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 Lofts (still under construction). Dranoff is attempting to acquire several parcels near Broad and Spruce Streets to construct condominiums, a hotel, and a restaurant. While rental apartments are hot amongst our region’s developers, Dranoff’s project would be the first large condo project constructed in Philadelphia in several years.
- Many iconic Philadelphia companies have flocked to the Navy Yard in recent years including Tasty Baking Co. (the maker of TastyKakes), Urban Outfitters and GSK. Now Franklin Square Capital Partners, one of Philadelphia’s fastest growing companies, will be added to the mix as Liberty Property Trust broke ground on their new headquarters at 201 Rouse Boulevard. Liberty anticipates completing the approximately 80,000 square foot building in early 2015. Even with all these jobs gravitating towards the Navy Yard, Septa’s Broad Street line still extends no further than Pattison Avenue.
- Blackstone Group recently announced plans to take Brixmor Property Group, the nation’s largest strip center owner, public by filing an initial public offering. Analysts anticipate that Brixmor, which maintains major portions of its operations in Conshohocken, would be the largest IPO from a retail real estate company in history (besting Simon Property Group’s 1993 IPO), raising nearly $800 million.
Until next time, have a great week!