Penn's Landing Mixed-Use Development

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Durst Organization's $2.2 billion mixed-use development project along the Delaware River waterfront in Philadelphia, including 1,834 residential units, a 225-key hotel, 94,000 square feet of retail space, and some affordable housing. The project covers 7.5 acres between Market and Chestnut streets and nearly 4 acres between Spruce and Lombard streets. The project is currently stalled due to challenging financial markets and escalating construction costs, with no end in sight for the construction pause. The Delaware River Waterfront Corp. maintains an agreement with Durst, and there is optimism that the project could resume if external factors such as the completion of Penn's Landing Park and the extension of the South Street bridge improve accessibility and market conditions.