Will Smith Sells Real Estate Holding For $10.5 Million


actor and rapper Will Smith recently sold a property in his hometown where he

planned to develop a hotel and shopping center.

The city initially gave Smith the go-ahead to build a luxury

hotel and retail complex on the vacant lot in Philadelphia's historical Society

Hill section several years ago, promising $9 million in tax incentives to advance

the project.

Plans were delayed due to the weak hotel market.

The luxury hotel was to provide a view of the nearby Delaware

River and would have also been in the vicinity of South Street and Independence

Hall, two of the city's most recognized tourist areas.

Will and his brother Harry Smith sold the vacant site to Sant

Properties for $10.5 million, roughly three times more than what the family

bought the property for five years ago.

Sant Properties intends to construct condominiums in the location

formerly known as NewMarket, which was previously lined with stores and restaurants.

Smith's Treyball

Development real estate firm has invested millions of dollars renovating buildings

and regions around Philadelphia, including a former furniture company, a historical

townhouse and a funeral home.

In 2002, Treyball

Development, named after Smith's son Trey, won the rights to build a minority

owned 500 room hotel in Broward County, Florida.

Treyball took the

project after the county cut ties with the previous developer.