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PHILADELPHIA-Following action by Gov. Ed Rendell, construction is expected to begin on Trump Tower Philadelphia, which will be constructed along the Delaware River at 709-17 N. Penn St. The estimated cost of the 225-unit project is $300 million, a Trump spokeswoman says.

Last week, Rendell signed a law allowing riparian rights for the New York City-based Trump Organization to construct the 45-story tower. The governor’s action ends a moratorium on riparian development of riverfront properties since April 2006, according to a released statement from New York City-based Multi Capital Group, which is an equity partner for Trump Tower Philadelphia.

The Trump Organization will have to pay a one-time fee of $5 per sf of land and a $1 per sf of building fee for a 99-year riparian lease, according to the release. A Trump spokeswoman says that she did not know the total size of the building or the amount of the fee that would be paid. The riparian lease was one of the last things needed for the Trump Organization to break ground, the spokeswoman says. Work on pilings of the pier is under way now and “construction should start very soon,” she says.

Condo units will range in size from nearly 1,200 sf to about 3,500 sf with sales prices ranging from “the low to mid $700,000′s” to $3.8 million, the spokeswoman tells GlobeSt.com. There have been no sales yet. The sales center opened approximately a month ago and there have been a lot of inquiries, she says. Luxury Marketing & Sales, based in New York City, is handling unit sales and marketing.

The development will have 60,000 sf of amenities including a pool, tennis court and putting green designed by golfer Tom Fazio, the spokeswoman says. The tower will also have a fitness center, spa, indoor parking and a five-star restaurant. Donald Trump is in the process of choosing a chef for the restaurant, the spokeswoman says. The tower is expected to be completed in 2010.

The moratorium on riparian development of riverfront properties was not the only stumbling block. Shortly after the moratorium was put in place, a city councilman proposed a bill that would have changed the property’s zoning to industrial, as GlobeSt.com reported in June 2006.

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