Plans for a multimillion-dollar wharf project are in motion — and the marina and entertainment development is coming to northeast Philly instead of the area's traditional boating spots like Penn's Landing, Boathouse Row or the Jersey Shore.
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A parcel of 6 acres between Tacony and Mayfair has been set aside for the One River Marina, a $30M to $40M project that will include full services for boats as well as restaurants and other amenities. The multiphase project is set to begin construction soon, according to a Wednesday press release, with Phase 1 calling for construction of docks, slips and a new bulkhead.
Local married couple and business partners Dana and Ron Russikoff paid $1.2M for the land at 5190 Princeton Ave. The couple founded SureShade, a manufacturer of retractable sunshade systems for boats, and hopes to complete the first phase by 2026, the same year the city celebrates its 250th anniversary.
When complete, the development will be home to several restaurants, more than 200 boat slips and a new building for the historic Quaker City Yacht Club, the Philadelphia Business Journal reported.
The plan “checks every box” for tourism, the couple said.
“Not only will One River Marina be an amenity the entire community can enjoy, but also a world-class destination for boaters looking for new experiences outside the Jersey Shore and the Chesapeake,” Dana Russikoff said in the release.
The Russikoffs will lean on their experience in the industry at the helm of SureShade, which they sold for an undisclosed sum in 2019.
One River Development, the limited liability company guiding the project, is seeking public and private funding, according to the PBJ. The project’s land is in a qualified federal opportunity zone, which means investors in the project would benefit from additional tax breaks.
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