PHILADELPHIA—Local developer Bart Blatstein is said to be acquiring the site that was to be the home of a Foxwoods casino in South Philadelphia for $13 million.
Blatstein, the president and CEO of Tower Investments, owned the property 21 years ago, according to The Inquirer, and will likely look to develop a mixed-use project that would include residential and retail space.
The property owner—Philadelphia Entertainment and Development Partners—secured a license in 2006 to build a Foxwoods Casino on the site.
PEDP raised money to buy a slot-machine license from the state for $50 million, as well fund initial development costs. The subsequent recession caused financial problems and delays that prompted the state's Gaming Control Board to revoke the Foxwoods license in 2010. With the sale of the property, the partnership expects to file for Chapter 11 in federal bankruptcy court in an effort to recoup the $50-million licensing fee. The filing could take place in the next week, according to Brian Ford, a representative for PEDP. See story in The Inquirer.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
