Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- After months of deafening silence, Councilwoman Jannie Blackwell finally agreed to support U3 Ventures’s potentially neighborhood game-changing apartment building proposed for 43rd Street and Baltimore Avenue. U3 intends to convert this vacant ground into a stunning Cecil Baker designed brick and glass building complete with 138 apartment units and ground floor retail space. Despite Councilwoman Blackwell’s reluctant acquiescence, the project receives overwhelming support from the City’s Civic Design Review Committee, Friends of Clark Park, and the Spruce Hill Civic Association, and will proceed to a zoning hearing on April 29th.
- The Drexel University area building boom continues. Radnor Property Group recently announced plans to construct a modern 16 story apartment building at 3201 Race Street desgined by Philadelphia’s Erdy McHenry Architecture. The development will include 164 market-rate apartments geared towards young professionals and Drexel employees. The project will rise above a childcare facility, public green space, and underground parking. RPG’s David Yeager views the project as another “cog” in the wheel in Drexel’s billion dollar planned transformation of its portion of University City into “Innovation Neighborhood”.
- National and international retail chain stores continue to flock to Center City- no doubt lured by the substantial increases in Center City residents’ income levels. Center City’s medium household income now exceeds $100,000- fueled largely by a decade of young professionals and empty nesters moving downtown. Forever21, Michael Kors, and Uniqlo are among just a handful of the numerous fashion brands signing leases in Center City’s retail corridors. Center City’s allure became even more pronounced when fashion icon Bloomingdale’s announced a formal search for an up to 150,000 square foot downtown flagship location. Now if we can only secure that downtown movie theatre…
Until next time, have a great week!