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

[PHLtoNYC]

Originally Posted by TonyTone

Nowdays most Revitalization projects start with a main theme, Downtown or Riverfront. As some of us have expressed before Chester is a long term game plan and if you want to get into the same boom Philly is in now, you hold on to properties in Chester now for later.

The Riverfront is a good start for Chester due to it being primarily open, and dead for the most part they can start work their without disrupting people.

One thing Chester should offer its residents/businesses if they don't already are grants to improve their homes, businesses, streets. Help bring the communities up so you aren't pushing out for new.

Chester being situated where it is, is the missing link between a connected tristate with Wilmington, Chester & Philadelphia. with growth and the right amount of love it can be a powerhouse trifecta.

Agree, I'm just skeptical of success based on previous failures. I still think Chester is a good generation or 2 away from becoming a desirable place to live, work, play.

[PHLtoNYC]

Good for Neumann and Aston Township, which doesn't have a hotel.

Neumann University planning hotel and other capital projects for expanded Delaware County campus

https://www.bizjournals.com/philadel...s-neumann.html

Building a hotel on campus is just one piece of the Delaware County university’s master plan after acquiring more than 60 acres in Aston last June from the Sisters of St. Francis of Philadelphia. Other projects for expansion on the new property include an ice rink, a student center and additional housing.

[bonfire]

https://www.tapinto.net/towns/camden...t-neighborhood

Nice to see some development near the riverfront in Camden. I still think this area is ripe for high density development with all the unused parking lots near the river and easy access to Philadelphia through driving over the bridge and PATCO.

[3rd&Brown]

Originally Posted by PHLtoNYC

Good for Neumann and Aston Township, which doesn't have a hotel.

Neumann University planning hotel and other capital projects for expanded Delaware County campus

https://www.bizjournals.com/philadel...s-neumann.html

Building a hotel on campus is just one piece of the Delaware County university’s master plan after acquiring more than 60 acres in Aston last June from the Sisters of St. Francis of Philadelphia. Other projects for expansion on the new property include an ice rink, a student center and additional housing.

I mean, it's nice to see Neumann building a more substantial presence in the area but its campus is in a very very residential area. I mean, I'm hardly a NIMBY, but there's literally no commercial development on Concord Road west of 452 (Pennell Road).

If anything, the strip malls in Aston (of which there are many) are very underperforming and on oversized lots with too much parking. There should be an effort to put the hotel on one of those lots.

[PHLtoNYC]

Originally Posted by 3rd&Brown

I mean, it's nice to see Neumann building a more substantial presence in the area but its campus is in a very very residential area. I mean, I'm hardly a NIMBY, but there's literally no commercial development on Concord Road west of 452 (Pennell Road).

If anything, the strip malls in Aston (of which there are many) are very underperforming and on oversized lots with too much parking. There should be an effort to put the hotel on one of those lots.

True.
Where is Neumann's business school? I was thrown off with Concord Road (not sure if they meant Convent), but I assume this is the spot?
https://www.google.com/maps/place/Ne...408041!9m1!1b1

And agreed about the strip malls. The awful strip malls on Pennell Road where the Planet Fitness is, all the way to Laspadas have more parking than Lincoln Financial Field (and always over 2/3 empty). Some of that space should be broken up for a hotel, apartments or additional retail pad sites. There's been some good efforts revitalizing nearby Brookhaven's retail stretch, but Aston's is stuck in the 1970s (except the new medians on Pennell Road look good). I only bring all this up because Aston is a large town and can support the mentioned ideas.

[3rd&Brown]

Originally Posted by PHLtoNYC

True.
Where is Neumann's business school? I was thrown off with Concord Road (not sure if they meant Convent), but I assume this is the spot?
https://www.google.com/maps/place/Ne...408041!9m1!1b1

And agreed about the strip malls. The awful strip malls on Pennell Road where the Planet Fitness is, all the way to Laspadas have more parking than Lincoln Financial Field (and always over 2/3 empty). Some of that space should be broken up for a hotel, apartments or additional retail pad sites. There's been some good efforts revitalizing nearby Brookhaven's retail stretch, but Aston's is stuck in the 1970s (except the new medians on Pennell Road look good). I only bring all this up because Aston is a large town and can support the mentioned ideas.

I don't know where the business school is. But it definitely said Concord Road and that would only make sense if it were at the intersection of Concord & Pennell (5 points). But there's no room there.

All the space is further south on 452, as you mention.

To be honest, I've long thought those strip malls should be demolished for mixed use apartments and retail at grade pulled right up to 452. Parking and additional townhomes could be tucked in the back. They've tried to make pedestrian improvements but it's sort of for no reason other than minor beautification, if there's not any reason to walk.

[Urbanthusiat]

Proposed Pennsylvania LNG Export Terminal in Talks to Commercialize Project

[3rd&Brown]

Originally Posted by Urbanthusiat

Proposed Pennsylvania LNG Export Terminal in Talks to Commercialize Project

I'm all for it, but Natural Gas needs to be taxed.

