WORLD TRADE SQUAREPhiladelphia, PA
The Carl Marks Real Estate Group acquired a major site on the Philadelphia Waterfront.
A local group owned approximately 25% of a 3.5 acre site on the waterfront, with structures operated as a 60,000 Sq. Ft. mini storage business. Approximately 75% of the investment was owned by a California Savings & Loan, which had provided a loan facility. The Savings & Loan's interest in the mini storage site had come under the intense scrutiny of federal regulators. In that regard, regulators insisted that the Savings & Loan divest itself of its partnership interest. The local group and CMREG arrived at an outline for a joint venture in which both partners would invest an aggregate sum of money to buyout the Savings & Loan, buy land and an easement contiguous to the mini storage parcel, and option the purchase of a two acre parcel adjacent to the mini storage site. A 5.3 acre parcel was thus assembled.
The Delaware Riverfront constitutes a major resource for the continued development of Philadelphia. In 1982, in order to manage this resource wisely, the Philadelphia City Planning Commission, with the assistance of other agencies, groups and individuals, prepared a comprehensive plan for the Riverfront known as the Central Riverfront District Plan. This plan will influence the use of riverfront land and will have a significant impact on the evolving urban form of Philadelphia over the next century.
Seeking a basic theme for the site, CMREG determined that the Philadelphia marketplace was ripe for a World Trade Center. The World Trade Centers Association ("WTCA") is a worldwide organization with over 300 member cities, and is dedicated to the enhancement and expansion of international commerce. The organization has its headquarters in New York City. At a meeting of the WTCA board in Paris a license was granted to the new partnership.
The master plan for the Greater Philadelphia World Trade Center has been designed to allow for the development of over 3 million square feet of space, consisting of a twenty-eight story residential tower and three office buildings. The site's special zoning status allows for the construction of unlimited parking. In this regard, the development plan calls for a total of 2,149 parking spaces, as well as 118,000 Sq. Ft. of retail at the street level.
Go to the World Trade Center Association's Web Site