PMC Property Group is reportedly eyeing two big Center
City real estate plays that would greatly expand its holdings.
The Philadelphia apartment developer is set to pay
roughly $30 million for a property called River City that fronts the Schuylkill
River as well as One Franklin Plaza, according to several people familiar with
the matter.
The sites offer PMC Properties two different development
opportunities.
Five properties make up the so-called River City site.
The River City site could accommodate up to 2.5 million
square feet of new development.
It is comprised of five parcels totaling just over seven
acres and is L-shaped. It consists of 60 N. 23rd St., and 2301, 2201, 2101 and
2001 John F. Kennedy Blvd.
The most appealing of the parcels is 60 N. 23rd St.,
which is a large surface parking lot that totals about three acres and can
handle more than 600,000 square feet. The other properties would require
building over SEPTA rail lines, a complicated endeavor.
That PMC Property must be increasingly becoming bullish
on the riverfront. With Lubert-Adler, PMC Property bought the Marketplace
Design Center at 2400 Market St. and is proposing a major investment to
redevelop it.
Other developers are zeroing in on to build new projects.
Aside from the construction of Comcast Corp.’s new skyscrapers, Brandywine
Realty Trust is building an apartment tower at 1919 Market St. and Dranoff
Properties broke ground last week on One Riverside at 25th and Locust streets,
for example.
Source: Philadelphia
Business Journal
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