The Millennial generation - those born between 1982 and 2004 - will play a significant role in the Philadelphia real estate market in the next few years, according to experts at a panel put together by a local business magazine. As the Millennial population grows and the Baby Boomer population levels off, developers are investing in central Philadelphia.
Commercial property buyers in Pennsylvania are busy people. They not only have to worry about obtaining financing to buy a property, but they also must consider zoning, permits and other issues that may delay or prevent the sale of the property or opening of their business on that property.
When developers and business owners are looking into buying a new property, it's often a very exciting time. During property acquisition, however, these developers and business owners must take care to follow all applicable laws and protocols when buying or selling a property. The owners of one Pennsylvania shopping center have recently become familiar with the process.
Sometimes, an owner of a commercial property will end up being in a situation in which a fair amount of space on their property has become open. This can be seen in what has happened with the building that the Southeastern Pennsylvania Transportation Authority is headquartered in.
A new tenant will soon occupy the first and second floors of the old Strawbridge & Clothier building in downtown Philadelphia. The former site of the iconic department store has been unoccupied since 2006, but another retail chain plans to open there in October.
Real estate professionals are wondering what how to use 49 parochial schools scheduled to close in the Philadelphia area. The Archdiocese of Philadelphia announced this will be the final school year for 45 elementary and four high schools in and around Philadelphia. Each location is unique, real estate professionals said, and will require just the right use to fit the area and the architecture. There will no doubt be zoning and usage concerns for most of the properties, which can be sticky issues for developers.
A historic theater in New Hope, Pennsylvania, that fell into foreclosure has been purchased by an area couple looking to bring it back to its glory days.
Before a development firm can start to build in a Pennsylvania city or town, the city must first give its approval and ensure that the proposed development will be consistent with the zoning laws and city plan. Unfortunately, these approvals often take time and considerable discussion. The members of the Legal Affairs Committee's board of commissioners chose to table the rezoning of the proposed O'Neill riverfront property at a recent meeting.
It has taken Citizens Bank almost three years to satisfy zoning laws and Lower Merion Township officials in order to build a new bank in Bryn Mawr. Construction has begun in the 700 block of West Lancaster Avenue, even as Citizens Bank announced the closure of nine other Philadelphia locations.
The government acquisition of private property in Allentown will only benefit private investors, according to a developer's newly filed lawsuit. The legal maneuver against the city's eminent domain actions stands to disrupt officials' plans to open a $100 million downtown hockey arena in two years.