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Mormon Church Reveals Plans for Apartment Tower, Meeting House in Center City

20 Feb 2014, 4:32 pm

By Veronica Grecu, Associate Editor

1601 Vine Street – View from Logan Square

With construction at a new temple in Center City Philadelphia advancing according to plans, Mormon Church officials recently revealed renderings of another development that will be located just one block from the future temple, on an existing surface parking lot immediately north of Vine Street and 16th Street.

Jointly designed by Philadelphia-based BLT Architects and Robert A. M. Stern Architects of New York, the private development backed by the Church of Jesus Christ of Latter-Day Saints consists of two distinct projects: a public meeting house for the church and a 32-story residential tower developed by Property Reserve Inc., the Mormon Church’s for-profit real estate investment arm.

As reported by the Philadelphia Inquirer, the two-story meeting house located at Vine and Franklin Town Boulevard will serve as a place of gathering, recreation and worship for around 1,000 of the 25,000 Mormons living in Philadelphia. The 24,000-square-foot meeting house will also host history and cultural centers for church and community members, as well as an outdoor courtyard.

The 490,000-square-foot apartment tower at 1601 Vine Street will have 250 market-rate rental units, 13 three-story townhouses and nearly 12,000 square feet of street level retail space meant to enhance the pedestrian character of 16th Street.

While church officials haven’t revealed any details regarding the total building costs, the Philadelphia Business Journal estimates that the project will need around $120 million in private financing. No groundbreaking date has been announced either, as project plans are yet to be approved by the City Planning Commission. However, the development is expected to create 1,500 to 1,800 construction jobs during construction.

Rendering courtesy of Robert A. M. Stern Architects 



Apartments and Boutique Hotel Coming to Queen Village

13 Feb 2014, 4:05 pm

By Veronica Grecu, Associate Editor

An area that comprises 13 buildings spanning from the corner of 5thand Bainbridge to Kater Street in the neighborhood of Queen Village immediately south of Center City will soon be replaced by an interesting mix of apartment buildings and an upscale boutique hotel.

Former John C. Paul store in Queen Village, Philadelphia

The Philadelphia Business Journal reports that local real estate firm Zaken Realty Trust acquired 13 properties from the Paul family which operated John C. Paul & Sons, a paper goods and cleaning products store that closed last summer. Zaken Realty Trust is focused on purchasing value-add assets in residential areas with high retail and multifamily demand. The company has already developed 15 mixed-use properties throughout Center City Philadelphia. With the help of Precision Realty Group—which also serves as the developer behind the Queen Village project—Zaken Realty Trust is now expanding its footprint in other neighborhoods outside Center City.

According to the Journal, the project should be completed by the end of summer 2014. Only two buildings will be transformed into apartment units. The remaining properties will be converted into a 30-room boutique hotel. The project also includes 7,000 square feet of street level retail space that could house a restaurant and a number of small independent stores that are expected to meet the need for boutique retail in this neighborhood.



Australian Energy Efficiency Company to Open U.S. Headquarters at the Philadelphia Navy Yard

7 Feb 2014, 3:23 pm

By Veronica Grecu, Associate Editor

Business is thriving in South Philadelphia. A new tenant joins the long list of companies at the growing Navy Yard campus.

Ecosave (logo)

Ecosave, Inc., a large Australian company that provides energy- and water-saving services to commercial and institutional clients, has chosen the Navy Yard as the location for its headquarters in the U.S. and plans to create around 125 new jobs over the next three years. Philadelphia Inquirer reports that Ecosave spent two years determining which North American city (the shortlist included Boston, Washington, D.C., New York, Chicago, Philadelphia and Toronto) has high energy costs that could provide a large pool of potential clients.

Philadelphia Navy Yard

The two-year effort to attract Ecosave to the Navy Yard business campus was led by Select Greater Philadelphia (an economic development marketing organization focused on business attraction and retention in the Greater Philadelphia region), Philadelphia Industrial Corporation (PIDC), the City of Philadelphia and the Commonwealth of Pennsylvania.

“As a national hub for energy efficiency research and commercialization, The Navy Yard’s Smart Energy Campus is an ideal location for Ecosave to launch into North America. Ecosave’s new headquarters at the Navy Yard will add to the dynamic mix of more than 10,000 employees and 130 companies already located at this sustainable and innovative business campus,” said John Grady, president of PIDC.

