PHILADELPHIA-CAMDEN-WILMINGTON-ATLANTIC CITY-READING | Metro Development Thread - Page 73

EastSideHBG · #**1441** Posted **Mar 15, 2017, 9:31 PM**

Quote:

Originally Posted by Mr Saturn64

This should be good. While it is a mess, and it will be a long time before anything really changes, "family-friendly" could work very well for Atlantic City. The Jersey Shore already has several family friendly places (Ocean City, Sea Isle...), but maybe a large, indoor water park would be good.

I disagree and think that there are enough family friendly places in NJ and elsewhere, would be better to be something different and shoot for Vegas east or something like that. For those that would say to me that they already tried that and failed I would disagree, as AC was always a little...rundown...so it wasn't a solid try.

summersm343 · #**1442** Posted **Mar 16, 2017, 10:13 PM**

Wawa to hire more than 5,000 workers this spring

Read more:
http://www.bizjournals.com/philadelp...is-spring.html

summersm343 · #**1443** Posted **Mar 16, 2017, 10:21 PM**

Developer plans $100M overhaul of Bala Village

Quote:

Cross Properties has zeroed in on a corner of Lower Merion referred to as Bala Village and has plans to spend roughly $100 million to develop upwards of 300 multifamily units.

For its part, Cross has a vision of how it sees Bala Avenue evolving and anticipates taking an active role in shaping its future through some of the projects it is proposing.

At this point, it owns: 10 Union Ave., where it expects to begin work next month on a new apartment building that will have 110 units; 9-11 Union Ave., which consists of five properties that will be razed to make way for a complex that will have 80 units; and 202 Bala Ave., which is the site of the former BMW dealership. There, Cross is considering building as many as 110 units. Each project would have a retail component that would cater to residents of the apartments, other nearby neighbors and more.

Cross Properties has completed two apartment projects in Lower Merion — the Palmer in Wynnewood and the Square in Ardmore. Both have been deemed successes and, for Michals, provided proof the market can absorb more multifamily development. Tenants at those two projects have been young professionals between 28 and 35 years old and those between 55 and mid-80s who are downsizing. The gap between those two groups is the result of those in prime child rearing years who own a home, he said. Michaels expects the Bala projects to draw similar demographics as the other two developments.

http://www.bizjournals.com/philadelp...-city-ave.html

summersm343 · #**1444** Posted **Mar 17, 2017, 6:01 PM**

3 Philadelphia area J.C. Penney stores to close

JC Penney will close at KOP Mall, Willow Grove Mall, and Philadelphia Mills Mall in Northeast Philly. Looks like the one at Rio Grande Plaza by Wildwood and Cape May will also close.

http://www.bizjournals.com/philadelp...ney-close.html

Knight Hospitaller · #**1445** Posted **Mar 17, 2017, 7:01 PM**

^If JCP can't make money in KOP, they're done.

summersm343 · #**1446** Posted **Mar 17, 2017, 8:33 PM**

Popular Drexel Hill event site bringing Delco township its 1st brand-name hotel

Quote:

The first of two brand-name hotels in one Delaware County township will break ground next month, signaling growth for the township and for a popular event site's parent company, that will now be able to tap into a $55 billion-dollar industry.

Drexelbrook Associates owns two properties in Drexel Hill, located in Upper Darby Township: Drexelbrook, a mid- to long-range apartment living community established in 1948 and bought in 1959 by Drexelbrook Associates' General Partner L. William Kay II; and the popular Drexelbrook Catering & Special Event Center, which was once a private club in the 1950s until it was opened to the public in the 1980s following a fire in the '70s.

Needless to say, Drexelbrook Associates and its properties have a storied history in Drexel Hill, and its growth will continue with the firm's third business – a 100-room hotel called the Holiday Inn & Suites Philadelphia at Drexelbrook, which will be attached to the existing conference center.

A groundbreaking ceremony will be held on April 6 for the Holiday Inn.

The Holiday Inn was one of two hotels announced to break ground this year, marking the first time brand-name concepts would open in Upper Darby Township.

http://www.bizjournals.com/philadelp...k-wedding.html

domodeez · #**1447** Posted **Mar 18, 2017, 4:37 AM**

From this past week - looks like I had just missed a big foundation pour

Looking south:

domodeez · #**1448** Posted **Mar 18, 2017, 4:39 AM**

.

domodeez · #**1449** Posted **Mar 19, 2017, 9:55 PM**

Already above ground on this one.

Looking southeast to the residential towers across the Christina River

Looking southwest:

jamesinclair · #**1450** Posted **Mar 20, 2017, 12:27 AM**

Quote:

Originally Posted by Knight Hospitaller

^If JCP can't make money in KOP, they're done.

There list of closures is mostly in old rust belt cities, the south, or other shrinking areas.

The KoP closure might be something else? It doesnt fit the pattern. Maybe the mall has another tenant that has been wanting in and they couldnt refuse the offer.

See also: Sears selling half their floor spaces to Primark at various malls

jsbrook · #**1451** Posted **Mar 20, 2017, 4:31 AM**

Quote:

Originally Posted by EastSideHBG

I disagree and think that there are enough family friendly places in NJ and elsewhere, would be better to be something different and shoot for Vegas east or something like that. For those that would say to me that they already tried that and failed I would disagree, as AC was always a little...rundown...so it wasn't a solid try.

