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Developer planning major project for Philly

| Feb 21, 2013 | Commercial Real Estate |

If a local developer gets clearance to do so, he is poised to turn a piece of commercial real estate property into a complex that will define the area at Eighth and Market Streets in Philadelphia.

The serial developer, who is the leader of Goldenberg Group in Blue Bell, Pa., wants to transform an existing parking lot into an entertainment center slated to cost around $500 million. The complex would house restaurants, a dance club and concert hall in addition to a hotel and casino.

However, the developer denies that this will be the sole featured attraction of the area. He claims that his vision is to build a complex that will mesh with the amenities that are already located in that general area, which includes the Convention Center.

One major hurdle the developer and his group of investors faces is having its application to the Pennsylvania Gaming Control Board approved. There is currently one casino in the city, and the developer and his investing group are pleading for the rights to build a second one amongst five other developers.

The competition is pretty stiff, with one developer having submitted an application to construct a $700 million casino and entertainment complex. Popular casino owner Steve Wynn is also in the running, with aspirations of building a casino in Fishtown.

The local developer’s visions are arguably just as grandiose, planning to have 2,400 slot machines and 82 table games inside the casino portion of his proposed entertainment complex.

The applicants have been given the opportunity to give a presentation to the gaming board to outline their plans.

Developing land for any purpose comes with its fair share of red tape. With this man having come with substantial experience developing land, he likely knows the importance of arming himself with strong legal counsel to ensure the project does not hit any unforeseen legal snags.

Source: Philly.com, “Casino developer seeks transformation,” Suzette Parmley, Feb. 11, 2013

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