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 will boast a café, large green space for relaxing, movie screening, an ice-skating rink in the winter (my kids CANNOT wait!), and free wi-fi. Dilworth Park should transform the City Hall environment into a destination and may fuel similar renovations at nearby JFK Plaza (aka Love Park).
- The onslaught on Philadelphia’s local golf courses by developers takes a reprieve as Toll Brothers Inc. announces that its deal to acquire a 52-acre portion of Philmont Country Club in Lower Moreland, Montgomery County died. Sources claim that Toll Brothers originally agreed to purchase 9 holes of the Club’s south course for $12 Million. Neither party disclosed why the sale failed but Toll Brothers still plans to develop other former local golf courses including Horsham Valley Golf Club in Montgomery County and another club in Greenville, Delaware.
- Thomas Jefferson University announced plans to lease 12,000 square feet of prime retail space for doctor offices at Neal Rodin’s new Rodin Square — a large mixed-use project planned for 22nd and Spring Garden Streets. While Rodin Square will sport a flagship Whole Foods market, the addition of Jefferson’s medical office space instead of energy-creating restaurants or retail space will likely create a dead zone surrounding this once highly anticipated project. This missed opportunity will likely significantly reduce the potential for pedestrian activity near Rodin Square.
Until next time, have a great week!