Design approval granted for tower next to historical building
6/20/2015 | Real Estate Blog
In any development plan there are multiple matters that need to be addressed. The specific issues that arise will vary from project to project depending on the circumstances surrounding each. For example, if the location of a new building is next to a historical building, the new structure may need to meet certain design requirements.
A tower slated to be built next to the Union Trust building recently received design approval. That approval was provided at a Philadelphia Historical Commission meeting. Designed by HLW International, the building will be 32 stories and contain approximately 300 apartments. It will be built upon what is currently a parking lot.
The design approval was not provided without at least one member of the commission questioning design aspects. Specifically a commissioner suggested that a portion of the building that will overhang above the United Trust building be set back a bit. An attorney for the developers indicated that a change of this nature would result in the reduction of approximately 30 units. In turn, that loss would make financing the project more difficult.
The director of the commission indicated that he had discussed the matter with others and they reached the conclusion that a setback might actually call more attention to the overhang.
This is just one of many situations in the course of developing a property which could require the assistance of a lawyer to navigate. Because there is usually a large amount of money on the line where commercial developments are concerned, it is vital that developers are prepared and have a lawyer they can work with to resolve matters in a timely fashion. The failure to do so could result in the project falling through or the loss of a large amount of money.