Equus Capital Partners Ltd. has acquired an office building off Virginia Drive in Fort Washington and has plans to raze the structure to make way for a $60 million, 300-unit apartment complex.
ADP Inc. sold Equus the 69,000-square-foot building at 1125 Virginia Drive for $5.98 million. The transaction closed May 4 and both parties had made significant financial and other commitments to the deal months prior to the statewide shutdown due to the coronavirus.
As part of the transaction, ADP will lease space in the building on a short-term basis and will eventually relocate to 22,000 square feet in the Maplewood Office Park at 1301 Virginia Drive.
Honestly keep an eye on fort washington. This is just the start, the office park mentioned where these apartments are going. Some areas are zoned for buildings 200 to 300 feet tall. Its nice and all but the area it turning into KoP and simply wont be able to hold any more traffic than is already there. But if they decide to go for a town center kinda vibe, with alot of pedestrian access im all for it. But overall the area is a dead zone, and Im eager to see how it turns out
Honestly keep an eye on fort washington. This is just the start, the office park mentioned where these apartments are going. Some areas are zoned for buildings 200 to 300 feet tall. Its nice and all but the area it turning into KoP and simply wont be able to hold any more traffic than is already there. But if they decide to go for a town center kinda vibe, with alot of pedestrian access im all for it. But overall the area is a dead zone, and Im eager to see how it turns out
Absolutely, the traffic is abysmal. But the area is booming and the flooding control measures taken over the years has helped considerably. And there is a long term plan to turn Pennsylvania Ave. into a DT of sorts but that road and those intersections need a lot of work...but fixing all of that would do wonders.
__________________ Right before your eyes you're victimized, guys, that's the world of today and it ain't civilized.
I love seeing things like this, but I'm always skeptical of these ambitious plans. I attended a town meeting maybe 5 years ago where the Bucks County Redevelopment Authority presented an amazing vision for the town I live near, took in town input, and put forth a plan. 5 years later and absolutely nothing has changed....and while I realize that government often doesn't have much say in privately held property, it's a little deflating to not see a single ounce of movement. Hopefully this moves faster, looks like it's from 2017.
1) 2000 Pennsylvania is finally getting close to the finish line. Retail/ground floor is taking shape: Sante Fe - mexican restaurant, Hi Lo - rock climbing gym, and a Franklin Mint federal credit union bank have already claimed spots, looks like there are still about 5 spots to fill.
I apologize these photos are a month old--I forgot to post here, but construction downtown has continued since the start of the covid-19 closures. Construction was deemed essential by Gov. Carney. So these projects are definitely further along by now.
4) The Cooper - Lower Market Street, luxury apartments.
5) Wilmington Transit Center - across the street from Amtrak's Joseph R. Biden Train Station / Septa stop.
The transit center will be the new hub for DART buses in Wilmington, and has a parking facility.
6) Riverfront - Riverwalk, the trail path is now totally unobstructed by the bridge construction (a car/pedestrian bridge over the Christina River). The bridge itself is not open yet, but now that the path is clear, the entire Riverwalk to the Jack Markell Bike path is finally 100% percent open. You can take this path from the Wilmington Train Station some 7.2 miles to historic Old New Castle.
Old New Castle (William Penn's landing spot before heading north to found Philadelphia)
Rodney Square - a major facelift for Wilmington's center square
There were reports that the City was in talks to purchase this building from Rite-Aid at 801 Market Street. I have not seen any news that a deal was finalized, but there was work taking place on the exterior.
6) Riverfront - Riverwalk, the trail path is now totally unobstructed by the bridge construction (a car/pedestrian bridge over the Christina River). The bridge itself is not open yet, but now that the path is clear, the entire Riverwalk to the Jack Markell Bike path is finally 100% percent open. You can take this path from the Wilmington Train Station some 7.2 miles to historic Old New Castle.
I love when emphasis is put on developing green spaces.
The riverfront park has beautiful details. I want to check it out.
Rodney Square will be a great addition too. I hope it looks a little better the rendering Rodney Square 5-22-20
New castle county/Wilmington has been doing major efforts in updating and adding sidewalks to areas where sidewalks have never been!
The riverfront is full steam ahead with the parking lot/road update
Also am I the only person who feels small cities like Wilmington have a chance to grow Post-COVID19 Because of the small size and ability to have a smaller but good urban setting that's easier to control.
A couple recent positive economic tidbits that speak to underlying strength for Philly's economy, both pre- and post-pandemic:
As of Q4 2019, Philly's average wage growth ranked 14th among the top 356 large counties in the US, and nearly double the national number. That also occurred with faster than average employment growth. Pretty stellar perfomance: https://www.bls.gov/news.release/cewqtr.t01.htm
According to Harvard's nifty economic trends tracker, consumer spending in the Philly area looks to be the fastest-recovered following COVID-19 in the nation and is now only .02% lower than in January 2020! The nation overall is still off by 15%, and metros like Boston, NYC, and DC are still 30% lower. https://tracktherecovery.org/
There's good reason to believe this will foreshadow the region's resilience and continued rebound/performance in the months to come.
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anecdotal evidence people are leaving NYC b/c of the pandemic...maybe Philly will pick some of them up. We have good healthcare infrastructure and lower cost of living-big drivers in causing some of this shift. and possibly that density can be spread out here. also big companies allowing to work from almost anywhere nowadays if work can be done at home and online and there's more remote working that's probably here to stay, post-pandemic at some point in the future.
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anecdotal evidence people are leaving NYC b/c of the pandemic...maybe Philly will pick some of them up. We have good healthcare infrastructure and lower cost of living-big drivers in causing some of this shift. and possibly that density can be spread out here. also big companies allowing to work from almost anywhere nowadays if work can be done at home and online and there's more remote working that's probably here to stay, post-pandemic at some point in the future.
So could we see Philly, Chester & Wilmington become a new Powerhouse /Wallstreet for business? The whole corridor seems likely to become that especially with Chester being on 95 like that.
Absolutely, the traffic is abysmal. But the area is booming and the flooding control measures taken over the years has helped considerably. And there is a long term plan to turn Pennsylvania Ave. into a DT of sorts but that road and those intersections need a lot of work...but fixing all of that would do wonders.
Yes i have seen that. They do want to load the entire area up. But sometimes the way they are mocing the projects seems wrong to me. Id rather have a higher density area like rowhomes, and mid-rises stacked wall to wall with underground and street parking. Along with loads of pedestrian access and park/public spaces. If they do that, this area could be a huge economic draw for local buisness and consumers
I love seeing things like this, but I'm always skeptical of these ambitious plans. I attended a town meeting maybe 5 years ago where the Bucks County Redevelopment Authority presented an amazing vision for the town I live near, took in town input, and put forth a plan. 5 years later and absolutely nothing has changed....and while I realize that government often doesn't have much say in privately held property, it's a little deflating to not see a single ounce of movement. Hopefully this moves faster, looks like it's from 2017.
I must say though. With Upper dublin, the commisioners would do anything for this, and with all the new projects everywhere especially condos and houses, they will have demand for office/commerical areas and open spaces. Also, i must say that they are a little corrupt. But adding to that the buisness they are bringing in is outstanding. Especially for that "Manayunk feel" they want in the end
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