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 italian restaurant, who will deliver to patrons’ seats with a touch of a button. Although Stephen Starr has long toyed with the idea of developing a movie and dinner movie theater in Center City, we have yet to see any plans materialize. My children’s babysitters are already on standby for the grand opening!
- As first noted by Capstone over a month ago, Nordstrom Rack (the off-priced retail division of Nordstrom, Inc.) formally announced their lease of the first three floors, just under 40,000 square feet, in the former Daffy’s location at 1700 Chestnut Street, with the goal of opening Fall 2014. This will be Nordstrom’s first store in Philadelphia.
- Market8 — one of the contenders for Philadelphia’s next gambling license — has upped the ante with a vastly improved design for its proposed project at 8th and Market Streets. Although I wonder about whether a casino in Center City will benefit the area, this proposed project is a huge improvement over its current condition (one of the largest surface parking lots in town). It embodies urbanism and engages with sidewalk pedestrians through ground floor retail and restaurants (with outdoor seating). If approved, this development has the potential to enliven the currently downtrodden East Market Street corridor.
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!