Developer Plans for Mixed-use Project Next to North Philly’s Train Station

Developers buy long-vacant site next to North Philadelphia train station, plan massive mixed-use project

Two social impact-oriented developers have acquired a long-neglected site next to Amtrak’s North Philadelphia train station for $11.8 million and plan to build 2 million square feet of commercial, residential, retail and community space.

Philadelphia-based Shift Capital and New York-based Essence Development, led by former Philadelphia Eagles safety Jamar Adams, partnered to buy the 5-acre property this spring. The purchase includes the parking lot next to the train station at 2932 N. Broad St. and the vacant Ink Factory building at 2935 N. 16th St.

Shift and Essence, equal partners in the the North Station development, bought the property from HFZ Capital Group, a New York firm that had planned to redevelop the site with a mixed-use office tower and a residential building as the first part of a multiphase project. HFZ never followed through and later faced financial and legal challenges with the company’s other developments, opening an opportunity for Shift and Essence.

*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 Philadelphia 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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Former Downey’s Irish Pub on South Street Hits the Market

Former Downey's Irish Pub property on South Street hits the market with asking price of $2M

The property formerly home to Downey’s Irish Pub and Restaurant, a landmark South Street establishment that shuttered in 2016, has been put up for sale with zoning approvals for a new mixed-use development.

The Headhouse Square property, located at 526 Front St. and 105-11 South St., was listed on Tuesday without an address for an asking price of $2 million. The property is currently a 3,000-square-foot vacant lot after the four-story building was razed in 2022 following the issuance of a demolition permitin July 2021.

Downey’s opened on South Street in the mid-1970s and became known over the years as a hub for Saint Patrick’s Day festivities. After the original owner sold the pub in 2003, it underwent a tumultuous 13 years under new ownership that ended with its closure.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia 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.

Penn Plans for 10-Story Parking Garage to Support Expansion

Penn plans $40M, 10-story parking garage at Pennovation Works to support expansion

The University of Pennsylvania has received permits to build a 10-story parking garage with 858 spaces at Pennovation Works as it prepares for major development on the property.

The 23-acre campus at 3401 Grays Ferry Ave. is being built out as a hub for innovation, research and startup development. It currently includes the 58,000-square-foot Pennovation Center and a 73,400-square-foot lab building, along with other research and office space. Construction on the parking garage is expected to start in the first half of 2024 and is being built to support future site expansion.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia 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.

Sixers Offer City Ownership of Market Street Arena Site

Sixers offer to give city ownership of Market Street arena site, project additional tax revenue of $1B

With the Philadelphia 76ers’ quest for a new Center City arena entering a crucial phase, the team said Thursday that it is willing to transfer the Market Street property to public ownership to give the city greater influence on the project. 

The Sixers said it is also prepared to remove the existing tax increment financing (TIF) structure currently in place at the arena site until 2035 to increase tax revenue for the School District of Philadelphia and the city. The Sixers project the arena will generate more than $1 billion in new tax revenue for the city, state and school district.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia 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.

Three Firms Have Been Selected to Evaluate 76ers’ Arena Proposal

Philadelphia selects 3 firms to independently evaluate 76ers' Center City arena proposal

The City of Philadelphia has selected firms to conduct two of the three independent evaluations planned for the 76ers’ polarizing Center City arena proposal.

BJH Advisors and Sojourner Consulting will analyze the project’s community impact and CSL will conduct an economic analysis and projections, the city announced Wednesday.

*Article courtesy Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia 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.

Melrose Diner South Philly to be Demolished

Melrose Diner South Philly Being Demolished

The landmark Melrose Diner, shuttered since a fire a year ago, will be demolished — but the diner will live on as part of a new 94-unit apartment building.

Plans filed with the city on Wednesday, first reported by the Rising Real Estate blog, called for a six-story, 55-foot-tall mixed-use building with a roof deck and ground-floor commercial space.

After reports emerged of impending demolition plans for the famed diner car last year, owner Michael Petrogiannis initially told The Inquirer that he would not demolish it. The new permit does call for a complete demolition of the existing diner and bakery, although a planned ground-floor commercial space in the proposed building would be occupied by a new iteration of the Melrose Diner that he would operate, Petrogiannis told The Inquirer Thursday.

*Article courtesy of Inquirer

For more information about Philadelphia land sites for sale or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia 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.

Rivers Casino Opening Hotel in Fishtown Redevelopment

Rivers Casino opening all-suite hotel in Fishtown's Battery redevelopment project

Rivers Casino in Fishtown plans to open a 62-suite boutique luxury hotel with an indoor basketball court this year inside The Battery, the $154 million redevelopment of a former PECO power plant along the Delaware River. 

Riversuites could be accepting reservations as early as the fall, Rivers Casino said Tuesday, and is expected to open by the end of 2023. The Battery is separated from the casino’s 22-acre property by Penn Treaty Park. Hotel guests can make the eight-minute walk to the casino along the Delaware Riverwalk, or complete a five-minute drive utilizing the 24/7 complimentary shuttle and valet parking Rivers plans to offer. 

The hotel will make Rivers the third casino in the Philadelphia region to offer overnight accommodations, a feature that many gaming destinations offer to keep customers at their properties. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia 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.

Painted Bride Redevelopment Still Opposed Despite Revised Plan

A rendering of the proposed development at 230-36 Vine St. shows the restaurant roof deck on the left and the roof deck for residents on the right.

The latest proposal to turn the Painted Bride into a mixed-use development was met with pushback from neighborhood stakeholders during a Zoning Board of Adjustment hearing on Wednesday. 

Revised plans for the property at 230-236 Vine St. call for 85 short-term residences, a ground-floor restaurant, underground parking and two roof decks — one for the residences and one for the restaurant. The roof deck was the reason for developer Atrium Design Group’s appearance in front of the Zoning Board and was also the main point of contention. 

At the hearing, four neighborhood property owners said they worry the primarily residential northern section of Old City would be disrupted by a new restaurant and rooftop dining area. They expressed concerns about noise, late hours, traffic and the size and capacity of the roof decks.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia 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.

Developers Prep as 1,700 Apartments Planned for City Ave

City Avenue set to transform with 1,700 new apartments on the way

With more than 1,700 residential units and an influx of commercial development planned along City Avenue, developers and business leaders are aiming for the Northwest Philadelphia corridor to transform from an auto-centric thoroughfare into a regional hub.

Marked by major development projects mixing residential, retail, office, hospitality and public space, City Avenue is primed for a facelift.

“This is a connected district. It’s going to be City Ave District. It’s not City Ave that’s just a road,” City Avenue District CEO Bryan Fenstermaker said. “People believe it’s just a road. We’re going to try and change that. That’s a big opportunity.”

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia 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.

Fashion District has a lot at Stake with New 76ers Arena Proposal

Fashion District has a lot at stake as city reviews 76ers arena proposal

The first time Cory Scott heard that the Philadelphia 76ers wanted to build a Center City arena at the site of the Fashion District, he was in disbelief.

Then the excitement set in.

Scott is executive vice president of asset management for Macerich, the real estate investment trust that owns the Fashion District. The Sixers’ proposal for a new $1.3 billion arena on East Market Street would involve California-based Macerich selling a portion of the mall between 10th and 11th streets to the team.

Macerich (NYSE: MAC) is on board with the proposal, as foot traffic has been slow to return to the Fashion District in the wake of the Covid-19 pandemic. As part of the arena plans, Macerich and the Sixers have agreed to partner on the remainder of the mall, which opened in September 2019 following a $420 million redevelopment of the former Gallery. The arena would inject new life into the property at a time when the mall could use it.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia 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.