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, …
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 …
New Owners for Iconic Washington Square Buildings; Another New Headquarters For Malvern
Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: Keystone Property Group of Bala Cynwyd agreed to acquire Washington Square’s iconic Curtis Center for $133 million from a fund controlled by Apollo Global Real Estate. The circa early 20th century landmark once served as the headquarters of the Curtis Publishing Company, the publisher of Ladies’ Home Journal and The Saturday Evening Post. While the building currently houses offices, retail uses, …
Restructuring Phila.’s Business Taxes; Hope for Vacant Land; and Improving Independence Mall
Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends: The Philadelphia City Council Finance Committee approved a bill that, if ultimately adopted, would substantially restructure the city’s business tax system. The bill intends to eliminate the net income portion of the dreaded Business Income and Receipts Tax in favor of increasing the gross receipts tax over a five-year period. According to its …