According to officials, in January 2015 Ecosave will move in around 20,000 square feet of space in a new, 75,000-square-foot state-of-the-art office building that will be developed by Liberty Property Trust and Synterra Partners. Until then the Australian company will occupy 6,000 square feet of office space at 3 Cresent Drive.

Image via The Navy Yard



Parkway, Hanover JV Unveils Design Plans for Massive Mixed-Use Project at Broad and Callowhill

30 Jan 2014, 3:16 am

By Veronica Grecu, Associate Editor

Hanover North Broad

Hanover North Broad

A joint venture between the Parkway Corporation, one of the biggest parking space owners in Philadelphia, and The Hanover Company of Houston, TX has plans to transform the large public surface parking lot—a 60,140-square-foot grouping of parcels, to be more exact—between Callowhill and Wood Streets with Broad Street into a huge residential and commercial complex with hundreds of apartments and plenty of retail space.

The plans submitted for approval with the City reveal two separate buildings with identical configurations and across the street from each other on the southeast and southwest sides of the intersection, forming a potentially vibrant commercial corridor.

The larger of the two buildings, a six-story structure, will occupy the southwest corner of Callowhill and Broad Streets. According to Curbed Philly, it will include 229 studio, one- and two-bedroom apartments and more than 11,000 square feet of ground floor retail space, a residents’ lounge, pool and fitness room. Residents will also have access to a bicycle storage facility with 77 spaces and 130 parking spaces contained within a 256-spot garage.

The second building will stand five-stories high and will include 110 studio, one- and two-bedroom units, 6,122 square feet of ground floor retail space, 38 bicycle parking spaces and 58 parking spaces contained in a 114-spot garage.

Hanover North Broad

Dubbed Hanover North Broad, the project was designed by Baltimore-based Design Collective, Inc. to achieve National Green Building Standard Certification. The project will incorporate a variety of sustainable strategies that will equally benefit the future residents and retail tenants, as well as the Greater Center City community: light-colored roofing and landscaped courtyards to help alleviate the heat-island effect of the surface lots; the use of vegetated planter boxes located within the internal building courtyards to provide shading for the sidewalk and buildings; Low-E glazing on windows to maximize daylight use and energy performance; Energy Star appliances and low-flow fixtures; and low-VOC materials to optimize indoor air quality.

Because of its large size, the project will undergo a public design review which will be conducted by the Philadelphia Planning Commission on February 4.

Renderings courtesy of The Hanover Company 



Philadelphia Listed Among Top 10 Cities for Green Meetings

24 Jan 2014, 6:48 pm

By Veronica Grecu, Associate Editor

Though in recent years the meetings and events industry was badly impacted by the economic downturn, this sector is trying to regain its well-deserved place among the best performing industries in the country. To underscore these efforts, GreenBiz.com recently announced the Top Ten U.S. Cities for Green Meetings, a list developed based on industry standards for sustainable meetings and convention practices.

Shortly after Philadelphia hosted US Green Building Council’s (USGBC) Greenbuild International Conference, the city has been ranked among the top ten U.S. cities for most Leadership in Energy and Environmental Design (LEED) certified meeting spaces.

GreenBiz.com listed a number of energy efficient factors at the Pennsylvania Convention Center: the LEED Gold Certification that the venue earned for its expansion in 2011; the use of 100 percent decomposable and biodegradable food and beverage products and Green Seal-certified cleaning products; the use of renewable energy and other energy-saving initiatives that that led to its high ranking.

“We have made a concerted effort to make the facility a national leader in the race to provide environmentally sustainable meeting space. This ranking affirms our commitment to the environment and lets our customers know that we are focused on sustainability in our daily practices and long-term strategic plan,” said John McNichol, Acting President and CEO of the Pennsylvania Convention Center Authority, in a press statement.

Pennsylvania Convention Center

Located at 1101 Arch Street in Center City Philadelphia, the Pennsylvania Convention Center opened in 1993 as a response to the growing convention industry in the state. Originally designed by Thompson, Ventulett & Stainback Associates with Vitetta Group and Kelly/Maiello Architects and Planners to accommodate conventions, exhibitions, conferences and other public events, in 2006 the venue embarked on a 5-year, $786 million expansion process under plans designed by tvsdesign with Vitetta Group and Kelly/Maiello Architects and Planners.

