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

[EastSideHBG]

Developer makes second presentation on grocery store with apartments above in Conshohocken



https://morethanthecurve.com/develop...-conshohocken/

[PHLtoNYC]

Prices in the burbs keep rising.

'Fantastic time to be a seller': Home prices in Greater Philadelphia hit a record high in May
https://www.bizjournals.com/philadel...ecord-may.html

Home prices continue to climb in Greater Philadelphia, with the region posting a record median sale price of $375,000 in May.

Prices across the 11-county region increased 8.7% year over year, Bright MLS data shows, and several suburban counties saw a jump of more than 10%.

In total, five suburban counties saw year-over-year price jumps in the double digits in May: Bucks (14.1%) in Pennsylvania, Burlington (16.7%), Camden (13.6%) and Gloucester (10.4%) in New Jersey, and New Castle (12.1%) in Delaware. Meanwhile, Chester and Montgomery counties saw increases of 9.3% and 9.2%, respectively. Chester County continues to be the most expensive area in the region by a fairly wide margin, with a median sale price of $549,120, well ahead of the Bucks County's $485,000 median.

[3rd&Brown]

Originally Posted by PHLtoNYC

Prices in the burbs keep rising.

'Fantastic time to be a seller': Home prices in Greater Philadelphia hit a record high in May
https://www.bizjournals.com/philadel...ecord-may.html

Home prices continue to climb in Greater Philadelphia, with the region posting a record median sale price of $375,000 in May.

Prices across the 11-county region increased 8.7% year over year, Bright MLS data shows, and several suburban counties saw a jump of more than 10%.

In total, five suburban counties saw year-over-year price jumps in the double digits in May: Bucks (14.1%) in Pennsylvania, Burlington (16.7%), Camden (13.6%) and Gloucester (10.4%) in New Jersey, and New Castle (12.1%) in Delaware. Meanwhile, Chester and Montgomery counties saw increases of 9.3% and 9.2%, respectively. Chester County continues to be the most expensive area in the region by a fairly wide margin, with a median sale price of $549,120, well ahead of the Bucks County's $485,000 median.

The suburbs are still on fire. Very little new large scale development.

A few positives I see even though affordability will be challenged in the future.

1. It's pushing development inward. In Delaware County, this is presenting as redevelopment and renovations in historically less desireable areas like Chester, Upland, and Marcus Hook. I view it as a positive as stability in those areas props up the entire county.
2. It will keep the accelerator on development in Philadelphia County. At the end of the day, if there aren't desireable options at accessible price points in the suburban counties, more people will opt to stay in Philadelphia. If not forever, at least for a few additional years. In aggregate, this adds up to a lot of increased demand.

[UrbanRevival]

Originally Posted by 3rd&Brown

The suburbs are still on fire. Very little new large scale development.

A few positives I see even though affordability will be challenged in the future.

1. It's pushing development inward. In Delaware County, this is presenting as redevelopment and renovations in historically less desireable areas like Chester, Upland, and Marcus Hook. I view it as a positive as stability in those areas props up the entire county.
2. It will keep the accelerator on development in Philadelphia County. At the end of the day, if there aren't desireable options at accessible price points in the suburban counties, more people will opt to stay in Philadelphia. If not forever, at least for a few additional years. In aggregate, this adds up to a lot of increased demand.

Both very true and excellent points. I see it as the suburbs really "catching up" with what was an inevitable rise in value. They've clearly been fully "discovered" for their value by outsiders. And even with the crazy rise in prices, simultaneous increases in adjacent large metros will continue to make the region attractive for affordability "refugees" for years to come. I really don't see a ceiling to increases in the Philly region for a long time for that very reason.

And yes, the "value proposition" of Philly residents leaving the city for the 'burbs definitely is decreasing each year. That's going to continue to factor into many folks' decision-making about whether to relocate.

[EastSideHBG]

SEPTA taking step to potentially redevelop the parking lot at Ambler’s train station while proposed zoning changes being reviewed by borough
https://aroundambler.com/septa-takin...ed-by-borough/

[Marcos]

Originally Posted by The162urbandude

Do you think Wilmington can go back to over 100K in population? It could be a nice alternative to those priced out of Philly who want an urban lifestyle and Delaware having no sales tax could also be a major draw.

I don't see why not, the infrastructure is there and there are a lot of residential units being built in and around the downtown area which will help increase the influx of supporting businesses. The city seems poised for some kind of surge which is the intention of the Buccinis & all of their investments.

https://www.phillymag.com/news/2022/...gton-downtown/

[Jawnadelphia]

Originally Posted by Marcos

I don't see why not, the infrastructure is there and there are a lot of residential units being built in and around the downtown area which will help increase the influx of supporting businesses. The city seems poised for some kind of surge which is the intention of the Buccinis & all of their investments.

https://www.phillymag.com/news/2022/...gton-downtown/

Without some level of annexation, it's going to take a long time - even with BPG's billions of dollars worth of building and investment.

