Headlines: PMC Property Group Rumored to Have Eye on Game-Changing Properties
The real estate rumor mill – probably the best kind there is – just put out a most delectable piece of hearsay. PMC Property Group, the apartment developer whose Old City project is being reviewed by the city’s Architectural Committee today, is “reportedly eyeing two big Center City real estate plays,” according to Natalie Kostelni at the Philadelphia Business Journal.
The “plays” in question? Potentially, acquiring the massive River City site and One Franklin Plaza, each of which could go for something like $30 million and $40 million, respectively.
If true, between the two it looks like River City would be the real game-changer. Kostelni says the site, which consists of five parcels spread out over seven acres, “could accommodate up to 2.5 million square feet of new development.” Here’s a visual of the L-shaped property on Hidden City Daily. (It takes up “60 N. 23rd St.. and 2301, 2201, 2101 and 2001 JFK Blvd.” if you were wondering.)
To its credit, the 24-story One Franklin Plaza is a prime piece of real estate as well. It offers 607,471 square feet and was formerly the GlaxoSmithKline headquarters. Kostelni reports it’s been vacant since GSK moved to the Navy yard two years ago.
- Philadelphia apartment developer eyes big Center City properties [Business Journal]
In other real estate news…
- The Cul-de-Sac Is Dying [Citified]
- Can Atlantic City Be Saved? [Huffington Post]
- Funeral-home owner avoids jail in theft of $300,000 and woman’s house [Daily News]
- Community groups cry foul over upcoming tax lien sale [Inquirer]
- With help from U.S., Camden to clean up three brownfield sites in city [NewsWorks]
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