Friday, February 12, 2016

Philly tower developers: We'll raise $100M+

Garrett Miller and Hill International's David Richter are raising cash while they wait on their high-rise American Commerce Center

Philly tower developers: We'll raise $100M+

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The people behind the American Commerce Center, the proposed 1,500-foot tower for the site west of Comcast Corp.'s not-quite-1,000-foot Center City headquarters, say they're raising a $100 million-plus development fund to buy more property at today's bargain prices.

"We're three to six months from our first closing," said David Richter, partner with Garrett Miller in Hill Opportunity Real Estate Fund, and boss with his father, Irving Richter, at Hill International Corp., the Marlton-based project management firm that employs 2,600 in Europe, the Americas and the Middle East.

While raising funds from rich people, they're hanging onto the high-rise site, currently a parking lot, co-owned with the Multi Employer Property Trust of Bethesda, Md., that more than pays for itself from parking fees, according to Richter.  They've turned down an offer, he says, from Liberty Property Trust, which built the Comcast building: "It was so low as to be laughable."

So the tower's not dead? "It's still in the works, and it'll be in the works until we find an anchor tenant," Miller affirmed.

"For the time being, we're in the parking business," added Richter.
 

 

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About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, 215.854.5194, @PhillyJoeD. Read his blog posts at http://www.philly.com/PhillyDeals and his Inquirer columns at http://www.philly.com/philly/columnists/joseph-distefano/. Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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