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

[PHLtoNYC]

One of the most desirable plots on the Main Line may be up for grabs, will likely be developed into $$$$ homes.

Valley Forge Military Academy closure sparks campus redevelopment buzz
https://www.bizjournals.com/philadelphia...-forge-military-academy-real-estate.html

The 70-acre campus straddles Tredyffrin Township in Chester County and Radnor Township in Delaware County, both of which are home to two of the state's top school districts and home prices that regularly push over $1 million.

[3rd&Brown]

Originally Posted by PHLtoNYC

One of the most desirable plots on the Main Line may be up for grabs, will likely be developed into $$$$ homes.

Valley Forge Military Academy closure sparks campus redevelopment buzz
https://www.bizjournals.com/philadelphia...-forge-military-academy-real-estate.html

The 70-acre campus straddles Tredyffrin Township in Chester County and Radnor Township in Delaware County, both of which are home to two of the state's top school districts and home prices that regularly push over $1 million.

Well hopefully it's not Toll.

[UrbanRevival]

Just as last year, Philly is again making a good showing in the 2025 "Talent Hubs" report from JLL, ranking 8th amongst the Top 25 metros, right in between Atlanta and Dallas:

https://www.jll.com/content/dam/jllcom/e...=&utm_source=&utm_content=191567

Interestingly, 35% of young grads relocate from other metro areas, which is a share on par with LA (34%), Boston (35%) or Atlanta (36%). Really puts the "parochial" stereotype of the city to rest.

Moreover, the metro ranks 6th for the share of attraction of grads of "elite" schools, and 7th for share of "elite" and "top tier" combined.

[PHLtoNYC]

Toll Brothers acquires 100-acre Exton site for $70M, plans massive residential community
https://www.bizjournals.com/philadelphia...others-regency-exton-chester-county.html

Toll Brothers has acquired 100 acres in Exton with plans to build its largest age-restricted residential development in the region at the site. The Fort Washington-based homebuilder paid $70 million for the parcel at 301-305 Church Farm Lane, according to Chester County records.

The planned 317-unit project would consist of a mix of townhomes and single-family units along with amenities for adults 55 and over, falling under Toll Brothers' "Regency" collection.

[EastSideHBG]

New developer looking to redevelop Front Street in West Conshohocken with apartments
https://morethanthecurve.com/new-develop...et-in-west-conshohocken-with-apartments/

Originally Posted by PHLtoNYC

Toll Brothers acquires 100-acre Exton site for $70M, plans massive residential community
https://www.bizjournals.com/philadelphia...others-regency-exton-chester-county.html

Toll Brothers has acquired 100 acres in Exton with plans to build its largest age-restricted residential development in the region at the site. The Fort Washington-based homebuilder paid $70 million for the parcel at 301-305 Church Farm Lane, according to Chester County records.

The planned 317-unit project would consist of a mix of townhomes and single-family units along with amenities for adults 55 and over, falling under Toll Brothers' "Regency" collection.

Speaking of TB, they are taking steps to exit the apartment living business: https://www.multihousingnews.com/kennedy-wilson-to-acquire-toll-brothers-apartment-living/

[3rd&Brown]

Originally Posted by PHLtoNYC

The planned 317-unit project would consist of a mix of townhomes and single-family units along with amenities for adults 55 and over, falling under Toll Brothers' "Regency" collection.[/I]

Snooze.

Enough with the "age restricted communities". Honestly, they're soul crushing.

[domodeez]

https://delawarebusinesstimes.com/insider-only/berger-communities-trolley-square-apartments/

Berger Communities breaks ground on Trolley Square apartments

Berger Communities broke ground last week on a $40 million luxury apartment complex in the Trolley Square neighborhood, marking the residential property management group’s first build in Delaware. The 130-unit apartment complex will be built at 1201 Gilpin Ave., right at the foot of the Interstate 95 exit.

