PHILADELPHIA — Footbridge Capital will proceed with the foreclosure sale of two development sites totaling 2.2 acres that are located at the northwest corner of North Delaware Avenue and Poplar Street in the River District neighborhood of Philadelphia. The properties were zoned and approved for the development of a 2.1 million-square-foot, high-rise, mixed-use project. They were acquired by 2945 Poplar Development LLC in January 2007, but the company defaulted on its mortgage loan with Footbridge Capital. The development parcel is located adjacent to SugarHouse, a 1.3 million-square-foot casino project currently under development, and is located less than 2 miles from Foxwoods Casino, a 3.7 million-square-foot casino project that is also under development. Foreclosure proceedings for the land parcel will be conducted by the U.S. Marshal in Philadelphia’s Federal Courthouse.
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