The Pennsylvania Convention Center currently provides almost 1 million square feet of sealable space that includes the largest convention center ballroom on the East Coast (55,400 square feet) and the largest contiguous exhibition space in the Northeast region (five halls totaling 528,000 square feet). Featuring high-definition cameras with full-perimeter views, cell-phone charging, way-finding and exploring machines, expanded digital signage and free Wi-Fi for attendees, this is the most technologically advanced convention center in the country. The venue implemented a more efficient use of electric power which resulted in a 34 percent drop in electricity costs in 2012.

As part of the convention center’s green initiative, the venue also provides user-friendly charging stations for electric vehicles and a  green roof—that also serves as a “green parking facility” thanks to a LED lighting system—designed to manage storm water and reduce energy consumption, while reducing noise and air pollution.

In August 2011, the Pennsylvania Convention Center achieved LEED Gold certification in recognition of the convention center’s constant commitment to sustainability.

Image via Pennsylvania Convention Center on Facebook



First Courtyard by Marriott Hotel Opens at Philadelphia Navy Yard

16 Jan 2014, 8:34 pm

Courtyard by Marriott Philadelphia Navy Yard

By Veronica Grecu, Associate Editor

As the Navy Yard Corporate Center keeps growing and adding new businesses, the hospitality industry follows the same positive trend in this thriving business campus in South Philadelphia.

Long Beach, CA-based development company Ensemble Hotel Partners, LLC last week officially opened its first hotel at the Navy Yard, roughly one year after groundbreaking. Located at 1001 Intrepid Avenue with convenient access to the Philadelphia Sports Complex, Philadelphia International Airport, Philadelphia Art Museum, Philadelphia Zoo and City Hall, the Courtyard by Marriott hotel was developed by contractor INTECH Construction and will be managed by Marriott International, Inc.

The $34 million facility was designed by Erdy McHenry Architecture to achieve LEED certification for energy efficiency by incorporating a range of “green” amenities and services—such as composting its organic materials or encouraging guests to join the hotel’s recycling program.

Courtyard Philadelphia South offers 172 stylish guest rooms, each of them featuring plush bedding, a functional work space, spacious bathrooms, a separate seating area and complimentary in-room high-speed Internet. Designed for business travelers and tourists alike, the new hotel also includes a fitness center and more than 1,800 square feet of meeting space that can hold up to 100 people.

“From day one, Courtyard has prided itself as a brand that listens to what business travelers want from a hotel,” said Janis Milham, vice president and global brand manager, Courtyard. “Guests want more control and choice with services and amenities that create a healthy balance between working and relaxing. The Courtyard lobby invites guests to get out of their rooms to work, socialize or be entertained, whether traveling alone or with colleagues.”

Spanning 6.5 million square feet at the former Philadelphia Naval Shipyard, the Navy Yard Corporate Center is a business campus committed to smart energy innovation and sustainability. It is home to more than 10,000 employees and 130 companies in the office, industrial/manufacturing, and research and development sectors.

Rendering via Ensemble Hotel Partners



Non-Profit Design Center Reveals Renderings of Columbus Square Park

11 Jan 2014, 8:47 am

By Veronica Grecu, Associate Editor

 

The neglected Passyunk Square neighborhood park is set for a much-need redesign with the help of a grant coming from a local non-profit organization.

Columbus Square Park – rendering

In March 2013 the Passyunk Post reported that the Community Design Collaborative—a community design center that provides pro-bono preliminary design services in Greater Philadelphia—awarded Columbus Square Park a grant meant to help the park’s revitalization. Located in South Philadelphia, Columbus Square Park is bound by 12th, 13th, Reed and Wharton streets and features a fenced athletic field that is rarely used, a playground and dog run.

Community members along with representatives from the private sector and the city joined the Community Design Collaborative team to redesign the park and turn it into a stylish green space for the neighborhood. Fast forward a few months and the community task force led by landscape architectural designed Leah Rominger came up with the conceptual design for what appears to be a friendlier Columbus Square Park.

As revealed in a blog post by the Community Design Collaborative team, the redevelopment costs at Columbus Square Park will total $2.8 million (of which around $35,000 will cover the value of the design services).

A major turning point for this revitalization plan was the design team’s decision to remove an underutilized building at the corner of the 12th and Reed streets to make room for the entrance to the park and “give the community the flow and circulation they wanted”, according to Rominger.

The park will have a new entrance at 12th and Reed and a network of pathways that will connect all corners of the park’s gathering places. The athletic fields, which will be reduced by 25 percent from the original layout, will take up more than two-thirds of the park and will serve adult and youth sport leagues from around Philadelphia. The redesigned park will also include a new pathway system at the periphery, an expanded dog park and gathering places such as a community “lawn” along Reed Street and a “patio” along 13th Street.

