Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- Developers continue to develop surface parking lots and abandoned buildings on the strip of Broad Street between Center City and Temple University. Just this week, Parkway Corporation unveiled plans to build a massive complex they’ve dubbed “Hanover North Broad” at Broad and Callowhill Streets. The two–building project will include 339 apartments and 17,000+ square feet of retail space. Parkway will unveil additional detail to the Philadelphia City Planning Commission at a hearing on February 4th. On first blush, the proposed project looks very appealing and would bring substantial energy to this relatively quiet stretch of North Broad Street.
- Last week, PREIT acquired an unrenovated mixed-use building located on the corner of 15th and Walnut Streets in Center City which once housed the offices of internationally renowned architect Louis Kahn. PREIT CEO Joseph Cordino joked that they acquired the property because its employees (located at the nearby Bellevue) were tired of passing the lottery and smoke shop every day.
- New state-of-the-art dorms continue to rise in Philadelphia continuing with the University of Pennsylvania’s “New College House at Hill Field.” This new student dorm, bound by 33rd, 34th, Walnut and Chestnut Streets, will house 350 students in 95 suites complete with a new dining hall, a large outdoor courtyard, and several lounges, media rooms, music rooms, among other amenities. Penn recently began construction of the $127 million project and anticipates completion by 2016.