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Category Archives: Financial Market

SEPTA Releases Plans for 15th St Station Renovation

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This week SEPTA released plans that detail the reconstruction of the City Hall Station on the Broad Street Line and 15th Street. According to PhillyMag.com, SEPTA does not plan on beginning construction until  2016 due to the visit of Pope Francis in September and the Democratic National Convention in Summer 2016. Due to the mass amount of visitors expected for both major events, officials want to ensure the station is fully operable during that time.

Once the DNC is over, reconstruction will begin and is expected to be SEPTA’s biggest project yet. On a side note, this City Hall station renovation will take up to four years to complete.  According to a SEPTA representative, the project will be broken down into phases so the 15th Street and City Hall stations can remain open and passenger inconvenience be avoided.

The biggest task for SEPTA engineers is the City Hall station, which is planned for new elevators and ramps. The $110 million project was approved for funding after the transportation funding packaged passed last year.

 

Current Developments Going on in Philly

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PhillyMag.com compiled a comprehensive list detailing major development projects currently taking place in Philadelphia.  These developments are taking place in several sections of the city, which in turn has created tons of growth and increasing popularity for Philadelphia.

Comcast Innovation and Technology Center
Currently under construction, the soon-to-be 59 floor building is expected to be the tallest building in Philadelphia and the 8th tallest skyscraper in the U.S.  The $1.2 billion dollar building will  consist  of 1.5 million square feet of space to house hotel space, restaurants, offices, television studios, retail and parking. CITC will be located at 1800 Arch Street.

FMC Tower
Located in close proximity to 30th Street Station, FMC Tower is currently under construction and is expected to be an iconic landmark featuring contemporary glass and steel architecture.  Employees and residents will have access to this vibrant outdoor venue for daily enjoyment, large-scale catered company events and social gatherings such as classical music concerts, live arts performances, summer movie screenings and more.

Manayunk Bridge Trail
The Manayunk Bridge will soon be accompanied by a bike trail expected to be completed in the fall.  The $4.12 million project will enhance the current structure that connects Manayunk to the Cynwyd Heritage Trail in Montgomery County.

Braverman Building
Located at 2617 West Girard Avenue, the Braverman Building is set to become a mixed-use building with apartments in Spring of this year.

East Market
The space is currently demolished and now that the warmer weather has arrived progress is expected to continue. This portion of Market Street will be transformed into retail and residential space with digital billboards.

500 Walnut Breaking Ground This Month

500 Walnut

Photo rendering courtesy of Cecil Baker, the architect who designed 500 Walnut.

PhillyMag.com reported that the groundbreaking ceremony has been scheduled for the new development at 500 Walnut Street on March 12th.  The $75 million project spearheaded by developer Tom Scannapieco is expected to be one of the most innovative condo buildings in Philadelphia.  Philadelphia Mayor Michael Nutter is expected to be in attendance at the 11:30 a.m. ceremony, which will take place a few blocks away from the site at the National Museum of American Jewish History.

500 Walnut is expected to open in Spring 2017. Below are some of the features the 26-story glass building will include:

– Spacious and fully customized residences that range from 2,600 to 8,500 square feet.

– Two-story penthouses loaded with awesome features that include balconies, an elevator and other amenities. Prices are around $17.6 million.

– Fully automated Robotic Parking System (amazing!).

– Residents will enjoy the sky-lit 50 foot pool with a hot tub, library/billard room, fitness center, private boardroom and an entertainment suite. Also, the building will feature a 4,000 sqft landscaped outdoor terrace overlooking Independence Park.

This building is going to be incredible to say the least.

Divine Lorraine Boutique Hotel Plans Scrapped

Divine Lorraine

PhillyMag.com reported that redevelopment plans have been confirmed for North Broad Street’s Divine Lorraine but those plans do not include its conversion into a boutique hotel.  Developers are concerned with the time line and length of a project like hotel redevelopment.  The new and improved plans for the former hotel includes 126 apartments, two levels of retail space and a lobby area, which consists of about 20,000 square feet of space for the main level.

Although it makes sense to rehabilitate the former hotel because of its location, those involved believe it is more beneficial to complete the project sooner rather than later with apartments and retail.

The $43 million project is projected to begin around the summer months and could take 18 months for completion. Plans for apartments sizes and features have not yet been released.

The Divine Lorraine was built between 1892 and 1894 by architect Willis G. Hale. The building was originally housed by some of Philadelphia’s wealthiest residents before it converted to a hotel. It officially closed in 1999.

Passyunk Square: Corner Clothing Store Property Up for Grabs

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A Man’s Image clothing store located on Passyunk Avenue.

Passyunk Square store, A Man’s Image, located at 1709 E. Passyunk Avenue, is relocating and plans to find a new tenant to occupy the 4,400 square ft. space.  This corner property is a prime location and could likely become the next new restaurant or entertainment spot on Passyunk Avenue.

This corner has been the home to A Man’s Image since 1980 but the owner, 74-year-old Abe Mandel, now has plans to hand the business down at a new location.

The intersection of 12th and Passyunk is undergoing a change with adjacent corner property, 1648 E. Passyunk Ave., opening new restaurant Bing Bing Dim Sum.  The Interior Concepts building is no longer on the market but little by little this Passyunk Avenue corner will be completely redeveloped. It is exciting to see how far this area has come and how much the future still holds. As for right now, we will wait and see.

Queen Village New Construction: 112-20 Christian Street #7

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A Queen Village new construction project is underway at 112-20 Christian Street, which will be known as the Christian Street Estates.