The reported address is a typo and it is really 1021 Gilpin (as you can see in the render), which is right at the I-95 off-ramp, not 1201 Gilpin, which is two blocks west and is occupied by row homes.

Article is paywalled so perhaps someone else who subscribes can share anything else that may be relevant from the rest of the piece.

[domodeez]

Once part of the DuPont Co., Corteva moving to former DuPont building in Wilmington

https://www.delawareonline.com/story/mon...site-in-wilmington-delaware/86935128007/

Corteva, an agriculture technology company that was a spinoff of DuPont, is keeping one of its corporate offices that employs over 200 workers in Delaware, moving to downtown Wilmington.

The company will occupy two floors in BPG’s Brandywine Building at 1000 N West St., part of the area BPG recently rebranded as Market West.

[PHLtoNYC]

Mixed-use development next to Ambler train station would include apartments, office space
https://www.bizjournals.com/philadelphia...ation-apartments-office-development.html

A major mixed-use development next to the Ambler train station is headed for a borough council vote in December.

BET Investment's proposed office and apartment building on Butler Pike and an apartment/retail building on South Maple Street would have a combined 231 residential units and 37,000 square feet of office space. The buildings would have enclosed garages with a combined 519 parking spots, well above the required minimum of around 430.

The project would take advantage of the borough's transit-oriented development zoning designation allowing for increased density. The borough's planning commission recommended the project's approval on Oct. 28.

[summersm343]

Really sharp looking development. This is what Philly’s suburbs need more of, ESPECIALLY along transit lines.

[DeltaNerd]

Originally Posted by summersm343

Really sharp looking development. This is what Philly’s suburbs need more of, ESPECIALLY along transit lines.

Looking in South Philly and its stations on the BSL. Looking at any station along the Trenton line. Plenty of places for TOD improvements. Even Franklin mills/Cornwell Heights as a consolidated bus hub

[summersm343]

Originally Posted by DeltaNerd

Looking in South Philly and its stations on the BSL. Looking at any station along the Trenton line. Plenty of places for TOD improvements. Even Franklin mills/Cornwell Heights as a consolidated bus hub

True. Even in the city there’s room for more density around transit lines.

[domodeez]

No photos, but I saw a social media post from BPG Construction stating that phase 3 of the office-to-residential conversion project known as “The Standard at Market West” is fully underway. This phase will add 97 apartments and new amenity spaces and is “slated for completion early next year.” They announced their $110m in project financing for this third phase at the end of September.

[PHLtoNYC]

Earlier today I read a nice article about how nationally, Pittsburgh is among the most affordable and increasingly attractive cities for homebuyers. Then I read this... Seems like the Philly area and Pittsburgh area are going in opposite directions from a price standpoint.

Price surge puts Main Line community among nation's hottest luxury housing markets
https://www.bizjournals.com/philadelphia...ome-sales-villanova-hottest-markets.html

[3rd&Brown]

Originally Posted by PHLtoNYC

Earlier today I read a nice article about how nationally, Pittsburgh is among the most affordable and increasingly attractive cities for homebuyers. Then I read this... Seems like the Philly area and Pittsburgh area are going in opposite directions from a price standpoint.

Price surge puts Main Line community among nation's hottest luxury housing markets
https://www.bizjournals.com/philadelphia...ome-sales-villanova-hottest-markets.html

I have beef with the Philadelphia Business Journal.

Have you ever noticed in the real estate transactions section they don't include Delaware County? It actually pisses me off. Like there's this perception no real estate transacts about the minimum price point they publish (I believe it's about $750K) yet they include Camden County which has far fewer expensive homes and zipcodes than Delco. It feels very very classist. I've also said it before and will say it again. There is a future state where Delco becomes the most expensive part of the region (at least by $ per square foot metrics), whether the elitists acknowledge it or not.

[PHLtoNYC]

Originally Posted by 3rd&Brown

I have beef with the Philadelphia Business Journal.

