Philadelphia, PA — For more than 20 years, 1499 S. Christopher Columbus Blvd. in south Philadelphia sat empty.
Now, plans to develop this long-vacant property are finally moving forward. Nationwide private lending firm Silver Arch Capital Partners announced the closing of a $15 million land loan for two of the site’s six parcels. The borrower used the loan proceeds to purchase the waterfront property, known as 1401 and 1401 R-S Christopher Columbus Blvd.
A mixed-use development is planned for the 22.39-acre waterfront area. The proposed site plan includes the construction of up to 235 luxury townhomes along the scenic Delaware River, boat slips for owner’s watercraft, outdoor recreational activity and a riverfront cafe.
“South Philadelphia is becoming a vibrant area where people want to live, work and shop,” said Jeffrey Wolfer, CEO of Silver Arch Capital Partners. “Putting this vacant lot to good use will add tremendous value to this growing area of the city.”
The property, a 30.39 acre parcel at 1499 S. Christopher Columbus Blvd., was purchased by Philadelphia developer Bart Blatstein in 1993, and was later acquired by Bally’s Entertainment. Bally’s eventually traded the property to Foxwoods Resort and Casino, which partnered with several Philadelphia-area investors to finance the construction and operation of a casino on the site.
In the face of fierce opposition from the city, Foxwoods abandoned the project and in 2014 Blatstein acquired the property once more. Blatstein divided the 30.39-acre property into multiple parcels, two of which were developed with an Aldi’s grocery store and a Wawa convenience store.
According to Wolfer, a new mixed-use development is an exciting new prospect for south Philadelphia, which has undergone significant revitalization in recent years.