Scott Turner, secretary of the federal Department of Housing and Urban Development, was in Philadelphia on Thursday for a series of events, including a stop at the Quaker City Yacht Club, where there is a planned $40 million project taking place in an Opportunity Zone, meant to spur investment.
Turner met with property owners Ron and Dana Russikoff, who last year bought the Delaware River waterfront land at 5190 Princeton Ave. from BSI Construction.
“This is beautiful. We don’t have this in Dallas,” said Turner, a businessman and former NFL player and Texas state representative.
The Russikoffs have grand plans.
Right now, Quaker City Yacht Club – with a bar and event space – is their tenant. That structure will be rebuilt for use by the yacht club, which has been in existence since 1887.
The Russikoffs, who had their 1994 wedding reception at the yacht club, are former owners of the SureShade retractable sunshade product line for boats. Their latest venture is One River Development, which consists of 5.8 acres. They plan to develop a full-service marina and entertainment complex – One River Marina.
The Russikoffs have seen similar developments in waterfront communities in other parts of the country.
“We want to bring that here,” Ron said.
One River Marina, with dockmaster John Nugent, will feature 200 to 250 boat slips, boat storage and boat fuel.
There will be a swimming club, three different restaurant concepts and a four-level parking garage with 280 spaces, not to mention great views of the river.
“Developing that vision, that’s what excites us,” Ron said.
“We’re 100 percent connected to the neighborhood,” Dana said.
One River Marina will seek to revitalize boating on the Delaware River, attracting both land-based residents and traveling waterborne tourists.
“This is an amazing part of the city,” Dana Russikoff told Turner. “We’re looking forward to bringing it back.”
Turner was joined by Joe DeFelice, a Winchester Park resident who is a HUD regional administrator.
Other stops on Turner’s tour were the Sharswood Blumberg housing development at 24th and Master streets; The Battery, a former power plant in Fishtown that was converted, thanks to being in an Opportunity Zone, to housing and many amenities; and the Riverview Wellness Village, a recovery housing property at 7979 State Road, where he met with Mayor Cherelle Parker.
City Councilman Mike Driscoll attended the event at the yacht club. As a state representative, he sponsored legislation that led to the site being included as an Opportunity Zone and One River Marina being able to buy and develop it.
“We’re reconnecting folks back to the river,” he said.
There are 8,764 certified Opportunity Zones in the United States, including 82 in Philadelphia.
“Opportunity Zones have been extremely impactful for our country,” Turner said.
Turner said Opportunity Zones spur economic development and improve communities. Home values rise, he said, and people come off poverty rolls.
“It’s been transformative for our country,” he said.
Turner was impressed with The Battery redevelopment in an Opportunity Zone and believes One River Marina will be a great use of Opportunity Zone land because of its beautiful location and the concepts, ideas and strategies the Russikoffs are using.
“They have a heart for this and a spirit,” he said. “This is what it’s all about. The spirit of the law is being carried out here. I’m looking forward to seeing it come to pass.” ••
