Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- The Reading Viaduct project is finally on track after years of speculation and endless fundraising attempts. The project, inspired by New York City’s popular Highline Park, will convert a portion of the decaying Reading Railroad elevated train line into a park with stunning views of the Philadelphia skyline. The project’s supporters hope to further expand the park in the future to cover the entire elevated rail line. Here’s hoping that the Reading Viaduct located just north of Center City spurs a building boom similar to what the Highline fueled just north of Manhattan’s Meatpacking District.
- This week brings news of yet another proposed apartment complex in Philadelphia as Carl Marks & Co. announced plans to construct Renaissance Plaza, a multi-building complex on 5.3 acres at Columbus Boulevard and Callowhill Street. Renaissance Plaza will include 1,342 apartments spread over four buildings ranging in height from 21 to 31 stories; 16 townhouses; and 70,000 square feet of retail space. I greet this annoucenment with skepticism, however, as few proposed Delaware River Waterfront projects have come to fruition in the past 50 years. Stay tuned for updates in the coming months.
- Parkway Corp. recently acquired the former Union Trust Steakhouse building, located on Chestnut Street between 7th and 8th Streets. Accordingly to Chris Egan of Rittenhouse Realty Advisors, Finley Catering just signed a lease for the property and will transform perhaps the most stunning interior space in Philadelphia into a catering hall for banquets and weddings. My 3-year old is already eyeing the new space for her Bat Mitzvah in 2023.