Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- Radnor Township is ground zero for the latest clash between new urbanism and classic suburban living. San Diego-based BioMed Realty Trust hopes to develop the former Wyeth property near the intersection of Lancaster Avenue and I-476 into a dense and walkable mixed-use complex comprised of 320 apartments, a hotel, retail space and offices. Just a bit further east on Lancaster Avenue,Villanova University plans to construct new dorms, a performing-arts center, a parking garage and a bookstore. Both projects would convert a portion of the traditionally automobile-centric suburban enclave into a more dense and walkable environment. At the same time, some Township residents fear that these developments will result in more traffic congestion and denigrate their traditional suburban lifestyles. Let the battle begin!
- I encountered a small, yet interesting project during my walk to work yesterday. The project — called “Van Pelt Mews” — involves 12 new “luxury” townhouses ranging from 2,200 square feet to 5,000 square feet on scenic Van Pelt Street in the heart of the Rittenhouse-Fitler Square neighborhoods. This development, with a promised Fall completion date, receives virtually no publicly despite the fact that brand new townhouses very rarely come on the market in this neighborhood, the highest of high rent districts in Philadelphia.
- JVS Properties of Moorestown, N.J. is bullish on historic Bristol, Pennsylvania. JVS plans to eject life into downtown Bristol by developing prime riverfront property across the street from the historic King George Inn. The project includes new construction with a ground floor restaurant/bar, five 2,000 square foot river-facing condominiums, and five townhouses. JVS believes that its project is just the beginning of Bristol’s ultimate revitalization.
As always, please check-out Capstone’s website and the “Llenrock Local”, for the latest news from Philadelphia’s busy commercial real estate sector.
Until next time, have a great week!