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Durst’s $2B Philly waterfront redevelopment project approved
The plan calls for 3.5M sf of mixed-use space, and will not require public subsidy or large tax breaks
The Durst Organization’s $2.2 billion riverfront redevelopment plan in Philadelphia has beaten out a competing proposal by the Philadelphia 76ers to build a new stadium.
The Delaware River Waterfront Corporation approved Durst’s 12-tower project on the Penn’s Landing property, according to the Philadelphia Inquirer.
The Durst redevelopment project includes a total 3.5 million square feet of new mixed-use space. The north site will include 1,800 residential units and 94,000 square feet of office space. It will also have a supermarket, a preschool, and other retail space.
The south site will have six smaller towers with 550 residential units and 26,500 square feet of commercial space.
The development is planned in phases over nine years.
Durst’s was the only bid of the four — including the 76ers — that did not require some sort of tax break or public subsidy, according to the report. That appeared to contribute heavily to the selection.
The 76ers valued their development plan at $4 billion, but it required a large tax break. It included a 19,000-seat arena, high-rise towers with retail and restaurants, a public school, apartments, medical offices, and a park. [Inquirer] — Dennis Lynch