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

[PHLtoNYC]

Wawa leads all Pennsylvania private companies with $11B in revenue, tops rival Sheetz

This might not surprise some, but I sometimes forget how massive of a company Wawa is / has become.

https://www.bizjournals.com/philadel...Pos=0#cxrecs_s

"Wawa is the largest privately owned company in Pennsylvania by revenue and the 29th largest in the country, according to new rankings from Forbes."


McCaffrey's Food Markets to move into former Acme space in Gladwyne

I didn't know Alterra attempted to build a 3 story building in Gladwyne village, they gave up. Made me chuckle, Alterra had no idea what they were getting themselves into. Gladwyne NIMBYS probably make Society Hill look like carefree.

While I don't know if apartments would work in tiny Gladwyne Village, but the article mentions the fierce resistance Urban Outfitters received a few years ago for their Devon Yards plan. That is a project that should have been fully executed, but for whatever reason "Save Devon" wanted to keep the character of strip malls and parking lots along that stretch of Route 30.

https://www.bizjournals.com/philadel...Pos=4#cxrecs_s

"A plan presented earlier this year by Alterra prompted residents of the Main Line community to band together against it. Alterra had proposed 34 apartments and 8,000 square feet of retail space at the property at 1025 Youngs Ford Road. “Save Gladwyne Village,” a community organization, became a force against the project as well as a rallying cry when Lower Merion gave the project a favorable zoning approval."

[chimpskibot]

Originally Posted by PHLtoNYC

[B]Wawa leads all Pennsylvania private

"A plan presented earlier this year by Alterra prompted residents of the Main Line community to band together against it. Alterra had proposed 34 apartments and 8,000 square feet of retail space at the property at 1025 Youngs Ford Road. “Save Gladwyne Village,” a community organization, became a force against the project as well as a rallying cry when Lower Merion gave the project a favorable zoning approval."

Gladwyne and the entire main-line is laughably anti-development outside of Ardmore and Bala Cynwyd. I lived in a new apt building around Paoli / Malvern for about a year and the snide comments the locals and some of my coworkers had for the residents of my building would make anyone feel unwelcome. Its really a shame because most of their children cant really afford to live in these towns anymore with the outrageous price of housing in Main-Line Chesco and Delco. It will definitely be a boon for Exton, West Chester, Downingtown, KOP, etc if they continue allowing 5-over-ones and more to be developed.

[summersm343]

State College gene therapy firm relocating to KoP

NeuExcell Therapeutics -The preclinical gene therapy company focusing on neurodegenerative diseases has signed a multi-year lease to occupy more than 20,000 square feet at The Discovery Labs in King of Prussia.

NeuExcell, which was founded in 2016 and has been based in State College, Pennsylvania, plans to establish their future corporate headquarters at the site.

The company is working on commercializing platform technology developed by Gong Chen, a professor at Jinan University and the company's founder and chief scientific advisor. Chen, a former Penn State University professor, pioneered "in situ [in the place it was formed] cell conversion technology" that uses gene therapy to deliver specific proteins to targeted sites in the brain to regenerate neurons.

NeuExcell's pipeline of new drug candidates includes therapies for stroke, Huntington's disease, amyotrophic lateral sclerosis, Alzheimer's disease, Parkinson's disease, traumatic brain injuries, spinal cord injuries, and cancer.

Ronald Lorijn, NeuExcell's CEO, said by establishing its headquarters in the Philadelphia region the company expects to "attract key talent who will drive progress forward for our innovative gene therapy technology."

https://www.bizjournals.com/philadel...Pos=5#cxrecs_s

[PHLtoNYC]

Originally Posted by summersm343

State College gene therapy firm relocating to KoP



https://www.bizjournals.com/philadel...Pos=5#cxrecs_s

Awesome news! I can't get over the momentum for this industry in and around Philadelphia.

The Navy Yard, University City and KoP are becoming a research triangle, lol. (scalene triangle).