 

 Rendering via Community Design Collborative

 



FedEx Ground Plans $175 Million Massive Distribution Center in Lehigh Valley

10 Jan 2014, 5:20 pm

By Veronica Grecu, Associate Editor

FedEx Ground logo

Just before the end of 2013 a large shipping company submitted plans for a 1.3-million-square-foot package sorting center in Allen Township, in Pennsylvania’s Lehigh Valley region. The project was filed with the Lehigh Valley Planning Commission by Moon Township, PA-based FedEx Ground, a subsidiary of the FedEx Corporation that serves businesses and retailers delivering merchandise to customers in no more than five days.

The Morning Call reports that the FedEx Ground “megahub” could generate more than 800 new jobs in Allen Township and a $25 million private investment in infrastructure improvements. Furthermore, the distribution center would be able to process roughly 15,000 packages per hour that will be brought by trucks from across the region. The entire process of unloading the packages and sorting them by ZIP code and type of freight could be completed within minutes from the arrival, so that the packages could be reloaded and delivered more quickly throughout the United States and Canada.

The $175 million plant will be built on 253 acres of land at Willowbrook Road and Race Street, near the Lehigh Valley International Airport. According to LehighValleyLive.com, earlier this year the site was sold by the airport to a developer—apparently the Rockefeller Group, as reported by The Morning Call—for $9.6 million.

FedEx Ground’s proposed package sorting center will be built in two phases. An L-shaped, 1-million-square-foot building with three parallel wings and multiple docks for tractor-trailers is estimated to open in 2015. According to The Morning Call, the second phase will be completed in 2017 and will include a 307,000-square-foot building with almost 1,350 parking spaces and 2,200 spaces for trucks and equipment. It is estimated that nearly 14,000 trucks and cars could pass through daily, including 7,500 belonging to the FedEx Ground distribution center.

Logo and image via FedEx 



Llenrock Group Secures $50M in Financing for 1845 Walnut Street

20 Dec 2013, 5:12 pm

By Veronica Grecu, Associate Editor

Philadelphia-based independent real estate finance and advisory firm Llenrock Group has completed $50 million in permanent financing for a 25-story office tower located on Rittenhouse Square in Center City, one of Philadelphia’s most prestigious neighborhoods.

1845 Walnut Street – Rittenhouse Square, Philadelphia

According to the company, 1845 Walnut Street is a Class A office building jointly owned by Frankel Enterprises, Allan Domb Real Estate and Resource America, Inc., a local asset management firm. Llenrock secured a fixed-rate, 15-year loan at less than 5 percent interest through an unnamed U.S. pension fund and negotiated an interest-only period on behalf of its clients.

Also known as the Mutual Benefit Life Building, the 350,000-square-foot property was built between 1968  and 1972 by the Mutual Benefit Life Insurance Company of Newark, New Jersey under plans designed by Eggers & Higgins. Standing above a former five-story parking garage then owned by the Philadelphia Parking Authority, the building was added to the “Philadelphia Register of Historic Places” in February 1995. According to information from PropertyShark.com, the life insurance company purchased the parking garage at 1845 Walnut Street in November 1985 for $10.05 million.

“We were very pleased with the rates, terms, and service we received for 1845 Walnut Street, which in our opinion offers tenants some of the best views of the city combined with great service in the best location of Philadelphia,” said Allan Domb of Allan Domb Real Estate speaking of his experience working with Llenrock.

The office building, which is the only one overlooking the vibrant Rittenhouse Square in Philadelphia’s Market West submarket, is over 90 percent occupied.

Image via Llenrock Group



LEED Platinum Certified Paseo Verde Opens in Philadelphia

13 Dec 2013, 4:31 pm

By Veronica Grecu, Associate Editor

One of the city’s much-anticipated “green” housing projects officially opened last week at the corner of  9th and Berks Streets in the Temple University area, shortly after it was featured on the GreenBuild 2013 tour roster.

Developed by a joint venture between the nonprofit community organization Asociacion de Puertorriquenos en Marcha (APM) and Jonathan Rose Companies and designed by Wallace Roberts & Todd Architects, Paseo Verde broke ground in spring 2012 as an energy-efficient, transportation-oriented complex that would link a then-distressed area in North Philadelphia with the suburbs.

