PHILADELPHIA-CAMDEN-WILMINGTON-ATLANTIC CITY-READING | Metro Development Thread

[EastSideHBG]

Originally Posted by 3rd&Brown

Just for clarity, Delaware has no sales tax. It does have an income tax and it's relatively progressive. If you were to buy, Delaware has exceptionally low property taxes (among the lowest in the country...certainly in the NE corridor), but in the income tax department, PA's income taxes are actually lower than Delaware's (Philadelphia City excluded as it levies an additional wage tax in the same way NYC does versus NY state).

Delaware Income tax is 2.2 -> 5.5%. PA is a flat 3.08%. Philadelphia City is an additional 3.75 within PA.

Also, you should note, you won't notice the difference out of the gate if you move. If you update your address, your employer will stop witholding NYC tax but it will continue to withhold NY state tax. In my case, PA gives me a credit for tax paid to NY state, so in effect I pay $0 to PA because its tax rate is lower than NY's. I also generally get a refund from NY state. Whereever you move, you should verify that the state you're moving to provides a credit for out of state tax paid because at least up front, you will still pay NY state.

DE income tax tops out higher than 5.5% and if you make $60K+ it is 6.60%. If you work in Wilmington they add an additional 1.25%. And still no reciprocal agreement between PA and DE unfortunately.

[Raja]

Originally Posted by 3rd&Brown

Just for clarity, Delaware has no sales tax. It does have an income tax and it's relatively progressive. If you were to buy, Delaware has exceptionally low property taxes (among the lowest in the country...certainly in the NE corridor), but in the income tax department, PA's income taxes are actually lower than Delaware's (Philadelphia City excluded as it levies an additional wage tax in the same way NYC does versus NY state).

Delaware Income tax is 2.2 -> 5.5%. PA is a flat 3.08%. Philadelphia City is an additional 3.75 within PA.

Also, you should note, you won't notice the difference out of the gate if you move. If you update your address, your employer will stop witholding NYC tax but it will continue to withhold NY state tax. In my case, PA gives me a credit for tax paid to NY state, so in effect I pay $0 to PA because its tax rate is lower than NY's. I also generally get a refund from NY state. Whereever you move, you should verify that the state you're moving to provides a credit for out of state tax paid because at least up front, you will still pay NY state.

Agreed, it's a common misconception. I work in DE, and during the 21 months (March 2020 to December 2021) that DE allowed me to pay taxes based on where I was working (at home, in Philly), I saved a couple thousand dollars on taxes. DE state tax plus Wilmington city tax was a couple percentage points higher than PA plus Philly. I've told this to many people, and literally all of them were surprised. There's a huge misconception about the tax burden of living in Philly.

[3rd&Brown]

Originally Posted by Raja

Agreed, it's a common misconception. I work in DE, and during the 21 months (March 2020 to December 2021) that DE allowed me to pay taxes based on where I was working (at home, in Philly), I saved a couple thousand dollars on taxes. DE state tax plus Wilmington city tax was a couple percentage points higher than PA plus Philly. I've told this to many people, and literally all of them were surprised. There's a huge misconception about the tax burden of living in Philly.

ditto with car insurance.

i have friends in philly who are from NJ and they're always asked by friends from home...'but what about your car insurance' (i.e. isn't it super expensive?).

and they're always like..'what are you talking about, it's cheaper than what i was paying in suburban new jersey'.

[Jawnadelphia]

BPG's Humble Park apartment building under construction...





Video update:
https://www.linkedin.com/posts/bpgs-cons...m_source=share&utm_medium=member_desktop

[PHLtoNYC]

Builders target Chester County for new home construction amid historically low inventory

https://www.bizjournals.com/philadelphia...nty-new-construction-housing-market.html

[iamdjmichael]

Crane is up for The Press https://www.instagram.com/reel/C2dHoRYu5px/?igsh=dGE3OGJxYmhlaDI1

[Jawnadelphia]

Originally Posted by iamdjmichael

Crane is up for The Press https://www.instagram.com/reel/C2dHoRYu5px/?igsh=dGE3OGJxYmhlaDI1

looks good over Wilmington.

