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

[summersm343]

Here are the Population Changes from 2015 to 2016

Philadelphia Metropolitan Statistical Area (MSA)
Total - 6,062,303 in 2015 - 6,070,500 in 2016 - +8,197

Philadelphia County - 1,564,964 in 2015 - 1,567,872 in 2016 - +2,908
Montgomery County - 818,363 in 2015 - 821,725 in 2016 - +3,362
Chester County - 515,253 in 2015 - 516,312 in 2016 - +1,059
Delaware County - 563,321 in 2015 - 563,402 in 2016 - +81
Bucks County - 626,821 in 2015 - 626,399 in 2016 - -422
New Castle County - 555,167 in 2015 - 555,987 in 2016 - +820
Cecil County - 102,397 in 2015 - 102,603 in 2016 - +206
Burlington County - 449,675 in 2015 - 449,284 in 2016 - -391
Camden County - 510,295 in 2015 - 510,150 in 2016 - -145
Gloucester County - 292,106 in 2015 - 292,330 in 2016 - +224
Salem County - 63,941 in 2015 - 63,436 in 2016 - -505

Philadelphia Combined Statistical Area (CSA)
Total - 7,173,590 in 2015 - 7,179,357 in 2016 - +5,767

Berks County - 414,635 in 2015 - 414,812 in 2016 - +177
Kent County - 173,533 in 2015 - 174,827 in 2016 - +1,294
Atlantic County - 273,035 in 2015 - 270,991 in 2016 - -2,044
Cape May County - 94,843 in 2015 - 94,430 in 2016 - -413
Cumberland County - 155,241 in 2015 - 153,797 in 2016 - -1,444

MSA:
https://factfinder.census.gov/faces/...w.xhtml?src=CF

CSA:
https://factfinder.census.gov/faces/...w.xhtml?src=CF

Counties searchable here:
https://factfinder.census.gov/faces/...html?src=bkmk#

[1487]

Originally Posted by jjv007

We are not rust belt though.

I meant, older northern and midwestern cities that were heavily dependent on manufacturing in the early to mid 20th centuries. You can apply a different term if you wish. But people are often selective when choosing which cities to compare Philly to when it comes to population growth/contraction. For example Pittsburgh has lost 50% of its population and is growing slowly but is considered a progressive city on the rebound. Philly lost 25% of its population and is growing slowly but is considered a laggard because people like to compare it to Boston and DC or western/southern cities.

[summersm343]

Boston biotech expands operations in King of Prussia

A Boston biotech company, focused on developing antibiotics, is moving into a larger commercial, development, and marketing office in King of Prussia to gear up for the potential launch of new medicine to treat skin infections and pneumonia.

Paratek Pharmaceuticals opened a small office in King of Prussia in summer 2015 with seven or eight employees. The company has grown to 30 full-time employees in Montgomery County and on Friday will officially open a 19,000 square-foot area at the Maschellmac Office Complex off Route 422.

"The space, as we have designed it, could accommodate 100 people as we grow," said Evan Loh, Paratek president and chief operating officer, who worked previously at Wyeth Pharmaceuticals and Pfizer in suburban Philadelphia.

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

[summersm343]

More development options for 19 acres in Atlantic City

It is about to get easier to redevelop 19 acres of Atlantic City land.

The Casino Reinvestment Development Authority okayed plans for a chunk of land that sits near the future Polercoaster site to allow even more uses, according to a Press of Atlantic City report.

In late 2015, the CRDA approved Joshua Wallack's plans to build a "one-of-a-kind" attraction on an acre plot that used to be part of the Sands resort.

The polercoaster is a unique amusement park ride that towers at 350-foot. It is a drop tower hybrid attraction.

Aside from the polercoaster, Wallack is considering including a wave pool, zipline, laser maze and other family-friendly rides, plus some retail and dining space, at the future site, the Press of A.C. said.

CRDA's newly approved redevelopment plan would allow for uses like more amusements, bars, hotels and casino hotels on the acreage surrounding the Polercoaster.

The Press of A.C. said a similar measure will go before Atlantic City's lawmakers next week.

Read more here:
http://www.bizjournals.com/philadelp...nds-casin.html

[MyDadBuiltThat]

I found an interesting podcast series by Keystone Crossroads on distressed communities in Pennsylvania. It also has some breakout episodes on specific topics. Episode 3 is a surprisingly upbeat look at Chester.

http://crossroads.newsworks.org/keys...roads/grapple/

[br323206]

Originally Posted by Frontst17

So we don't need to fix our schools as long as rich families can afford the few good ones? How's that gonna fly in the poorest large city in the country?

Not at all what I was saying. We absolutely need to fix our schools. But not to benefit me personally or the type of people that post on this board. We'll be okay because most of us are highly-educated and relatively affluent. Where investments will matter is in helping the poorest children in our city and we should do that because it's the right thing to do--not because it'll attract more rich people to the city.

If I continue to live where I am now and I have kids, they'll go to McCall and that is better than fine. I'm not worried about McCall or any of the elementary schools in desirable neighborhoods.

