10-17-2006, 08:49 AM
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Cheesesteak GURU! Wiz with
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Join Date: Jan 2003
Location: Southwest Center City aka South Rittenhouse
Posts: 4,544
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Girard Block to be leased to developer
Lease pending for a hot block
For $90 million, group rents the Girard parcel for 75 years.
http://www.philly.com/mld/inquirer/15775785.htm
Quote:
By Henry J. Holcomb
Inquirer Staff Writer
A $90 million deal will be signed today that sets the stage for a billion-dollar redevelopment of the Girard block - long considered the linchpin for progress on East Market Street - executives on both sides said yesterday.
The 4.35-acre block, bounded by Market, Chestnut, 11th and 12th Streets, will continue to be owned by the estate of Stephen Girard, the wealthiest man in the United States when he died in 1831.
But if the deal goes through as planned, Trinity Capital Advisors L.L.C., of Conshohocken, will pay $90 million for a 75-year lease and the right to develop and operate the property. The transaction includes a 75-year renewal option, at a price to be determined at the time by an arbitrator.
The price exceeds the $75 million that estate managers expected to get when they issued a call for proposals in June.
The site will be developed in stages over the next five years, said Ken Kearns, the Trinity Capital vice president in charge of the project. "We're not swinging any hammers right away," he said.
[SNIP]
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Cheers,
Jayfar
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“I am indeed well aware of the history of Conventional (sic) Hall, both globally and locally, and can assure you that we are carefully exploring avenues for its future.” -- Penn President Amy Gutmann 5 days before demolition began.
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