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 »
Goldenberg Group has listed a key property at Broad and South streets, signaling a shift in its redevelopment plans. The 0.7-acre site is part of a larger project spanning Broad Street between Lombard and South, including a proposed 43-story residential tower just north of the listing. Originally planned for a second phase, the site at… Read more »
The Philadelphia Parking Authority will demolish a five-story parking garage near Jefferson Health’s Center City campus to make way for a new eight-story garage with 6,500 square feet of ground-floor retail along Chestnut Street. Gilbane, based in Rhode Island, was selected to build the new garage at 10th and Ludlow streets. While the property is… Read more »
University City District is meeting with state lawmakers as it ramps up fundraising for its $60M West Philadelphia Waterfront project along the Schuylkill River. The two-deck structure, proposed last spring, would stretch between Market and Chestnut streets, featuring a café, aquatic marsh, beach, and splash pad. Construction likely won’t begin until 2027 to avoid competing… Read more »
Plans have shifted for the Broad Street Diner site in South Philadelphia. Owner Michael Petrogiannis now intends to develop a 110-key Hyatt Studios hotel at 1135-43 S. Broad St., replacing his previous plan for a five-story, 31-unit residential building with restaurant space. The hotel will rise five or six stories and include surface parking. The… Read more »
