Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: Can PREIT transform the downtrodden Gallery Mall in Center City? In its October 25th earnings call, PREIT’s CEO Joseph Coradino promised to bring upscale retail to the Gallery that would be “transformative – not just [for] the property, but probably for retail in Philadelphia.” Mr. Coradino envisions the Gallery as the epicenter of a revived Market East transforming the corridor “into a vibrant shopping, entertainment, …
New B-School for La Salle; Suburbanites Repurpose Historical Buildings; and Potential Rebirth of West Market Street
Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: La Salle University announced plans to construct a new $35 million state-of-the-art home for its business school. The University intends to open the new 78,000 square foot Northwest Philadelphia facility by January, 2016. La Salle intends to mimic the “collaborative learning and teamwork environment” of the 21st century business world by locating classrooms, common areas and faulty offices very close …
Philly Apartment Market Catches Fire; Strip Malls Flounder; and the Possible End of an Era in NE Philly
Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: The Philadelphia multi-family rental market continues its impressive growth. According to Marcus & Milichap’s Fourth Quarter Report, strong job and population growth in our region fueled significant gains in the rental apartment sector during the first nine months of this year. Apartment rents in the region rose by approximately 1.1% last …
National Investors Invade Philadelphia; Land Bank for Vacant Properties; and Famous Chefs Enter South Jersey
Please enjoy the Halloween edition of Capstone Law’s Philadelphia Real Estate Trends: National investors continue to flock to Philadelphia’s multi-family assets. This past summer, Chicago-based The John Buck Company opened its 34-story luxury apartment complex at 2116 Chestnut Street. On the heels of the JBC investment comes word this week that Los Angeles-based Lowe Enterprises Investors acquired the Granary from Philadelphia’s Pearl Properties for approximately $120 …
Dranoff Strikes Again; Franklin Square to the Navy Yard; and Brixmor goes IPO
Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: Does Carl Dranoff ever sleep? Right on the heels of his proposed (and somewhat controversial) One Riverside Park in Center City’s Fitler Square neighborhood, we hear that the Philadelphia real estate mogul contemplates yet another mixed-use project on South Broad Street in addition to his Symphony House Condominiums, 777 South Broad Apartments, and Southstar …
Penn’s Landing Re-imagined; Real Estate Developers Embrace Crowdfunding; the Strip Mall Invades the Main Line
Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: For decades, numerous government and private groups in Philadelphia aimed to transform the utterly drab and disconnected Penn’s Landing into a destination worthy of a world-class city. These plans typically failed due to budget shortfalls and insufficient political will. Despite these setbacks, the City of Philadelphia and the Delaware River …
A New Downtown for Devon, PA; Hotel Subsidies Persist in Philadelphia and the ZBA Approves Rodin Square
Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: In addition to announcing plans to add approximately 2,000 jobs to its Philadelphia Navy Yard headquarters, Urban Outfitters entered into a lease for the former Waterloo Gardens in Devon. Urban plans to transform this 6.5-acre site into Devon’s first true downtown. This “lifestyle center” will include an upscale garden center, a boutique hotel, a speciality foods market, a spa, …
The Boyd Theater… Finally Saved?, Nordstrom Rack Comes to Center City, and a Casino Design Worth Celebrating
Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: After decades of failed attempts, we hear that Philadelphia’s last remaining movie palace will indeed be saved. Rumor has it that iPic Entertainment of Florida intends to renovate the historic Boyd Theater into a 744-seat movie theater, complete with reclining chairs, pillows and blankets by 2015. The Boyd will also include food options from Tanzy …
Relationship Between Real Estate and Transportation
This week’s edition of Capstone Law’s Philadelphia Real Estate Trends focuses on the symbiotic relationship between real estate and transportation. The Center City District and the Central Philadelphia Development Corporation recently released their “How Philadelphia Gets to Work” report. The report found that 70% of Philadelphians rely on public transit to commute to work and that housing values generally held up far better during the recession …
Center City Adds Jobs and Perhaps New Office Towers
Rumor has it that Liberty Property Trust is close to announcing several new office towers that will be built for Comcast, adjacent to Comcast’s current headquarters in Center City. They allegedly retained famed British architectural firm Foster + Partners — who designed such landmarks as the Hearst Tower in NYC and the iconic Swiss Re tower in London — for this project, which is expected to transform Philadelphia’s skyline. Comcast may deny they …