Have you ever noticed in the real estate transactions section they don't include Delaware County? It actually pisses me off. Like there's this perception no real estate transacts about the minimum price point they publish (I believe it's about $750K) yet they include Camden County which has far fewer expensive homes and zipcodes than Delco. It feels very very classist. I've also said it before and will say it again. There is a future state where Delco becomes the most expensive part of the region (at least by $ per square foot metrics), whether the elitists acknowledge it or not.

What do you mean? Like in the weekly highest selling homes articles? Or just "Delaware County" is omitted?

I see articles mention homes in Delaware County, but generally on the Main Line or Newtown Square, so titles lead with that.

[3rd&Brown]

Originally Posted by PHLtoNYC

What do you mean? Like in the weekly highest selling homes articles? Or just "Delaware County" is omitted?

I see articles mention homes in Delaware County, but generally on the Main Line or Newtown Square, so titles lead with that.

If you look at the "digital print edition" (which is just a PDF version of the paper copy) the last page or two are "luxury real estate transactions". Delaware County is never included. It's Bucks, Chester, Montgomery, Philadelphia, and Camden Counties.

Some weeks Camden County might get omitted as well but Delco never makes an appearance.

[PHLtoNYC]

Originally Posted by 3rd&Brown

If you look at the "digital print edition" (which is just a PDF version of the paper copy) the last page or two are "luxury real estate transactions". Delaware County is never included. It's Bucks, Chester, Montgomery, Philadelphia, and Camden Counties.

Some weeks Camden County might get omitted as well but Delco never makes an appearance.

Huh, interesting. Yea, I just checked back to September and no Delaware County. Do you know why? IF they can include Philadelphia and Camden County, then surely Delco should have its its own section.

I see Haverford, Villanova, Bryn Mawr and Radnor listed as Montco (which is true in some cases). But I check real estate all the time, surely the price points of many homes sold in Delaware County would make the list (Newtown Square, Garnet Valley, Media, etc.).

Maybe I will write the editors and ask why.

[3rd&Brown]

Originally Posted by PHLtoNYC

Huh, interesting. Yea, I just checked back to September and no Delaware County. Do you know why? IF they can include Philadelphia and Camden County, then surely Delco should have its its own section.

I see Haverford, Villanova, Bryn Mawr and Radnor listed as Montco (which is true in some cases). But I check real estate all the time, surely the price points of many homes sold in Delaware County would make the list (Newtown Square, Garnet Valley, Media, etc.).

Maybe I will write the editors and ask why.

We know why. It's been like this for years. One of my first jobs (25 years ago) was doing market research for a company that was in the B2B space so I had to read these regional business journals daily. It was that way 25 years ago.

Radnor is never Montco but yes, those other addresses are on the Montco side of Lancaster Avenue.

BTW. When you wanna have fun trying to figure out who's driving up prices in our region, throw some of those buyer names into google or LinkedIn and see what comes up.

[PHLtoNYC]

Originally Posted by 3rd&Brown

We know why. It's been like this for years. One of my first jobs (25 years ago) was doing market research for a company that was in the B2B space so I had to read these regional business journals daily. It was that way 25 years ago.

Radnor is never Montco but yes, those other addresses are on the Montco side of Lancaster Avenue.

BTW. When you wanna have fun trying to figure out who's driving up prices in our region, throw some of those buyer names into google or LinkedIn and see what comes up.

Well I emailed them.
I usually just click the headlines from the web browser as they come in, not the digital edition, but now I want to see what they say. I mean in October, about 20 homes have sold for near or over $1M just in Media (19063) and Newtown Square.

And I have, lol, especially for the top transactions. A lot from the New York area and even the West Coast, big in medicine, tech, law, finance. I am not surprised about the locations, but surprised at the amount of big money people relocating to the region. Until a few years ago, home sales over $2M were rare, even on the Main Line, now its the norm and sometimes $2M barely makes the cut for top weekly sales.