X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Six of nine candidates that expressed interest in developing a city-owned, 2.5-acre parcel approximately 12 blocks south of Kimmell Center on Broad Street have been asked to submit full development proposals and acquisition offers. Acting on behalf of the city, Philadelphia Industrial Development Corp. prequalified the finalists following a preliminary competition that calls mixed-use development on the land.

The finalists are a partnership between locally based Dranoff Properties and Universal Cos.; a partnership between Red Bank, NJ-based K. Hovnanian Homes and Bryn Mawr-based Moreland Development; Cranbury, NJ-based Matrix Development Group; locally based Metro Development; a partnership between Jenkintown-based Pitcairn Properties and Bloomfield, MI-based Pulte Homes; and Toll Brothers, which is based in Horsham. Proposals are due in September and PIDC expects a developer selection by the end of this year.

The land is at the northwest corner of Broad Street and Washington Avenue. PIDC president Peter Longstreth says its development “represents an important gateway to the Avenue of the Arts and an extension of this commercial, cultural and residential corridor.” A committee that includes representatives from PIDC and the city’s planning and commerce departments will choose the finalist.

The competition is similar to one PIDC conducted for redevelopment of the Broad Street parcel further north between Lombard and Pine streets. In that case, the nod went to the Dranoff/Universal team, which is constructing Symphony House, a residential tower that includes ground-floor retail and a new home for Philadelphia Theatre Co.

“Competition will be spirited,” Carl Dranoff, head of the company that bears his name, tells GlobeSt.com. “South Broad is now a hot location. It’s the new Old City,” he adds, referring to the neighborhood northeast of Independence Mall, which has experienced rapid-fire development of restaurants, shops and multifamily residences within the past five years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.