Wilmington's population is still hovering in the 70-73,000 range. The City's population hasn't been over 100,000 since the 1950s - and that was before most of the North Wilmington and Pike Creek area suburbs were built. I don't look at 100,000 as some magic benchmark. As long as Downtown and the Riverfront/Riverfront East continue to develop at a decent clip, and Trolley Square continues to be the 20-somethings hang out -- and young people in general, continue to embrace urban lifestyles, Wilmington will be seen as a viable smaller city/urban, and cheaper option.

Marketing is half the battle. Most "hip" people I know still think Wilmington is a lame, corporate town -- and there's a lot of truth to that, but things are much more interesting here than 15 years ago.

[PhillyRising]

Originally Posted by PHLtoNYC

Prices in the burbs keep rising.

'Fantastic time to be a seller': Home prices in Greater Philadelphia hit a record high in May
https://www.bizjournals.com/philadel...ecord-may.html

Home prices continue to climb in Greater Philadelphia, with the region posting a record median sale price of $375,000 in May.

Prices across the 11-county region increased 8.7% year over year, Bright MLS data shows, and several suburban counties saw a jump of more than 10%.

In total, five suburban counties saw year-over-year price jumps in the double digits in May: Bucks (14.1%) in Pennsylvania, Burlington (16.7%), Camden (13.6%) and Gloucester (10.4%) in New Jersey, and New Castle (12.1%) in Delaware. Meanwhile, Chester and Montgomery counties saw increases of 9.3% and 9.2%, respectively. Chester County continues to be the most expensive area in the region by a fairly wide margin, with a median sale price of $549,120, well ahead of the Bucks County's $485,000 median.

It's making rent almost unaffordable. As the home prices keep going up, the rental companies think we should be paying the same amount as homeowners.

I'm paying $2400 for a two bedroom apartment and I am bracing for another huge increase for the fall.

[chimpskibot]

Originally Posted by PhillyRising

It's making rent almost unaffordable. As the home prices keep going up, the rental companies think we should be paying the same amount as homeowners.

I'm paying $2400 for a two bedroom apartment and I am bracing for another huge increase for the fall.

Truthfully, western ChesCo is not building to meet demand and there is really only Coatesville, Thorndale and any of the small municipalities west of there that are somewhat affordable. It’s truly sad how poor the land usage is in Chester County and parts of western DelCo & MontCo. I’m surprised they haven’t redeveloped more of the Exton mall area or all those parking lots in Downingtown proper.

[PhillyRising]

Originally Posted by EastSideHBG

Developer makes second presentation on grocery store with apartments above in Conshohocken



https://morethanthecurve.com/develop...-conshohocken/

When I was a kid in the early 70's...that land was the Plymouth Drive In Theater. The screen faced the street too so you could see the screen from The Ridge.....

[PhillyRising]

Originally Posted by EastSideHBG

SEPTA taking step to potentially redevelop the parking lot at Ambler’s train station while proposed zoning changes being reviewed by borough
https://aroundambler.com/septa-takin...ed-by-borough/

Ambler is a cute town. Not the best access to Center City by car...but you can walk to that train station from anywhere in town.

[PhillyRising]

Originally Posted by chimpskibot

Truthfully, western ChesCo is not building to meet demand and there is really only Coatesville, Thorndale and any of the small municipalities west of there that are somewhat affordable. It’s truly sad how poor the land usage is in Chester County and parts of western DelCo & MontCo. I’m surprised they haven’t redeveloped more of the Exton mall area or all those parking lots in Downingtown proper.

I live in Eagleview and they just built more apartments and most of them are sitting empty. They want over 3000 a month for them. The are slow walking the last building because there isn't a big demand to fill units. I am on the Town Square which is the most desirable place since we have all the actions with concerts, farmers markets, and restaurant row is at our front door. We still have a few vacancies. There are no homes to buy in the area, but nobody is rushing to rent either. There is no justification for the rents in Chester County other than the houses are so overvalued that they think they can charge rents to stay up with mortgage payments if anyone actually bought a house around here. They average home price in Uwchlan Township where I live is now at 600K. AVERAGE. I can assure you, most of the homes are just normal suburban homes...there are some big luxury homes developments but the for the most part, they are just any home you can see in most places. It's insanity. The townhomes in Eagleview are now going for close to the township average when pre Covid you could get one for about 300K.