Not a chance. It was not for lack of trying. AC was unable to attract the funding and clientele to be "not run down" and a "Vegas East" even before there was immense competition through numerous casinos in nearby states. And the nicest resorts - though not without their problems- have been a tremendous flop. Revel. AC cannot be a greater gambling destination than it was in its heyday with the amount of competition and without the warm temperatures Vegas enjoys yearround. It needs to focus on both other tourist points of interest and other kinds of industry and development. As far as casinos, it's about at its saturation point in this climate. Borgota and Trop for upscale. And the other existing ones for low rent.

summersm343 · #**1452** Posted **Mar 20, 2017, 3:54 PM**

Bala Plaza owner proposes $37M renovation plan to retain big insurer tenant

Quote:

The New York-based owners of Bala Cynwyd’s Bala Plaza office complex are asking the state for a $10-million grant to help pay for renovations apparently aimed at keeping units of Japan’s Tokio Marine Holdings Inc. as tenants.

Tishman Speyer is seeking to complete a $38-million renovation of the complex’s 378,200-square-foot One Bala Plaza building “in order to retain a major insurance services employer in Pennsylvania,” according to its recently filed application for a state Redevelopment Assistance Capital Program grant.

Philadelphia Insurance Cos. and TNMA Services LLC, both Tokio subsidiaries, are currently headquartered in the complex. Bill Procopio, a spokesman for the companies, said they are in negotiations for a future lease, but declined to provide further details.

The grant application says the renovations would help retain over 1,000 jobs and facilitate the creation of over 350 more by 2024. Tishman Speyer spokesman Bud Perrone declined to elaborate on the plans.

Tokio Marine acquired Philadelphia Insurance for $4.4 billion in 2008.

Read more here:
http://www.philly.com/philly/busines...ce-tenant.html

jonesrmj · #**1453** Posted **Mar 21, 2017, 1:03 AM**

Which phase of Midtown Park is being built first? The 10 story building or the two, 5 story buildings?

summersm343 · #**1454** Posted **Mar 21, 2017, 10:45 PM**

Bebe to shut down Philadelphia Mills, KOP, Cherry Hill, and Gloucester locations

Quote:

Bebe Stores Inc., a women’s apparel chain with locations across the U.S., is planning to shut its stores, including locations at the Philadelphia Mills, King of Prussia, Cherry Hill Malls and at the Gloucester Premium Outlets.

The company will seek a turnaround as an online brand, according to people familiar with the situation.

The company is trying to close the locations without filing for bankruptcy, said the people, who asked not to be identified because the efforts aren’t public. However, Chapter 11 may be required if enough landlords aren’t willing to negotiate, they said.

The company, known for selling trendy going-out apparel to young women, has been operating about 170 boutique and outlet stores. Bebe would become the latest retailer to shed brick-and-mortar stores and hitch its fortunes to e-commerce. Kenneth Cole Productions said in November that it would close almost all of its locations, concentrating instead on its online, international, and wholesale businesses.

http://www.philly.com/philly/busines...ncluding-.html

skiesthelimit · #**1455** Posted **Mar 22, 2017, 1:50 AM**

Quote:

Originally Posted by jonesrmj

Which phase of Midtown Park is being built first? The 10 story building or the two, 5 story buildings?

iirc, it's not phased, it's all supposed to be done by fall of next year. However I think the 5 story portion will be built out first along with the parking.

summersm343 · #**1456** Posted **Mar 22, 2017, 8:54 PM**

Bancroft building new $75M Mount Laurel campus

Read more here:
http://www.bizjournals.com/philadelp...pus-welsh.html

1487 · #**1457** Posted **Mar 23, 2017, 12:27 PM**

Population stagnation in the region. Not surprising since this is a long term trend, but still not good news.

http://www.philly.com/philly/news/ce...nix-metro.html

Milksteak · #**1458** Posted **Mar 23, 2017, 12:31 PM**

Quote:

Originally Posted by 1487

Population stagnation in the region. Not surprising since this is a long term trend, but still not good news.

http://www.philly.com/philly/news/ce...nix-metro.html

Very informative and detailed article...it was good up until the 'climate change may work in Philly's favor' part at the end. Yes, down the line climate change may play a part, but it's not like it won't affect Philly either. Unless some catastrophic event happens in Miami, people aren't going to all of the sudden decide it's too hot and pack up shop.

Anyways, there are about a million things Philly could, should, and may actually do to help pick up growth...most of which have been talked about ad nauseam on this board.

mcgrath618 · #**1459** Posted **Mar 23, 2017, 1:34 PM**

Quote:

Originally Posted by Milksteak

Very informative and detailed article...it was good up until the 'climate change may work in Philly's favor' part at the end. Yes, down the line climate change may play a part, but it's not like it won't affect Philly either. Unless some catastrophic event happens in Miami, people aren't going to all of the sudden decide it's too hot and pack up shop.

Anyways, there are about a million things Philly could, should, and may actually do to help pick up growth...most of which have been talked about ad nauseam on this board.

Well if we don't start those things now we're going to go right back where we were headed in the 60s

Milksteak · #**1460** Posted **Mar 23, 2017, 1:45 PM**

Quote:

Originally Posted by mcgrath618

Well if we don't start those things now we're going to go right back where we were headed in the 60s

Agree completely. Schools are certainly a part of the city population loss...but we need to compete on a national and international level or we will remain stagnate. Poaching people from the suburbs and vice versa isn't going to do the region any good.