Delaware County behavioral health nonprofit Elwyn plans to build a $45 million school as part of a $100 million redevelopment of its 260-acre Media campus. The project, expected to span a decade, includes demolition and new construction, though timelines and additional details have not been disclosed. Elwyn CEO Charles McLister stated that planning began last… Read more »
The Philadelphia 76ers’ proposed Center City arena cleared a key hurdle Thursday, advancing from committee to the full City Council for approval after several delays. The amended legislation increases the Sixers’ community benefits agreement by $10 million, bringing it to $60 million. A team spokesperson said Thursday afternoon that the amendments were still under review…. Read more »
A joint venture between Philadelphia-based Alterra IOS and JPMorgan Chase has sold a 51-property industrial outdoor storage portfolio to Peakstone Realty Trust for $490 million. Alterra CEO Leo Addimando noted that selling to an institutional investor was ‘the last unproven part’ of their business strategy after a decade in industrial outdoor storage. The 440-acre portfolio… Read more »
A Delaware River pier with 33 boat slips is for sale, providing buyers with built-in income and opportunities for waterfront development. “There’s potential to build over the water and explore creative options,” said Ken Wellar of Global Real Estate Advisors, who holds the listing. The Pier 5 marina at 7 N. Christopher Columbus Blvd. is… Read more »
A prominent Bucks County development site, once planned for a large mixed-use project, is returning to the lender after receiving no bids at a sheriff’s sale. The 35-acre property at 2201 Street Road in Bensalem was owned by a company controlled by Jignesh “Jay” Pandya, owner of the Boston Market restaurant chain. Located between Hulmeville… Read more »
A major residential development is underway in West Philadelphia, bringing 169 units to Wynnefield Heights. Known as Wynnefield Heights Square, the project at 4050 Conshohocken Ave. began pre-sales last week, offering 142 condos starting at $289,000 and 27 townhomes starting at $499,000. Noah Ostroff, founder of the PhillyLiving real estate team and partner at Keller… Read more »
The future of a prime site along the Delaware River waterfront is becoming clearer. PrimeSpace Capital is set to unveil a CubeSmart self-storage facility at Pier 40 next week, following a complete restoration of the historic 180,200-square-foot property at 841 S. Christopher Columbus Blvd. The New York-based developer, specializing in self-storage, acquired the site from… Read more »
Rockefeller Group is planning a 192,000-square-foot warehouse in Northeast Philadelphia, adjacent to Holmesburg Prison, expanding the area’s growing industrial footprint. The project at 8301 Torresdale Ave. features 40-foot clear heights, 30 dock doors, two drive-in ramps, 150 parking spaces for cars, and 44 spaces for trailers. Although the warehouse is being developed without pre-leased tenants,… Read more »
The closed University of the Arts filed for Chapter 7 bankruptcy protection on Friday, aiming to liquidate its assets, including its Center City real estate valued at over $87 million. This filing in U.S. Bankruptcy Court in Delaware follows the collapse of merger talks with Temple University. UArts, which abruptly shut down in June, will… Read more »
Mayor Cherelle Parker stated Wednesday that she will consider input from all stakeholders before deciding on the Philadelphia 76ers’ proposed arena in Center City, but a decision is “forthcoming.” “I’m not talking about in months,” Parker clarified during a town hall discussion, emphasizing that future return on investment is her primary concern. Hundreds gathered at… Read more »