The $48 million project at 1900 North 9th Street replaced a 1.9-acre brownfield that was decontaminated prior to construction.  At 206,000 square feet, the five-story building consists of 120 rental units with one- to three-bedroom apartments for low- and moderate-income families, as well as 30,000 square feet of office and retail space and almost 70 underground parking spaces.

Seen as the crown jewel of Philadelphia in terms of sustainability and design and a “community of opportunity” according to Philadelphia Inquirer, Paseo Verde is the first development in the United States and the second in the world to win the “Platinum” certification under Leadership in Energy and Environmental Design (LEED) for Neighborhood Development.

The building’s green amenities such as photovoltaic solar panels, the use of locally produced and recycled building materials, spacious green and blue roofs, energy efficient building envelope and MEP systems and a comprehensive storm water management system will help reduce energy use. But what makes Paseo Verde even more environmentally friendly is that it’s located within walking distance from SEPTA’s Temple University Regional Rail station, which is one of the busiest in the country. This means that residents can reduce costs (and even change their lifestyle) by letting go of their cars and using the train to get to their jobs in the suburbs.

Jonathan Rose Companies is one of the developers behind Via Verde, a LEED Gold certified green housing community that opened in August 2012.

Image credits to Jeffrey Totaro via Paseo Verde Facebook page



Radnor’s 38Chestnut Apartment Project Finally Breaks Ground in University City

9 Dec 2013, 4:04 pm

By Veronica Grecu, Associate Editor

38Chestnut – University City Philadelphia

A groundbreaking ceremony at the Episcopal Cathedral site in the University City district marked the official start of construction at 38Chestnut, a long-awaited high-rise apartment tower targeting graduate students and young professionals.

A nearly $100 million investment by a joint venture between Wayne-based Radnor Property Group and the Philadelphia Episcopal Cathedral, the project stirred much debate among residents and members of the Preservation Alliance for Greater Philadelphia regarding the historic Cathedral building located at 38th and Chestnut Streets, where the apartment tower is set to rise.

Earlier this year Radnor Property Group, the Philadelphia Episcopal Cathedral and the Preservation Alliance for Greater Philadelphia reached an agreement that guaranteed the long-term care and preservation of the cathedral building, but allowed the demolition of two historic brownstones located at 3723-25 Chestnut Street to make room for the new construction. According to the Philadelphia Business Journal, the land being developed is owned by the Episcopal Cathedral Center with a long term ground lease that favors Radnor Property Group.

Encompassing more than 300,000 square feet of mixed-use space, 38Chestnut was designed by Bower Lewis Thrower Architects (BLTa). The 25-story tower will be ready for occupancy in the third quarter of 2015, according to the developer’s website. 38Chestnut will include 276 market-rate apartments—a mix of studios, one bedroom and two-bedroom units—as well as nearly 15,000 square feet of ground floor retail space, a fitness center, rooftop deck and underground parking. Around 30,000 square feet will accommodate offices for the cathedral, a childcare center for 110 children and a community center.

Rendering courtesy of BLTa



Vacant Warehouse in South Kensington to Become Mixed-Use Building

2 Dec 2013, 7:18 pm

By Veronica Grecu, Associate Editor

A Philadelphia-based real estate company has plans to transform the former truck repair facility at 1601-23 N. Front Street into a more entertainment-oriented space.

1601-26 N Front Street Philadelphia

According to the Philadelphia Business Journal, D3 Real Estate Development acquired the 21,142-square-foot vacant property for $600,000 from Reliable Autobody in a deal that was brokered by Michael Barmash of Colliers International.

Sitting within a few blocks from D3’s acclaimed Oxford Mills site—a $35 million renovation and reconversion project that will transform a former lamp factory at Front and Oxford Streets into retail and residential space for teachers—the warehouse serves as a link between three of Philadelphia’s growing neighborhoods: Northern Liberties, Fishtown and South Kensington. D3’s new adaptive reuse project on Front Street will include retail and office space, a restaurant, a fitness center and even a micro-brewery and space for live shows, the news source reports.

Kensington was once known as a working class district and one of the busiest centers of the textile industry and its brick-clad structures—or what’s left of them—reflect the neighborhood’s industrial past. However, post-war deindustrialization took its toll during the ‘50s and a large number of factories and homes were abandoned as large manufacturers

Soko Lofts Philadelphia

shut down their businesses, forcing a large part of the population to relocate to other parts of the city or even outside of Philadelphia.

