A Center City property once intended for an AC Marriott hotel has been sold to a new owner with fresh plans for development. Northeast Philadelphia-based HK99 Realty acquired the site, located at 228-238 N. 13th Street in the heart of Chinatown, for $2.5 million this April, according to public property records. The company, which has… Read more »
Four months after the Philadelphia 76ers scrapped plans for a Market Street arena, the City of Philadelphia is expected to announce a public-private partnership within the next month to help guide the future of the struggling Market East corridor. The previously proposed $1.3 billion arena between 10th and 11th streets—backed by Parker and the City… Read more »
The Commonwealth of Pennsylvania has awarded a $30 million grant to advance development at the Philadelphia Navy Yard. The funding will support site preparation on a 54-acre parcel, paving the way for new commercial and advanced manufacturing projects. Developers Ensemble Investments and Mosaic Development Partners, who are leading the Navy Yard’s transformation, will use the… Read more »
A year after acquiring a Grays Ferry property for nearly $25 million, Children’s Hospital of Philadelphia is proposing a seven-story, 1,005-car parking garage at the site. The 344,600-square-foot structure would rise at 3000 Grays Ferry Ave., on a vacant lot at the southwest corner of Grays Ferry Avenue and South 30th Street, next to an… Read more »
Mayor Cherelle Parker unveiled a plan Monday to use $1 billion in city-owned land to support her H.O.M.E. initiative, aiming to create and preserve 30,000 housing units. In a nearly 90-minute City Council speech, Parker proposed streamlining Philadelphia’s Land Bank acquisitions and expediting land transfers to pre-approved developers for affordable housing. Her budget plan includes… Read more »
NorthPoint Development is shifting its strategy to include a 2 million-square-foot data center at its Keystone Trade Center in Bucks County. The $1.5 billion industrial project, located on a former U.S. Steel site in Fairless Hills, is entering its third phase. NorthPoint envisions the site as a “digital infrastructure campus,” spanning 247 acres with 10… Read more »
A Philadelphia developer has acquired a prime Center City site from Parkway Corp., ending Parkway’s stalled plans for a multifamily project. An entity linked to Ryan Kalili purchased the property at 14-30 S. 21st St., on the southwest corner of 21st and Ludlow streets, sources say. Kalili, co-founder of Archive Development, reportedly made the purchase… Read more »
Keystone has secured $42 million from Arbor Realty Trust to convert a 175,000-square-foot office building at Plymouth Meeting Mall into Monarq, a 149-unit residential community. Located at 500 W. Germantown Pike, near the I-476 and I-276 intersection, the building shares a parking lot with Whole Foods and AMC Theaters. The first phase is set for… Read more »
The developer of the Village at Valley Forge is in talks with potential medical tenants for a build-to-suit facility on the last remaining undeveloped portion of the 132-acre project in King of Prussia. Philadelphia-based Realen Properties developed the $1.5 billion master-planned community, strategically located between I-76, Route 202, and Route 422. After selling off individual… Read more »
Abrams Realty & Development has officially acquired Exton Square Mall, finalizing the purchase on Tuesday and setting the stage for a major redevelopment of the struggling retail property. The Elkins Park-based firm, led by owner Peter Abrams, purchased the 75-acre site for $34.25 million. The seller, Philadelphia-based regional mall operator PREIT, had previously been under… Read more »
