Former Site For Failed Trump Tower Plan On Sale As Townhome Project
The plot of land that was once promised to be the site of a Trump Tower Philadelphia is up for sale, reimagined as a townhouse project.
Shovel Ready Projects, which represents the property's owner, has already secured permits for the 2.1-acre site, called Pier 35 1/2, to be developed into 41 townhouses, according to the Philadelphia Inquirer. Those permits and plans provided by architectural firm Cecil Baker & Partners are included in the sale of the site, listed at $12.3M.
When Donald Trump put his name on a proposal for a Trump Tower Philadelphia at the site, located at Delaware and Fairmount avenues, the $300M project was slated to be ready in 2008. But the housing crisis had hit by the time the company, which was formed for the project, acquired the necessary permits, and that company filed for bankruptcy in 2013.
After the bankruptcy, a Minneapolis-based owner bought the pier from the mortgage holder for only $83k, before selling to the current owners in 2015 for more than $5M.