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, and dining district.” Apparently, PREIT is currently eyeing “two impact retailers” to fuel this project. Rumor has it that Bloomingdale’s is one of these so-called impact retailers. Speaking on behalf of all Center City residents and office workers: Go, Joe, Go!
- Center City’s pool of dormant and underutilized real estate continues to diminish. Acquinas Realty Partnership intends to demolish the long vacant former YMCA annex building at 2017-23 Chestnut Street near Rittenhouse Square. In its place, Acquinas will construct a 12-story mixed-use project consisting of 110 apartments with ground floor retail space with occupancy scheduled for the second quarter of 2014. Hopefully Acquinas will inject some much needed life into this section of Chestnut Street by successfully securing an exciting retail or restaurant tenant. I look forward to more exciting news about this project in the coming months.
- Shortly before the Thanksgiving holiday, Hill International — the South Jersey based multinational construction consulting company — announced it will relocate its headquarters to Center City. Hill seeks a 60,000-70,000 square foot block of space in the central business district to initially accommodate 200 employees with the goal of tapping the extensive talent pool drawn to Center City. Not only is its potential relocation a major boon to the city, Hill’s pending move exemplifies the continuing nationwide trend of suburban-based employers relocating to major cities’ downtowns to better attract highly educated millennials demanding urban employment.
Until next time, have a great week!