The Durst Organization, a development company based in New York has announced its plans to construct a mixed-use housing and retail waterfront project in Philadelphia. The 360 apartment project will include 10,000 square feet of ground-floor retail. Designed by Handel Architects, it aims to improve connections to the historic Wood Street steps and Delaware River trail as well to the new park. Penn’s Landing will be constructed on a 1.6-acre plot and is an integral part of the company’s plan to bring to life the 6-mile length of Philadelphia’s Central Delaware River waterfront. The 26-story development will be built to resist increasing flooding, severe storms, and rainwater runoff caused by climate change.
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The project is expected to be LEED platinum certified and will feature a third of the plot being dedicated to open green space, which will include gardens to capture rainwater runoff, as well as a playground. The Penn’s Landing project also involves a contribution of more than US$2.5 million to the Philadelphia Waterfront Housing Trust Fund, which leads the construction and preservation of affordable housing in the city. The Penn’s Landing project will not include any taxpayer subsidies. Seven out of the 116 planned parking spaces on the site will be equipped with electric vehicle charging.
“We look forward to receiving feedback from our neighbors and partners on this exciting new project for the riverfront,” the Durst Organization stated. “Our goal is to add to the prior investments on the waterfront, from the Race Street Pier to Spruce Street Harbor Park, 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.” “We are excited to partner with the Delaware River Waterfront on a world-class project to help revitalize the area,” said the president of The Durst Organization, Jonathan Durst.