The Daily Pennsylvanian
Experts at Penn say that a new luxury condominium high rise built by one of the University's most notorious alumni is a sign of the growing vibrancy of Philadelphia.
Donald Trump, a famous real estate developer and Wharton graduate, announced recently that he will build the 45-story Trump Tower Philadelphia along the Delaware River waterfront. The project is expected to cost $190 million, The Associated Press reported.
Trump's project is part of an effort to transform Philadelphia into a "waterfront city," Penn Director of Real Estate Development Paul Sehnert said, adding that waterfront areas are prime real estate.
Trump's interest in Philadelphia as a home for his project means that the city has reached a new level in appeal, Sehnert added.
Sehnert said that recent upscale developments prove an "increased confidence in Philadelphia as an investment market for this type of product," which could also be a boon for the University.
Though an exact address has not yet been disclosed, the condominium will be located on Penn Street near the foot of Spring Garden Street, according to the AP. That area has recently seen numerous other multimillion-dollar construction proposals.
Sehnert said Philadelphia Mayor John Street imagines the city to be a place "where there is residential space, open space and trails along the river," and that Trump Tower Philadelphia is "nothing but good news" for this vision.
Architecture professor Harris Steinberg said he hopes Philadelphia can develop along the lines of cities such as New York, Vancouver and Boston, whose waterfront areas are accessible and lively.
"The waterfront is for everyone, not just wealthy and connected developers," he said.
Steinberg called Philadelphia a city with a "prestigious and long history of some of the finest architecture in the country."
He also expressed concern that not all waterfront developments are living up to the city's tradition of architectural excellence, calling some high rises "less than ideal" and comparable to those in Ocean City, Md., a beachfront resort town not noted for its architecture.
The entire city of Philadelphia has experienced expansive growth in recent years, spurred by tax breaks aimed at making it easier to improve properties, which has driven the development of luxury real estate, Sehnert said.
"There has been an extremely robust demand for new housing and luxury housing in the inner city," he said.
This demand does not seem to include graduate students at Penn, however, who generally view the development as too expensive and too far from campus to warrant their attention.
"It all depends on the cost," Clinton Carter, a graduate student in real estate, said. "It's just a little far for most students, and probably just about all students."
The Tower is not the only development Trump has announced for Philadelphia recently. At the end of last year, Trump Entertainment Resorts announced that it had formed a partnership to build a casino development in Philadelphia.
