The first phase of Liberty on the River, a vast master planned community of 10 highrise towers fronting the Delaware River, was expected to move forward this spring but has now been pushed to a fall ground breaking.
“I was a little overly optimistic,” said Jeffrey Kozero of K4 Associates, a real estate firm based in Rockville, Md., that owns the 18-acre property where Liberty on the River would rise.
That hasn’t lessened Kozero’s optimism about building a $1.2 billion community along the river between Washington Avenue and Reed Street. The initial phase would involve constructing a 280-unit apartment building with 15,000 square feet of retail and Kozero is bullish not only on the Delaware River waterfront but a multifamily market that some have worried is getting over built.
“All indications and research show we should be successful,” Kozero said. “The millennials need a place to live and we’re right between two bridges with direct access. Our site has a lot going for it and I feel we can really make a market. It’s the right place at the right time.”
Kozero has company in that regard. Liberty on the River joins a growing list of mixed-use projects along the Delaware that are in the works in what could potentially be the next frontier of development activity in Philadelphia and have the waterfront finally come into its own.