But what might look like a sad picture has become a gold mine for real estate developers and investors such as D3. Some of Kensington’s vacant and derelict properties have already been repurposed as apartment buildings and offices that are luring back residents and companies. One major redevelopment project in particular—the former Absco Inc. steel plant that Canus Corp. wanted to turn into a multi-million dollar residential and retail complex—caught our attention again recently. According to the Journal, Canus Corp. is no longer interested in developing the already-approved project and it has retained Newmark Grubb Knight Frank to market the shovel-ready Soko Lofts (rendering at left) for roughly $10 million.

Images via Google Maps and PlanPhilly.com



Planning Commission Approves Redesigned Renaissance Plaza Project

20 Nov 2013, 9:20 pm

By Veronica Grecu, Associate Editor

The Philadelphia City Planning Commission (PCPC) green lighted Waterfront Renaissance Associates’ massive, $660 million development project that will be built on a currently vacant, 5.3-acre site on the Delaware River waterfront, at the corner of Callowhill Street and Columbus Boulevard.

The newly approved project includes four mixed-use towers. This is a slightly scaled down version of the original Master Plan designed by Alesker & Dundon Architects that was submitted for review by the developer—an affiliate of Carl Marks Real Estate of New York—back in mid-2012 after a failed effort to bring the World Trade Center concept to the Greater Philadelphia area.

According CBS Philly, construction at the 2.5 million square foot Renaissance Plaza will kick off by the summer of 2015 and will be divided into four phases with one tower completed in each development stage. Combined, the four glass and metal high-rises will comprise 1,350 apartments available for rent at market-rate prices and 70,000 square feet of ground-floor retail space. The complex will also include two sport centers, several bars and restaurants and an enclosed parking garage with 500 spaces.

Designed to achieve LEED Gold certification, Renaissance Plaza will feature approximately one acre of public green space that could host a farmers market or public events for residents and visitors alike.

 

 

Rendering courtesy of Alesker & Dundon Architects



Penn Announces New College House at Hill Field

14 Nov 2013, 12:11 am

By Veronica Grecu, Associate Editor

The University of Pennsylvania recently announced it will build a new college house at Hill Field as part of PennConnects, a residential program started in 1998 that already includes 11 student residences within the larger campus area.

University of Pennsylvania New College House

The new building will occupy roughly 198,000 square feet of space at the corner of 33rd, 34th, Walnut and Chestnut streets. At six stories high, the building will include a combination of 94 apartments that will accommodate 350 undergraduate students along with 15 faculty and staff members. The new college house will also feature classrooms, music practice spaces, a media center, student lounges and a new dining venue. A central courtyard called the Lifted Lawn will serve as an outdoor recreation space and small concerts venue for the building’s residents.

Around half of the $125 million required for this project has already been raised from various sources including private donations from Emeritus Trustee Stephen Heyman W’59 and his wife, Barbara Heyman, and the Lauder Foundation, according to the university.

Penn’s new college house was designed by Philadelphia-based architecture firm Bohlin Cywinski Jackson to achieve LEED Platinum certification thanks to a number of “green” features such as the use of locally sourced recycled construction materials and the creation of a green roof as part of a stormwater management plan, NakedPhilly reports.

Construction at the new student residence will begin in 2014 and will be completed by the fall 2016 semester.

Rendering via the University of Pennsylvania



Dermody Property to Create Industrial Park in Central Pennsylvania; Chesterbrook Shopping Center Sold for $8.9 Million

7 Nov 2013, 12:40 am

By Veronica Grecu, Associate Editor

Industrial development company Dermody Partners of Reno, NV, and its financial partner PCCP recently acquired a 107-acre parcel in Central Pennsylvania from Texas-based developer Trammel Crow Co.

LogistiCenter Carlisle

According to an official statement from Dermody, the former Mountain Creek Distribution Center—now known as LogistiCenter Carlisle—will be transformed into a 1.3-million-square-foot leasable industrial park. The property located at 2 Ames Drive in Carlisle already features a 700,000-square-foot building (pictured) immediately available for lease as a potential distribution operations facility. Dermody will break ground on a 602,250-square-foot building based on the leasing progress of the existing building, the press release said.

“The existing building at LogistiCenter Carlisle is an excellent facility for distribution operations,” said Eugene Preston, partner, Dermody Properties East Region Office. “We look forward to quickly developing another state-of-the-art facility to complement 2 Ames Drive.”