The Exton Mall is just done. The retail elsewhere in Exton is all thriving. The Aristocracy of Chester County doesn't want to shop in a run down mall that hasn't seen any upkeep in 10 years. They just get in their Teslas and drive 15 miles to KOP. The Exton Target is nicer than the Macy's in Exton Square. Main Line Health has at least taken part of the mall for medical offices. That mall is never coming back and they should do to it what was done to Granite Run. The Whole Foods out front of it has more customers in it than the mall does on any given day.

[BroadandMarket]

Netflix to Open Massive Entertainment, Dining and Shopping Complexes in Two Cities in 2025

Netflix has announced the first two cities for its gigantic new in-person experience venues, slated to open in 2025.

They’re not exactly theme parks, but the new Netflix Houses — to open next year in King of Prussia, Pa., and Dallas — will feature a wide array of shopping outlets, eateries and experiential activities tied to the streamer’s major franchises like “Bridgerton,” “Stranger Things” and “Squid Game.”

The two locations will occupy former department store locations at the King of Prussia Mall (at 180 North Gulph Road) and at the Galleria Dallas (13350 Dallas Parkway), each spanning footprints of more than 100,000 square feet.

The Netflix House locations will build on previous pop-up live experiences the company has staged for “Bridgerton,” “Money Heist,” “Stranger Things,” “Squid Game” and Netflix Bites, designed to “create an unforgettable venue to explore your favorite Netflix stories and characters beyond the screen year-round,” the company said.

At least initially, Netflix doesn’t see these permanent retail destinations as becoming a sizable new business segment. Rather, the goal — as with its other IRL events and pop-ups — is for them to serve as marketing vehicles that invite fan engagement, as a way to support the core subscription-streaming biz.

“At Netflix House, you can enjoy regularly updated immersive experiences, indulge in retail therapy, and get a taste — literally — of your favorite Netflix series and films through unique food and drink offerings,” Marian Lee, Netflix’s chief marketing officer, said in a statement. “We’ve launched more than 50 experiences in 25 cities, and Netflix House represents the next generation of our distinctive offerings. The venues will bring our beloved stories to life in new, ever-changing and unexpected ways.”

Outside each Netflix House, you’ll see sculptures and a mural mash-up of characters from popular Netflix titles, according to the company. As examples of what to expect at the brick-and-mortar complexes, the company says, “Imagine waltzing with your partner to an orchestral cover of a Taylor Swift song on a replica of the ‘Bridgerton’ set –– and then walking around the corner to compete in the Glass Bridge challenge from ‘Squid Game.'” Visitors can then visit a restaurant “with food inspired by Netflix shows from around the world” and then browse a store with merch such as “that Hellfire Club T-shirt you’ve always wanted” from “Stranger Things.”

https://variety.com/2024/digital/new...25-1236040989/

[PHLtoNYC]

^ Cool that the Philadelphia area is among the first for this concept, but this would have been great along a reinvented Market Street.

[DeltaNerd]

Originally Posted by PHLtoNYC

^ Cool that the Philadelphia area is among the first for this concept, but this would have been great along a reinvented Market Street.

I can think of a couple of places along market and chestnut streets. Requires some tear down but would make the streets more open

[PHLtoNYC]

Originally Posted by DeltaNerd

I can think of a couple of places along market and chestnut streets. Requires some tear down but would make the streets more open

Yea, I was thinking this would be a great entertainment anchor in a redeveloped South side of Market Street across from the planned arena.

[DEA243]

With Macy's having announced earlier this year their plan to close 150 stores over the next two years, the Exton Square Macy's store is likely to be closed. Given its odd location in the very center of the mall and not one of the ends or corners of the mall, it seems likely that this would lead to the mall's redevelopment.

[Redddog]

Originally Posted by DEA243

With Macy's having announced earlier this year their plan to close 150 stores over the next two years, the Exton Square Macy's store is likely to be closed. Given its odd location in the very center of the mall and not one of the ends or corners of the mall, it seems likely that this would lead to the mall's redevelopment.

Saw that there was a new micro Macy's next to the Cherry Hill Wegmans.

Thought it was so odd given that all they're doing these days is closing stores.

I continue to pray for the CC Macys. I feel like that would be a crushing blow to the area. That store is so grand.

[PhillyRising]

Originally Posted by DEA243

With Macy's having announced earlier this year their plan to close 150 stores over the next two years, the Exton Square Macy's store is likely to be closed. Given its odd location in the very center of the mall and not one of the ends or corners of the mall, it seems likely that this would lead to the mall's redevelopment.

Macy's owns the store...that is why it hasn't been mercy killed already.

[Jawnadelphia]

Sounds like we will need a new Wilmington high rise thread soon, there was a zoning meeting last night for a 22-story apartment building for Downtown. Another BPG jawn. Hope to see some renderings soon!