[Urbanthusiat]

Real Estate Developer Launches Town Center Transformation With First Walkable Village in Jenkintown

[PHLtoNYC]

Bucks County hotels report record fall numbers, point to wedding industry as key driver

"The county saw its highest September hotel occupancy on record at 74.4%, said Paul Bencivengo, COO at Visit Bucks County. That was accompanied by an average daily room rate of $119.07."

https://www.bizjournals.com/philadel...Pos=0#cxrecs_s

I'm sure Bucks benefits from New York / North Jersey visitors quite a bit.

[EastSideHBG]

Nice! And in other Bucks Co. news, this is great to see:

Bucks commissioners approve resolution to protect Peace Valley Park for 50 years
https://www.wfmz.com/news/area/south...aeaf1f461.html

Bucks County OKs $24.7M deal to lease Lake Galena to water authority. Here's what you need to know
https://www.buckscountycouriertimes....on/8811215002/

[EastSideHBG]

Large property along East Elm Street in Conshohocken listed for sale and being marketed for self-storage
https://morethanthecurve.com/large-p...-self-storage/

[Nova08]

Originally Posted by EastSideHBG

Large property along East Elm Street in Conshohocken listed for sale and being marketed for self-storage
https://morethanthecurve.com/large-p...-self-storage/

Nothing like a self-storage building in a flood zone

[EastSideHBG]

Originally Posted by Nova08

Nothing like a self-storage building in a flood zone

Ha ha I thought about that as well. Maybe it will be a raised one and the storage will start on a higher floor?

[summersm343]

MRA Group plans $500M redevelopment of DuPont campus in Wilmington

MRA Group Inc. has closed on a $40 million purchase of DuPont Chestnut Run Plaza campus in Wilmington and plans to undertake a $500 million redevelopment to turn it into the Chestnut Run Innovation & Science Park.

MRA put the property at 984 Centre Road under agreement a year ago and the transaction took some time to complete. “That was a bear,” said Larry Stuardi, CEO at Horsham-based MRA about getting the deal done. While Stuardi declined to disclose the sale price, market sources indicated it was $40 million.

The 163-acre property has 14 buildings with a total of 780,000 square feet on it. The seller, DuPont Corp., had a mix of lab and office space on the property and used it for its headquarters. As part of the sale, the chemical company wanted to continue to maintain a presence on the campus and leased back 190,000 square feet in two buildings. The remainder of the buildings are vacant.

MRA plans to begin modernize the vacant buildings constructed during the 1960s, ‘70s and ‘80s and work to attract life sciences tenants to fill the space. The property could accommodate additional new buildings that would bring the total campus to 2.1 million square feet.

MRA has undertaken similar redevelopments. In Montgomery County, the real estate company bought the former 133-acre Rohm & Haas campus and rebranded it as the Spring House Innovation Park. It has leased space life sciences and other related tenants. MRA sold a controlling stake in that property to Beacon Capital Partners but continues to manage it.

Article behind paywall here:
https://www.bizjournals.com/philadel...sition-of.html

[EastSideHBG]

Grand Lux Cafe closing KOP Mall location
https://www.bizjournals.com/philadel...ource=facebook

[PHLtoNYC]

Originally Posted by EastSideHBG

Grand Lux Cafe closing KOP Mall location
https://www.bizjournals.com/philadel...ource=facebook

Cherry Hill closed too. I wonder if that brand is not doing well. Maybe this is a chance for a local restaurant group to open something better.

[ZSuede]

The University of Delaware's "Fintech Building", on its STAR Campus, is looking better than its renderings imo: https://www.udel.edu/udaily/2020/apr...tech-building/






A 7-floor Hyatt Place hotel / apartment combo building in Newark is progressing now after its pit was dug and sat dormant due to the pandemic (and a re-working of the project): https://www.delawareonline.com/story...ct/4352042001/

[PHLtoNYC]

Burlington Stores, Five Below accelerate growth plans despite supply chain issues

https://www.bizjournals.com/philadel...s-to-grow.html

Good to see 2 area retailers grow. Five Below is booming.

[EastSideHBG]

Riverfront at Royersford project gets $1 million state grant

ROYERSFORD — A redevelopment project along the Schuylkill River has received a $1 million state grant, the office of state Rep. Joe Ciresi has announced.

