Monday, February 2, 2015

Former Trump Tower Waterfront Project Site for Sale on Delaware Ave

by John Jordan

The Delaware River waterfront development site dubbed Pier 35 ½ that was to be home to a high-rise Trump Tower is on the market for sale.

The vacant property is for sale and has set a deadline of March 2 for bids on the 2.13-acre site at 709-717 N. Penn St. The property is zone CMX-3—Community Commercial Mixed Use District, which makes the site suitable for a variety of uses, most notably: multifamily, retail, office, medical or hotel.

Recent highest and best use analysis suggests multi-family development with supporting commercial is optimal for this site.

The property is being sold by US Bank and other investors who had wanted to finance the proposed 45-story Trump Tower development. The project was approved by the city but never built, a victim of the recession.

The site is eligible for the BRT 10-year real estate tax abatement that exempts owners from paying taxes on the value of the improvements for the duration of the 10-year term.

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