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Will Smith Nixes Luxury Hotel Plans
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Monday, 10 January 2005
 Rapper/actor Will Smith has abandoned plans to develop a hotel in his hometown of Philadelphia.
The Fresh Prince had won preliminary city approval several years ago to build a hotel and retail complex on a derelict property in the city's centuries-old Society Hill section.
The luxury hotel would have had views of the Delaware River and been within walking distance of tourist attractions like South Street and Independence Hall. The city had pledged $9 million in tax incentives to help the development take place.
But, in light of a weakening hotel market, the project stalled in recent years. Smith and his brother have now sold the vacant lot where the complex was to have been built foo $10.5 million, about three times what the family paid for the parcel five years ago.
The new owners, Sant Properties, have a plan to build condominiums.
Prior to 2002 demolition, the site was formerly home to the NewMarket complex of shops and restaurants. The site had fallen into disrepair before it was bought by the Smiths.
Smith's real-estate company, Treyball Development, named after his son Trey, has invested millions of dollars in buildings around the city, including a former furniture company, a small office building and a funeral home.
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| Last Updated (
Monday, 10 January 2005 ) |
