Post Bros. sold the 38,234-square-foot retail center to an affiliate of Millburn, N.J.-based investor Peter Nalitt
A unit of the East Norriton-based D2 Organization secured the financing.
Proposals are sought that honor the property's history, which included a stint as a shipyard in the 17th and 18th centuries.
The developer now eyes the property as an independently branded hotel, a shift from its original proposal for it to be part of the Kimpton Hotel & Restaurant Group.
The showroom space will feature new vehicles of an as-yet undecided luxury brand, the company's owner said.
Officials say the city needs to complete a review process to establish whether the transfer can occur.
Center leaders have said proceeds from the Archdiocese of Philadelphia's sale of the property would be used to renovate the nearby St. Agatha-St. James Parish church's basement and former school building into a new home for the student ministry.
The move comes as Lidl rethinks its one-size-fits-all approach to the U.S. market that had called for blanketing big swaths of the country with near identical stores to peddle deeply discounted groceries from its private-label brands.
The properties are among the 20-plus buildings, together costing more than $325 million, that investment group Arts & Crafts Holdings has assembled over the last three years.
Given the arguments and issues on both sides, how Council proceeds on the construction tax is anyone's guess, but the good news is there is little disagreement on the importance of affordable housing; now it comes down to resolving the best way to pay for it.
Revolution Development Group's proposed tower at Second and Race would encompass 117 hotel guest rooms on its lower stories, with 24 condominium units on its top nine floors.
"It would be nice if [the proposed town center] made you drive by and say, 'Wow that's something special,' " said Don Fields, a Drexel Hill resident. "When you go by Ellis Preserve, you want to drive in. … A lot of people feel like this development isn't aiming high enough."
The construction tax would not apply to Keystone Opportunity Zones, which include the three sites Amazon is considering in Philadelphia.