If you haven't seen this, we have a thread for The Press now, located here:
https://skyscraperpage.com/forum/showthread.php?t=256372

[EastSideHBG]

Update on the schedule to open ramps on and off PA Turnpike in Plymouth Meeting
https://morethanthecurve.com/update-on-t...and-off-pa-turnpike-in-plymouth-meeting/

[summersm343]

Hilarious to me that the state can’t find the money to fund SEPTA, but they can find the money to fund absolutely pointless highway interchange and on/off ramps.

[jonesrmj]

Originally Posted by summersm343

Hilarious to me that the state can’t find the money to fund SEPTA, but they can find the money to fund absolutely pointless highway interchange and on/off ramps.

[UrbanRevival]

Originally Posted by summersm343

Hilarious to me that the state can’t find the money to fund SEPTA, but they can find the money to fund absolutely pointless highway interchange and on/off ramps.

PA absolutely has the money. All it would is take to fix SEPTA'S funding gap is a slight percentage shift in the state's allocation of the sales tax (from 4.6% to 6.6%) for public transit funding. It's pretty ludicrous that this could not have been accomplished with the current budget.

I hate to bring up politics, but we all know which party is responsible for completing shi**ing on public transit, doesn't believe it fulfills any basic need, or has nothing to do with economic activity for the state. The blame is entirely on the State Senate leadership.

It's mind-numbing stupidity, and it's politically-motivated spite plain and simple.

[summersm343]

Originally Posted by UrbanRevival

PA absolutely has the money. All it would is take to fix SEPTA'S funding gap is a slight percentage shift in the state's allocation of the sales tax (from 4.6% to 6.6%) for public transit funding. It's pretty ludicrous that this could not have been accomplished with the current budget.

I hate to bring up politics, but we all know which party is responsible for completing shi**ing on public transit, doesn't believe it fulfills any basic need, or has nothing to do with economic activity for the state. The blame is entirely on the State Senate leadership.

It's mind-numbing stupidity, and it's politically-motivated spite plain and simple.

Yep. It’s really mind numbing. Nevermind this region being 35% of the state population but 38% of the states tax base and 42% of the states GDP production. SEPTA is the cog that keeps Southeastern Pennsylvania going. Without Philadelphia, the state would drop from #6 in the United States in Gross Domestic Product, to at least #15… maybe even worse. Guess that’s what the republican’s in the state want?

[Redddog]

Originally Posted by summersm343

Yep. It’s really mind numbing. Nevermind this region being 35% of the state population but 38% of the states tax base and 42% of the states GDP production. SEPTA is the cog that keeps Southeastern Pennsylvania going. Without Philadelphia, the state would drop from #6 in the United States in Gross Domestic Product, to at least #15… maybe even worse. Guess that’s what the republican’s in the state want?

15 would be a pipe dream, Summers. Without Philly, PA would be 95% Pennyl-tucky.

[EastSideHBG]

Update on 598 unit apartment community approved for Conshohocken/Whitemarsh riverfront


https://morethanthecurve.com/update-on-5...-for-conshohocken-whitemarsh-riverfront/

[summersm343]

Gov. Shapiro to propose $282.8 million in new state money for SEPTA and other transit agencies

Read more here:
https://www.inquirer.com/transportation/...-funding-septa-cuts-20240128.html#loaded

[summersm343]

Wilmington University breaks ground on two 'pivotal' developments totaling $71M

Wilmington University broke ground on two landmark capital projects Thursday on its Brandywine Campus that together will total 137,000 square feet and carry a price tag of $71 million.

The school, which admitted its first law school class last fall, is building a 52,000-square-foot law school building that will cost $23 million. It is also undertaking the construction of an 85,000-square-foot, $48 million Convocation Center that will have space for a 2,000-seat auditorium and will also house the university's Criminal Justice Institute.

Both buildings are expected to be completed in 2025.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...n-university-law-school-convocation.html

[summersm343]

Penn Medicine opts out of deal to buy Brandywine Hospital campus from Tower Health

The University of Pennsylvania Health System has abandoned its plans to purchase the Brandywine Hospital campus in Chester County from Tower Health.

The proposed acquisition which was intended to be part of Penn Medicine's efforts to work with the Department of Veterans Affairs to improve health care delivery to military veterans in the Philadelphia region.

