Headlines: Newtown’s Steeple View Lands Banana Republic Prior to Groundbreaking
It looks like a big time development project is about to get to get started in earnest on South State Street in Newtown. Jeff Werner of The Advance in Bucks County reports that developer Allan Smith has officially locked up the first tenant in his multi-phase Steeple View project, and it’s a biggie.
Banana Republic has signed on to take 7,000-square-feet (of 13,000-square-feet) in a new “multi-story” building at South State and Penn streets. It’s part of phase one of the project, which also includes 13 condos above the street level retail. Smith tells The Advance he can now look to secure financing for the new structure and expects that process to take “about 30 days.” After securing the necessary financing, Smith anticipates it will take the builder “30 to 60 days to ramp up.”
The project goes well beyond the new mixed-use building, as Smith looks to develop a 9-acre patch of land adjacent to phase one:
Phase two includes the demolition of the existing Wine & Spirits store building, the construction of a multi-level parking garage, the development of a public piazza off of Centre Avenue, the creation of a walkway along the creek and 10 new buildings that will house retail, office and residential uses.
- Banana Republic coming to Newtown; developer executes first lease in Steeple View redevelopment project [The Advance]
In other news:
- Shark Tank Casting Call in Philly This Weekend [BizPhilly]
- Korean Pub, SouthGate Is Opening Soon [Foobooz]
- Two new housing developments planned for North 5th Street [PlanPhilly]
- Old South Philly factory building finds new life [Philadelphia Business Journal]
- Xfinity Live expanding as Cichonski opens restaurant [The Insider]
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