To me, the facility + no tax is a non-starter.

I say the proceeds from the tax should go to 1. reducing the cost of in state tuition for state colleges and trade schools 2. rural broadband and 3. putting the power lines underground in Philadelphia (j/k on the last one).

Anyways. Tax it. Build it.

I mean. We could even use the tax from gas to establish a sort of sovereign wealth fund for the state (a la Norway) for a variety of initiatives to help Pennsylvanians transition to the new economy.

[Urbanthusiat]

1547 CSR planning 2 million sq ft, 150MW [data-center] campus outside Philadelphia, Pennsylvania [in East Whiteland]

[DeltaNerd]

Originally Posted by 3rd&Brown

I'm all for it, but Natural Gas needs to be taxed.

To me, the facility + no tax is a non-starter.

I say the proceeds from the tax should go to 1. reducing the cost of in state tuition for state colleges and trade schools 2. rural broadband and 3. putting the power lines underground in Philadelphia (j/k on the last one).

Anyways. Tax it. Build it.

I mean. We could even use the tax from gas to establish a sort of sovereign wealth fund for the state (a la Norway) for a variety of initiatives to help Pennsylvanians transition to the new economy.

I will trade #3 for more public transit funding

I'm guessing an natural gas pipeline is out of the question? I have no clue how safe it is for LNG. LNG definitely needs to be taxed, it basically destroys the land around the site

[EastSideHBG]

Former Wegmans Site at Montgomery Mall Sells for $22.6M

The site of a Wegmans at the Montgomery Mall has been purchased by an out-of-state real estate investor for $22.6 million, becoming the Philadelphia region's latest grocery store property to trade hands in the last several years, reports the Philadelphia Business Journal.

ExchangeRight of Pasadena, California, acquired the 128,000-square-foot Wegmans in North Wales from Kohan Retail Investment Group. Great Neck, New York-based Kohan Retail listed the site a month after buying the Montgomery Mall in a foreclosure sale for $55 million.

Selling off individuals parcels, especially spaces occupied by grocers or other highly regarded tenants, is not uncommon for real estate investors. Buffalo, New York-based Wegmans Food Markets Inc. started its lease on the space at 500 Montgomery Mall North in November 2013. The lease expires in November 2033 and there are five 10-year options to extend the lease.

https://www-nbcphiladelphia-com.cdn....m%2F3352719%2F

[OSJ825]

Interesting first Artical about semiconductor efforts since the federal CHIPS and Science Act of 2022(for Delaware anyway):

A new manufacturing facility for the semiconductor industry is coming to North Delaware, adding to a pipeline that promises to grow much larger with the passage of the federal CHIPS and Science Act of 2022. DuPont Semiconductor Technologies will build a $50M, 385K SF plant to make materials necessary in the production of semiconductors in the town of Glasgow, Delaware, the company announced Monday. Eleven new employees will be hired to staff the facility, for which DuPont will receive a $65K Jobs Performance Grant from the Delaware Strategic Fund, and about 70 current employees will relocate from DuPont's nearby facilities in Newark. For its capital expenditures, DuPont will also receive a nearly $1.6M grant from the same state fund but has already committed to financing the rest of production itself without needing federal tax breaks from the CHIPS Act, DuPont spokesperson Rebekah Lazar told Bisnow.

“This expansion prepares us for growth that lies ahead, growth we understand is coming based on [passage of] the CHIPS Act and from conversations with our customers,” Lazar said.

More Jobs:
https://www.bisnow.com/philadelphia/...elaware-114455

[ZSuede]

A new tower crane is up @ the University of Delaware campus in Newark, for a science lab replacing the former McKinly Lab




The new Hyatt Place hotel building on Main Street in Newark is moving along. Behind it, a new apartment building isn't far behind (barely visible in the bottom pic):

[SouthCentralPA]

Are they incorporating that old building into the new hotel??

[Jayfar]

Originally Posted by SouthCentralPA

Are they incorporating that old building into the new hotel??

Apparently.

The 104-room hotel is being built at 96 E. Main Street, near the Academy Street intersection. The building will incorporate part of the historic Green Mansion, which will house the hotel’s conference room as well as some suites.
…
The project was originally approved three years ago, and Lang demolished the former Abbott’s Shoe Repair building and the rear portion of the historic Green Mansion in fall 2019 and dug a pit where the underground parking garage will go. However, work was halted in May 2020 as the real estate market was affected by the pandemic.

Seven-story Main Street hotel begins to rise | Newark Post

[TonyTone]

Originally Posted by SouthCentralPA

Are they incorporating that old building into the new hotel??

Originally Posted by Jayfar

Apparently.

The 104-room hotel is being built at 96 E. Main Street, near the Academy Street intersection. The building will incorporate part of the historic Green Mansion, which will house the hotel’s conference room as well as some suites.
…
The project was originally approved three years ago, and Lang demolished the former Abbott’s Shoe Repair building and the rear portion of the historic Green Mansion in fall 2019 and dug a pit where the underground parking garage will go. However, work was halted in May 2020 as the real estate market was affected by the pandemic.

