Another company has sprung up with a competitive offering from Penn’s Landing site being developed by Philadelphia’s 76ers: Hoffman
Hoffman’s plan includes at least part of a dozen residential and employment towers, with lower-level department stores and restaurants and an imaginable concert hall, according to a site report reviewed via the Billy Penn news site in a published article. Thursday.
Hoffman is now the third known developer to have submitted proposals to Delaware River Waterfront Corporation, the nonprofit affiliated with Penn’s Landing, after the Sixers and genuine New York real estate company Durst Organization.
Hoffman’s proposal includes a partnership with a department of Hornblower Yachts LLC to expand the water taxi along the Delaware River, Penn said.
Hoffman would finance his proposal through an approach called Tax Increment Financing, or TIF, where corporations can pay off their structured loans with part of the new local tax revenue generated in a domain they helped develop, according to the website.
Sixers are said to seek through a more beneficial investment mechanism developed in Allentown, known as the Neighborhood Improvement Zone – NIZ – that makes state and local taxes available to developers.
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Hoffman’s existing projects come with Wharf, a walkway that leads to restaurants, hotels, department stores and apartments along the Potomac River in Washington.He was one of the bidders for the next phase of remodeling the Navy Yard in South Philadelphia, but was not selected.
Hoffman founder Monty Hoffman told Billy Penn that he joined his Penn’s Landing offering with Gattuso Development Partners, a company founded through John Gattuso, former managing director of the Liberty Property Trust; and the black-owned real estate corporation, Badger Group.
The former head of Gattuso at Liberty for a long time, former CEO of the company William P.Hankowsky is on the Board of Directors of DRWC. Both left Liberty, whose previous projects included the two towers of downtown Comcast, when it acquired this year through commercial real estate organization Prologis Inc.
A DRWC spokesman did not respond to an Enquirer message on Friday asking if Hankowsky has a role in the Penn’s Landing developer’s variety and, if so, whether any action is being taken through the company to protect his paintings beyond.with Gattuso.
Penn’s Landing offerings adhere to a DRWC announcement last fall that it seeks developers to build residential buildings with department stores and restaurants on the grounds north and south of the 12-acre park planned for a segment of I-95 between Chestnut and Walnut.Streets.
The 7.4-acre north progression site, bounded by Market and Chestnut streets, houses an ice rink and curling skates and, until its recent demolition, an imposing cement tower built for an unfortunate tram bound for Camden.The 3.7-acre south segment consists mainly of a parking lot bounded by Spruce and Lombard streets.
People familiar with sixers owners Josh Harris and David Blitzer said they would come with a 19,000-seat stadium located between apartments, a hotel, two museums, a dozen restaurants, a supermarket and a public school building.
Durst did not express the main points of his plan, mentioning DRWC’s request that bidders not speak publicly about their proposals.
Hoffman responded to the Inquirer’s messages.
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