Company representatives greeted the selection.
“We are honored to have been selected by the DRWC for this transformative project that will provide the Philadelphians with extraordinary access to the coast,” said Jonathan Durst, President of The Durst Organization. “We look forward to working with community members, elected officials and stakeholders to finalize a design that fulfills the vision of the Master Plan for Central Delaware.”
The plan promises an economic impact of 28,000 construction jobs, and $ 2.2 billion in wages over the life of the plan. All four developers emphasized onsite investment. DRWC committee chairman Jay Goldstein insisted that Durst’s plan would include between $ 770 million and $ 1.1 billion that would have an impact on “minority or women-based businesses,” and the company said it would seek a “20% minority-owned equity partner.”
The Penn’s Landing project will not be Durst’s first waterfront project. In 2017, the developer hid more than $ 21 million for nearly four acres of piers just north between Vine and Callowhill streets. Earlier this year, the DRWC chose the organization’s $ 10 million bid for an adjacent city-owned lot north of the Benjamin Franklin Bridge, where it plans to build an apartment tower.
The Penn Landing proposals included include the 76ers arena plan, led by franchise owner Harris Blitzer Sports Entertainment, which also seeks to bring thousands of housing units, offices, retail to retail, a school and a new museum of African history in the main area. and neighboring lands. The project seeks between $ 700 and $ 900 million in incentives, through a publicly supported scheme known as a “neighborhood improvement zone.”
BREAKING: Philly selected a 2.7 million square foot redevelopment proposal for Penns Landing from the Durst organization NYC, which ended the 76ers bid for a waterfront arena. Kwento TK. pic.twitter.com/mWf3e5yrUH
– Ryan W Briggs (@rw_briggs) September 9, 2020
The two most prominent proposals also compete with two other conventional development mixed uses.
One from an agreement known as “Penns Landing Community Partners” was developed by developer Republican Companies, Keystone Property Group, Hersha Hotels, Toll Brothers, Parkway Development and Lomax Real Estate Partners. The $ 1.25 billion plan covers some 2.5 million square feet, nearly 1,500 units, retail, offices, and parking spaces.
A 2.2 million square foot plan from Hoffman includes 1,300 rental units, 170 condos, 1,500 parking spaces, 320,000 square feet of retail, two hotels, a 484,000 square feet of offices and a 6,000 concert hall people will be funded with a plan similar to the NIZ.
Matt Ruben, a member of the DRWC board and the Central Delaware Advocacy Group, who helped develop a master plan for the coast, stressed that the selection process was guided by the city’s long-term failure to redevelop. of the unpaved port dock along the Delaware River.
“We see a litany of failed proposals that have no common theme and are not based on a consistent plan,” he said.
The master plan instead thought of the beach as an expansion of the neighborhoods in Center City, with improved pedestrian access, new streets, public amenities and a mix of development that includes accommodations.
Durst’s plan appears to have won points for exactly doing so. A rendering for larger than two parcels shows a new street (Known as “Penn Landing Road”) between Market and Chestnut Street and includes extensive new gardens and pedestrian spaces between the four main structures and along the I-95 park.
In rehearsing Hankowsky’s comment, Ruben underlined how the master plan was central to the final choice.
“We have one and the same goal: to carry out that plan.”
The DRWC will initiate a community engagement process on the Durst proposal after a formal developer agreement is signed, officials said Wednesday.