Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- It seems that every week brings yet more proposals for high-rise apartments in and around Center City. This week, the developers of uber-luxurious 1706 Rittenhouse (complete with single-floor residences and an automated parking garage) unveiled plans to construct a $150 million 26-story condominium tower at 5th and Walnut Streets, right across from Independence Hall. The Cecil Baker designed tower will include 40 units and appeal to buyers whose net worth exceeds $10 million. The developers anticipate a March 2017 grand opening. Get your checkbooks ready!
- For years, my wife and I dreaded the schlep through the outdoor parking lot that connects the Court and the Plaza at the King of Prussia Mall — especially during cold or rainy days. Simon Property Group, however, plans a major 250,000 square foot $150 million expansion of the mall that will finally connect these two large retail palaces. Simon intends for the expansion to include 40 new retailers, several restaurants, an upscale dining pavilion, and a customer lounge. Once completed, the expanded mall will briefly become the largest in the United States until Minnesota’s Mall of America completes its proposed expansion.
- I previously noted that Bart Blatstein acquired one of the large long-time vacant properties located at the corner of Broad Street and Washington Avenue to develop a “retail hub”. Apparently Mr. Blatstein intends to construct a cinema, a grocery store (Please Wegmans….. come to Philadelphia!), several restaurants, a gym with an outdoor running track, 20 retail spaces, and (gasp!) 1,000 parking spaces. Unlike almost every other development in the city, however, this project apparently does not include residential apartments or condominiums.
As always, please check-out Capstone’s website and the “Llenrock Local”, for the latest news from Philadelphia’s busy commercial real estate sector.
Until next time, have a great week!