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  #1521  
Old Posted Apr 13, 2017, 10:14 PM
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summersm343 summersm343 is offline
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A.C. polercoaster gets $38.4M, to open in 2019

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http://www.bizjournals.com/philadelp...o-reinves.html
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  #1522  
Old Posted Apr 15, 2017, 1:16 AM
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Big plans for an 11-acre parcel on the Schuylkill River in Bala Cynwyd

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For the last 17 years, Sean McCloskey has been patiently plotting a more than $50 million mixed-use development on an 11-acre site along the banks of the Schuylkill River where the former Pencoyd Iron Works Inc. plant operated. Finally, he is now the closest he has ever been to getting his project out of the ground.

McCloskey’s Penn Real Estate Group anticipates breaking ground later this year on the first phase of Pencoyd Landing, which will include a public square, two hotels, a restaurant as well as an already renovated building that once served as Pencoyd’s headquarters but is now occupied by the real estate company McCloskey runs with business partner Donna Glavin. The first part of the project to be constructed is a 123-room Marriott Residence Inn. The other hotel will follow at some point and be about the same size but more upscale. McCloskey said he has lined up an operator for it but declined to disclose who it is.

Two hotels next to each other on the Lower Merion side of the Schuylkill River may seem a little preposterous until McCloskey makes his case. For one, he believes there’s demand for additional rooms in that area and at that particular spot, where Righters Ferry Road dead ends into the river, will provide an experience visitors can’t get elsewhere.

“This is a very special location,” he said. “The riverfront here, most people don’t even know it’s here and it’s under-appreciated. It’s where the city and the suburbs meet.”

As McCloskey lays out his vision, he begins to tick off $500 million in new projects in various stages within a mile radius of the proposed Pencoyd Landing and underscores the bet other developers are making on both the Manayunk and Bala Cynwyd sides of the river. Next to McCloskey’s project is O’Neill Properties Group’s Royal Athena, an apartment complex with 275 units that could eventually total 600 at build out. Other examples include the $46 million Venice Island Performing Arts Center, Post Brothers’ Presidential City redevelopment, Realen Properties new 156-unit apartment complex called the Isle and the Wilde Yarns Factory lofts. McCloskey’s site already includes a popular athletic club called AFC Fitness and that will remain intact.

Other changes are afoot. The recently reopened Pencoyd Bridge is a link that is key to what McCloskey is trying to create. The bridge is located steps away form his project and, in just a short walk, puts a person either living at the Royal Athena, visiting one of McClosky’s hotels or using the nearby Cynwyd Heritage Trail right into Manayunk.

Realizing the potential opportunities the bridge provides, Penn Real Estate recently bought the United Artists movie theater and its associated shopping center from Bart Blatstein’s Tower Investments for $5.6 million. It was one of Blatstein’s first projects and was built more than 20 years ago. “Time to transition it,” Blatstein said about the sale.

The theater will get more than $1 million in renovations. New plush seating will halve its 1,500 seats and new food and beverage offerings will be provided. McCloskey is hoping the state upgrades a Fine Wine and Good Spirits store and there’s room for a new restaurant.

“The river has been ready for development for a long time, but our highways have choked our rivers here,” he said. “What we’re looking to do is coalesce all of these interesting pieces together to create a dynamic waterfront.”
http://www.bizjournals.com/philadelp...chuylkill.html
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  #1523  
Old Posted Apr 17, 2017, 7:55 PM
Baconboy007 Baconboy007 is offline
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Originally Posted by summersm343 View Post
Big plans for an 11-acre parcel on the Schuylkill River in Bala Cynwyd



http://www.bizjournals.com/philadelp...chuylkill.html
It's a pretty good idea in my opinion. There's a ton of college kids in Manayunk and nowhere for their parents to stay when visiting. I'm also looking forward to the movie theater getting a revamp.
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  #1524  
Old Posted Apr 17, 2017, 8:09 PM
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As DuPont departs, Buccinis bet on Wilmington revival

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Buccini/Pollin Group, the Wilmington-based developer and hotel-management company, plans to build 180 "luxury multifamily units" in part of the space formerly occupied by the DuPont Co. on Wilmington's downtown Rodney Square.

The Buccinis and local partners Chris and Rob Buccini, who are brothers, are ubiquitous in Wilmington, which is struggling to remake itself as DuPont and other big employers leave town.

The brothers say their hotel affiliate will take over operations for the 218-room Hotel du Pont, along with its current staff of 100, plus around 100 current hotel contractors they plan to hire.

After a fire last year, the Buccinis have also begun demolition of the long-closed Bancroft Mills on the Brandywine just north of central Wilmington, where they hope to build hundreds more apartments in former industrial space bordering two state parks. And their contractors are putting up another 200 apartments in a block-long parking garage in central Wilmington two blocks east of the headquarters.

DuPont in 2015 pulled out of the city and consolidated headquarters operations in modern suburban offices near its research labs west of town. The company has been sending managers, lawyers, accountants and scientists into early retirement and layoffs in preparation for a planned merger with Dow Chemical Co. later this year.

Buccini/Pollin acquired the headquarters from Chemours Inc., a group of older chemical businesses carved out of DuPont in 2015. Chemours remains a tenant in the original DuPont building, where it occupies 256,000 sf. Buccini/Pollin has agreed to update the space, Chemours CEO Mark Vergnano said in a statement. The Buccinis are seeking tenants for another 60,000 sf of offices.
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http://www.philly.com/philly/blogs/i...n-revival.html
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  #1525  
Old Posted Apr 17, 2017, 9:52 PM
jsbrook jsbrook is offline
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Originally Posted by summersm343 View Post
As DuPont departs, Buccinis bet on Wilmington revival



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http://www.philly.com/philly/blogs/i...n-revival.html
The article isn't clear, but I assume this is rental? Let's see a few condos on Market Street...I suppose they feel the market is not there for it.
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  #1526  
Old Posted Apr 17, 2017, 11:00 PM
Nova08 Nova08 is offline
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Originally Posted by Baconboy007 View Post
It's a pretty good idea in my opinion. There's a ton of college kids in Manayunk and nowhere for their parents to stay when visiting. I'm also looking forward to the movie theater getting a revamp.
This will be roughly 1.3 miles away from the recently renovated Marriott Courtyard on Cityline Ave.

I'm probably comparing Apples and Oranges and likely don't understand the full details of funding of these two developments correctly, but call me frustrated that a developer can get funding linedup for a 123 room hotel in a slightly untested location such as this, but a developer trying to build a 152 room hotel downtown on Broad St. can't get his funding lined up.
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  #1527  
Old Posted Apr 19, 2017, 4:44 AM
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New A.C. master plan puts real-life Monopoly Board in play

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http://www.philly.com/philly/blogs/d...ster-Plan.html
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  #1528  
Old Posted Apr 21, 2017, 6:11 PM
domodeez domodeez is offline
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Originally Posted by jsbrook View Post
The article isn't clear, but I assume this is rental?
Correct.
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  #1529  
Old Posted Apr 21, 2017, 6:15 PM
domodeez domodeez is offline
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Wilmington Downtown Residence Inn - 1300 Market

~1 week ago:


a few days ago:
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  #1530  
Old Posted Yesterday, 12:18 PM
domodeez domodeez is offline
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Wilmington: Mid-Town Park

From 9 x Shipley looking southwest:



Looking south:



BPG apartment conversion happening across the street:
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