[Urbanthusiat]

400 Westside, Phoenixville - 171 units and 21.5k sqft of retail





Webcam: http://www.workzonecam.com/projects/...de/workzonecam

Also, if you're interested in regional planning, Phoenixville and East Pikeeland township have begun work on the "Northern Relief Route" (red, below) that will connect routes 23 and 724 to 113 via the north side of Phoenixville, providing a much needed new way through town. 400 Westside is the site in pink on the left, and the new road will travel through the "cutler subdivision" (green) which will consist of 168 single family homes and 164 age-restricted (55+) homes.

[Justin7]

Originally Posted by br323206

Research shows that the quality of schools, and especially those of elementary schools, is not really important to a child's success if they come from a family with educated, high-earning parents. As long as there isn't a safety issue at the school I will not hesitate to send my future children to Philly schools.

What research?

[Justin7]

Originally Posted by summersm343

In Camden, site of former prison struggles to get developer attention

It doesn't make much sense to develop this land until the more central waterfront is built out.

[jonesrmj]

Wilmington Riverfront Apartments Project (3/30/17):

[IMG]Riverfront Apartment Construction (3/30/17) by jonesrmj, on Flickr[/IMG]

The elevator/stair shaft is climbing. Looks about 4-5 stories high right now.

[Nova08]

Seeing all of this development out in Phoenixville frustrates me that Septa could not get something done to extend the regional rail further out yet they are going to spend a billion to add a few miles of what is essentially a high speed trolley

[summersm343]

Express Scripts to lay off 220 as it shutters Trevose prescription-processing office

Read more here:
http://www.philly.com/philly/busines...ng-office.html

[1487]

Originally Posted by Nova08

Seeing all of this development out in Phoenixville frustrates me that Septa could not get something done to extend the regional rail further out yet they are going to spend a billion to add a few miles of what is essentially a high speed trolley

nothing is close to committed on the NHSL extension. It's nothing but a preliminary plan and SEPTA has no long term funding commitment to build the extension.

[Nova08]

Originally Posted by 1487

nothing is close to committed on the NHSL extension. It's nothing but a preliminary plan and SEPTA has no long term funding commitment to build the extension.

Yes, I should backtrack that they aren't ready for shovels in the ground and there are still a number of hurdles. However, Septa seems to have moved on from a desire to extend regional rail to Phoenixville, Pottstown, or even Reading. These aren't even mentioned in their FY2017 25 year plan

[summersm343]

Nothing says success like a King of Prussia spot

When foreign retailers want to make a good first impression in America, they often choose one place: King of Prussia Mall.

KOP has become the go-to place for retailers, domestic and international, that gives them a sense of arrival since demand for space at the mall is high.

And with the mall’s constant reinvention, local demographics, regional accessibility, and uniqueness of its brands, the retail base at KOP is unlike any other.

KOP now boasts more than 450 stores and restaurants and keeps adding on despite a challenging retail environment in which chains are closing stores because of lost traffic to the internet.

Six more retailers — five of which will be opening their first store in Pennsylvania — are debuting at KOP: Denmark-based Ecco shoes early this month and French cookware maker Le Creuset on Thursday; Marc Cain women's apparel from Germany, in early May; and Tutti Spa & Nails later this year. Rome-based jeweler Bulgari will mark its Pennsylvania debut at the mall on Friday, and L.A.-based Joie opened Thursday.

They continue a trend. In 2016, 31 retailers chose KOP to open their first U.S., East Coast, or Pennsylvania location, the most in a single year in the mall’s 54-year history.

More than $1 billion in construction is rising around KOP as well in the form of office towers and residential buildings to accommodate thousands of new workers and their families.

Lauren Gilchrist, director of research for JLL’s Philadelphia office, said KOP has a lot going for it. It sits in the heart of the Northeast Corridor, within a day’s drive of 40 percent of the U.S. population; near major interstates, including I-76, I-276, and I-476; with more than 59,000 people working nearby; and an average household income of $120,000 within three miles.

Skin-care specialist Kneipp of Germany made its North American debut last year on the upper level across from J.C. Penney; another high-end beauty retailer, Paris-based Clarins, opened only its second store in the world (besides Hong Kong) this year.

Bulgari will open its first store in Pennsylvania on April 7. “With the King of Prussia Mall’s recent expansion project and continued focus on the high-end luxury retailer, we feel the timing is right for Bulgari to enter the region,” said Daniel Paltridge, president of Bulgari North America.

Green Street Advisors L.L.C. estimates that KOP generates $975 in sales per square foot, among the highest in the country. By comparison, Mall of America in Minnesota — the nation's largest based on the number of stores — generates $700 in sales per square foot.

The $250 million expansion completed last year that linked the Court with the Plaza for the first time added 155,000-square feet of retail space, including Savor King of Prussia, a new dining pavilion with seven fast-casual restaurants.

But KOP is not completely immune to retail’s struggles. It was reported in recent weeks that Penneys and Bebe stores are closing at KOP. Simon Property Group has seen its stock tumble nearly 10 percent in the last month as retail closures have made investors nervous.

Still, the mall’s vacancy rate remains at less than 2 percent, said Smith, while the vacancy rate is 11.5 percent on average for malls nationally, according to Statista.com.

