Housing. A park. Even new shops—remember those? That’s what’s in the works along a 1.6 mile stretch of Philadelphia’s waterfront. How about gardens designed to collect the rainwater? Parking? Sure. Lots is possible as projects in Philadelphia and around the country get underway.
Still Treading Water?
It’s no fun to be stuck in place, waiting is it? The “stop/go” pace of building has never been more of an issue it seems. Material costs and shortages require ever more agility. And the unknowns still out-way the knowns on most days of the week, right?
Despite all the challenges, construction companies across the country are revving up with confidence. Join the action when you take advantage of The Partnership Account® offered by Colonial Surety Company. As a Partner, you’ll utilize Colonial’s powers of attorney to seal and issue your own bid bonds in minutes. For real. Now that’s a speedy (not to mention confidential) bid, right?
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Anticipation in Philadelphia
For a long time (!), the Delaware River Waterfront Corp (DRWC), which oversees publicly owned land along Philadelphia’s eastern waterfront, operated a parking lot there. Last year, New York City’s Durst Organization bought the land from the City of Philadelphia for $10 million. Now, plans are nearing completion for a 26-story apartment building containing 360 apartments, as well as 10,000 square feet of shops and restaurants—and a lower level parking garage. Gardens will collect runoff rainwater and the archaeologically important West Shipyard will be preserved. As The Inquirer reports:
Durst earned “density bonuses” — the right to build more apartments than otherwise allowed by zoning — by committing more than $2.5 million to the Philadelphia Housing Trust Fund to support affordable housing across the city and setting aside more than a third of the parcel as open space.
“We look forward to receiving feedback from our neighbors and partners on this exciting new project for the riverfront,” Durst president Jonathan “Jody” Durst said in a release. “Our goal is … to deliver a series of projects that continue the revitalization of the Delaware River waterfront and make it a true destination for both area residents and the broader region.”
Moving With the Tide?
The new complex is not the only construction buzz on Philadelphia’s waterfront. Last year, the Philadelphia 76ers lost the bid for the redevelopment of Penn’s Landing to Durst. The winning $2.2 billion dollar plan proposes: 12 new towers of homes, shops, and offices on either side of the four-acre park being planned over I-95 between Chestnut and Walnut Streets.
Meanwhile, what’s been green-lit near you? Schools?. High-speed rail lines? You never know what the future holds. Gear up for every possibility The Partnership Account® from Colonial Surety Company. With The Partnership Account®, you get:
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Founded in 1930, Colonial Surety Company is a leading direct writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed. Tech savy? You bet! Our user-friendly online platform is here for you 24/7. So is our team of experts. Let’s go!