Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:

 

  • Just when I thought that Philadelphia could put to rest its “workshop of the world” industrial past, cold cuts giant Dietz and Watson Co. announced a major expansion of its North Philadelphia manufacturing and logistical operations. Dietz and Watson will construct a $50 million, 200,000 square foot trucking and distribution center next to its current headquarters on Tacony Street to replace a similar facility recently destroyed by fire in Delanco, New Jersey. Dietz and Watson will initially employ 110 people at the new facility with plans for an additional 50 employees over the next few years.
  • Philadelphia developer Iron Stone Strategic Capital Partners wants to provide you with a once unthinkable opportunity — a chance to live in Camden, New Jersey. Iron Stone, benefitting from $6.2 million in tax credits from the New Jersey Economic Development Authorityplans to develop a new $13.8 million 59-unit apartment complex with 15,000 square feet of ground floor retail space across the street from the Cooper Medical School of Rowan University. This project will be Iron Stone’s first foray into Camden.

 

  • Philadelphia recently premiered its newest popup park on the Delaware River on Spruce street, aptly named Spruce Street Harbor Park. The Delaware River Waterfront Corp. plans for SSHP to remain open through August 31st with its urban boardwalk where visitors can rent kayaks and paddleboats, arcade games, dozens of hammocks surrounded by eclectic LED lights, and (of course) causal fare from Iron Chef Jose Garces. SSHP provides a well needed (although only temporary) reason to discover Philadelphia’s long neglected Delaware River waterfront. Perhaps the park’s success can inspire a more permanent connection between the city and its major river.

As always, please check-out Capstone’s website and the “Llenrock Local”, for the latest news from Philadelphia’s busy commercial real estate sector.  

 

Until next time, have a great week!

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