Western Center City is HOT!; Parkway Builds Dueling Apartment Buildings; Suburban Square Expands

 

 

Please enjoy the SECOND ANNIVERSARY edition of Capstone Law’s Philadelphia Real Estate Trends:

 

  • The far western portion of Center City along Market Street and John F. Kennedy Boulevard is smoking hot after suffering decades of grittiness. For example, PMC Property Group recently acquired a four block strip of land on John. F. Kennedy Boulevard between 20th Street and the Schuylkill River.  PMC plans to transform this office-dominated concrete stretch of Center City into a lively residential area with a number of new “residential buildings”.  Additionally, Brandywine Realty Trust expanded its significant holdings on West Market Street when it recently closed on 37,000 square feet on land on the 2100 block of Market Street. This block formerly housed a seedy adult theatre, endless surface parking lots, and several derelict buildings. We still await Brandywine’s intentions for this property but almost any conceivable development would represent a massive improvement.
  • Philadelphia’s Parkway Corporation partnered with Houston’s Hanover Company to bring yet more apartments to Philadelphia. Parkway plans to build virtually dueling apartment buildings on the two vacant lots located on the corner of North Broad and Callowhill Streets. Parkway will develop these two parcels into two modern and nicely designed urban structures comprising a total of 339 apartment units, large retails spaces and (of course) hundreds of parking spaces, with the underlying goal of anchoring North Broad Street, as per Joe Zuritsky, Parkway’s Chairman and CEO. Parkway will break ground on construction before the end of this year.

 

  • Kimco Realty hopes to significantly expand Ardmore’s Suburban Square Shopping Center by adding thousands of square feet of new retail space (comprising an “even mix of national, international, and local retailers”), a 571 space parking garage, and new office space. The developer hopes the infusion of new retailers and energy will enable Suburban Square — one of the country’s oldest shopping plazas — to better compete for the upscale shoppers typically drawn more to Center City and the King of Prussia Mall. 

As always, please check-out Capstone’s website and the “Llenrock Local”, for the latest news from Philadelphia’s busy commercial real estate sector.

Capstone Law celebrates its 2nd Anniversary on August 1st.  Thank you to everyone who helped propel this revolutionary concept to such tremendous heights!

Until next time, have a great week!

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