Blatstein is working with the Preservation Alliance of Greater Philadelphia to execute a preservation easement, a legal course taken to safeguard buildings with historic, architectural or archaeological significance.
Paul Steinke, the alliance’s executive director, said an agreement may be in place by the end of the year. Negotiating an easement typically centers on determining the value of the property — with and without the easement — for the purposes of calculating a one-time deduction on a property owner’s federal income tax.
In the meantime, Steinke is pleased Pier 40 is back in productive use, calling it a “major step forward for the growth of the city.”
“We don’t build buildings like this anyone. And so to repurpose them into new uses is great for the city’s economy, creating jobs. But it also gives the city optimism in its future. Because when you save important parts of your past, and incorporate them into your future, it makes you feel good about your city,” said Steinke.
The project is viewed as part of a broader effort to transform the Central Delaware River waterfront.
Post a Comment