Real Estate
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Toll Brothers Acquires Site of Former St. Basil’s Academy, Plans for Senior Living Homes
Toll Brothers has purchased the 46-acre site of the former Saint Basil Academy in Jenkintown for $9.5 million, writes Paul Schwedelson for the Philadelphia Business Journal. The Fort Washington-based luxury homebuilder plans to transform the former school grounds into a 150-home age-restricted carriage home community for buyers 55 and older. The property, located at 711…
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Moore College of Art and Design to Expand Student Housing After Acquiring Rittenhouse Square Hotel
Moore College of Art and Design recently purchased a Rittenhouse Square hotel for $11.5 million, which will see the school expand, writes Ryan Mulligan for the Philadelphia Business Journal. The college is planning to transform the hotel into a residence hall, allowing it to expand Moore College’s student housing stock by 33 percent. “When this…
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House of the Week: Beautiful Stone Colonial in Torresdale
A beautiful stone colonial home set on 0.59 lovely acres with four bedrooms and three and a half bathrooms is available for sale in Torresdale. This stunning residence offers exceptional craftsmanship and timeless elegance along with gorgeous details throughout, including antique French doors, rich hardwood floors, and custom architectural features. . . Among the highlights…
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Former Eagle Brent Celek Runs a Real Estate Empire From Media
Philadelphia Eagles former tight end Brent Celek’s post-NFL career started with a restaurant, writes Jeff Blumenthal for the Philadelphia Business Journal. Opening in 2013, it closed a few years later, amidst a bad lease agreement. That experience taught him a few things. “I’d rather be the landlord than the guy that’s renting places,” he said.…
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$1B Has Been Invested Into the Delaware River Waterfront in the Past Decade, Another $10B Could Be Forthcoming
According to an economic impact report commissioned by the Delaware River Waterfront Corporation, private developers invested nearly $1 billion into Delaware River waterfront over the last decade. Another economic impact study by Econsult Solutions forecasts another $10 billion will be invested by the private sector in the next decade, writes Kristen Mosbrucker-Garza for WHYY. Most…
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Former Eagles Star from West Chester Expands Real Estate Portfolio into Bucks County
Brent Celek, a West Chester resident and former Philadelphia Eagles tight end, recently expanded his real estate portfolio with a Bucks County shopping center, writes Jeff Blumenthal for the Philadelphia Business Journal. Celek began preparing for life after football well before his NFL career ended. He opened a restaurant in Philadelphia but grew disillusioned by…
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Boscov’s Set to Outlive Exton Square Mall as New Owner Plans Mixed-Use Town Center to Replace It
With many department store giants, including Macy’s and JCPenney, closing stores during the years-long retail apocalypse, Boscov’s has stayed afloat and expanded, writes Noah Zucker for Bisnow. Now, the Exton Square Mall location of the nation’s largest family-owned department store chain is set to outlast the rest of the shopping center as the new owner…
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Center City Undergoing $1.2B in Real Estate Development Activity, New Report Provides Breakdown
Center City District has released its latest Center City Real Estate Development Report, which provides an overview of the $1.2 billion in development activity taking place in the area. There are a total of 66 major development projects in Center City Philadelphia that are either completed, under construction, or in the planning stages. Center City…
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Alterra Property Group Plans to Develop 300-Unit Apartment Building on SEPTA Land in Conshohocken
Alterra Property Group is planning to develop a 300-unit apartment building on SEPTA land in Conshohocken, writes Jake Blumgart for The Philadelphia Inquirer. The lot was previously planned to be a 528-space parking garage, but the project received significant pushback from transit advocates. SEPTA recently authorized a long-term ground lease and development contract for the…
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House of the Week: Charming Contemporary in Bustleton
A charming contemporary home on a lovely 9,278-square-foot lot with four bedrooms and two and a half bathrooms is available for sale in Bustleton. This stunning residence offers a wealth of upgrades and modern finishes throughout. It boasts beautiful hardwood floors, freshly painted walls, and many other attractive details. . . The standout features on…
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Church of the Assumption in Spring Garden Faces Imminent Sheriff’s Sale
Philadelphia’s historic Church of the Assumption will be put up for sale by the Sheriff’s Office on April 4, writes Kyle Bagenstose for the Hidden City Philadelphia. The property spent over a decade in limbo after being rescued from demolition by neighbors and preservationists in 2013. The origins of the sale remain unclear. The building…
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Build-to-Suit Medical Facility Could Complete Village at Valley Forge in King of Prussia
The developer of the Village at Valley Forge in King of Prussia is currently in talks with several potential medical tenants for a build-to-suit facility, writes Paul Schwedelson for the Philadelphia Business Journal. The new facility would occupy the final undeveloped portion of the 132-acre project. Philadelphia-based Realen Properties developed the master-planned community in a…
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Cash Home Sales Decreasing in Philadelphia Region
Fewer buyers in the Philadelphia region are purchasing homes with cash, writes Mike D’Onofrio for AXIOS. Cash buyers – primarily investors – have slowed down after a pandemic shopping spree nationwide, but their share of home purchases remains historically high, according to a recent Redfin analysis. In the Philadelphia area, cash home purchases made up…
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One Chester County Town Among Best Places to Live in America, Two Make Top 250
One Chester County town is ranked among the top three places to live in the United States, with two others in the top 250, writes Ryan Mulligan for the Philadelphia Business Journal. Niche recently released its annual rankings, based on data from the U.S. Census Bureau, the FBI, the Department of Education, the IRS, and…
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Interest in Ultra-Luxury Condos in Philadelphia Soars
Center City’s luxury multifamily properties are preparing for a busy sales and leasing season, driven by rising demand during the typically slow winter months, writes Ryan Mulligan for the Philadelphia Business Journal. The 48-story Laurel in Rittenhouse Square wrapped up 2024 on a hot streak, with its sales team predicting that the current year will…
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19th-Century, Frank Weise-Designed Carriage House Hits Market in Rittenhouse Square for $3.5M
A stunningly transformed 19th-century carriage house, a true architectural gem in Rittenhouse Square, has hit the Philadelphia market for $3.5 million, writes Abby Montanez for the Robb Report. The striking five-story townhome, designed by renowned architect Frank Weise, is designated as a historic landmark. Weise bought the carriage home back in the 1950s and transformed…
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House of the Week: Gorgeous Stone Craftsman in Wynnefield
A gorgeous stone craftsman home on a lovely 7,954-square-foot lot with four bedrooms and three and a half bathrooms is available for sale in Wynnefield. This beautifully kept residence offers a seamless combination of comfort and practicality. Notable features on the first floor include a spacious living room with a fireplace and abundant natural light,…
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Abrams Realty Buys Exton Square Mall, Plans to Build New Homes and Limited Commercial Space
Exton Square Mall officially has a new owner as of Tuesday, with PREIT selling the beleaguered property to Abrams Realty & Development, writes Jake Blumgart for The Philadelphia Inquirer. Elkins Park-based Abrams plans to demolish most of the existing complex and build housing and some commercial space. PREIT, which emerged from its second bankruptcy last…
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