Originally Posted by
Pete
I'm re-posting this because 1) I think it got missed due the to dreaded page break, and 2) to emphasize we have at least two groups with deep pockets and great experience vying for this beautiful property, and there is absolutely no reason to be discussing demolition:
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It seems the “dream team” of local developers are very much in the picture for gaining control of First National Center.
My understanding is this group includes Mark Beffort, Andy Burnett, and Don Karchmer – and others as well.
There had been talk about them withdrawing but I was told by a reliable source that they came in with a strong, late bid and are one of the potential groups of buyers that were asked to make “final bids” by July 31st.
It may come down to them versus the previously-mentioned Alterra of Philadelphia.
No matter who may come out on top, it's a certainty they will need to work with Cathy O'Connor and the Alliance of Economic Development to obtain various incentives, grants, credits and financing. Cathy very successfully spearheaded a similar effort for the Skirvin Hotel.
The Skirvin was about a $50 million project; this will be 2 to 4 times that amount.
We probably won't know more until early next month.
Re: First National Center
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