Can Market East Become Trendy; Modern Mixed-Use Project Targets Center City West; Darrell Clarke Pitches Affordable Housing

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  Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   The death knell finally sounds for Girard Square — the 1970s-era single story retail strip located on Market Street between 11th and 12th Streets. This property — located within shouting distance of City Hall and the Pennsylvania Convention Center — has long been home to dollar stores, highly discounted clothing stores, and other low-rent district uses. The property’s owners already terminated the existing tenants and …

Uber-Luxury Condos for Society Hill; King of Prussia Mall Expands; Details on Blatstein’s South Philly Project Emerge

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  Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: It seems that every week brings yet more proposals for high-rise apartments in and around Center City.  This week, the developers of uber-luxurious 1706 Rittenhouse (complete with single-floor residences and an automated parking garage) unveiled plans to construct a $150 million 26-story condominium tower at 5th and Walnut Streets, right across from Independence Hall.  The Cecil Baker designed tower will include 40 …

Large Project to Connect Center City and University City; Luxury Apartments for Broad Street; New Design Demanded for Market East High-Rise

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  Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   Exciting developments continue occurring around Drexel University’s campus in University City.  In the next several weeks Drexel University, Amtrak, Brandywine Realty Trust, and other University City area institutions will select a developer to build a large project over the railroad tracks at 30th Street Station.  These tracks have created a barrier between University City …

Major High-Rise Apartment and Hotel Plan to Energize the Parkway; Blumenfeld has High Hopes for the Delaware Riverfront

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Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   The Center City apartment construction boom continues.  Last week, the Mormon Church unveiled plans to construct a 32-story apartment building near its Mormon Temple currently under construction at 1739 Vine Street.  The new high-rise will include 258 market-rate apartments, 13 townhouses and 12,000 square feet of street-level retail space.  Unlike many other recent high …

Massive New Multi-Use Complex on North Broad Street; PREIT Takes on Rittenhouse Row; and New Dorms Rise in University City

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  Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   Developers continue to develop surface parking lots and abandoned buildings on the strip of Broad Street between Center City and Temple University. Just this week, Parkway Corporation unveiled plans to build a massive complex they’ve dubbed “Hanover North Broad”  at Broad and Callowhill Streets.  The two–building project will include 339 apartments and 17,000+ square feet of retail space. Parkway will unveil additional detail to the Philadelphia City …

Iconic New Comcast Tower for Center City; Four Seasons Hotel to Relocate; and Cheesecake Factory Eyes Walnut Street

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  Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   As I first mentioned here last September, Comcast and Liberty Property Trust announced plans last week to develop an iconic 59 story, 1,121 sq. ft. skyscraper at 18th and Arch Streets in Center City.  Designed by Foster + Partners, the “Comcast Innovation and Technology Center” will be the largest building in Philadelphia and the largest U.S. skyscraper outside of New York City and Chicago. …

New Amusement Park for South Jersey; Revitalizing Columbus Square Park; Anthropologie to remain on Rittenhouse Square

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Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: South Jersey will soon be home to the first construction-themed amusement park in the United States.  Sahara Sam’s Oasis, the owner of a water park on Route 73 in West Berlin, recently broke ground on “Diggerland Adventure Park” at 100 Pinedge Drive in West Berlin.  At Diggerland, visitors will ride full-size construction equipment.  This will be the …

Bart Blatstein Ventures South; Sunoco Leaves the City; and New Townhouses Come to Queens Village

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Happy New Year! Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   Bart Blatstein apparently is set to venture beyond his Northern Liberties base by acquiring the very large and long vacant parcel of land on the northeast corner of Broad Street and Washington Avenue at the gateway of Philadelphia’s Avenue of the Arts.  According to several sources, Blatstein intends …

Restructuring Phila.’s Business Taxes; Hope for Vacant Land; and Improving Independence Mall

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Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:   The Philadelphia City Council Finance Committee approved a bill that, if ultimately adopted, would substantially restructure the city’s business tax system. The bill intends to eliminate the net income portion of the dreaded Business Income and Receipts Tax in favor of increasing the gross receipts tax over a five-year period. According to its …

The Future of Market East; Redevelopment of West Chestnut Street; and Hill International Announces a Move to Center City

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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, …