Pier 5 Marina Now on the Market in Penn's Landing
The property between Cherry Street Pier and the Pier 5 Condos is for sale in rapidly evolving area
Welcome to November, everyone! While the leaves remain green and the sleeves remain short, our lingering candy coma and the on-going Sixers drama clearly signal the turning of the calendar. And speaking of a changing of seasons, the same thing can be said for the area around Penn’s Landing, which is being transformed each and every day. Race Street Pier, Cherry Street Pier, Spruce Street Harbor Park, the Summerfest/Winterfest spaces, and the wonderful Delaware River Trail have already dramatically changed this area from its hardscaped past over the last decade or so.
But all of that is just the tip of the iceberg, as the 11.5-acre Penn’s Landing Park is now under construction and the South Street pedestrian bridge is also in full swing. Additionally, there are plans for a brand new mixed-use, mini-neighborhood along the waterfront, with plans from developer Durst selected by the Delaware River Waterfront Corporation over four years ago. While there has been little/no movement there as of yet, we might see something else soon as Pier 5 Marina, which sits between Cherry Street Pier and the Pier 5 Condominiums, is now on the market.
Unless you have approached here by boat, you’re probably not wildly familiar with this space. Fronted along Columbus Blvd. by a brown, low-rise structure, the Delaware River Waterfront Corporation’s offices, the marina’s entrance, and several commercial spaces currently operate from here. From this view, however, it is difficult to get an idea of what lies beyond these walls out on the water, which makes up a vast majority of the area of this property.
But if you make your way along the promenade of Cherry Street Pier, the view becomes much clearer. We moseyed down to get a better look, utilizing our Wemby-esque reach to snag a few interesting angles that were unfamiliar to us. Additionally, marketing materials give a good view of the space from above.
While this property being for sale for $2.75 million might not be earth-shattering in its own right, what comes next could make a massive difference. The marina - seemingly owned by a private investment partnership that includes Rhombus Properties, per an old press release and public deed records - is actually managed by the very same DRWC that has their offices next door, a somewhat odd relationship for a quasi-governmental body (Note: as a caveat to all of this, the property addresses and records for these buildings are all over the place, hence the “seemingly”).
With a fairly friendly CMX-3 zoning, this parcel allows for a wide variety of uses. Given this, the potential options mentioned in the sales package are the continued use as an upgraded marina, a houseboat rental business, a shift to a concept like the nearby Morgan’s Pier, or - most surprisingly - a “residential mixed-use development.” I’m neither an expert in marina financial management nor do I hold a master’s degree in aquatic engineering, but it seems as if the future is very much up in the air depending on the potential buyer.
Honestly, we’d be very open to an entirely new concept for this stretch of the waterfront, whether that’s additional residential in nature or commercial. There is very little reason for the casual pedestrian to stop into any of the businesses that currently reside along this set back, strip mall-like approach. While Waterfront Gourmet is a hidden gem here, the trail could certainly use another place to grab a bite or a beverage, as this is one of two places to eat inside between Moshulu (a boat) to the south and Craft Hall (a brewery with a playground) to the north - that’s terrible! Given the huge amount of foot traffic that is coming soon thanks to the thousands of units in progress to the north, we hope that whatever does wind up here serves more people than 33 boat slip owners.
Anything that takes advantage of the riverfront views is a very good thing.