3/25/2012

Race Street Hotel Residential Property Up for Sale

In Old City near the mouth of the Benjamin Franklin Bridge, developer Robert Ambrosi of Arc Properties plans to build a hotel/entertainment/retail complex.  This project included a residential building as well but the story is, the .67-acre site where the residences would stand is now up for sale.  Ambrosi had planned to eventually build a 60-unit residential building with ground floor retail.


Ambrosi says the new action is part of a refinancing agreement which also includes selling the lot on Fourth Street.  The listing with Cushman & Wakefield currently list the surface parking lot a "a multi-family and retail mixed-use redevelopment site."  The sites as-of-right zoning allows for development of an 80' high multifamily building on a 13,936 sf lot plus 14,768 sf of ground level in an adjacent 29,068 sf of existing structure.  The Hotel site however is not up for sale.



The sale could stand to be a positive move for the neighborhood, because it opens up the possibility of the residential portion being developed sooner the Ambrosi had planned.  The residential phase was actually in the 3rd phase of the project.  Ambrosi said he hopes to have the tenant issues with the hotel and commercial/entertainment spaces resolved in about 30 days, and plans to start construction before the end of the year.

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