Developer David Grasso says he's still looking for financing for the proposed 1.2 million square foot, 46-story, multi-use tower he announced in October 2006 for his site at 16th and Vine Sts. in Center City. Construction was supposed to happen last year.
Grasso says he's still under contract to put a Whole Foods supermarket on the first floor, a Best Buys electronics store on the second, and an Intercontinental Hotel upstairs, along with 150-200 rental units.
The Pennsylvania State Employees' Retirement System, through adviser Grosvenor Properties Ltd., is still on tap to provide equity financing, he adds.
But... Grasso is still trying to find lenders to finance the rest of the project.
"Even the best deals are hard to get done now," he told a packed audience at the RealShare commercial property conference in Center City today.
Echoing builder Carl Dranoff's comments in a separate session, Grasso also carped about Center City's labor and construction material costs, which haven't dropped along with the market.
Grasso sounded guarded compared to his more bullish brother, Joseph, who's been trying to scare up interest in a 1,500 foot tower proposal for two blocks away, at 18th and Arch. The Grasso's don't work together.
Given the economics, said David Grasso, "I don't think there will be too much construction, especially of high rises, in Philadelphia" over the next couple of years.
Grasso says he's still under contract to put a Whole Foods supermarket on the first floor, a Best Buys electronics store on the second, and an Intercontinental Hotel upstairs, along with 150-200 rental units.
The Pennsylvania State Employees' Retirement System, through adviser Grosvenor Properties Ltd., is still on tap to provide equity financing, he adds.
But... Grasso is still trying to find lenders to finance the rest of the project.
"Even the best deals are hard to get done now," he told a packed audience at the RealShare commercial property conference in Center City today.
Echoing builder Carl Dranoff's comments in a separate session, Grasso also carped about Center City's labor and construction material costs, which haven't dropped along with the market.
Grasso sounded guarded compared to his more bullish brother, Joseph, who's been trying to scare up interest in a 1,500 foot tower proposal for two blocks away, at 18th and Arch. The Grasso's don't work together.
Given the economics, said David Grasso, "I don't think there will be too much construction, especially of high rises, in Philadelphia" over the next couple of years.
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