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Commercial Real Estate Archives

PennDOT to control digital signage on East Market Street


Most Philadelphians think of zoning as a set of regulations that controls the kind and size of buildings that can be erected on a specified tract of land. Zoning regulations also affect another important aspect of commercial real estate: the use of buildings as sites for large outdoor signs. The digital age has brought with it new techniques for creating and operating outdoor advertising, and the City of Philadelphia is attempting to cope with these advances by creating commercial advertising districts in which the type and size of digital signs is subject to review.

Preservation fight pits CVS against Main Line history


This blog has commented on a number of land use disputes in Philadelphia and its suburbs that involve a proposal to demolish or significantly alter a building with historic significance and replace it with a modern commercial structure. A number of suburban communities have enacted ordinances to preserve historically significant structures, but as demonstrated by a commercial property case arising on the historic Main Line, these ordinances vary greatly in their effect.

An overview of the Philadelphia land bank


After years of delay and much talk, the Philadelphia Land Bank finally opened for business on Dec. 9, 2015 with the electronic conveyance by the city of 150 properties previously owned by the Philadelphia Housing Development Corp. The land bank was originally proposed in 2013 as a means of simplifying the process of transferring vacant tax forfeit property to developers for commercial real estate development.

Real estate values pose problem for churches, non-profit tenants


This blog has previously written about the conflicts that surround the sale or proposed demolition of Philadelphia's old church buildings. Usually, the parties in conflict are the congregation that wants to reap profit by selling the building for a lucrative development as commercial real estate and neighbors who want to preserve the character of the neighborhood. A new type of conflict is arising, this time involving non-profit entities who have rented all or part of older churches as a means of saving on operating costs.

Crowdfunding for commercial real estate investments


Residents of Philadelphia may have heard a new term being thrown around with regards to commercial real estate investments: crowdfunding. Crowdfunding utilizes the Internet to allow a person to raise and pool capital from a number of small investors. These small investors would then have an interest in the real estate enterprise to which they contributed. However, those interested in starting a crowdfunding venture should keep three crucial points in mind.

Municipal liens cause problems for Philadelphia landlords


Many property owners in Pennsylvania are aware that municipalities have the power to file a lien against property for the amount of unpaid real estate taxes. Property owners, however, are not always aware that municipalities also have the right to file liens for unpaid water and gas charges and that these liens take priority over all other liens, except tax liens. The existence of such a lien can complicate the process of selling a parcel that is subject to a municipal lien.

Apartment building in North Philly does not have required permits


Most people understand that they must obtain a building permit to begin construction of a commercial building and that they must obtain a certificate of occupancy before the building can be put to its intended use. The owner of a parcel of commercial real estate in North Philadelphia may be about to learn the consequences of ignoring these requirements.

Philadelphia strong for commercial real estate transactions


Commercial real estate transactions, including sales and purchases, are often strategically important to a company or business. Philadelphia has become a strategic location for investors from New York, as it continues to lure investors with commercial real estate opportunities. Recently brokered was the sale and financing of a 19-story office and retail building in Philadelphia. The property provides 253,732 square feet of office space and 22,723 square feet of retail space.

Millennials drive real estate growth in central Philadelphia


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.

Former Verizon site in Bryn Mawr acquired for mixed-use project


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.

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