The Durst Organization has selected the Badger Group, a black-owned development company in Philadelphia, to join its plan to redevelop Penn’s Landing on the Delaware waterfront into a neighborhood of residential towers, shops and offices.
Badger, led by President and CEO Paul Badger, will be involved in managing construction activities, selecting and overseeing contractors and subcontractors, and community engagement, Durst said in a statement before the expected announcement of the partnership on Tuesday.
As part of the deal, Badger will also have the option to acquire a 20% stake in the project, Durst said. He did not disclose what the potential monetary value of that stake might be.
“We look forward to partnering with The Durst Organization on a world-class project that will help transform the Delaware River waterfront,” said Paul Badger. “As someone who has long led diversity and inclusion efforts in our city’s construction and development sectors, a top priority will be ensuring inclusivity throughout this project.”
Badger’s selection helps Durst fulfill some of the commitment he made when he was awarded the project on city-owned land to work with a diverse group of investors, contractors and others. service providers. His proposal included a promise that “registered partners of minority-owned businesses” would have the opportunity to make a significant investment in the project.
Badger was selected with the help of Philadelphia consulting firm Urban Affairs Coalition, which was retained by Durst in December 2020 to advise the company on diversity and equity issues. Badger’s other projects include working with the Goldenberg Group on an apartment and theater complex on the former site of a city health center on South Broad Street.
Durst is also in talks with the Delaware River Waterfront Corp., which oversees Penn’s Landing on behalf of the city, to implement an “economic opportunity plan” that ensures diversity in hiring and other economic opportunities resulting from the project. .
“The Durst Organization’s decision to partner with the Badger Group helps fulfill Durst’s commitment to ensuring the project contains a strong minority equity component and will expand economic access and opportunity while providing development. world-class,” said Joseph A. Forkin, president of the waterfront company.
The company chose Durst to redevelop the site along the Delaware River waterfront in central Philadelphia in September 2020, choosing the New York-based company’s vision over several comprehensive proposals, including one that would have had a new arena for the 76ers at its heart.
The family development group’s plan calls for 12 towers with 3.5 million square feet of homes, shops and offices on either side of the planned four-acre park on Interstate 95 between Chestnut and Walnut streets.
“Badger Group has deep local market knowledge, a culture of excellence and a proven track record,” said Alexander Durst, Chief Development Officer and Director of Durst. “We look forward to working with this experienced and proven company to complete a project to strengthen Philadelphia and its communities.”