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Originally Posted by Jawnadelphia
^I think it's clear at this point, Durst really isn't all that invested in Philadelphia (even with the archaeological work they did on the Del. Ave site) -- the developers you mention above are building like gangbusters in Philadelphia, and don't seem slowed down by supposed "market conditions" at all. Durst, with its countless billions, seems to be simply uninterested in Philly.
Project looks awesome btw as others have stated, very impressive.
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I recently researched National Real Estate Development because I have a long term dividend strategy in my personal investments that favors REITs based on how high their dividends are. I like to support home town players or out of town investors that work in Philly, and sometimes put my money behind them when I can see the quality of their work.
One random example was Cedar Realty Trust. At the height of the pandemic when stocks were in the gutter, I put less than 10 grand into CDR because it was the outfit behind the reposition at Fishtown Crossing (which I think is incredibly well executed and maintained for a strip center) and was gearing up to do QuarterMaster Plaza. It also paid an obscene dividend at the time. That 10K turned into roughly 50k in a matter of two years before CDR was acquired by another REIT.
Long story short, I researched NRED because I'd love to buy their stock. When they first started investing, the narrative was it was a DC based REIT (National Real Estate Advisors) etc. Well it turns out, in the time since, NRED has been established as the redevelopment arm of NREA and the development office is based here in Philadelphia. So in effect, it's now a home town player. And don't waste your time looking for their stock ticker because NREA is privately owned.
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