PHILADELPHIA—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.
Colliers International is marketing the vacant property 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, according to Colliers.
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, according to The Inquirer.
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. Michael Barmash, senior vice president at Colliers International, has the listing for the property.
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