A 2.13-acre parcel on the Delaware River that was once slated for a tower developed by Donald Trump is now on the market for $12.3 million.
Owners Shovels Ready Projects are offering the land at 709-717 North Penn Street, along with plans for a 41-townhouse development called Pier 53 1/2, reports the Philadelphia Inquirer.
NakedPhilly first reported about the listing back in November 2015, when for sale signs surrounding the property advertised a $12.5 million price tag. The new Inquirer report now includes a smaller price tag and the townhouse development plans.
The offer comes more than a decade after Trump first proposed to build Trump Tower, a 45-story condo-hotel on the pier in 2004. That proposal fizzled when the economic recession hit, and eventually Shovels Ready acquired the property in 2015 and have invested $5.5 million.
Shovels Ready worked with architecture firm Cecil Baker + Partners on the townhouse development plan, which calls for 2,800-square-foot luxury residences. It’s zoned CMX3 and allows development of up to 400,000 square feet. The developer told the Inquirer that it’s a more practical project for the site than a residential tower.
If the future owner of this site goes with the proposed townhouse plan, “the developer of this site will realize a nearly 40 percent return once all 41 town homes are built and sold,” Shovels Ready said in an announcement.
It also stated that multiple developers, including some foreign-based, have expressed interest in the property and are putting together bids.
The site’s location places it within the Delaware River Waterfront’s proposed master plan for Central Delaware, which is essentially a proposed framework that encourages future development that increases accessibility to the waterfront.
The for-sale land on North Penn Street is not defined as one of the plan’s priority sites, but it is located next to one: Festival Pier. That said, while developers aren’t required to adhere to the master plan, whoever eventually buys the triangular-shaped property will likely to be encouraged by the plan’s supporters to take the proposed framework into consideration.