Silverstein Properties Plans First Philly Multifamily Development On Long-Dormant Waterfront Site
New York's Silverstein Properties is planning its first project as a lead developer in Philadelphia.
Silverstein, best known for the rebuilt World Trade Center in Manhattan, received zoning approval for a 23-story, 800K SF building at 1341 South Christopher Columbus Blvd. on the Delaware River waterfront, according to city records and first reported by Rising Real Estate.
A representative for Silverstein confirmed the proposal but declined to comment.
The proposed project, dubbed Wharton Piers, calls for a 228-foot-tall building, with two residential towers atop a five-story podium. The podium would contain a 500-space parking garage sharing space with 15K SF of retail across two floors and two floors of resident amenities.
Silverstein Properties was the developer listed on the zoning permit, but city property records still list K4 Associates of Maryland as the owner. K4 Associates had planned a gigantic multifamily development in 2017, with as many as 10 high-rises proposed.
Though District 1 Councilmember Mark Squilla introduced a zoning overlay to make the development possible, K4 Associates never began construction — fitting a pattern of alleged behavior, including failed housing projects, lawsuits and unpaid contractors, that trailed K4 owner Jeffrey Kozero to Philadelphia.
Just north of the 1341 South Christopher Columbus lot sits a similarly undeveloped property owned by National Realty Investment Advisors, which is in bankruptcy after a Ponzi scheme by its founders came unraveled.
Silverstein's presence in the Philadelphia market has so far been limited to trophy-class commercial properties. It co-owns the office tower at 1735 Market St. with Arden Group and the nearly completed 3.0 University Place life sciences development at 41st and Market streets with Cantor Fitzgerald and University Place Associates.
If and when Wharton Piers comes to fruition, Silverstein will join The Durst Organization as a major New York-focused developer planting its flag in Philly on the Delaware River waterfront.
