A new development one day, a new victim the next.
Developer Donald J. Trump has postponed construction of his $300 million Trump Tower Philadelphia project because of tightening market conditions.Really?
"With the current market conditions as they are, we have decided to continue construction in a more favorable environment," said Trump's daughter, Ivanka Trump, who is executive vice president of development and acquisitions for The Trump Organization in New York, which handles Trump's real estate ventures.
Trump had originally projected Trump Tower Philadelphia to be completed by the middle of this year. He spent more than a year acquiring permits and building rights from the city. Then the real estate market tanked.
This follows Trump's building problems in other major cities where he has similar luxury condo hotel towers going up, including Chicago, Miami and Las Vegas.
Ivanka Trump declined to say when construction would proceed on the Philadelphia project, but she said today: "We are committed to this project, want to build the best one possible, and will continue construction when the market allows us to do so."
In Center City, Trump is competing against a slew of other high-end residential projects, including 1706 Rittenhouse, where 31 units start at $4 million.BURN.
Real estate broker and developer Allan Domb, the so-called "Condo King of Philadelphia," said Trump's waterfront location was not a slam dunk.
"I've always thought a Trump Tower property should be located in and around Rittenhouse Square," he said today.
"The waterfront area has still not developed the amenities that luxury condo dwellers seek, such as the ability to walk to restaurants, supermarkets, coffee shops," Domb said. "That location is not a walkable location unless you're a marathoner."
Oh snap, Ivanka. Allan Domb's dropping real estate knowledge bombs all over the place. Pretty sure he's saying you don't know diddly about how to develop in Philadelphia, aka his fiefdom.
And while we don't know about all of that, we do agree about the importance of the walkability aspect. That shit is paramount.
Trump postpones Philadelphia development [ Philadelphia Inquirer ]
Trump Tower Philadelphia [ Official Site ]