New York

River City Redux: Big Center City Development Site Back on the Market

In late 2012, Garrison Investment Group of New York decided to test the market and tried to sell a huge Center City development parcel that many refer to either as the Fruchter site or its more recent moniker- River City.

It was then shown to just a small group of potential investors with no transaction sealed up. Garrison is trying again and with a little more gusto. The site is being widely marketed to a larger pool of prospective buyers, said Jim Galbally, an investment broker with JLL who had the listing three years ago as well as now.

"The market has matured a lot more," he said, noting its current owner has initiated the zoning and approval process to make it an even more attractive investment. By right, as much as 2.5 million square feet can be constructed on it.

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