Planned Smallman Place Condos In Strip District Selling Fast

Sales agreements are in place for about two-thirds of the 36 condominiums that a suburban Philadelphia developer is planning in the Strip District, months before construction is set to begin.

The Smallman Place condos went on the market in the first week of April.

“If you have the right project at the right place and the right price, you can be successful,” said developer Jack Benoff of Solara Ventures Inc.

Benoff has been one of Pittsburgh’s most active condo developers in recent years. He converted 941 Penn Ave., Downtown, and the Otto Milk building in the Strip District into condo buildings that sold out quickly, with the exception of a $1.8 million penthouse at Otto Milk that’s now under agreement.

Read more: http://triblive.com/business/headlines/8209221-74/condos-district-smallman#ixzz3XxjNdmxS
Follow us: @triblive on Twitter | triblive on Facebook

Advertisements

Center City District: Housing Boom Continues

The housing boom rolling across central Philadelphia showed no signs of weakening last year, according to data released Tuesday, but a population exodus could be on the near horizon if little is done to fix the city’s schools and tax structure.

The news was mostly positive out of Center City District’s annual housing report, which found that 1,983 new apartments, condos, and houses between Girard and Tasker Avenues, and the Schuylkill and Delaware River hit the market in 2014, thanks to an influx of empty nesters and young professionals, said CCD chief executive Paul Levy.

That number was down 8.5 percent from the record-breaking 2,168 logged a year earlier. But Levy and his staff concluded that demand for the torrent of new construction of homes and apartments would be strong for at least several more years.

“Property is selling for more. It’s selling more quickly,” Levy said.

Read more at http://www.philly.com/philly/news/20150218_Center_City_District__Housing_boom_continues.html#gfAQAl0PUIx9wOV9.99

$2.5 Million Grant To Aid Granite Building Hotel Project In Downtown Pittsburgh

DSC01828Gov. Tom Corbett delivered a $2.5 million state redevelopment assistance capital grant this morning to jump start Downtown’s latest hotel project — 104 rooms, three bars, and a brasserie-style restaurant at Wood Street and Sixth Avenue.

The $38 million independent boutique hotel will be housed in the Granite Building, a Romanesque-style structure built in 1889 and site of the former German National Bank. A building next door that once housed an Arby’s restaurant also will be part of the development.

The project is being developed by Holly Brubach, a former New York Times style editor who bought the Granite Building in 2006 with the intent of turning it into condominiums.

But that project was done in by the recession, prompting Ms. Brubach to change course.

Read more: http://www.post-gazette.com/local/city/2014/10/24/2-5M-grant-to-jump-start-Granite-Building-hotel-project-in-downtown-Pittsburgh/stories/201410240194

Icehouse Condos’ Next Phase Begins In Fishtown

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

Nearly a decade after he started the project, James Maransky has finally finished the second phase of the Icehouse, his 36-unit condominium development at Thompson Street and Columbia Avenue in Fishtown.

EnVision Group, his company, now will break ground on a third phase. One block over from the Icehouse on Columbia, it is developing Moyer Street Court townhouses.

Maransky, founder of EnVision and a green-roof professional who specializes in Leadership in Energy and Environmental Design-certified construction, said many of his colleagues in the industry did not make it through the financial crisis.

He knows how hard it was – and almost had to stop work himself. The Icehouse’s second phase was on ice, figuratively, during the financial meltdown as banks backed away from new projects. But, Maransky said recently as he looked out on the project’s common green-roof area, “I was so confident that once the first phase was finished, the second phase would sell out – and it did.”

Read more at http://www.philly.com/philly/classifieds/real_estate/20140914_Phase_III_of_Icehouse_beginning.html#0keucPoskwfxbgLA.99

Downtown Residents, Developers Enjoy Romance With Rooftops

Downtown Pittsburgh as seen from PNC Park across the Allegheny River

Downtown Pittsburgh as seen from PNC Park across the Allegheny River

From atop the Lando Building at Penn Avenue and Ninth Street, Todd Palacic can see PNC Park, kayaks on the Allegheny River, construction work on The Tower at PNC Plaza and glimpses of the shimmering glass of PPG Place.

Palacic, who is developing the seven-story structure into 27 apartments and building a deck on its roof, foresees tenants throwing parties, watching fireworks and lounging amid Pittsburgh’s skyline.

“People who live Downtown want to show off, and a deck allows them to show off,” Palacic, a developer at Penn Avenue Renaissance, said as he leaned over the deck railing to look out over the river. “A lot of first kisses will happen up here on this deck. I guarantee it.”

As more people move Downtown — the population jumped 10.5 percent in the past three years, reaching more than 7,500, according to the Pittsburgh Downtown Partnership — residents are claiming rooftops as social spaces to dine, drink, relax and take in sights. Restaurants have opened rooftop bars and seating areas. Nearly 10 apartment complexes boast roof patios and lounges, and new developments almost all have rooftop plans.

Read more: http://triblive.com/news/editorspicks/6451106-74/downtown-pittsburgh-tower#ixzz37vYrS6MJ
Follow us: @triblive on Twitter | triblive on Facebook

47-Story Hotel/Condo Building Set For South Broad Street

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

The developer Carl E. Dranoff is partnering with Los Angeles-based SBE Entertainment Group to build a 47-story, mixed-use luxury boutique hotel and condominium tower at Broad and Spruce Streets, across from the Kimmel Center, for more than $200 million.

The 422,838-square-foot SLS International, which Dranoff said would be Pennsylvania’s “tallest structure built for residential use,” is being designed by New York-based architecture firm Kohn Pedersen Fox Associates, whose chairman, A. Eugene Kohn, is a Philadelphia native.