In other commercial real estate news, the Philadelphia Business Journal reports that the foreclosed Chesterbrook Shopping Center in Wayne was acquired at an auction by its lender, U.S. Bank, which was the only bidder. The bank, which went by the name 500 Chesterbrook Boulevard LLC, was the only bidder and purchased the half-vacant shopping center for $8.9 million.

Previously owned by Chesterbrook Village Center Association, the 122,216-square-foot retail complex was built in 1981. Its anchor tenant, Genuardi’s, occupied nearly 40,000 square feet of space within the complex until August 2010, which led to a drastic drop in the number of shoppers.

 

LogistiCenter Carlisle image via Dermody Partners



Historic Buildings to Become Mixed-Use Community in Old City

31 Oct 2013, 2:22 pm

By Veronica Grecu, Associate Editor

An assembly of ten buildings located at the corner of Market Street and North 3rd Street (pictured) in what is known as the “Shirt Corner” in the Old City neighborhood will be converted into a mixed-use complex, the Philadelphia Business Journal reports.

Market and N 3rd Streets, Old City Philadelphia

Behind the $20 million project is Alterra Property Group, a locally based real estate investment, development and management company which has built and/or redeveloped hundreds of housing units in Philadelphia’s historic district.

While the reconversion project is not fully approved yet, the developer is working with the Philadelphia Historical Commission and community members as four properties are listed as historic buildings. Alterra should complete the acquisition of the ten properties in the following weeks, according to information by the Philadelphia Inquirer.

According to the project plans designed by Coscia Moos Architects, two buildings should be demolished and replaced by a new, 54,000-square-foot structure that will look very similar to the Colonial-style buildings in the area. The project will feature 40,000 square feet of residential space including 59 apartments. The remaining 14,000 square feet of space on the ground floor will be occupied by a CVS Pharmacy and an unnamed retailer, the Journal notes.

The developer hopes to break ground on this project in December and complete it in Spring 2015.

 

Image via Google Maps

 



Green Housing Development Breaks Ground in South Philadelphia

24 Oct 2013, 3:29 pm

By Veronica Grecu, Associate Editor

Philadelphia’s commitment to green building and design was highlighted once again last week at an official ceremony that marked the ground breaking of a new, energy efficient residential community.

reNewbold

A joint venture between LPMG Companies, Postgreen Homes and Interface Studio Architects (ISA) is transforming the former site of the Drexel School at the corner of 16th and Moore Streets in the Newbold section of South Philadelphia into the area’s first affordable, green residential community designed to seek LEED Platinum and Energy Star certification.

reNewbold will include 16 superinsulated rowhomes—seven of which have already been sold or reserved—with onsite parking, one street-level retail unit and two condo units built above the retail space. The project is 100 percent privately financed and, according to Curbed Philly, it will be built in two stages, with the development effort focused initially on six units along Bancroft Street.

With prices ranging from $249,000 to $325,000, each two- or three-story home can be customized to meet the buyer’s demand. All units are designed to reach a 50 percent drop in energy use as compared to regular homes similar in size. The rowhomes will feature sustainable amenities such as triple-pane windows, green roofs, roof decks, Energy Star appliances, and low-flow fixtures that will reduce the monthly cost of utilities to around $90. The first homes will be ready for residents to move in in early 2014,

reNewbold

and the entire development should be completed by spring 2015.

Philadelphia Inquirer notes that there are less than 300 LEED certified homes in the city, and 47 of them have attained LEED Platinum, which is the highest level in USGBC’s rating system.

 

Renderings via Postgreen Homes



Urban Outfitters Receives 10-Year Tax Break for $200 Million Investment in Pennsylvania

11 Oct 2013, 6:17 pm

By Veronica Grecu, Associate Editor

Urban Outfitters, a global retailer of clothing and decor founded in University City in 1970, is planning an unprecedented expansion of two of its production centers in the Philadelphia area. The $200 million investment announced recently by the company will result in a larger headquarters at Urban’s existing facility at the Philadelphia Navy Yard and a new, direct-to-customer fulfillment center in Gap, Lancaster County.

With 2,500 new jobs in the pipeline (2,000 new employees are expected to join the 250,000-square-foot headquarters building at the Navy Yard, while 500 will be hired at the new fulfillment center in Gap), Urban’s investment will have a positive economic impact in the region as it will more than double the company’s workforce in Pennsylvania. In fact, according to a Pennsylvania Independent news report, both projects will be developed under a state-run strategy that grants businesses a 10-year tax break for investing and creating new job opportunities in undeveloped or underdeveloped areas and communities.

