- Associated Press - Wednesday, May 27, 2015

PHILADELPHIA (AP) - The city is hoping to purchase a 27-acre property on Route 291 in Delaware County as part of a long-range expansion of Philadelphia International Airport.

The Philadelphia Inquirer reports (https://bit.ly/1FgjOkL ) an ordinance was introduced in city council paving the way for the city-owned airport to buy International Plaza, which has two office buildings that were once the corporate headquarters of Scott Paper Co.

Councilman Kenyatta Johnson introduced the legislation, calling for the city to buy the office buildings and the 27 acres and lease them to the Philadelphia Authority for Industrial Development.

Officials said the buildings could be demolished to make room for some combination of new facilities for the airport and possibly for United Parcel Service.

“If you had asked me 20 years ago, does it make sense for the airport to acquire International Plaza, my answer would be the same as it is today: absolutely,” said James Tyrrell, deputy Philadelphia aviation director of property and business development.

The former Scott Plaza site is owned by a joint venture of affiliates of New York-based private equity firm Angelo Gordon & Co. and Amerimar Enterprises Inc., a commercial real estate development and management company.

“We are in the loop on this,” said Gerald Marshall, president and CEO of Amerimar Enterprises. “Yes, we are willing to sell it.”

Officials expect an agreement of sale to be signed Wednesday or Thursday. Financial terms were not disclosed.

A public hearing is scheduled for June 4 in city council to discuss the acquisition.


Information from: The Philadelphia Inquirer, https://www.inquirer.com

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