"After an intensive due diligence process, we have determined that we would be unable to build out the infrastructure for the project in the space available on the Brandywine campus and will terminate our letter of intent with Tower to purchase the property," Penn Medicine said in a statement Friday.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...brandywine-hospital-tower-health-va.html

[summersm343]

Rowan University president expects to spend up to $1.5 billion for 'campus of the future'

Rowan University President Ali Houshmand is plotting a 10-year master plan with a price tag that could reach $1.5 billion to help the South Jersey school adapt to the changing higher education landscape.

Now in its 100th year, Rowan has been active with capital projects, new programs and partnerships under Houshmand, who has led the university since 2012. His ambitions for the next decade are just as ambitious, but he wants to be "very careful" about what and how the school grows — making sure that any new construction can withstand the technology-fueled changes Houshmand sees coming to higher ed.

Last week, the school began gathering input from the Rowan community to help chart the next 10 years.

In addition to the $145 million Shreiber School of Veterinary Medicine and animal hospital currently under construction, projects that may materialize over the next five years, according to Houshmand, include a new dedicated research facility, a new home for the College of Humanities and Social Sciences, a new computer center, a manufacturing hub, and potentially a new sports arena. The school is also planning a two-story home for the Rowan-Virtua Rita & Larry Salva School of Nursing and Health Professions that is expected to be built in the next two years.

All of those projects would likely take place on Rowan's West Campus in Glassboro, where the school has the most room to grow. The new construction would effectively more than double Rowan's operational campus footprint. The school's main campus in Glassboro is about 200 acres, and it has some 330 acres on the north side of the West Campus to build on, according to Houshmand.

Houshmand also reiterated plans for a "holistic wellness village" to be built on a 210-acre plot of land at Rowan's West Campus near Inspira Health's Mullica Hill campus. The plan is moving forward, Houshmand said, and the school will soon sit down with developers and Inspira Health to negotiate terms of the plan. That project would be built out in phases and on its own could take 10 years and cost $1 billion, he said.

Houshmand also noted that opportunities will likely arise for new partnerships over the next 10 years that could add projects to the pipeline.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...master-plan-glassboro-ali-houshmand.html

[summersm343]

Construction isn't finished yet, but AmeriHealth Caritas already wants to sublease its new build-to-suit office

AmeriHealth Caritas is looking for a tenant to sublease its space in a new office building under construction at Ellis Preserve in Newtown Square.

Equus Capital Partners is developing the five-story mass timber building at 203 Squire Drive, which is scheduled to deliver this summer. AmeriHealth Caritas signed a lease last year on the entirety of the planned 106,000-square-foot space.

Construction on the building started about a year ago. While the project was planned as a build-to-suit for AmeriHealth Caritas, the space has not yet been fitted out. That means a sublease tenant or tenants could customize it, Equus Principal Steve Spaeder said, which wouldn’t be possible in a typical sublease.

AmeriHealth Caritas, the region’s largest Medicaid managed care company, declined to comment on its decision to market the space.

It’s part of the final phase at Ellis Preserve, a 213-acre mixed-use development in Newtown Square that has spanned 20 years. The Ellis Preserve site was previously a school for fatherless girls until 1977. It was then owned by oil and gas company Atlantic Richfield Co. and German software company SAP before Equus bought the property in 2004.

The final phase of the project includes a 200-unit apartment building that opened last year, a 140-room Marriott AC Hotel, 75,000 square feet of retail including restaurants and entertainment space, and a wedding venue.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...itas-sublease-ellis-preserve-office.html

[summersm343]

South Korean firm picks Montgomery County over New York, Boston for site of U.S. subsidiary

A South Korean medical device company that specializes in body composition technology has selected Montgomery County as the site for its latest U.S. subsidiary.

InBody Co. Ltd.'s new business unit, InBody BWA Inc., has set up its North American medical operations center in Audubon, where it is starting out with a staff of 12. The company expects to be at 20 local employees by the end of the year.

InBody BWA CEO Mary Weyrick said the company considered establishing the business in Boston or New York before selecting the Philadelphia region "because of quality of life and the caliber of the hospitals. universities and talent in this area."

Rami Lee, CEO of InBody Co., endorsed the selection in part because of her experience as a student at Penn State University. "I have a lot of fond memories of Pennsylvania," she said.

Weyrick said the company's future plans include establishing a second office location in Center City. Overall, the company has more than 700 employees in 11 subsidiaries worldwide. It generates annual revenue of about $160 million.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...th-korea-audubon-bwa-medical-device.html