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Posted on Tue, Jan. 24, 2006

Trump plans luxury condos

Tower would be built along the Delaware waterfront.

By Suzette Parmley

Inquirer Staff Writer

Donald Trump said yesterday that he would build a 45-story luxury condominium high-rise along the Delaware waterfront called Trump Tower Philadelphia.

The $190 million project - similar to Trump Tower buildings planned for Las Vegas; Tampa, Fla.; and Chicago - will consist of at least 250 units on Penn Street near the foot of Spring Garden Street, with construction to begin this summer and completion expected in mid-2008.

"I'm really excited about this project," Trump, the developer, casino mogul and reality-television star, said yesterday from his office in New York City. "It will be the tallest building on the waterfront. It is going to be really beautiful."

Trump Tower would be five stories higher than the 40-story towers being built nearby at Waterfront Square at 900 Penn St. Trump would not disclose the exact address, saying his company was in the middle of completing the land purchase.

Trump's high-rise is planned for an area along the Delaware waterfront that has seen a string of multimillion-dollar development proposals between the Benjamin Franklin Bridge and Penn Treaty Park. Besides Waterfront Square, where two of five proposed towers are under construction, Marina View Towers is planned near the bridge and would encompass 600 luxury units.

Three of five slots parlor projects are proposed for that area: the $380 million Riverwalk Casino by Planet Hollywood, the $450 million Sugar House Casino, and a project by Pinnacle Entertainment Inc. that could cost more than $250 million.

Trump described his project as a "first-class" condo building with landscaped gardens, a high-end spa, a five-star restaurant, a wine cellar, health and fitness club, recreation rooms, and an outdoor deck.

Trump said units at his Philadelphia condo project had not been priced. "If I put a price on them, the phone would be ringing off the hook," he said. "They'd sell out right away. That's what happened in Chicago."

The 92-story Trump International Hotel & Tower in Chicago will sit on the site of what used to be the Chicago Sun-Times building. When completed, it will be one of the city's tallest buildings. Only the 110-story Sears Tower and a proposed 115-story building called Fordham Spire would be taller.

In Las Vegas, Trump has proposed a 64-story luxury condominium tower, while the Trump Tower Tampa - which broke ground last fall - will stand at 52 stories.

The Department of Licenses and Inspections is reviewing a zoning plan for the Trump condo project, said Jeff Moran, spokesman for Mayor Street. He added that there was land zoned in that area to accommodate buildings of the size Trump is proposing.

"That's what's under examination," he said, "whether or not any variance or modification of design would be needed to comply with existing zoning."

The Philadelphia condo building is the latest project in the city for Trump. Last month, his casino company, Trump Entertainment Resorts Inc., applied for a gambling license to operate a $350 million slots parlor in the city's Nicetown section.

Trump is partners with former Philadelphia 76ers president Pat Croce and members of Boyz II Men on that project, called TrumpStreet Casino & Entertainment Complex. Trump Entertainment owns and operates three casinos in Atlantic City: Trump Taj Mahal, Trump Plaza and Trump Marina.

Trump never hesitates to emphasize his ties to, and knowledge of, Philadelphia. "I went to school here," the 1968 Wharton School graduate said. "It's a great city. I know it well."

Trump is not the only billionaire developer who has his sights on the waterfront. Chicago real estate magnate Neil G. Bluhm put forth the plans to build a $450 million casino on the former site of the Jack Frost sugar refinery at Delaware Avenue and Shackamaxon Street last month. Bluhm's Sugar House Gaming firm is one of five applicants, along with Trump, for two coveted gambling licenses tied to the city limits. His plans include a residential building near the Sugar House Casino.

Attracting world-class developers, like Trump and Bluhm, reflects how far Philadelphia has come, said Nancy Alperin, chief executive officer of Maxwell Realty Co. in Center City.

"We've arrived," she said. "Philadelphia is the fifth-largest city in the country, and it's finally acting like the fifth-largest city.

"Developers and investors are realizing we're still cheaper than our sister cities of Manhattan and Washington, D.C., so when you're able to develop and sell for less money, and still have a first-class city, it makes sense to build and buy here," she said. "We've seen more investors building and buying product here, like condominiums, more than ever before in the last 12 months."

Allan Domb, who runs Allan Domb Real Estate, which specializes in the brokerage and development of luxury condominiums, said it was "great for the city" to have a Trump or a Bluhm development in an area that has become known as "Fishtown South."

"That's a pioneering neighborhood, and it's aggressive," he said. "But I am a little concerned about the location they are selecting.

"It should be more where people want to live," Domb said, noting that the area lacks supermarkets and restaurants within walking distance. "This is not the west side of New York on the Hudson River. There's no infrastructure there yet."

Domb said he hoped such high-profile developers were there for the long haul.

"The play is future growth," he said. "It could be very good, but it could take a while. Neighborhoods don't change overnight."

On the Waterfront

The following are major projects that are under construction or have been proposed for the waterfront between the Benjamin Franklin Bridge and Penn Treaty Park.

Now under construction, Waterfront Square is a luxury condominium project at 901 N. Penn St. Occupancy of the first two of five planned towers is scheduled for this summer.

Construction has not begun on Marina View Towers, a 600-unit residential tower near the Benjamin Franklin Bridge.

Three slots parlors have been proposed for that area: the $380 million Riverwalk Casino, the $450 million Sugar House Casino, and one by Pinnacle Entertainment Inc., which estimates it will cost $250 million to $400 million to develop. The state is expected to award gambling licenses in December or January 2007.

Trump Tower Philadelphia would be a $190 million luxury condo tower with at least 250 units.