The funding for Riverfront at Royersford LLC was awarded through the Redevelopment Assistance Capital Program. It will help realize the plans for the Riverfront at Royersford LLC, a mixed-use development that will include living, restaurant and entertainment venues and retail opportunities.

“I’m very proud that I was able to secure this $1 million redevelopment grant that will help bring back social life and economic opportunity to this stretch of Schuylkill riverfront,” Ciresi said in a press release. “This state grant money will help transform what was once industrial brownfields into a vital economic, leisure and residential hub for the 146th District. The Riverfront at Royersford will be a pioneer of mixed-use development in southeastern Pennsylvania while expanding amenities and opportunities for all area residents.”

https://www-pottsmerc-com.cdn.amppro...on-state-grant

[summersm343]

^^Great project

[summersm343]

Life Sciences Pennsylvania moving headquarters to King of Prussia

After more than a decade in Wayne, Life Sciences Pennsylvania is moving its headquarters to Discovery Labs in King of Prussia.

Chris Molineaux, the CEO of the life sciences industry trade group, said the move is being made in part to accommodate the organization's growing membership, which now includes more than 860 pharmaceutical, biotechnology, medical device, diagnostic, contract research and related companies.

Molineaux said Life Sciences Pa. also wanted to secure a "prime spot" at Discovery Labs, a project he described as "the rapidly rising innovation hub of southeastern Pennsylvania."

Life Sciences Pa., which has a staff of 13 employees, will occupy 7,300 square feet at Discovery Labs beginning in late February. The organization is currently located at 650 E. Swedesford Road.

MLP Ventures’ Discovery Labs 200-acre campus — designed to house and support cell and gene therapy developers and other life sciences companies — totals roughly 1.6 million square feet consisting of GlaxoSmithKline's former research complex off Swedeland Road and nearby buildings it owns in the Renaissance Corporate Center. A major future tenant of the site will be the University of Pennsylvania's gene therapy program, which has leased 150,000 square feet of space at Discovery Labs.

Article behind paywall here:
https://www.bizjournals.com/philadel...Pos=0#cxrecs_s

[summersm343]

Prelude Therapeutics Inc. signs deal to move headquarters to Chestnut Run in Wilmington

Prelude Therapeutics Inc. has signed a 13-year lease on 81,000 square feet for a new headquarters at Chestnut Run in Wilmington.

The lease marks the first significant deal for MRA Group Inc., a Horsham real estate company that recently closed on buying the former DuPont Chestnut Run Plaza for $40 million and launched a plan to spend $500 million to reposition it as a hub for life sciences companies. It was rebranded Chestnut Run Innovation & Science Park.

Prelude, now located at 200 Powder Mill Road in Wilmington, signed the deal on Nov. 30 and the value of the lease over its initial term is $33.8 million, according to Securities and Exchange Commission documents. The company has three, 5-year extension options and expansion rights at 984 Centre Road. At Chestnut Run, the company will have lab space and offices for its headquarters.

The 163-acre Chestnut Run property has 14 buildings with a total of 780,000 square feet on it. DuPont Corp. continues to have a presence on the campus, though on a much smaller scale. It leases 190,000 square feet in two buildings. The remainder of the buildings are vacant.

Article behind paywall here:
https://www.bizjournals.com/philadel...Pos=4#cxrecs_s

[summersm343]

French life sciences firm Roquette to open $25M research and development lab, regional HQ in Montco

Roquette, a family-owned business in France that produces plant-based ingredients used by pharmaceutical and nutraceutical companies, plans to build a $25 million regional headquarters in Montgomery County. The space will include a research and development lab, as well as an innovation center.

The 23,000-square-foot complex, expected to open during the summer of 2022, will be in Lower Gwynedd in the Spring House Innovation Park off Norristown Road. It will create 30 new jobs including 20 "highly skilled" scientists over the next three years.

Article behind paywall here:
https://www.bizjournals.com/philadel...Pos=7#cxrecs_s