City of Philadelphia Redevelopment Authority

Featured Property Sales

There are five general steps in acquiring an PRA-owned property listed for sale in this category, and depending on the type of property involved (location and the applicant’s re-use proposal), the course of action can vary. Processing time differs from project to project, since the approval of the City Planning Commission and City Council is required for a property to be conveyed to the end user. Depending on the quality of the proposal and the applicant’s ability to provide the documentation needed to evaluate the submission, transaction time will differ from one to three months. List of Properties

Step 1 : Submit Agreement of Sale Offer

Submit your offer after completing all of the forms below:

Agreement of Sale
Project Questionnaire, describing the proposal
Tax Status/Clearance Form
Developer Disclosure Statement
Counter-signed Seller’s Property Disclosure form
A deposit check for $1,000.

All offers will be held for the 15 days after initial listing, after which they will be opened and compared. The highest qualified bid meeting PRA’s return requirements will be accepted. If no bid is accepted, offers will be considered on an ongoing basis until an acceptable bid is received and counter-signed by the PRA. A deposit equal to 10% of the purchase price will be due upon acceptance of the bid.

Step 2 : Plans, Specifications, Budget

The winning bidder will have 45 days to inspect the property and prepare preliminary plans, specifications, budget and financing plan. PRA staff will review these plans within 10 working days under normal circumstances, and approve when consistent with Building Code & Zoning.

Step 3 : Sign the Redevelopment Agreement

The Redevelopment Agreement is a legally binding contract that is recorded at the time of settlement. Its purpose is to ensure that the property is developed in accordance with the approved re-use proposal and other applicable plans or city regulations. Please review the Redevelopment Agreement summary.

At settlement a “security completion” deposit of 10% will be collected and held until the project is successfully concluded. Upon receipt of a signed Redevelopment Agreement and deposit, PRA staff will move to obtain approval from the PRA Board, Planning Commission, and City Council authorizing staff to proceed with property settlement.

Step 4 : Schedule Property Settlement

At settlement, you will be required to pay all costs associated with acquiring the property, including the fair market value and closing costs. Once the property has been settled, work on the property must proceed along the timeline specified in the Redevelopment Agreement. This usually calls for work to commence within 3–6 months and construction to be completed within 12–24 months. PRA staff will periodically inspect the property during construction to ensure that adequate progress is being made.

Step 5 : Certificate of Completion

After the project is completed and all terms of the Redevelopment Agreement have been satisfied, PRA staff will conduct a final property inspection and issue a Certificate of Completion to clear title and return the deposit. If commencement and completion of construction do not proceed along the timeline outlined in the Redevelopment Agreement, a default notice will be issued.

1234 Market Street : 16th floor : Philadelphia, PA 19107 :: 215.854.6500