$600M Condo Complex Ramps Up Phase Two

$600M Condo Complex Ramps Up Phase Two

By Marita Thomas

PHILADELPHIA-Phase two of Waterfront Square Condominiums & Spa, a five-tower, 968-unit gated condominium complex along the Delaware River, will break ground within 60 days. All but eight units in the 25-story Peninsula and 29-story Regatta buildings are sold.

Residents began moving into the two towers in the summer although both buildings are not yet fully complete. Waterfront Square's total development cost is $600 million, Libby Wenger, who is marketing the complex, tells GlobeSt.com.

The developer is a partnership between locally based Isle of Capri Associates LP and GSR Development, which is an affiliate of Tel Aviv-based BSR Engineering and Development Ltd. According to published reports, the partners acquired the 9.6 riverfront acres at 901 N. Penn St. from the locally based Tabas family for $7 million.