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PHILADELPHIA-A 44,693-sf piece of vacant land at 412 N. Front St. in the Old City District is being auctioned off with a $13-million reserve price. Chicago-based Sheldon Good & Co. Auctions is conducting the sealed bid auction. The owner of the property is 412 N. Front St. Associates with local CNO Properties as one of the partners, sources say. Steven Good, chairman and CEO of Sheldon Good & Co. tells GlobeSt.com he could not confirm the identity of the owner except to say it is an investment partnership.

The property has city approval for the construction of a 33-story building with 236 condominium units, Good says. Zoning and use permits have been approved for up to approximately 390,000 sf with 366 parking spaces. The preliminary designs show 321,984 sf of residential units, 4,095 sf of retail space and 65,049 sf of common space. Preliminary plans show one-, two- and three-bedroom units with all of the units having terraces. Full building permits would still have to be required, which would allow some changes to the plans to be made, Good says.

According to public records, 412 N. Front St. Associates acquired the vacant land on April 24, 2005 for $2.9 million. The property had been listed with a real estate broker with an asking price of $18 million. Good says the property is no longer listed and that Sheldon Good & Co. is working with Prudential Fox & Roach Realtors.

The seller is projecting $164 million in revenue when the project is completed, Good tells GlobeSt.com. The building will have views of both Downtown and the Delaware River, he says. The site is in the Old City District and on the board of the Northern Liberties neighborhood and is within walking distance to a proposed casino. There has been talk of a slowing down of the condominium market but the Old City District has not seen the overbuilding of condos that other parts of the city have seen, Good says. “Philadelphia, like other places, has areas that are soft and areas that are strong,” he says.

Good said the owner always had plans to acquire different properties to assemble one parcel, have the property zoned and then sell the development. “This group is in the business of acquiring sites, zoning them and them selling them. They are not in the business of building the buildings,” he says. There has been strong interest in the auction “locally, regionally and nationally,” Good says.

Marita Thomas contributed to this article.

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