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Commercial Real Estate Archives

Prospective tenants think about converting schools

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.

Property settlement hits standstill in Pennsylvania development

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.

West Chester officials up in the air over courthouse sale

A piece of government-held real estate in West Chester has been up for sale since last year, but the crippled housing market has made the sale of the old, empty courthouse complex unwieldy for local officials. The Chester County board of commissioners has two interested bidders and wants public input on the property acquisition.

Glaxo real estate reassessment may cost school districts millions

Real estate throughout the country doesn't have the value it once did. School districts, dependent on property taxes to fund education, are struggling to hold onto tax monies under old assessment values. In Montgomery County, Pennsylvania, two school districts are in a nail-biting commercial property tax dispute with one large taxpayer - GlaxoSmithKline.

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