News & Press
Riparian rights granted for Trump Tower Philadelphia, as Rendell ends riverfront moratorium.
Eli Verschleiser a founding partner at Multi Capital announced that Trump Tower Philadelphia will finally move forward, it has been a long and challenging road," he stated. The project will now break ground. With the Governor Ed Rendell's signature Friday afternoon, two developers received the right to build condominium tower projects that will jut onto publicly owned land beneath the Delaware River. Mary Isaacson, State rep O'Brien's chief of staff, said "With the riparian rights lease in hand, Trump Tower can soon begin construction." Penn Treaty Tower's developers still need more permits, she said.
The riparian rights granted Friday, Feb 29th 2008, which were first introduced in the state house by O'Brien, are the first granted since the governor called a moratorium on their issuance in April 2006. The state had been issuing 99-year riparian rights leases for $1. But with casinos in the works, there was suddenly a lot more interest in development along the Delaware, and many felt the state should get more for the rights.
This past June, the Department of General Services recommended that developers pay a one-time fee of $5 per square foot of land for a 99-year lease, and that each lease include public access to the waterfront. But the legislators added additional fees: In addition to $5 per square foot of riparian land, the developers will pay one dollar per square foot of their buildings. Half of that money will accompany the $5-per-riparian-foot fee to state coffers. The other half will go to the city's Commerce Department, to be used for the implementation of the Central Delaware Riverfront Plan put together after a year of public input. Exactly how that money will be spent is uncertain, O'Brien said. He, Fumo and Keller will soon request a meeting with the Commerce Department to establish guidelines, he said. "I think the significance of this is that we've broken a nearly two-year-old logjam on positive development along the Delaware River," O'Brien said. "We've created green space, we've created access to the river, and we've created a funding source for an expansion of green space and access to the river beyond these specific sites."
Specific information on the development can be found at www.TrumpTowerPA.com
The Trump Organization (www.Trump.com) is the primary company of Donald J. Trump, the most prominent American real estate developer. Donald J. Trump is the current CEO of the company. The company oversees nearly all of the business development interests of Donald Trump, such as real estate, hotels, golf clubs, etc. Trump is also the Chairman of the Board of Trump Entertainment Resorts. His three oldest children, Donald, Jr., Ivanka, and Eric, are currently executive vice presidents within the organization.
About Multi Capital LLC
Multi Capital, Inc. (www.Multi-Capital.com) is a nationwide finance company specializing in the full spectrum of real estate financing. Multi Capital is known for its expertise in arranging Senior Debt, Mezzanine, and Equity for Development Deals. With its financing experts originating from the real estate development arena, Multi has the expertise needed to syndicate these transactions.
Multi Capital provides a service that is unmatched in efficiency, speed, and thoroughness. Multi currently has over $600,000,000 in development deals in the pipeline.