Pinnacle Realty Development is looking for a joint venture partner for its 250-unit apartment building project along the Schuylkill River in Bridgeport, writes Paul Schwedelson for the Philadelphia Business Journal. 

While the development site is currently listed for sale, Pinnacle is hoping to partner with another developer to finalize the project, according to company president Anthony Maras. 

The apartment building is one segment of the developer’s larger plans for the site, which also include 356 townhouses and 7,000 square feet of retail space. 

Pinnacle is selling completed lots to homebuilder Lennar. The homebuilder then constructs townhouses on those properties. The entire cost of the project is estimated to be over $160 million. 

Maras called the project “transformative” for Bridgeport, as this would allow the population to grow by around 1,200 residents, or close to 25 percent. 

The developer is hoping to remain active with the apartments. 

“Ideally, we would find an equity partner in this and [joint venture] it,” said Maras. “The theory was that the best avenue to find that [joint venture] partner would be to look for someone from a sales standpoint.” 

Read more about Pinnacle Realty Development’s Bridgeport apartment project in the Philadelphia Business Journal. 

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