Seven-story Main Street hotel begins to rise | Newark Post

And this development along with another proposed midrise on Main st is what caused the local NIMBYS to go absolutely crazy and want height restrictions for buildings in Newark.

It's absolutely dumbfounded and is the reason why Newark isn't bigger. I'm surprised they allowed UD to grow as big as it is now.

[SouthCentralPA]

^^ Thanks for the info Jayfar.

And yeah, that doesn't even seem like that large of a development, especially for a college town. I don't understand NIMBYs...

[PHLtoNYC]

Interesting article! It's long, but I'll share a few snippets...

New Yorkers keep moving to Philadelphia, and local Realtors say the influx has 'raised the bar'

https://www.bizjournals.com/philadel...Pos=0#cxrecs_s

Affordability, walkability, more space and easy access to city life is attracting people from more expensive markets to resettle in the Philadelphia area — particularly since the start of the Covid-19 pandemic and shift to remote work. New York transplants are leading the way.

Out-of-towners — whether they be from New York, California, Chicago or Florida — often bring with them higher salaries and higher budgets. As they do, home prices and rents are rising in Philadelphia and its suburbs.

A recent study from Seattle-based real estate platform Redfin found that, on average, out-of-town homebuyers in the Philadelphia area had a budget 39% higher than a local buyer — the highest disparity in the country. The average budget of out-of-towners was nearly $588,000 while local buyers had an average budget of just over $422,000.

Lavinia Smerconish, a real estate agent from Compass Real Estate on the Main Line, said people from places like New York, Los Angeles and Florida, where home prices skyrocketed during the pandemic, are armed with budgets inflated by selling their own homes at a premium. Those people are “a little more price indifferent” than people from the area, she said.

The median home value rose by more than 20% in Bucks, Chester, Delaware and Montgomery counties between January 2021 and July 2022, reaching at least $440,000 in Bucks, Chester and Montgomery. Home prices increased 14% in Philadelphia over the same time period, according to census data.

“We have all of that,” said Smerconish, who grew up on the Main Line. “We are starting to recognize ourselves as a really major, stellar, suburban market. We’re finally being appreciated across the country.”

“These folks are moving to the city, they’ll be consumers at all of the shops and bars and restaurants,” Somers said. “They’re paying all the taxes that Philadelphia has. In the bigger picture, it’s a catalyst for growth. It’s great for the [housing] market and it’s great for the city.”

[EastSideHBG]

Originally Posted by PHLtoNYC

Interesting article! It's long, but I'll share a few snippets...

New Yorkers keep moving to Philadelphia, and local Realtors say the influx has 'raised the bar'

https://www.bizjournals.com/philadel...Pos=0#cxrecs_s

Affordability, walkability, more space and easy access to city life is attracting people from more expensive markets to resettle in the Philadelphia area — particularly since the start of the Covid-19 pandemic and shift to remote work. New York transplants are leading the way.

Out-of-towners — whether they be from New York, California, Chicago or Florida — often bring with them higher salaries and higher budgets. As they do, home prices and rents are rising in Philadelphia and its suburbs.

A recent study from Seattle-based real estate platform Redfin found that, on average, out-of-town homebuyers in the Philadelphia area had a budget 39% higher than a local buyer — the highest disparity in the country. The average budget of out-of-towners was nearly $588,000 while local buyers had an average budget of just over $422,000.

Lavinia Smerconish, a real estate agent from Compass Real Estate on the Main Line, said people from places like New York, Los Angeles and Florida, where home prices skyrocketed during the pandemic, are armed with budgets inflated by selling their own homes at a premium. Those people are “a little more price indifferent” than people from the area, she said.

The median home value rose by more than 20% in Bucks, Chester, Delaware and Montgomery counties between January 2021 and July 2022, reaching at least $440,000 in Bucks, Chester and Montgomery. Home prices increased 14% in Philadelphia over the same time period, according to census data.

“We have all of that,” said Smerconish, who grew up on the Main Line. “We are starting to recognize ourselves as a really major, stellar, suburban market. We’re finally being appreciated across the country.”

“These folks are moving to the city, they’ll be consumers at all of the shops and bars and restaurants,” Somers said. “They’re paying all the taxes that Philadelphia has. In the bigger picture, it’s a catalyst for growth. It’s great for the [housing] market and it’s great for the city.”

I just read this also, very interesting stuff and the impact has been noticeable.

[iheartphilly]

Misleading title to say outsiders like New Yorkers are raising the bar. Um...last I checked the Philly suburbs are really desirable, particularly ones with high quality school districts, or suburbs that have private and expensive private schools, i.e., Main Line. Even outside of the Main Line, various bedroom neighborhoods in the surrounding counties are commanding a premium selling price post pandemic, say 4 or 5 months ago before inflation and mortgage interest rate shot up. Lots of properties trades hands (e.g., people traded up in many instances) and they weren't all from people outside of this area.