Developer Lands $150M Construction Loan For 36-Story Waterfront Project
Following years of unrealized plans, an apartment tower overlooking the Delaware River in South Philadelphia is moving forward with new financing.
Developer Brevet Capital secured a $150M senior construction loan for the Wharton Piers mixed-use project from Mexico’s Banco Inbursa, the developer announced Tuesday.
The planned development is centered on a 36-story, 620-unit apartment building at 1341 S. Christopher Columbus Blvd. The first phase of construction is set to begin in Q1 2027 and wrap up in 2029.
The building will also come with 31K SF of ground-floor retail, 15K SF of indoor amenity space, and new and improved trails and open space for the public. The parks and trails are in exchange for additional density beyond what the site’s zoning allows, The Philadelphia Inquirer reported.
Brevet has plans to build two more residential towers on the 8.5-acre site, representatives for the developer said at an October Pennsport Civic Association meeting, the Inquirer reported. Those upcoming towers could be taller than the 380-foot building set to deliver in 2029.
“Wharton Piers represents the first phase of a larger master plan that has the potential to support significant additional development over time,” Brevet Chief Commercial Officer Mei-Li da Silva Vint said in a statement.
“Our focus is on executing this initial phase to a high standard while creating a vibrant, publicly accessible waterfront environment that will serve both residents and the surrounding community.”
The Inbursa loan will also cover construction of a roughly 20K SF retail structure next door. That building — on the same construction timeline as the 36-story tower — will be a placeholder for a future residential building, a Brevet representative said at the October community meeting.
Before the pandemic, Maryland-based K4 Associates had plans for a 2,000-unit development spanning 10 towers on the property but faced significant pushback.
Shorenstein Properties was a partner in the project when plans for two 22-story towers above a five-level podium were floated in 2023, but it is no longer involved, the Inquirer reported.
