Quote:
Originally Posted by 1487
I continue to say a lot of the blame falls on the owners/speculators of the properties on Market. The 1000 block is full of mediocre looking buildings that need serious investment. I know PREIT has purchased a few to hold for future development but it seems like that is a long term play with no improvements coming soon. I just don't understand why these building owners aren't trying to maximize these properties. Same applies to some of the buildings on East Chestnut and 11th street.
|
Could be a lot of things.
Maybe they want to sell at some point soon and cash out. Waiting until the current projects are finished could maximize the number. Maybe they can't afford to improve and are waiting it out for the same reason.
But I think this will happen eventually. The Disney hole HAS to get an offer that can't be refused at some point in the revitalization cycle happening on Market east. Once that shoe drops, those little shops on the south side of market between 7th and 11th will all turn over.
What will be interesting is to see
how these blocks would be developed. Most of these buildings are short-stacks. It would be great if we had a bunch of East Market projects but that's a tremendous amount of investment to build 4 blocks of that kind of development.