Update on Bart Blatstein’s Purchase of the Marketplace Design Center
Last we talked about the Marketplace Design Center, developer Bart Blatstein was about to sign on the dotted line of a contract to buy the building. The deal — somewhere in the range of $50 million — was imminent and would allow Blatstein to build a tower on the top of the center.
Naturally, tenants of the Center were apprehensive. Would he let them stay? Charge them increased rent? Kick them all out and turn the place into apartments?
In the ensuing months, tenants have been asked to jump through various hoops, according to a tipster, to secure their spots in the building. Then came another tip: This week would have been the contract signing, but no pens met the paper. We also heard something about a lawsuit.
So far, no suit has been filed in Philadelphia, nor any writ of summons.
Now sources tell us that: 1) The deal is still going through. 2) There have been some late-in-the-game disagreements, causing a delay.
As for nervous tenants? The unpleasant truth is this: Sounds like there’s going to be more waiting on the horizon.