Originally, it envisioned turning the land into a mix of residential and retail space, featuring a vast plaza at the center.
But the design team thought that was missing the point - that the big draw to the property was the waterfront and all open space should draw people to the river's edge.
They suggested ditching the plaza and making Spring Garden Street more of a parklike promenade leading straight to the water.
"The water should be the selling point and draw," said Thomas Corcoran, the president of the waterfront corporation. "The plaza is gone."
"Right now that feels right," Corcoran said. "It's very good insight."
The foundation brought together professionals for its Sustainable Cities Design Academy to study and recommend design solutions for three urban projects.
Besides the Philadelphia project, the design experts came up with recommendations for the Shakespeare Tavern Playhouse in Atlanta and the South Quarter neighborhood of Minneapolis.
Ronald Bogle, president of the foundation, said the goal was to teach professionals about design and development using real-life situations. Over the course of the year, the foundation will examine projects from about 60 cities.
For the Festival Pier revitalization, outside experts had additional advice for the waterfront corporation:
Look for a partner, not a project. It could take more than a decade to redevelop the site and what looks good today, may not work tomorrow. Better to find a developer with the resources to take on an evolving idea.
Do as much legwork ahead of time as possible. Half of the property sits on pilings. Get it in shape and take care of all the government permits and approvals before starting a search for a developer.
Work with the city to meet its sustainability goals on such things as storm-water management and planting trees.
"The experts were able to really focus our energy for the next year," said Sarah Thorp, the project manager for the waterfront corporation's master plan for the Central Delaware Waterfront.
Thorp said the master plan would go before the waterfront corporation's directors for final approval Oct. 28 and could be presented to the Philadelphia City Planning Commission later this year.
If accepted, it would create new guidelines for development along six miles of central Delaware waterfront.
Corcoran said it could be a year before the waterfront corporation puts out a "request for qualifications" to potential development partners.
Calvin Gladney, a managing partner with Mosaic Urban Partners in Washington, said that while the Festival Pier site was challenging to develop, it had potential.
"Waterfront properties don't come along all the time," Gladney said. "It's a great site."
Contact staff writer Jennifer Lin at 215-854-5659, jlin@phillynews.com, or @j_linq on Twitter.