Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- Franklin Mills, the mega outlet mall in Northeast Philadelphia, opened in the late 1980s to great fanfare. It once served as a regional tourist destination and attracted over 18 million shoppers annually during its mid-1990s heyday. The center, now owed by Simon Property Group, has recently fallen upon difficult times due to changing demographics, several failed repositioning attempts, and a general decline among enclosed shopping malls nationwide. Despite these trends, Simon announced plans to reverse Franklin Mills’ fortunes both by rebranding the mall as “Philadelphia Mills” and by spending millions of dollars to bring more upscale retail and dining options.
- Scout Ltd LLC announced exciting plans to transform the monolithic former Edward W. Bok Vocational School in the trendy East Passyunk neighborhood into a live-work space with apartments, a potential roof top cinema, a beer garden, and a yet-undisclosed “artistic and creative” use for the ground floor space. The developer, inspired by European live-work incubators such as The White Building in London, seeks to attract members of Philadelphia’s burgeoning creative class.
- A bright future for the long vacant lot at 13th and South Streets appears near. PRDC Properties recently released new renderings for the Residence at Twelve40, its mixed-use project planned for the site that will include 11 condominium units with glass fronted ground floor retail and an additional 10 condominium units on Kater Street. This project, coupled with Dranoff Properties’ nearby Southstar Lofts, promises to enliven this formerly derelict portion of Center City.
Until next time, have a great week!