Target Aiming To Build Small Center City Stores

For years, landlords tried to coax Target to open one of its big-box stores in the heart of Philadelphia. Each time they failed, daunted by the difficulty of plunking a store the size of two football fields into a packed downtown.

That chase appears to have come to an end, with a much smaller version called Target Express now looking to make a splash at multiple locations in the hottest pockets of redevelopment near Philadelphia’s core.

Target Corp. is hunting for lease deals in Center City and University City to build what could be as many as four of the new stores, which are about one-sixth the size of a suburban Target.

The goal is to bring the brand to the very Baby Boomers and young professionals who became loyal customers in the suburbs, but who increasingly are moving into resurgent central Philadelphia.

Read more at http://www.philly.com/philly/business/20150109_Target_aiming_to_build_small_Center_City_stores.html#jQsGpabPqVtiiwUp.99

Future On Hold For 30th Street Station

English: 30th Street Station In Philadelphia. Roughly speaking, the center of commuting in Philly, the former center of the Pennsylvania Railroad. Philly’s main Amtrak station (Photo credit: Wikipedia)

Even as grand plans proceed for development around 30th Street Station, the iconic station will remain wrapped in scaffolding and netting for lack of funds for repairs, a top Amtrak official said Friday.

A $60 million restoration project, to repair the 81-year-old station’s limestone, clean its facade, and waterproof the exterior, is included in Amtrak’s nationwide five-year plan for construction and repairs.

But Congress has not authorized the money, and there is no indication when – or if – it will, Amtrak’s chief of Northeast Corridor planning and performance, Drew Galloway, said Friday.

“We’re ever hopeful,” Galloway said, after addressing a gathering of commuter and transit advocates in Old City.

Read more at http://www.philly.com/philly/business/transportation/20140503_Future_on_hold_for_30th_Street_Station.html#WIFShYEgF0asQjTu.99

Brandywine To Build 47-Story FMC Tower In University City

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

FMC Corp. has agreed to move its headquarters from 1745 Market St. in Center City into the new tower that Brandywine Realty Trust has been trying to build, NE corner of 30th and Walnut Sts. in University City, for the past 5 years. The $341 million FMC Tower will rise 47 stories — 650 feet — and include 575,000 sq ft of offices, 10,000 sq ft of retail — plus 260 apartments. Adjoins a 2,000-space parking garage built by Brandywine that also serves IRS workers at Brandywine’s former 30th St post office nearby.

FMC will move its headquarters staff — currently 546 bosses and workers — to the new tower by June 2016, spokesman Jim Fitzwater told me. FMC will lease 253,000 sq ft for 16 years; the University of Pennsylvania will rent another 100,000 sq ft on four floors for 20 years.

Read more at http://www.philly.com/philly/blogs/inq-phillydeals/Brandywine-to-build-47-story-West-Philly-tower-FMC-a-tenant.html#w8IKD7yI7Ry0uc0p.99