July 25, 2015 |
Brandywine Realty Trust plans to develop loft-style offices and residential units on the land it bought this month along the 2100 block of Market Street in Center City, president and chief executive Jerry Sweeney told analysts Thursday in a conference call. The offices would be similar to those at the 1900 Market St. building that Brandywine is now renovating, Sweeney said. That structure, known as the Stock Exchange Building, is being upgraded with open floor plans and collaborative work and meeting areas.
July 23, 2015 |
The story of the Center City condo market's turnaround stands 43 stories tall at 2101 Market St. That's the address of the Murano, the bluish glass-and-steel high-rise that in June 2009, as the real estate bust choked the life out of sales, was the first locally to resort to an auction. Next month, the last of the Murano's 302 original units will go to settlement - a milestone that local real estate observers consider not only a measure of market strength but a 180-degree turnaround in the perception of the viability of that Market Street West.
July 16, 2015 |
Philadelphia property owner Richard Basciano has now sold off his entire real estate portfolio in Center City, opening a frontier for development along what had long been a blighted stretch of sex shops, empty buildings, and vacant land. Basciano's STB Investments Corp. has sold nearly an acre along the western portion of Market Street - including the site of Center City's last porn theater - since June to Brandywine Realty Trust, Parkway Corp., and PMC Property Group or their affiliates, according to city records and company officials.
July 11, 2015 |
Brandywine Realty Trust, Philadelphia's biggest office landlord, has bought almost the entire Center City block that was the site of 2013's deadly building collapse that flattened a Salvation Army thrift store. The publicly traded investment trust bought the 37,000 square feet of land along the southern side of Market Street's 2100 block on Tuesday, president and CEO Jerry Sweeney said. He would not disclose the price. The purchase of the site - including two buildings, a parking lot, a parking structure, and a vacant lot - is seen as a vital piece in linking Philadelphia's core office district to University City.
July 6, 2015 |
We know plenty of facts about the renovation of Philadelphia's dysfunctional Gallery. We know the cost ($325 million). We know what the city and state are coughing up to help the developers realize the transformation ($148.5 million). We even know that the old pushcart vendors have been guaranteed spots in the reconfigured mall. And yet we know almost nothing about the architecture. Through months of discussion about the city's financial contribution to the project, Philadelphians were shown only a single hazy rendering of what the Gallery's new Market Street facade would look like after the big white whale of a mall goes under the knife and reemerges as the "Fashion Outlets of Philadelphia.
July 1, 2015 |
In City Council's often-bustling chambers, the curtains are drawn and the lights dimmed to a soft glow. The 17 mahogany desks are cleared, save for a few copies of bills and a soda can left by advocates who favored a soft-drink tax to fund Philadelphia schools - a fight now in the rearview mirror. This room will get little use this summer, as Council takes its annual three-month legislative break. It's among the longest recesses taken by any major city council in the country.
June 30, 2015 |
IT WAS BACK to the 18th century at Century 21 yesterday after a power outage left the department store and 300 other Center City customers without electricity for eight hours. The outage, which stemmed from a problem with an underground cable on 9th Street near Race in Chinatown, occurred about 7:30 a.m., PECO Energy Co. spokeswoman Liz Williamson said. With crews working on it throughout the day, power was restored to all but three customers as of 3:30 p.m., Williamson said.
June 18, 2015 |
Domenic and Tommy are the closest thing to royalty at the Reading Terminal Market. Domenic M. Spataro, owner of Spataro's cheesesteaks. Tommy Nicolosi, owner of DiNic's Roast Pork & Beef. Some afternoons, the two old friends allow themselves a liquid lunch at the Terminal bar, Molly Malloy's. Who's going to tell them otherwise? Between them, they have about 85 years of experience at the Terminal. Domenic started working weekends and summers at his father's buttermilk stand when he was 8, then went full time the day after graduating from Northeast High.
June 13, 2015 |
The University City Science Center's monolithic office buildings will be joined to a new zone featuring pedestrian-friendly shopping streets, apartment towers, and a sprawling public plaza as part of the West Philadelphia business incubation and research complex's plan to more than double in size. Wexford Science and Technology, which is developing the new site, said Thursday that its goal in the $1 billion project is to break up the long, unbroken blocks of offices and institutional structures where the expansion will occur while mixing in other uses.