A condo site in the Old City Disctrict of Philadelphia is being put up for auction with a $13 Million reserve price. The site has city approval for a 33 story building with 236 condominium units. The site had been listed on the market with a $18 Million price tag. When completed the building would have views of both downtown and the Delaware River. The seller is projecting $164 Million in revenue when the project is completed. Although there are fears that the condo market has been overbuilt in parts of Philadelphia, there has been little to no development of new condos in the Old City District.
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