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Article: Developer to flip unbuilt condo tower: after years of market research, legal wrangling.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- June 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Henry J. Holcomb
Jun. 1--Timothy J. Mahoney has decided to flip the land on which he planned to build the city's tallest residential skyscraper.
Real estate experts say the 22,433-square-foot plot could fetch $60 million because, after six years of market research and planning -- and three years of legal wrangling -- Mahoney has a clearly established right to build a 57-story tower at 1441 Chestnut St., just off the Avenue of the Arts.
"The market has come to him. There has been a tremendous amount of unsolicited interest in buying the project," said Robert Fahey, executive vice president of CB Richard Ellis Inc., the real estate firm ...