Matthew Rothstein writes for Bisnow, PhilaPort Puts Piers 38 And 40 On Delaware Waterfront Up For As-Is Sale. The article highlights the opportunity to purchase 2 abandoned waterfront warehouses, “On the 8.8-acre parcel sit a nearly matching pair of two-story warehouses built-in 1920, each 180K SF, that are structurally sound enough to be redeveloped but carry no historic designations that would prevent their demolition. The deadline for bids to be submitted is Jan. 28.”
The centrally located parcel is right next to I-95 and much of the currently developed waterfront. Its central location and plenty of ingress and egress make one wonder if it would be the perfect site for a next-generation Amazon warehouse.
The article highlights some good news for real estate investors who may be interested in the waterfront development opportunity, which is there are no restrictions on what the property eventually needs to be used for or developed into. Mr. Rothstein writes, “Though PhilaPort is a state agency, its process for disposal of the property is nothing like how the city of Philadelphia has handled valuable, publicly held real estate such as the land surrounding the future park capping I-95 at Penn’s Landing. There are no requirements for a type of use the property must be, nor are there any diversity or community benefit conditions.”
The property website from Binswagner highlights the opportunity, “Sitting on the Delaware River overlooking New Jersey to the east, the property offers an unmatched waterfront opportunity. Mere yards from I-95 on- and off-ramps, this location provides tremendous access throughout Philadelphia, its suburbs, and New Jersey. These two piers represent an opportunity to develop something truly transformative for Philadelphia.”
The opportunity is 8 acres with 2 buildings consisting of 360,000 SF of warehouse space. The website has more in-depth property information.
While this type of opportunity is too large for most local real estate investors, it is worth seeing what happens with the piers as a project of this size could affect the local real estate market.