Philadelphia: Former Foxwoods casino site purchased in USD 15 M deal, soon to be developed

In a USD 15 milion deal closed on Thursday by private lending firm, Silver Arch Capital Partner has purchased the 22-acre waterfront area along South Columbus Boulevard (last proposed location for the Foxwoods Casino) where a mixed-use development is planned to be allocated, including 235 luxury townhomes on the Delaware River with boat slips and a riverfront cafe.

The much-plagued Foxwoods proposal, whose location changed several times due, in part, to community opposition, landed at the Columbus Boulevard site in February 2010, after Steve Wynn was brought in on the project as managing partner. Two months later and three days after presenting plans to the Pennsylvania Gaming Control Board, Wynn was out. By the end of that year, the Gaming Control Board had revoked the casino's license due to a lack of funding.

"South Philadelphia is becoming a vibrant area where people want to live, work and shop," said Jeffrey Wolfer, CEO of Silver Arch Capital Partners. "Putting this vacant lot to good use will add tremendous value to this growing area of the city."

The property was part of a 30-acre parcel owned two different times by Philadelphia developer Bart Blatstein. In 2014, he divided the property into multiple parcels for the development an Aldi's grocery store and a Wawa convenience store.

"This area is particularly valuable because it's the only developable piece remaining among the 1.2 million square feet of retail space along Christopher Columbus Boulevard," Wolfer said in a statement.