February 18, 2015
Source/Delaware River Waterfront Corp.
Festival Pier at Spring Garden Street and Delaware Avenue
The Delaware Riverfront Waterfront Corp. (DRWC) is gauging local builders' interest in developing a pier commonly used for music festivals on the river.
The DRWC is seeking another use for the 11-acre Festival Pier, located at Spring Garden Street and Delaware Avenue, the Philadelphia Business Journal reported. The pier is commonly used in the summer for Live Nation concerts.
Redevelopment has increased in recent years throughout Old City, Northern Liberties and Fishtown — the neighborhoods surrounding the pier. So DRWC officials say the pier should change, too.
"This site is at the nexus of where all of this is happening," said Joe Forkin, vice president for operations and development at DRWC. "This feels like the right time and the right site. There is momentum and more awareness of the waterfront."
Philadelphia's deputy mayor for economic development, Alan Greenberger, told the Philadelphia Business Journal that a new development on the pier would encourage more people to live and spend money in the up-and-coming area. He added that developers seem interested in the piece of land.
"Enough has been accomplished and we think it has the best development opportunity," he said. "We've met with a number of developers privately and they have said they are interested and now we need to see that play out."
Developers have until March 23 to express interest in a long-term lease. The DRWC said it would narrow down a list of developers within 30 days of that deadline and ask for formal development proposals.
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