The tower will rise 562 feet – 14 feet higher than the City Hall tower. Construction is expected to start next fall and take two years.

Dranoff said approvals for the project were at “the 3-yard line,” with Councilman Mark Squilla set to introduce legislation in City Council to extend the zoning designation CMX-5, which allows a higher building floor area in relation to the lot, past Spruce Street to Pine Street.

Read more at http://www.philly.com/philly/classifieds/real_estate/20131217_47-story_hotel_condo_building_set_for_South_Broad.html#IlL8VeqUSgPMoCJT.99

Downtown Wilkes-Barre Putting On A New Face

Map of Pennsylvania highlighting Luzerne County

Map of Pennsylvania highlighting Luzerne County (Photo credit: Wikipedia)

The loud purple facade of the former Flaming Star Tattoos shop will soon be toned down to fit in with the downtown Wilkes-Barre neighborhood’s historical character — a subtle yet significant sign of once-shuttered storefronts being renovated or reopened around the theater complex.

It wasn’t just the color that unsettled city officials who saw the potential for the shop’s row of old architecture on South Main Street. It was the way the vibrant hue stopped midway up the building in an uneven line, accentuating the unfinished progress of the paint job and much of the neighborhood.

“One of the first things the new owners will do is repaint that facade,” said attorney William Vinsko, who bought the building at a Luzerne County back-tax auction for $33,000 last week on behalf of private clients who will be identified when the deed is recorded.  The buyers plan to renovate the property at 86 S. Main St. to attract tenants, Vinsko said.

Next door, Joseph and Pamela Masi are redoing the facade and interior of their property, which previously housed Topper’s topless bar, Vinsko said.  The Masis, who purchased the property for $85,000 in 2010, have added an ice cream shop at the rear of the property.

Read more:  http://www.timesleader.com/news/local-news/462842/Putting-on-a-new-face

Garden Spot Village’s Urban Retirement Project Dropped

In the nearly two years that Garden Spot Village marketed high-end units planned for the former Lancaster Press building, they saw lots of interest.

But no takers.

More than 450 people looked at the model unit that opened in February in the building at North Prince and West Lemon streets or stopped at the previous marketing office down the street.

They liked the building. They liked the downtown location. But they were looking for a condominium to buy or an apartment to rent.

When faced with questions about where they wanted to retire, “it caused them to pause in the process,” said Steve Lindsey, chief executive officer of the New Holland-based retirement community.

Developer Charlie Jefferson: A Driving Force Behind Scranton’s Downtown Renaissance

 Connell Building exterior

My trip to Scranton included meeting and touring with Charlie Jefferson, along with Mayor Doherty.  Charlie is a Scranton developer who has a passion for his work and a desire to see Scranton blossom.  Charlie is responsible for the dramatic transformation of the Connell Building.  Charlie, like Mayor Doherty, is very down-to-earth and approachable.

Charlie took us inside the Connell Building.  The eight-story building sat vacant for 10 years before being developed.  The building’s occupancy rate was about 20 percent for ten years before becoming vacant.  Now there are 89 new 1 – 2 bedroom, market-priced, luxury loft apartments.  The building has been beautifully restored, while maintaining historical integrity and bringing the building up to code.  Every loft is rented.  There is a waiting list!  I have no interior pictures of any apartments because there is no model and Charlie was unable to contact anyone who might have let us tour and photograph their apartment home.  Maybe next trip!

The bottom two floors of the Connell Building will be used for commercial/retail/office.  This will be a great example of mixed-use development when this part is finished.  Charlie said he is working with a grocery store to move into the building along with other tenants to fill the remaining commercial/retail/office space.  Imagine the convenience of going down an elevator to the grocery store.  No driving, parking and traffic!  City living at its finest!

Another nice feature of the Connell Building is the attached parking garage.  Secure garage parking is available to all the residents of the Connell Building if they choose to rent a space.

Over 50% of the Connell Building’s tenants are new residents to Scranton and Lackawanna County.  There is a growing segment of people who want to live in a redeveloped heritage property.  These people are usually well-educated professionals who want the best urban living has to offer.  There are looking for walkable downtowns with fine restaurants, shopping, cultural events, services and entertainment.  Concentrated pockets of people in a downtown, with disposable income, will greatly increase the customer base for stores, restaurants and other businesses in general.  This phenomenon is not necessarily limited to the 20’s – 30’s demographic.  There are more middle-agers and seniors who want to sell the house, downsize and become urban dwellers entering this emerging market.

The Connell Building’s first tenant is a grandson of the building’s original owner.  He was very excited to see his family’s former building redeveloped and wanted to be part of the renaissance in Scranton.

Charlie’s newest project is the redevelopment of the former Chamber of Commerce Building, not far from the Connell Building.  The building is now vacant.  Like the Connell Building, the old Chamber Building was constructed during Scranton’s King Coal heyday.  It is very opulent.  Charlie plans to do the same thing with this building as he did with the Connell Building.  It is expected that Scranton will need 600 more apartments/condominiums in the next 5 years because of the medical college and spin-off development.  If the law school becomes a reality, that number will substantially increase. 

Charlie took us inside the old Chamber Building and we poked around.  Structurally it is in great shape and ripe for development.  The building has amazing architectural features and many of the apartments will feature spectacular views of downtown Scranton.  There will be balconies!  This project will rent out quickly because of the location and unique features of the space.  The success of the Connell Building has paved the way for further mixed-use development downtown.

I am looking forward to the completion of Charlie’s newest project.  It promises to be amazing.

Having a great developer, like Charlie Jefferson, to work with is a huge part of the redevelopment process.  Mayor Doherty has surrounded himself with some very competent people to help turn his vision for Scranton into a reality.

 

Chamber Building pictures below, currently vacant awaiting development!