Please enjoy this week’s edition of Capstone Law’s Philadelphia Real Estate Trends:
- The death knell finally sounds for Girard Square — the 1970s-era single story retail strip located on Market Street between 11th and 12th Streets. This property — located within shouting distance of City Hall and the Pennsylvania Convention Center — has long been home to dollar stores, highly discounted clothing stores, and other low-rent district uses. The property’s owners already terminated the existing tenants and plan to demolish the building in July. In its place will rise East Market — a mixed-use project including grocers, restaurants, entertainment venues, and fashion retailers, a 325-unit apartment complex, and underground parking. The developers also plan to renovate an adjacent warehouse and the 12-story Girard office building with retail and other uses based upon “market demand”. This project, combined with PREIT’s proposed redesign of the Gallery Mall, may finally enliven this long desolate (but centrally located) portion of Center City.
- Minnesota and Costa Rica-based NP International is proposing a modern mixed-use project on 24th Street and John F. Kennedy Boulevard in Center City. Called River Walk Philadelphia, their proposal includes 665 condominium units, a grocery store (a larger Trader Joe’s perhaps?), and approximately 650 parking spaces. NP International also hopes to create access to the Schuylkill River from the site. If completed, this project would seamlessly connect the western edge of Center City with nearby 30th Street Station.
- Philadelphia City Council President Darrell Clarke recently unveiled his “bold vision for Philadelphia”, which will require the City and its related agencies to construct 1,500 affordable housing units in gentrifying neighborhoods. His proposal will be partially funded by incurring more City debt in the form of issuing a $100 million bond. Apparently, Clarke unveiled his plan without first consulting with Mayor Nutter or the other Council members who represent the impacted districts.
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!