Drexel University “Campus Master Plan”
Drexel is calling thier recent real estate developments and acquistions thier Campus Master Plan. Seems like what Drexel U is planning in West Philadelphia are new planters, benches, upgrades to existing buildings, etc. However, Drexel University has acquired a property at 32nd and Market, a 26,675 square foot triangular parcel. The parcel’s exact future use hasn’t been determined.
Additional potential real estate develpment has Drexel going east to 30th Street, west to 40th Street and north to Spring Graden Street. This pushes Drexel into residential West Philadelphia neighborhoods and will they have resistance as UPENN did? To read more…
US Regional Map of Year of Year Real Estate Sales
US Regional Map of Year of Year Real Estate Sales
If you real estate is up from the talking heads on national news channels, this map tells you how local areas are doing. Remember real estate is local, especially in Philadelphia where it can vary block by block.
http://www.cnbc.com/id/100424686
Philadelphia Planning Commission approves rezoning on American St
A real estate development company is planning a two-phase, 320-unit mixed-use apartment complex in Philadelphia, PA on American Street between Master and Thompson. This past Tuesday the Philadelphia City Planning Commission recommended approval of a bill that would rezone to commercial mixed-use. The main concern from South Kensington Community Partners is street level parking. For more details…
Some Stats on Haddington neighborhood of West Philadelphia
Saw this in the Philadelphia Inquirer today. The article discusses the Haddington neighborhood of West Philadelphia. Its borders are Haverford Avenue/Girard Avenue to the north, 52nd Street to the east, Market Street to the south, and 67th Street to the most western edge of the neighborhood. Rehabbed properties sell for $80,000 to $90,000.
Zoning Board Hearing on Canal Street Entertainment Complex in Fishtown
A Real Estate Developer received conditional approval for its development of the Penn Treaty Village that would include a bowling-alley, concert-venue, restaurant, distillery and a Toby Keith bar located on Canal Street in the Fishtown neighborhood of Philadelphia, PA.
The project would turn the vacant Ajax Building at the corner of Delaware and Frankford into a concert venue run by Live Nation; it would be a Fillmore venue, like the former TLA on South Street. The venue’s maximum occupancy would be 3,000, and a representative of Live Nation said the group plans to hold around 65 concerts a year.
The plan includes two surface parking lots, and it would make an existing non-accessory sign on the Ajax Building permanent.
Real Estate Development Plans For West Philly
The proposed 24-story Drexel University dorm building at 34th and Lancaster in West Philadelphia was discussed during the Planning Commission monthly meeting. The building will contain 351 residential units, accommodating 1,361 residents, and commercial space on the ground floor. Also, it would include 89 onsite parking spaces [I recommend more onsite parking spaces for 1361 residents].
The planning and zoning processes in Philadelphia are not proceeding perfectly. The new zoning code requires real estate developments to go through a fairly rigid series of steps, and the city generally wants to avoid piecemeal amendments to the zoning maps. At the same time, the Planning Commission is performing a neighborhood-by-neighborhood remapping, which is not supposed to be complete for the next few years. To learn more…
Philadelphia City Council mulls “gentrification relief” from property taxes
For more than a decade Graduate Hospital area of Philadelphia, PA has been one of the city’s fast developing neighborhoods. It continues to grow with new homes and skyrocketing home prices. While half the homes are filled with newcomers in Graduate Hospital, some homes are not.
These longtime residents in fast-growing areas are considered most effected to the real estate tax changes from Philadelphia’s property tax reform. Moving from the old real estate tax system to one based on the current market value of a property could mean an enormous tax increase to a home in Graduate Hospital. To read more….
Can the Navy Yard Stand on its own as an innovation hub?
More people are working in the Navy Yard (South Philly) then ever before. A Plan was developed to make the Navy Yard “a place for innovation”. To attracted companies and start-ups in physical sciences, energy and engineering sectors — a way to balance Philadelphia’s strength in the life sciences sector. Some highlights from the article:
- Philadelphia Navy Yard hit the 10,000 jobs milestone this January
- Just under half of the businesses at the Navy Yard fall into the tech or energy industry
- Room for expansion: currently, 6.5 million sq.ft. of the Navy Yard’s 20 million square feet has been developed
- partnering with the University City Science Center to open “Satellite Quorum”
Old City Philadelphia Objects to 205 Race St. Project
If you are a real estate developer and you want to build a 16 story, 128 dwelling mixed used project (bigger than the zoning allows) how do build the property?
1) Apply for variances, meet with the local community groups, and present your case to the Zoning Board of Adjustment
2) Or you can just avoid all that and just ask your Councilperson to change the zoning.
The actual real estate developers of this proposed development in Old City Philadelphia chose #2. Councilman Mark Squilla introduced a bill that would add a “Bridge Approach Area” to the Old City zoning overlay, providing size and density bonuses to buildings on parcels between I-95, 4th Street, Race Street, and New Street. The 205 Race parcel is the one of the biggest lots in that area. To read more of this story…
Student Loan Debt Hurts Housing Market
With home prices and mortgage rates both at historic lows, it seems like the perfect time to buy. First-time home buyers usually make up over 40 percent of the home buying population, but their share has hovered at or below 30 percent recently.
WHY? Student loans are standing in the way of many first time home buyers.
As total student loan balances nearly tripled between 2004 and 2012, according to a new survey from the Federal Reserve Bank of New York. Now $1 trillion in collective student loan debt is directly affecting the housing recovery.
I guess the $100,000+ in student loans for a job that pays $30,000 a year does not make sense after all. To read more…
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