The impending transformation along the Delaware River continues, with the news that a big-time New York-based developer has bought some prime property on the waterfront.
The Durst Organization announced Monday that it purchased Philadelphia Piers for $21.4 million from Brandywine Realty Trust. The 4.3-acre property is a collection of four piers (12, 13-15, 19 and 24) just north of the Benjamin Franklin Bridge.
This marks the first property acquisition outside of New York for Durst, which is behind several major developments in NYC, including One World Trade Center and One Bryant Park. One of its most recent waterfront projects is the BIG-designed Via 57 West on the High Line.
The announcement of the purchase comes on the heels of a number of major projects that have been announced for up and down the Delaware River waterfront, the majority of which Curbed Philly has compiled into this one map.
Durst hasn’t expressed any detailed plans for the site, which currently houses retail and restaurants, including Dave and Buster’s, Morgan’s Pier, Hibachi Japanese Steakhouse, and the Philadelphia Marine Center marina. But the developer told the Inquirer that it is considering an apartment complex down the road.
Still, any signs of new development will be a long ways away. The statement reads: “The Durst Organization sees this site as a long-term hold with significant potential, but has no immediate plans for development.”