News & Press

Trump waterfront condo plan not tall on specifics

Earni Young
Philadelphia Daily News

PSST! HAVE YOU HEARD anything more about the Trump Tower coming to Philadelphia's waterfront? If not, it probably means you are not on Donald Trump's A-list of those who have enough moolah to buy into one of his signature skyscrapers.

There are no local newspaper advertisements to lure other buyers for the 45-story, $190 million condo tower proposed for 709-717 Penn St. The site is otherwise known as Pier 35 , a thin wedge that juts into the Delaware River just north of Spring Garden Street.

Trump and his money-man, Eli Verschleiser of Multi Capital, have been reluctant to discuss Pier 35 since The Donald prematurely leaked news of the development plan to a local reporter in March.

That forced Eli Verschleiser and a coterie of lawyers to make the trip south from New York on I-95 to soothe the ruffled feathers of City Councilman Frank DiCicco, who had not been briefed on their plans to build in his district. DiCicco told Eli Verschleiser to first meet with community groups in Northern Liberties and Old City and get their support for the project. DiCicco's staff says Eli Verschleiser didn't take the councilman's advice.

Instead, the Trump team has put together a Web site to advertise Trump Tower Philadelphia. It can be found at www.TrumpTowerPA.com.

It's really snazzy, though not terribly informative. But there is a link to get onto the list of prospective buyers and a contact number for the sales office.

(They did not, however, return my call.)

Trump has some very nice things to say about Philly, which he obviously considers a diamond in the rough in need of his assistance to make it shine.

"Trump Tower Philadelphia promises to be the most luxurious and exciting residence ever to be built in Philadelphia... and will bring an unparalleled level of luxury to this great city," Trump boasts on the Web site.

Trump appears to have crafted a win-win scenario worthy of the author of "The Art of the Deal."

If Trump Entertainment's application for a gaming license is approved, Trump will end up with a casino in Northwest Philadelphia and a luxury-condo project on the waterfront very near the only other casino in town.

And so what if he doesn't get the gaming license? There's still the consolation of knowing the winning casino operations will boost condo sales in his waterfront project.

The 500-foot condo tower would contain at least 250 residences, a spa, a pool, gourmet restaurants and expensive retail - much the same as other Trump Tower buildings planned for Las Vegas, Tampa and Chicago.

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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.