Western Center City is HOT!; Parkway Builds Dueling Apartment Buildings; Suburban Square Expands

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Please enjoy the SECOND ANNIVERSARY edition of Capstone Law’s Philadelphia Real Estate Trends: The far western portion of Center City along Market Street and John F. Kennedy Boulevard is smoking hot after suffering decades of grittiness. For example, PMC Property Group recently acquired a four block strip of land on John. F. Kennedy Boulevard between 20th Street and the Schuylkill River.  PMC plans to transform this office-dominated …

U3 Ventures Moves Exciting West Philly Project Forward; The Drexel Boom Continues; and Retailers Seek Center City Riches

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Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: After months of deafening silence, Councilwoman Jannie Blackwell finally agreed to support U3 Ventures’s potentially neighborhood game-changing apartment building proposed for 43rd Street and Baltimore Avenue. U3 intends to convert this vacant ground into a stunning Cecil Baker designed brick and glass building complete with 138 apartment units and ground floor retail space. Despite Councilwoman Blackwell’s …

Glenside is Stirring; Blatstein looks towards the Delaware River; and Gastronomic Growth in Midtown Village

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Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   Philadelphia’s Franklin Residential hopes to reinvigorate Glenside, Pennsylvania — one of the region’s sleepier suburbs — with its acquisition and redevelopment of Keswick Village. The historic 1920s-era village sits on 2.5 acres of land adjacent to the historic Keswick Theatre performing arts venue. Franklin intends to significantly renovate the tired-looking but historically significant neighborhood and construct 55-plus housing on …

A Velodrome Eyes South Philly; Washington Avenue Sheds Its Industrial Past; New Life for the Royal Theatre

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Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: Philadelphia may soon welcome a….. velodrome.  Project 250, a partnership of local bicycle racing proponents, intends to construct a $100 million olympic-sized indoor bike track on four acres of FDR Park in South Philadelphia. The developers intend to construct the 6,000 seat velodrome and provide for activities beyond cycling including rock concerts, volleyball …

Hudson Hotel Targets Philadelphia; New Millennial-Focused Office Space; and Chinatown Community Center Moves Closer to Reality

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Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   Center City’s trendiness factor continues to rise. This past week, the Morgan Group and development partner Clemens Construction Co. announced plans to replace a dilapidated parking garage, a diner, and some low-end retail near 17th and Locust streets with a Philadelphia branch of the Hudson Hotel — a hip boutique hotel made famous in Manhattan. The developers propose …

TOD Opportunities Increase; Midtown Village Attracts Tech and Creative Types; Pantzer Properties Increases Its Center City Holdings

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  Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   In another sign of Philadelphia’s growing preference for mass transit, SEPTA extended its experimental 24/7 weekend service indefinitely. This announcement comes after SEPTA set yet another record for regional rail ridership. The region’s growing reliance on mass transit should result in additional transit-oriented developments.  This trend bodes well for Dranoff Properties’ One Ardmore Place and Keystone Property Group’s One Conshohocken, …

Simon Rebrands Franklin Mills; Artistic Live-Work Development for East Passyunk; New Life for Vacant South Street Property

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  Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   Franklin Mills, the mega outlet mall in Northeast Philadelphia, opened in the late 1980s to great fanfare. It once served as a regional tourist destination and attracted over 18 million shoppers annually during its mid-1990s heyday. The center, now owed by Simon Property Group, has recently fallen upon difficult …

Apartment Market Cools; Co-Working Is Booming; Millennial Focused Development for Conshohocken

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Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: Is Philadelphia’s red-hot multi-family rental market finally cooling? Less than two months after Equus Capital Partners scrapped plans to build a 300-unit apartment complex in Conshohocken, Dranoff Properties shifted gears on its 22-story One Riverside project in Fitler Square. Dranoff will convert what was originally conceived as luxury apartment rentals into 88 residential condominiums ranging in price from $700,000 to …

Dilworth Park Set to Energize the City; Toll Brothers Nixes Philmont C.C. Deal; Medical Offices (Not Retail) for Rodin Square

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Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: The Center City District plans to cut the ribbon on the newly renovated Dilworth Plaza (now Dilworth Park) adjacent  to Philadelphia’s iconic City Hall in a matter of weeks. CCD successfully transformed this previously uninviting (but centrally located) hunk of concrete into an exciting park and destination event space. When it opens in September, the park …

Comcast Keeps Growing; PREIT and Macerich Eye Gallery Redevelopment; Sugarhouse Expands

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  Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   Comcast continues its robust growth in Center City, Philadelphia. Comcast seeks to secure an additional 65,000-75,000 square feet of office space near its John F. Kennedy Boulevard headquarters, which excludes any additional space it may need if its pending acquisition of Time Warner Cable is approved. Comcast’s growth creates tremendous opportunity for Philadelphia by showing the world …