Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- The Center City apartment construction boom continues. Last week, the Mormon Church unveiled plans to construct a 32-story apartment building near its Mormon Temple currently under construction at 1739 Vine Street. The new high-rise will include 258 market-rate apartments, 13 townhouses and 12,000 square feet of street-level retail space. Unlike many other recent high profile projects in Philadelphia, the Church plans to build this tower without public subsidies.
- Just down the street from the new Mormon Temple and apartment building, Kimpton Hotels plans its continued expansion into Center City. Kimpton is partnering with Peebles Corp. of New York and local developer P&A Associates (developer of the Murano Condominiums and the St. James Apartments) to convert the 73-year old former Family Court Building/architectural gem at 1801 Vine Street into a 199-room luxury hotel complete with a spa, fitness center and bar/restaurant. The Kimpton project, combined with the Mormon church’s projects and the proposed Rodin Square project (luxury apartments and a flagship Whole Foods) may electrify the Parkway area in the next few years.
- Developer Eric Blumenfeld, the developer of numerous multi-family properties on both North and South Broad Street, proposes to build a small city on 20 acres of land on the Delaware River at the foot of Washington Avenue with the Sheet Metal Workers’ Union Local 19, the land’s current owner. Blumenfeld aims to connect Philadelphia to its major river with at least 1,000 apartment units, stores, restaurants, office space and a jogging trail similar to that located at Schuylkill Banks Park. While a mixed-use dense urban development of this kind could be very exciting for Philadelphia, we have to hold back our enthusiasm for now, as plans have not yet been submitted to the Philadelphia City Planning Commission. Stay tuned for more in the coming months.