here's some xtra about it! It's from allhiphop.com
Will Smith Sells Real Estate Holding For $10.5 Million
By Clover Hope
Date: 1/10/2005 1:16 pm
Philadelphia-born 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.