Called Keystone Opportunity Zones (KOZ), the program started in 1999 and gradually developed throughout the Commonwealth of Pennsylvania in 12 regions. As reported by the news source, KOZ created more than 15,000 jobs and retained another 9,000 in 2012 alone.

The $105 million distribution center planned for Gap will be built on a 52-acre property that Urban purchased for $9.04 million, Lancaster Online reports. It will have 1.2 million square feet, exactly the same size as Walmart’s recently announced fulfillment center in Bethlehem, Lehigh Valley. Urban will break ground on its third distribution facility at Brackbill Road and Route 30 in Gap in early November and is expected to open the e-commerce order-fulfillment center in the summer of 2015.



Walmart to Open 1.2 Million Sq. Ft. Fulfillment Center in Bethlehem, Add 350 New Jobs

3 Oct 2013, 3:21 pm

By Veronica Grecu, Associate Editor

Liberty Property Trust, one of the biggest commercial landlords which owns and manages more than 15.1 million square feet of space in the Lehigh Valley area, announced a record 1.2 million-square-foot lease in the Lehigh Valley Industrial Park VII in Bethlehem.

According to a press release from the company, the distribution facility located at 2785 Commerce Center Blvd. was leased to Walmart and stands as Liberty Property’s highest quarterly leasing in its history of 41 years. The lease will commence January 1, 2014.

The retail giant plans to open a new center—the largest of its kind for the company—dedicated to filling online orders at the Bethlehem location. When fully operational in the first quarter of 2014, the large-scale distribution facility will employ more than 350 full-time positions to support the company’s growing, multi-billion dollar e-commerce services, with more temporary jobs likely to be added during holiday and other peak seasons. The Bethlehem distribution center will be fully managed by Walmart and will house electronics, toys, apparel, fitness equipment, sporting goods and other products that will be delivered faster and at lower costs.

“As Walmart moves forward with expansion of its e-commerce business we will be a partner in ensuring Pennsylvania and the Lehigh Valley remain a continued part of that growth,” said Governor Tom Corbett who was quoted in a press statement.

As reported by Businessweek, Walmart’s new distribution center in the Lehigh Valley area will compete directly with Amazon.com, which also has a fulfillment center at 705 Boulder Drive in Breinigsville. To balance this out, Walmart’s recruitment staff could take advantage of one of the largest layoffs in the Lehigh Valley, as Walgreens recently announced that it will shut down its distribution center in Hanover Township and release around 400 employees.

Walmart also opened another large-scale fulfillment center in Fort Worth, Texas. Totaling 800,000 square feet of space, the facility has already started shipping orders.

 

Company logo via walmart.com

 



Hersha Sells Hotel Portfolio to Blackstone; Tower Place Seeks New Owner

26 Sep 2013, 5:04 pm

By Veronica Grecu, Associate Editor

Hersha Hospitality Trust, a Harrisburg,PA-based real estate investment trust that owns and operates 48 luxury hotels located in urban gateway markets, will sell a large part of its portfolio to BRE NE Hospitality Holdings LLC, an affiliate of Blackstone Real Estate Advisors, for $217 million. The deal is subject to customary conditions for real estate transactions and is expected to close by the end of Q1 2014.

The deal includes 16 non-core hotels in Long Island, suburban Philadelphia, Connecticut and Rhode Island and marks Hersha’s exit from these markets in an effort to set up “a pure play, urban transient portfolio with exposure to some of the highest demand gateway markets in the United States,” according to Jay H. Shah, the company’s chief executive officer. “Including the anticipated sale of these 16 non-core hotels, we have sold 46 non-strategic hotels generating approximately $460 million in gross proceeds since 2008. In addition to further reducing leverage, we expect to redeploy the cash proceeds from this sale into higher growth opportunities in Miami and the West Coast,” he added.

In further commercial real estate news, the Philadelphia Business Journal reports that developer Bart Blatstein is selling Tower Place, a recently renovated apartment building located at 1400 Spring Garden Street. According to the source, the structure was built in 1958 by the General State Authority to serve as the Philadelphia State Office Building. In 2011 Blatstein’s Tower Investments Inc. invested around $70 million in reconverting the 300,000-square-foot high-rise into 204 luxury residential units with rents between $1,500 and $3,000 a month. The building, which is marketed by Jones Lang LaSalle, is currently 75 percent occupied.

 

Photo via Tower Place Facebook Page







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