The privately held real estate firm purchased the land assemblage spanning Piers 12, 13-15, 19 and 24 north of Benjamin Franklin Bridge along the Delaware River known as the Philadelphia Piers at Penn’s Landing for a reported $21.4 million.
The properties include several existing tenants, including a Dave & Buster's entertainment center, Hibachi Japanese Steakhouse, Morgan’s Pier beer garden, a marina and a DLC Management parking facility.
In a release, New York City-based Durst said its acquisition reflects the company’s recognition of Philadelphia’s economic growth and future potential. Durst cited Philadelphia Mayor Jim Kenney's recent commitment to allocate $90 million toward a $225 million project to build an 11-acre park and canopy-deck over I-95 that will connect Center City with Penn's Landing as a move that opens the waterfront for future development.
Durst, which owns 4 Times Square and One World Trade Center in Manhattan among other trophy properties, said it has no immediate development plans for the site, which it plans to keep as a long-term hold.
Philadelphia is currently experiencing a development boom, with major projects under way in Center City and other areas within the metro, including the ongoing revitalization of Schuylkill Yards and the Philadelphia Navy Yard.
The Delaware River Waterfront Corp. has embarked on a series of master-planned revitalization projects along the central Delaware riverfront, setting the stage for the I-95 park and canopy project, which has received commitments for a reported total of $190 million of its $225 million cost.
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