PhilaPort puts two Delaware River piers up for sale, creating ‘generational opportunity’ for developers
By Natalie Kostelni – Reporter, Philadelphia Business Journal
12 hours ago
PhilaPort has put Piers 38 and 40 up for sale, having decided it no longer needs the properties to support its operations and would be better off using any proceeds from their sale toward funding future operations.
The properties at 775 S. Christopher Columbus Ave. are being sold as a pair and combined total nearly nine acres fronting the Delaware River. Two buildings, totaling roughly 180,200 square feet each, sit on each pier.
The structures were built in 1920 and, having no historical designation, can be torn down to make way for new development. They are zoned CMX-3 and can accommodate mixed-use development.
“This is a generational opportunity for someone to develop something significant along the waterfront, and I think we are going to see interest not only from regional developers but national developers as well,” said Chris Pennington, a broker with Binswanger Commercial Real Estate Services, which has the listing.
In recent years, the Delaware River has become a more desirable place to live and development activity has picked up along the waterfront.
PhilaPort has owned the two piers since July 10, 1989, which is when port properties and facilities were transferred from the city to the Philadelphia Regional Port Authority, an independent state agency established at the time, said Ayanna Williams, a PhilaPort spokeswoman. The piers are no longer part of the port’s plans.
“PhilaPort has embarked on a progressive campaign to modernize its facilities to accommodate new marine and upland facility infrastructure,” Williams said in an email. “Part of our goal is to reduce expenses and liability incurred from particular assets whose useful life has expired.”
The piers are being sold through a bidding process overseen by Binswanger and all submissions are due by Jan. 28, 2022.