City property records show Cordish Cos. paid $37 million for a property at 900 Packer Ave. in South Philadelphia where it plans to develop a new $600 million casino, according to the Philadelphia Business Journal.
A Holiday Inn is now located on the parcel, which totals nearly nine acres. Cordish hopes to begin construction of its South Philadelphia Live! Casino and Hotel this year and reportedly could open its doors in 2020.
Philadelphia Business Journal says the project will involve renovating the Holiday Inn into an upscale boutique hotel that will have about 200 rooms with an adjacent building also slated for redevelopment with 100,000 square feet of space dedicated to gambling.
The property will also have entertainment venues and several restaurants.