Read more here:
http://www.philly.com/philly/columni...n-Rolling.html

[summersm343]

Vanguard Growth

With exponential growth comes growing pains. Just ask Philadelphia’s local mutual fund and indexing giant Vanguard, which topped a mind-boggling $4.2 trillion in assets in February 2017.

That's larger than all the real estate loans at all the commercial banks in the United States. It's about the same amount of cash stashed overseas by all U.S. companies.

Vanguard is grappling with a blessing and a curse. The blessing? Taking in more than $300 billion last year, more than any other investment firm on the planet. The influx has helped Vanguard drive its already low fees lower for investors and led to investments in new services. The company's signature index funds have also won broader public acceptance.

The Malvern giant employs more than 11,000 people in Pennsylvania alone, and its headquarters has the feel of a frantically humming place, with staff receiving free catered lunches during the busy tax season so they can get back to the phones and watch “the conn,” the massive computer monitor where client wait times are monitored down to the seconds.

Vanguard add a net 1,000 fulltime staff last year, to boost its total to 15,000, and expects a similar increase this year. Its call centers have been overloaded at times with calls, emails, and transaction requests.

Many of the new hires are millennials, evident from the busy cafeteria where they sit in groups at pushed-together tables with smartphones in hand, much as in a college dining hall.

Read more here:
http://www.philly.com/philly/blogs/i...-pressure.html

[summersm343]

Jeep and muscle-car parts supplier Turn5 boosts staff in move to Paoli

Turn5 Inc., an e-commerce provider of aftermarket parts for souping up Jeeps and muscle cars, is relocating from Malvern to a larger new headquarters in Tredyffrin Township, Chester County, with plans to boost staffing by more than 180 over the next three years.

Turn5, which currently has a staff of about 300, plans to invest $7.9 million to build out its new 90,000-square-foot location at 600 Cedar Hollow Rd. in Paoli, according to a release Thursday from Gov. Wolf’s office. The business is receiving as much as $611,000 in training and job-creation support from the state’s Department of Community and Economic Development, according to the release.

Read more here:
http://www.philly.com/philly/busines...-to-Paoli.html

[summersm343]

Sneak peek: Legoland Discovery Center in Plymouth Meeting

Read more here:
http://www.bizjournals.com/philadelp...h-meeting.html

[summersm343]

Atlantic City's redevelopment could rely on millennials: Report

It will "easily" take another 50 years to correct the "neglect and be on the path to a bright future."

Atlantic City, long plagued by a housing crisis, a major recession and the closure of five gaming properties, is on a redevelopment upswing, according to a new report. It will take several years, however, and experts say it's incumbent for the city to make a few bets on a number of things, chief among them market diversity and millennials.

The troubled Shore town seems to be gaining momentum, according to a new report, after a number of positive, high-profile events took place, including the purchase of the shuttered Taj Mahal casino property by a group of investors led by Hard Rock International; the settlement of the tax dispute between the Borgata casino and Atlantic City; among others.

Other positive redevelopments are underway, too, including the $220 million Atlantic City Gateway Project, which will provide housing for roughly 500 students, a parking garage and classrooms for nearly 1,800.

Atlantic City's redevelopment, however, "will take many years,” Oliver Cooke, associate professor of economics at Stockton University, said in the recently released biannual South Jersey Economic Review, published by the university's William J. Hughes Center for Public Policy.

The Atlantic City metropolitan area lost 25,300 jobs, or 16.5 percent, in what Cooke termed “the lost decade," and the area’s real gross domestic product declined by 21.4 percent — the largest loss among the country's 382 metropolitan areas tracked by the U.S. Bureau of Economic Analysis between 2006 and 2015.

“The impact of the local area economy’s lost decade on its residents’ welfare has been stark,” Cooke said. “The metropolitan area’s poverty rate climbed from 9.2 percent in 2006 to 14.3 percent in 2015, while the poverty rate for those younger than 18 years old rose to 22.3 percent from 13.2 percent.”

The Stockton report said "there are clean signs that the pace of redevelopment appears to be accelerating," but they're reliant on focusing energy on a couple of factors, including diversifying jobs and attracting more millennials to live and work in the city.

Converting millennials into residents has the potential to yield the greatest economic results, according to the report.

"The millennial bet"

Many of the developments happening in Atlantic City "represent significant bets on millennials," according to the report, including Philadelphia developer Bart Blatstein's transformation of the former Showboat casino property into non-casino, 852-room hotel (Blatstein is also reportedly spending $6 million on several properties adjacent to the hotel); and the aforementioned purchase of the Taj Mahal by Hard Rock International.

http://www.bizjournals.com/philadelp...on-review.html

[Nomad9]

Originally Posted by jonesrmj

Wilmington Riverfront Apartments Project

The elevator/stair shaft is climbing. Looks about 4-5 stories high right now.

I'm happy this development is happening, but I really wish these apartments weren't so expensive. $1500 or so for a 1BR in Wilmington is asking a lot. But I suppose if the demand is there, may as well--nice, new, centrally located apartments in safe neighborhoods are rare, as I'm finding out in my rental search now.