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 competitions, tennis competitions, and other potential moneymaking events. Project 250 envisions the velodrome transforming Philadelphia into a leading international destination for cycling enthusiasts. Further, Project 250 promises to pledge between $5 million and $15 million to repair and beautify FDR Park.
- The western section of Washington Avenue in South Philadelphia continues shedding its industrial past. In recent years, bake shops, restaurants, and fitness studios setup shop in this strip next to self-storage facility, auto repair shops, and former factories. This critical mass has led to many of the region’s developers to eye converting the former Frankford Chocolate Factory at 2101 Washington Avenue into a mixed-use property including retail and apartments. Further, rumor has it that Michael Salove Company is marketing 2200 Washington Avenue as a potential 24,000 square foot beer hall. These projects may ultimately transform Washington Avenue into a pedestrian friendly destination and serve to better connect the adjacent Graduate Hospital and Point Breeze neighborhoods.
- Philadelphia City Council’s Rules Committee recently approved a re-zoning bill enabling Dranoff Properties and Universal Companies to convert the former Royal Theatre at 15th and South Streets in Center City into a mixed-use property. If approved by the entire City Council in the coming weeks, Dranoff and Universal plan to transform this long underutilized property into 45 apartments with 7,600 square feet of South Street retail space while also restoring the historic theatre’s grand façade.
Until next time, have a great week!