List Price: $1,250,000

Find the perfect blend of luxury, elegance and comfort at the Christian Street Estates. One of 9 in this stunning community, this 3,800 square foot home with 1 car parking features 4 light filled bedrooms, 3 full bathrooms, a half bathroom, finished basement, a roof deck and an elevator! Tons of space with gorgeous hardwood flooring throughout. Buyer will have the option to choose from a wide variety of hardwood flooring, custom cabinetry, tile and other finishes. Situated in the heart of Queen Village, one block from Shot Tower Park and walking distance from restaurants, bars, cafes and the Delaware River Waterfront. The 2nd phase of the project will feature a different layout, pricing and 2 car parking.

For further information on the project, contact Listing Agent David Snyder. The photos below show 3-D floor plans for Phase One.

Here is a brief description of the Queen Village neighborhood.

Queen Village hold the essence of a traditional Philadelphia neighborhood incorporated with a modern flare. Many of the homes are 19 th century trinities and modern townhouses. Residents enjoy the close proximity to the shops and entertaining nightlife on South Street. From 4th Street to 6th Street, grab a bite to eat at the renowned Famous Fourth Street Deli and shop at fabric shops along 4th Street’s Fabric Row.

 

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Plans for 2 Boutique Hotels on Former Peco Plant

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Photo courtesy of Exelon Corp.

 

Last week, Philly.com reported that developer Bart Blatstein has partnered with Cescaphe Event Group owner, Joseph Volpe in the purchase of the former Peco power plant located on the Delaware River Waterfront in Fishtown.

The property consists of several vacant buildings that total in 300,000 square feet of space.  The plans include to construct two boutique hotels each including its own ballroom with 55 foot high ceilings.  Volpe and Blatstein have previously worked together on development projects that include the renovation of the former Imperial Theater in Northern Liberties, which is now the Cescaphe Ballroom. This is one of five venues under the Cescaphe Event Group.  Volpe’s event group hosts over 600 wedding receptions a year in its five venues throughout the city.

Blatstein and Volpe have always enjoyed tackling projects that involve rehabilitation and revitalization of old neighborhoods throughout Philadelphia.

Philly.com reported that an Exelon representative confirmed five serious bidders on the property. Blatstein and Volpe are hoping to finalize and close the deal in March.

Sunday Open Houses: Washington Square – Happy 2015!

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Happy New Year!

New Year, New Open Houses! Check out the first Sunday Open Houses of 2015 in the Washington Square West neighborhood of Philadelphia!

This trendy neighborhood offers its residents various coffeehouses, shops, cafes and nightspots. The cobblestone streets of Camac and Hutchinson bring the historic aspect of Philadelphia alive. Neighbors enjoy the luxury of Pine Street’s Antique Row and the country’s oldest jewelry district Jeweler’s Row. In this neighborhood you are in walking distance of fine local restaurants and the entertainment offered by the Forrest Theater and Walnut Street Theater.

If you are a buyer interested in making a purchase or a seller interested in listing your home, please do not hesitate to contact our team.

1112 Spruce Street, Unit 1F
$884,000
2 bedrooms/3 baths
2-4pm

1220 Panama Street
$350,000
2 bedrooms/1 bath
12-1pm

1206 Panama Street
$789,000
3 bedrooms/3 baths
1-2pm

809 Addison Street B
$459,000
2 bedrooms/2 baths
3-4pm

New Listings in Point Breeze

Center City Listings has new listings in the Point Breeze neighborhood of Philadelphia!

1843 McClellan Street
$89,900
2 bedrooms/1 bathroom
Interior Square Feet: 896
Central Air
Description: Fully renovated 2 bedroom, 1 bath home in Point Breeze! This gorgeous 2-story home features a beautiful kitchen with modern granite counter tops and stainless steel finishes. Located on a great block with a charming outdoor garden area and close proximity to public transportation and shopping centers.

 

2240 Wilder Street
$45,000
3 bedrooms/1 bathroom
Interior Square Feet: 1046
Description: Two-story,3 bedroom row home in Point Breeze. Perfect investment opportunity!

 

 

2209 Wilder Street
$189,000
3 bedrooms/1.1 bathrooms
Interior Square Feet: 1064
Central Air
Description: Fully rehabbed 2 story, contemporary home features 3 bedrooms and 1.5 bathrooms. This Point Breeze home also features exposed brick, beautiful hardwood floors and an open floor plan. The brand new kitchen boasts of modern back splash, microwave and dishwasher. The living room has recessed lighting and a half bath off the kitchen. Each bedroom features closet space. This perfect starter home is situated directly across the street from a garden.

Keep Your Home Safe During Holiday Travels

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The holidays are a popular time of year for  burglaries due to home vacancy with holiday traveling.  Here are a few tips to help in keeping your home safe during the holiday season.

– Before beginning your holiday travels, ask trustworthy neighbors and friends to keep an eye on the house while you are away.

– Lock up everything. Every door and window in the home should be locked and secured. If your home has an activated alarm system, set it upon leaving.

– Turn off unnecessary heating/cooling systems. Depending on the climate of the area you live in, it is essential to keep the temperature of your home at a certain degree to prevent freezing pipes, etc.

– Indoor and outdoor lighting systems are a great way to deter any unwelcome visitors to your home while being away.  Motion sensor lights are a great source of lighting for exterior entry ways. As well as adding timers to indoor lighting.  Both are great features for keeping would-be burglars away.

– Put your valuables away. Before leaving your home, make sure all cash, jewelry, electronics, important documents, etc. are safely stored away and are not out in the open.