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Old Posted May 29, 2014, 11:02 PM
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summersm343 summersm343 is offline
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Join Date: Oct 2011
Location: Philadelphia
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Quote:
Tom Scannapieco (Scannapieco Development Corp.) says he has settled his planned $8.5 million purchase from an affiliate of parking mogul Joseph Zuritsky's Parkway Corp. of the ground at 500 Walnut St. in Philadelphia's historic district, and has so far booked sales for 11 units worth "almost $40 million" in his proposed $140 million, 26-story "ultra-luxury high rise" tower.

Pre-sales "are going at a much faster pace" than for his 1706 Rittenhouse Sq. back in 2005-06, Scannapieco told me. And this is "a very similar building with a very similar buyer" and a slightly higher per-square-foot cost, he added. Back in March, my colleague Al Heavens wrote about the plan and the ground's tortured financial and development history here. Scannapieco plans to break ground next year, building to open in 2017.
http://www.philly.com/philly/blogs/i...ut-condos.html