which include Dave & Busters, Hibachi Japanese Steakhouse, and Morgan’s Pier. Then, in January of 2020, Durst purchased the parking lot across the street from these piers. This 69,062 square foot CMX-3 parcel at 300 N. Christopher Columbus Blvd. was purchased from the Delaware River Waterfront Corporation (DRWC) for $10 million.
At the time that the purchase of the parking lot was announced, a rendering was released. However, there were not many details available about the plan. We now have more information as zoning permits were pulled today for the construction of a 25-story building with 360 residential units, commercial space, 111 car parking spots, and 123 bicycle space on the lot. Durst previously stated that the retail space would amount to somewhere around 10,000 square feet. We imagine we will see updated, more detailed renderings in the coming months when this project appears before the Civic Design Review (CDR) for non-binding feedback.
Historic maritime artifacts have been identified under the earth on the property. Durst has stated that they will not be building on the area where the artifacts are located and will instead place a public park on this part of the parcel near the corner of Christopher Columbus Blvd. and Callowhill St. This should be a great community asset.
We look forward to this project moving forward and the vibrancy it will bring to the underappreciated Delaware River waterfront. This section of the city needs more people on the street, more retail space, and more overall energy. With all of the projects planned nearby, we think the tide is rising for this section of the city. In 10 years, we imagine it will be a totally different, and better feel down here.
How do you feel about this plan?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property