September 27, 2014 |
A multiyear legal battle over development of a 210-acre parcel in Newtown Square, Delaware County, concluded this week as the state Supreme Court ruled that the ambitious project can move forward. BPG Development received approval from Newtown Township in 2008 for Ellis Preserve Town Square - 465,000 square feet of retail space, offices, housing, a hotel, and a community park at Routes 3 and 252. But Claude de Botton, another local property owner and developer, filed suit against BPG Development and the township, claiming plans were not specific enough and were out of step with the Pennsylvania Municipalities Planning Code.
August 5, 2014 |
Corey Schiller had barely turned 30 when he became chief executive of what was then a $130 million home-remodeling company. Now Power Home Remodeling Group, of Chester, employs 1,350 and will report, Schiller said, $300 million in revenue for 2014. Schiller, 32, a soccer-playing history major, was 21 when he and his best friend started at Power as junior salesmen right out of college. Two years later, Schiller earned a promotion to lead a marketing department of 40 people. He was 23 years old. Question: How did that go?
July 14, 2014 |
He's the man who built Campus Apartments in University City from a regional student-housing company into a national firm. David Adelman, who took over from the Campus Apartments founder, is branching out into office space in West Philadelphia - and he's looking to attract a key anchor tenant, such as Google, to lease his former factory space at 4101 Sansom St. The retrofitted printing-press shop here is known as the Graphic Arts Lithographers building...
July 12, 2014 |
The University of Delaware on Thursday canceled its agreement with Paoli-based Data Centers L.L.C. , killing the state-backed $1 billion-plus plan to build a corporate data center and natural gas plant on campus. A committee of UD officials and professors had unanimously voted against the project. Profs and managers on the "working group" that UD president Patrick Harker asked to review the proposal "concluded that the proposed facility, which included a 279-megawatt co-generation power plant, is not consistent with a first-class science and technology campus and high-quality development to which UD is committed," the university said in a statement With Gov. Jack Markell and the state's business and political establishment backing the plant, Harker had signed an initial agreement inviting the company on campus.
June 11, 2014 |
The venerable Curtis Center at Sixth and Walnut Streets, a landmark of Philadelphia's publishing past, was purchased Monday for $125 million in cash by Keystone Property Group and Mack-Cali Realty Corp. Keystone, of Bala Cynwyd, and Mack-Cali, of Edison, N.J., said the building, which covers an entire block and overlooks Washington Square, will become "mixed-use," as 90,000 square feet of unoccupied office space is converted to luxury rental apartments. More residential space could be developed in the Curtis Center as more office space becomes vacant, Mack-Cali said.
May 12, 2014 |
FMC Corp. has been one of the region's quiet giants. With $3.9 billion in sales in 2013, the specialty-chemical company is one of Philadelphia's most significant corporate residents. But in terms of household names, it's no Comcast. That might change a bit now that FMC has decided to move to its own trophy tower at 30th and Walnut Streets. The edifice - to be topped with FMC's brand - will certainly make the firm more visible. Groundbreaking for the 49-story, $385 million tower is set for Wednesday.
April 28, 2014 |
CHESTER - Far more than a mere sports arena, the Major League Soccer stadium was going to be the centerpiece of an economic renaissance for the struggling city of Chester. In announcing $47 million in state funding for the project in 2008, Gov. Ed Rendell went so far as to say it would "change the face of Chester forever," the axis for development that would include housing, a convention center, office and retail space, and a riverside promenade on the city's historic waterfront.
April 24, 2014 |
Center City, Philadelphia's engine for growth for the last decade or more, is showing signs of distress, according to statistics compiled by the Center City District for its annual "State of Center City" report. From office rental rates to visits to tourist attractions and the number of major conventions on the horizon, a variety of measures of the health of the city's core suggest it might not be quite as vibrant as hoped. For instance, while Center City's population inches higher, office rental rates run stubbornly below national averages, an indication of a city's weakness in attracting new employers.
April 7, 2014 |
In the survival-of-the-fittest, cutthroat world of retail, some malls have the right stuff. Others simply need to be "right-sized" and reincarnated - like, say, neighborhood mall, meets City Hall, meets Main Street. Take the old Echelon Mall. Known as "The Mall" in its heyday in the late 1970s and '80s, it drew from surrounding communities, like Lindenwold, Clementon, and Audubon. But time, disrepair, an exodus of tenants, and newer competition took their toll. By the time mall powerhouse Pennsylvania Real Estate Investment Trust (PREIT)
March 22, 2014 |
The School Reform Commission on Thursday signed off on sales of eight closed buildings - properties that will net the cash-poor Philadelphia School District less than $30 million. Douglas High School in Port Richmond will be sold to Maritime Academy Charter School for $2.1 million. Shaw Middle School in Southwest Philadelphia will go to Mastery Charter for $2.7 million. Alexander Wilson Elementary in Southwest Philadelphia will be bought by Orens Bros. Real Estate Inc. for $4.6 million.