16B — December 23, 2022 - January 19, 2023 — Pennsylvania — M id A tlantic Real Estate Journal
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P ennsylvania
470 homes and 50,000 feet of commercial space are planned for the banks of the Delaware River Haverford Properties & Jefferson Apartment Group announce redevelopment of Festival Pier
HILADELPHIA, PA — The redevelop- ment of Festival Pier began with a groundbreak- ing, kicking off a new stage of growth for the central Philadelphia waterfront. The project will convert the Delaware River spot most recently known for hosting concerts — including the early editions of the annual Roots Picnic — into a mixed-use development with residences, retail, and public space. The second-largest pub- licly owned parcel along the river, at 5.8 acres, 501 P
Rendering of the mixed-use development planned for Festival Pier
N. Columbus Blvd. is being redeveloped by Delaware County’s Haverford Prop- erties and Virginia-based Jefferson Apartment Group . The partner pair were selected for the project back in 2015, and are leasing the Festival Pier site from the Delaware River Water- front Corporation. Like many piers along Philly’s riverfront, it was long used for industrial pur- poses. Before it hosted con- certs, the east end of Spring Garden St. was home to a trash incinerator. Its redevelopment is part of a master plan finalized in 2011 by landscape ar- chitecture firm Olin, which describes the blueprint as a “25-year roadmap to trans- form the post-industrial lands along the Delaware River into a vibrant urban waterfront.” The DRWC is stewarding that roadmap, which has so far brought public amenities like Cherry Street Pier, Race Street Pier, and Spruce Street Harbor Park. Also underway is construc- tion of Penn’s Landing Park, which will cap I-95 between Chestnut and Walnut, connect- ing the city’s street grid to the river like before the interstate created a deadening barrier. A $2.2 billion mixed-use project is coming to the waterfront side of the park, led by the New York- based Durst Organization . JAG and Haverford’s Fes- tival Pier plans call for 470 multi-family housing units across two five- and six-story buildings, 50,000 s/f of ground floor commercial space an- chored by a Sprouts Farmers Market supermarket, and four acres of public space and pocket parks, which will connect to the Delaware River Trail. MAREJ
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