Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- Philadelphia’s Franklin Residential hopes to reinvigorate Glenside, Pennsylvania — one of the region’s sleepier suburbs — with its acquisition and redevelopment of Keswick Village. The historic 1920s-era village sits on 2.5 acres of land adjacent to the historic Keswick Theatre performing arts venue. Franklin intends to significantly renovate the tired-looking but historically significant neighborhood and construct 55-plus housing on the site. It hopes that its development will lure new and interesting retail tenants to the village’s vacant retail space and baby boomers seeking a more walkable and energetic suburban living option.
- After failing to obtain Philadelphia’s second casino gambling license, Bart Blatstein turns his gaze towards the Delaware River Waterfront. Blatstein and partner Joseph Volpe of Cescaphe Event Group recently agreed to acquire the former Delaware Electric Station from Exelon Corp. The hulking vacant former power station currently blights a centrally located 1,000 square foot stretch of the Delaware River Waterfront in Fishtown. Volpe and Blatstein intend to reconnect the city to its prime waterway by constructing two adjacent boutique hotels and banquet space on the site. Blatstein also envisions a potential Phase II of the project including a new marina and, of course, yet more rental apartments.
- 13th Street in Midtown Village continues to dominate the Philadelphia Restaurant Scene. The neighborhood, home to many well known mainstays including El Vez, Barbuzzo, Zavino, Raw, Green Eggs Café, and Sampan among others is about to get more crowded. Michael Schulson (owner of Sampan) announced that he will open “Double Knot” on the strip- a two story operation comprising a coffee shop, a Japanese restaurant specializing in grilled dishes, and a retail establishment. The frenzy continues as Zavino Hospitality Group, the owner of Zavino, accounted plans to develop a new 50 seat Mediterranean restaurant called “Tredici” right next door to Double Knot. Let’s hope the bourgeoning strip can sustain all of this gastronomic indulgence.
Until next time, have a great week!