City Pursues Partnership to Revitalize Market East

City Pursues Partnership to Revitalize Market East

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 Council – was viewed by many in the business community as a potential spark for broader investment. The Sixers also planned 720 apartments and 54,000 square feet of retail across the street as part of the project.

With the arena dead and Macy’s recently closing its store at the nearby Wanamaker building, the corridor’s future remains uncertain. Still, both the Sixers and Comcast Spectacor, now focused on a new arena in South Philadelphia, say they remain committed to Market East’s redevelopment—even without an arena.

*Article courtesy of Philadelphia Business Journal

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Navy Yard Redevelopment Costs $30M

Navy Yard Redevelopment Costs $30M

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 grant to prepare six shovel-ready lots that can accommodate between 500,000 and 700,000 square feet of new development. Work will include road and utility installation, excavation, grading, and stormwater management.

This investment is part of the inaugural round of the Pennsylvania Strategic Investments to Enhance Sites (PA SITES) program, which is allocating $64 million across 11 statewide projects. Governor Josh Shapiro and Department of Community and Economic Development Secretary Rick Siger announced the grant on Tuesday.

Ensemble/Mosaic is leading a $6 billion redevelopment of 109 acres at the Navy Yard, a plan first awarded by the Philadelphia Industrial Development Corp. in 2020. The long-term vision includes 9 million square feet of new space—supporting life sciences, manufacturing, retail, and housing—and is expected to generate 12,000 jobs.

*Article courtesy of Philadelphia Business Journal

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New Parking Garage Coming to South Philadelphia

New Parking Garage Coming to South Philadelphia

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 18,000-square-foot building occupied by Gopuff. Each level of the garage would span roughly 50,000 square feet.

The site is about a mile east of CHOP’s main hospital on Civic Center Boulevard and a mile south of the Roberts Center for Pediatric Research. Nearby, CHOP is also building the $480 million, 14-story Morgan Center for Research and Innovation, set to open later this year.

*Article courtesy of Philadelphia Business Journal

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Parker Plans Homes On City Land

Parker Plans Homes On City Land

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 borrowing $800 million, with state and federal funds bringing the initiative’s total value to $2 billion—the largest housing investment in city history. The plan targets 13,500 new homes and the preservation of 16,500 existing units.

*Article courtesy of Philadelphia Business Journal

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NorthPoint Plans 247-Acre Data Center in Bucks County

NorthPoint Plans 247-Acre Data Center in Bucks County

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 data center buildings ranging from 112,000 to 217,000 square feet, each standing one or two stories tall. The Kansas City-based developer has secured approval from Falls Township’s Board of Supervisors for the project. Previously, NorthPoint planned to develop the 247-acre site with four distribution warehouses, including a 1 million-square-foot facility at 1 Ben Fairless Drive and over 3 million square feet of warehouse space at 700 S. Port Road.

*Article courtesy of Philadelphia Business Journal

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Center City Site Sold to Local Developer

Center City Site Sold to Local Developer

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 independently of the firm. The sale price has not yet been recorded, and both Kalili and Parkway Corp. CEO Rob Zuritsky declined to comment. Previously used as a surface parking lot, the site was slated for a 31-story apartment tower before Parkway scrapped the project in 2023 due to rising interest rates and construction costs. Located east of the Mütter Museum in a booming development area, the CMX-4-zoned property allows for residential and commercial use. If developed, it would mark Kalili’s first major project in Center City.

*Article courtesy of Philadelphia Business Journal

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Keystone Gets $42M to Turn Plymouth Meeting Mall Office Into Apartments

Keystone Gets $42M to Turn Plymouth Meeting Mall Office Into Apartments

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 completion in early 2026. Monarq will feature a fitness center, indoor pool, coworking lounges, outdoor communal spaces, and some units with private balconies. Meanwhile, mall owner PREIT is exploring plans to sell a portion of the parking lot for a separate 275-unit residential project, pending township approval.

*Article courtesy of Philadelphia Business Journal

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Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

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Village at Valley Forge Developer Plans Final Medical Building

Village at Valley Forge Developer Plans Final Medical Building

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 sections of the mixed-use project, only one 3.1-acre site remains.

Realen expects the final parcel to be dedicated to health care, with the potential to accommodate up to 400,000 square feet of development.

*Article courtesy of Philadelphia Business Journal

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Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

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Exton Square Mall Acquisition Completed

Exton Square Mall Acquisition Completed

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 contract to sell the property in 2022 to Brandywine Realty Trust (NYSE: BDN) for $27.5 million, but that deal ultimately fell through.

The sale marks the end of a prolonged chapter for PREIT, which recently transitioned into a private company after emerging from bankruptcy protection.

*Article courtesy of Philadelphia Business Journal

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Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

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Goldenberg Group Lists South Broad Site For Sale

Goldenberg Group Lists South Broad Site For Sale

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 512 S. Broad St. is now for sale. Meanwhile, Goldenberg received zoning approval for the 468-unit tower at 500-10 S. Broad St. and remains under agreement to acquire an adjacent former health center and parking lot by year-end.

*Article courtesy of The Philadelphia Business Journal

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Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our website, www.wolfcre.com for a full listing of Philadelphia land sites for sale.