Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- Drexel University strikes again! Drexel, in partnership with Wexford Science and Technology, LLC, acquired the 14 acre former home of University City High School, The Charles Drew Elementary School, and the Walnut Center in University City. Drexel intends to transform this section of University City into a $1 billion dollar project consisting of a K-8 public school similar to the University of Pennsylvania funded Penn Alexander School, residential housing, retail, laboratory and research space, and recreational space. This exciting development, especially with respect to the K-8 public school, has the potential to dramatically increase property values near Drexel.
- Why would anyone want to vacation in Seattle when Philadelphia may soon sport its own version of the iconic Space Needle? PHL Local Gaming, disclosed plans to build a Skyspire — a crass copy-cat of the Seattle icon (yet 10 feet taller) to accompany its proposed South Philadelphia casino. The Philadelphia tower would include a rooftop restaurant and observation deck. Despite my misgivings, U.S. Thrill Rides, the Skyspire’s creator, believes that the tower delivers “a wow factor with a class.”
- TD Bank recently foreclosed on the Suzanne Roberts Theatre in the Symphony House on Broad and Pine Street. The foreclosure provides the opportunity for a new use for this prime location in the heart of the Avenue of the Arts (a.k.a South Broad Street). NAI Mertz (TD’s broker for this project) has spoken to university groups, grocery stores, and various retail uses. Here’s hoping that TD secures a tenant that adds to the vibrancy of the city unlike the University of the Arts’ conversion of the nearby former Italian Bistro restaurant into an inward facing student cafeteria with ground floor Broad Street frontage.
Until next time, have a great week!