Will Smith lot - sold to a 'NE Philly group' - PhillyBlog

Malloy · #1 (**permalink**) 01-09-2005, 11:09 PM

Who bought the land?

Anam · #2 (**permalink**) 01-09-2005, 11:40 PM

Quote:

Posted on Sun, Jan. 09, 2005

Will Smith abandons plans for Society Hill

Instead of transforming the NewMarket site into a hotel and retail complex, he sold it to a Northeast Phila. group.

By Michael Klein

Inquirer Staff Writer

After nearly five years, entertainer Will Smith has given up his much-ballyhooed plans to develop the derelict NewMarket complex in Society Hill.

He and his younger brother, Harry, recently sold the property - now a crudely fenced vacant lot on the doorstep of one of the wealthiest neighborhoods in the city. The buyer is Sant Properties, of Northeast Philadelphia, owned by a family of investors who plan to build condos plus some ground-level retail.

Sant, which has developed mainly commercial sites in Northeast Philadelphia, bought it for $10.5 million - more than three times what the Smiths paid in March 2000. Closing was about two weeks ago, said Ravi Chawla, a Sant partner.

The Overbrook-bred Smiths paid $3.2 million for the 11/2-acre parcel bounded roughly by Pine, Lombard, Second and Front Streets. City Council approved about $9 million in tax incentives for what the Smiths envisioned as a swank hotel/retail complex with Delaware River views.

Then the hotel market softened and financing became difficult, Harry Smith said in a 2001 interview. W Hotels, a hip brand of Starwood Hotels & Resorts that initially was supposed to operate the hotel, walked away in mid-2001. The Smiths had won zoning approval after lengthy meetings with neighbors.

Harry Smith, who oversees his brother's real estate affairs, did not return phone calls left at his office Thursday and Friday.

Chawla said he planned to speak with neighborhood groups before determining the size and scope of his project.

"Everything I have is very preliminary right now," Chawla said when asked the proposed number of units and the height of the building. "Something will be built. Certainly it will be better than what's there now," he said, referring to the weedy lot.

Tania Rorke, president of the Society Hill Civic Association, learned of the sale Friday. Rorke said she hoped the project would "maintain the historical integrity of our neighborhood."

Chawla said Sant also has an agreement of sale to purchase the adjacent John Ross House at Second and Pine Streets. The brick buildings along Second Street at Head House Square are not affected.

Chawla said he and his brother Hardeep were looking for a developer as a partner. He hoped groundbreaking could be late this year.

NewMarket, whose centerpiece was a glass-and-steel pavilion, opened in 1975 at 410 S. Front St. with a mix of shops and restaurants, including the Rusty Scupper. It quickly became a white elephant.

NewMarket was sold in late 1986 for $7.6 million to developers Michael DiPaolo and Gloria B. Levin. The building had a brief resurgence in the early 1990s with cabarets, including one run by entertainer Patti LaBelle, but it soon fell into disrepair. It was razed in 2002.

Neighbors in 1996 fought off a proposed supermarket.

Will Smith, whose plans for a recording studio and soundstage on South Broad Street also have gone nowhere, has invested millions in low-profile real estate in his hometown.

Through Treyball Development Inc. - named after his son - he bought and sold an office building in Old City. Treyball also bought a furniture company on Spring Garden Street near the Spaghetti Warehouse restaurant in the Loft District, and plans to fit it out as six condo units. Treyball also owns Osborne Funeral Home at Wayne Avenue and Winona Street in Germantown. A planned sale last year to a woman who wanted to open what she called a personal-care home was scuttled after community opposition.

In September's Fortune magazine, Smith's worth was estimated at $188 million. Smith's payday from the movie I, Robot was estimated at $28 million.

Does anyone know what actually happened to the studio and soundstage he had planned on building? I'd heard it was supposed to be at that lot where Cirque du Soleil often pitches their tent, but never found out what happened.

-- Anam

chrissayer · #3 (**permalink**) 01-12-2005, 03:18 PM

You heard correctly.

The two brothers seem to lack some skill as real estate developers.

As the article points out, he has not produced the hotel at Market Place or the sound stage at Broad and Washington. In addition, they bought the old needle trades building (union) on S. 4th Street (across from the Bourse). Eventually, they sold at a loss to a charter school.

I don't think Smith should give up his day job.

Scoats · #4 (**permalink**) 01-13-2005, 08:42 AM

Deja vu... does anyone rememeber Bruce Willis buying up loads of property in his hometown of Pennsgrove in the 90s, only to dump them a few years later without ever starting on his grand plans?

I suppose they have to do somethiing with all that money, until they find out how much work it actually is to pull that stuff off. Then it comes down to choosing between dealing with all that bs or sitting on a beach somewhere.

vortrex · #5 (**permalink**) 01-18-2005, 05:10 PM

do they still own the furniture warehouse on spring garden that was supposed to be the sidney high end loft condos? nothing has happened with that place in a year.

chrissayer · #6 (**permalink**) 01-18-2005, 05:59 PM

Was that another Treybill project - or are you talking about the folks who have purchased the Smith property.

vortrex · #7 (**permalink**) 01-18-2005, 08:32 PM

that was a smith project. I thought they were supposed to be like $800k places! there was some rough framing done and then that was it. the sign on the front still says coming soon.

SydneyinPhilly · #8 (**permalink**) 01-19-2005, 10:52 AM

What in the world does quickly became a "white elephant" mean???

BTW - a $7million profit on a weddy lot aint to shabby. :dancehal:

chrissayer · #9 (**permalink**) 01-19-2005, 11:35 AM

Syd - "white elephant" probably not the best description but it was one of those project areas that always seemed doomed to fail.

In the intital days, there really were some nice merchants - Brentanno's (this was before Borders and Barnes * Noble was just a small chain), Benneton, and other good retailers. Couple of restaurants including Rusty Scupper (a better than average local seafood chain) and a Japanese steakhouse.

Trouble was, no seemed willing to walk the half block from South Street, which was booming at the time, to The Marketplace.

As for the Smith Brothers - they seem to do all right as speculators, although I have no idea what they actually put into the Marketplace project and what they paid in commissions, transfer fees, design fees, taxes, etc.

But, since Treybill hasn't gotten a single project, that I know of, off the ground, Smith is better off keeping his day job.

cc · #10 (**permalink**) 01-19-2005, 11:42 AM

Quote:

Originally Posted by chrissayer

In the intital days, there really were some nice merchants - Brentanno's (this was before Borders and Barnes * Noble was just a small chain), Benneton, and other good retailers. Couple of restaurants including Rusty Scupper (a better than average local seafood chain) and a Japanese steakhouse.

That reminds me - that area is in DIRE need of a bookstore now that Book Trader has left. Its hard to believe that Society Hill and Queen Village is NOT served by a large bookstore. Borders or B&N should go in that site. I think people would be willing to talk to that side of headhouse Square to go to Borders or B&N.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Racist Education?	Geno	Parenting & Education	154	09-21-2005 12:46 AM
Daily News trashes Charlotte NC	Mick	General Discussion	25	05-29-2005 08:30 AM
Recent Philly transplants sought for focus group	thomast	Ask a PhillyFriend	6	02-28-2005 01:23 PM
West Philly...some impressions and questions	jeffcon0	University City / West Philadelphia	42	01-07-2004 01:22 PM
28 hours as a tourist in Philly	ex-pa	Ask a PhillyFriend	4	11-03-2003 12:53 PM