From Center City to the suburbs, developers find rising demand for live-work-play environments. Luxury high-rises, student housing and creative redevelopments lead the list.
The Philadelphia multifamily market continues to present strong fundamentals in 2018, despite a rent growth of 1.9 percent, 60 basis points below the national average as of April. The metro is currently experiencing a construction boom, thanks to the strong influx of Millennials moving into the city. Since 2010, multifamily completions have steadily increased, reaching a peak in 2017, when roughly 5,000 rental units were delivered. This year development is unlikely to hit that high mark again, but with almost 9,000 units underway in the metro, construction activity will remain elevated.
The development pipeline in Philadelphia’s suburban submarkets has had a steadier increase over the cycle, while urban areas have relatively held steady for several years. This list highlights the 10 largest communities currently under development in the metro area, six of which are situated within the market’s core areas, while the remaining four are being built in the suburbs. Mixed-use projects are on the rise, with many entries on the list being incorporated into large live-work-play developments. All data for the piece was provided by Yardi Matrix.
Phase two of Carpenter Green will break ground this summer with phase three scheduled for the fall
A lush oasis flourishing with sweetgums and sugar maples will soon blossom at the corner of 17th and Carpenter streets. Under a haven of canopy trees, children will gather at a water spring, cooling off and seeking serenity in the midst of dense urban space.
Nestled in the Graduate Hospital area, this eden of economic development and sustainability, known as Carpenter Green, is an ongoing brainchild of the South of South Neighborhood Association — or SOSNA — a nearly 20-year-old registered community organization, encompassing Broad Street to the Schuylkill River and South to Washington streets.
The View at Montgomery Hosts Resident Thank You Lunch
Students filled The View at Montgomery’s lobby on Thursday to celebrate its latest rankings as the “Best Student Housing Project in Philadelphia,” and as the 16th best student housing property in the nation by J Turner Research. The Goldenberg Group, the real estate developer of The View, held a lunch in the lobby as a thank-you to its residents for making this possible.
In September of 2017, building on the success of The View at Montgomery on the edge of Temple University’s campus, The Goldenberg Group began construction on a $199 million student housing community. This 470,000 SF mixed-use companion development located at 12th Street at 12th Street and Cecil B. Moore Avenue will feature 984 beds, best-in-class amenities, and panoramic views of the Philadelphia skyline [Read Full Article]
Updated: March 16, 2018 — 4:48 PM EDT
by Jacob Adelman, Staff Writer
Plans by Toys R Us to shutter its nationwide empire of big-box stores that sell toys, kids’ clothing, and baby goods are poised to empty nearly a million square feet of retail space in the Philadelphia region, a new headache for landlords already seeking tenants for properties vacated by other bankrupt and shrinking retailers.
Wayne, N.J.-based Toys R Us Inc. operates 34 Toys R Us and Babies R Us stores in Southeastern Pennsylvania, South Jersey and northern Delaware, accounting for 967,544 square feet of space, according to data compiled by real estate market tracker CoStar Group.
The chain owns just nine of those properties, leasing the others from commercial landlords who are soon to be faced with finding new tenants amid a dwindling pool of users of big-box spaces. [Read Full Article]
We can’t say exactly when it will happen, but sometime in the not-too-distant future, private cars will go the way of the dinosaur. For now, however, people continue to demand, and developers continue to build, houses and apartments across Philadelphia with substantial space devoted to car storage.
So let’s take a moment to applaud the new, darkly handsome apartment building at 1213 Walnut, the first Philadelphia high-rise designed for the post-ownership era. Not only is there no automobile parking on site, the 322-unit building boasts its very own woonerf, a narrow, curbless street that serves pedestrians and vehicles equally. The space allows ride-hailing vehicles and delivery trucks to do their work without tying up Walnut Street’s already congested bus lane. The open-air passage, which hugs the tower’s west side, like a continuation of Camac Street, also makes a great pedestrian shortcut. [Read Full Article]
You have your formal side and your casual side.
This new French-inspired home lets you express both.
Our Anglophilia serves us poorly in one respect: It doesn’t really let us let our hair down.
The center-hall Colonial, the product of that Anglophilia, is all about formality, reserve and propriety. But in these times, we’re more inclined to kick back and relax in a more casual environment where we can do as we please.
Yet there are times when formality is what’s called for. And many modern homes have no way to let you get dressed up.
Projects are sprouting up in Center City, King of Prussia, South Jersey and across the region. It’s an exciting time.
The Philadelphia Business Journal each year honors the Best Real Estate Deals of the year – anything from building sales to renovations to project completions. Through an extensive nomination process, we endeavor to honor the deals with the highest impact on the region – the gamechangers, if you will.