New Philadelphia Family Court Building Celebrates Milestone; Old Building Becomes Hotel

By Veronica Grecu, Associate Editor

Philadelphia city officials and representatives of the Tishman Construction Corporation gathered last week to attend a topping-off ceremony for the new Family Court building that is under development at the northwest corner of 15^th and Arch streets. Construction for the $160 million courthouse building started in early 2012 under plans designed by EwingCole, a locally based architecture firm that provides services for various project types including academic, corporate, government, healthcare, science, technology, arts and sports.

According to the Philadelphia Business Journal, the 14-story structure—which is replacing an old parking lot in Center City—is expected to open in spring 2014. At 510,000 square feet, the new facility will be housed under the same roof as the Family Court’s operations, which are currently operating in several facilities near 11^th and Market Streets and in an old building located at 18^th Street and Benjamin Franklin Parkway.

Designed to pursue LEED Silver certification, the new courthouse building will encompass 29 court rooms, judges’ chambers and administrative space. It will also have a three-level underground parking garage with 285 spaces owned and operated by the city’s Parking Authority.

As for the old Family Court building at 18^th and Parkway Streets, the city is planning to redevelop the site into a small-sized hotel with 200 to 300 guest rooms that would increase pedestrian traffic along the Benjamin Franklin Parkway.

In an interview for CBS Philly, Deputy Mayor for Planning and Economic Development and Director of Commerce Alan Greenberger said that five developers have been chosen as finalists for the redevelopment project. The developer is expected to be named by fall 2013, with a tentative ground breaking date set for spring 2014 when the building is vacated.

Rendering of the new Philadelphia Family Court via EwingCole

Realen Properties to Continue with Phase II of Edgewater Apartments

By Veronica Grecu, Associate Editor

Construction is heating up in Center City Philadelphia as real estate developer Realen Properties of Berwyn, PA, and its finance partner Northwest Mutual Life prepare to break ground on Phase II of Edgewater Apartments, an upscale multifamily community that was partially completed in 2006 before the economic downturn.

According to the developer’s website, Edgewater I is a fully occupied 13-story building at 23^rd and Race Street that includes a combination of studios, one-, two-, and three-bedroom units totaling 290 apartments and  675 parking spaces, 75 of which are located in an underground parking garage. Construction at the 562,000-square-foot, $80 million tower started in 2003 under plans designed by locally based BLT Architects.

Edgewater II will replace an existing surface parking lot at the Southwest corner of 23rd and Summer Streets behind Edgewater I, the Philadelphia Business Journal reports, and  it will add 240 rental units to the Logan Square neighborhood’s housing inventory.

Before breaking ground on the proposed 22-story tower, the development team must go through a rezoning process with the Philadelphia Planning Commission that could be finished by summer. Dennis Maloomian, president of Realen Properties, has already discussed the development plan with representatives of the Logan Square Neighborhood Association during a meeting held on April 16.

Rendering courtesy of Realen Properties

Ardmore Township OKs Dranoff Properties’ $56 Million Luxury Project

By Veronica Grecu, Associate Editor

The first phase of a challenging revitalization effort in Ardmore is now closer to fruition as the developer, Dranoff Properties, unveiled the project’s official name: One Ardmore Place.

Originally unveiled in 2008 as the Cricket Lot or the Ardmore Station, the project was downsized from a $180 million, three-phase investment with 335 apartment units and 120,000 square feet of office and retail space. According to the Philadelphia Business Journal, Dranoff Properties was forced to resize the original project because the company failed to secure the federal and SEPTA financial help which included a $25-million TIGER grant from the U.S. Department of Transportation. Reportedly, the $15.5 million received from the state will be reinvested in the revised project while the developer is investing $44 million.

Conveniently located near the Ardmore train station, the $56 million One Ardmore Place will transform the township-owned Cricket Avenue parking lot into 121 high-end rental units with state-of-the-art amenities and a 24/7 concierge, 10,500 square feet of street-level retail space, as well as a public/private ample parking component with either one, two or three decks with more than 200 parking spaces.

As Main Line Media News previously reported, the project is estimated to create 900 construction jobs and 80 permanent retail jobs and generate around $40 million in annual revenue once construction is completed.

Rendering of One Ardmore Place courtesy of Danoff Properties

Fishtown Neighbors Association Approves Wynn Resorts’ $925M Casino Proposal

By Veronica Grecu, Associate Editor

The Fishtown Neighbors Association on April 8 voted in favor of a casino / resort development project that was pitched by representatives of Wynn Resorts Ltd., one of the six casino operators and developers that applied for a gaming license in Philadelphia. The Paradise, NV-based developer wants to put a 60-acre underutilized Delaware riverfront property to a much better and lucrative use: a resort and casino three times larger than Penn’s Landing.

According to PlanPhilly.com, the Wynn Resorts’ proposal includes: a 300-room hotel with an average 900 square feet per room, a 22-acre green park and River Walk, a parking garage with 2,800 spaces and a green roof, several restaurants, a 10,000-square-foot nightclub and a 20,000-square-foot entertainment facility including a high-end spa and a potential ice skating rink. The proposal calls for a separate gaming component that will include a 150,000-square-foot casino with 2,500 slot machines and 100 table games.

If the Pennsylvania Gaming Control Board grants Wynn Resorts’ a gaming license in the city, the $925 million resort and casino tentatively called Wynn Philadelphia will be the largest private project ever constructed in the state. The Philadelphia Real Estate Blog notes that the venture will take two to three years to complete and will create 3,600 construction jobs. Another 3,300 permanent and supplier jobs will be generated once the complex is open.

Rendering of Wynn Philadelphia via PlanPhilly.com

Developer Plans Mixed-Use Complex on Vacant Brownfield in South Kensington

By Veronica Grecu, Associate Editor

A 2.5-acre vacant site in Philadelphia’s South Kensington that once housed the Absco Inc. steel plant could be redeveloped into an energy efficient mixed-use community. The development proposal comes from Canus Corporation, a local company that has already invested over $8 million in cleaning and decontaminating the site located at 2^nd and Thompson Streets.

According to PlanPhilly.com, the developer started working on a redevelopment plan for this site in 2007 but the project had to be put on hold because of the recession. Reportedly, the original plan called Viridian included 160 condos and 16 artist studios. Now Canus is proposing a revised plan with a denser complex designed by BartonPartners that would also feature retail spaces, ground level parking and green areas and plazas accessible to the public.

The proposed 320-unit complex would break down to 2 percent live-work units, 12 percent studios of roughly 450 square feet each, 63 percent one-bedroom units and 23 percent two-bedroom units. According to PlanPhilly.com, the zoning committee suggested an increase in square footage per unit, which would lead to fewer residential units but would address the neighborhood’s main concern—that the area not become overpopulated.

If approved by the South Kensington Community Partners planning and zoning committee, Phase I of the Soko Lofts project could start in late fall with an estimated completion time of 12 months. During Phase I Canus will break ground on a four-story, L-shaped building along 2^nd Street and a similar building at the corner of 2^nd and Thompson Streets. A third building of up to seven stories will follow on American Street during Phase II. This structure will include a large lobby, street level commercial space and 50 covered parking spaces.

Rendering of Soko Lofts courtesy of PlanPhilly.com