Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: Philadelphia may soon welcome a….. velodrome. Project 250, a partnership of local bicycle racing proponents, intends to construct a $100 million olympic-sized indoor bike track on four acres of FDR Park in South Philadelphia. The developers intend to construct the 6,000 seat velodrome and provide for activities beyond cycling including rock concerts, volleyball …
TOD Opportunities Increase; Midtown Village Attracts Tech and Creative Types; Pantzer Properties Increases Its Center City Holdings
Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: In another sign of Philadelphia’s growing preference for mass transit, SEPTA extended its experimental 24/7 weekend service indefinitely. This announcement comes after SEPTA set yet another record for regional rail ridership. The region’s growing reliance on mass transit should result in additional transit-oriented developments. This trend bodes well for Dranoff Properties’ One Ardmore Place and Keystone Property Group’s One Conshohocken, …
Simon Rebrands Franklin Mills; Artistic Live-Work Development for East Passyunk; New Life for Vacant South Street Property
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 …
Apartment Market Cools; Co-Working Is Booming; Millennial Focused Development for Conshohocken
Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: Is Philadelphia’s red-hot multi-family rental market finally cooling? Less than two months after Equus Capital Partners scrapped plans to build a 300-unit apartment complex in Conshohocken, Dranoff Properties shifted gears on its 22-story One Riverside project in Fitler Square. Dranoff will convert what was originally conceived as luxury apartment rentals into 88 residential condominiums ranging in price from $700,000 to …
Relationship Between Real Estate and Transportation
This week’s edition of Capstone Law’s Philadelphia Real Estate Trends focuses on the symbiotic relationship between real estate and transportation. The Center City District and the Central Philadelphia Development Corporation recently released their “How Philadelphia Gets to Work” report. The report found that 70% of Philadelphians rely on public transit to commute to work and that housing values generally held up far better during the recession …