Headlines: Richard Basciano Sells Off Large Chunk of Market Street West
It looks as though Richard Basciano, through a company called STB Investment Corp., is selling off his clutch of properties along Market Street West.
Jacob Adelman of The Inquirer reported last week that Brandywine Realty Trust has purchased a massive chunk of the south side of the 2100 block of Market Street for an undisclosed price, including the site of 2013’s fatal building collapse (not the corner property, where the memorial park is planned).
Brandywine Realty Trust, who is in the middle of constructing 1919 Market and overhauling 1900 Market, has not yet indicated what they would build on the site, which is largely used as a parking lot, though Adelman notes that two three-story buildings closer to 21st Street included in the sale will be converted into “rental lofts, shops, and offices.”
Natalie Kostelni of the Philadelphia Business Journal reports that Basciano’s selling spree doesn’t end with the recent transactions with Brandywine Realty Trust, either. Parkway Corporation “bought two properties, including where the Forum Theater is located [2208 Market Street], from STB that would round out all of Parkway’s other parcels it owns in the 2300 block of Market, and is seeking to buy more.”
Finally, PMC Property Group bought another Basciano-owned property at 2324 Market Street, a three-story building adjacent to the group’s Marketplace Design Center redevelopment project, which includes office space and “family apartments.” Adelman reports that PMC, along with co-owner Lubert-Adler, “may intend to develop the newly purchased property with shops and restaurants to serve future tenants at the Marketplace.”
Market Street West could look a whole lot different in the coming years, especially now that Basciano is seemingly out of the picture and these parcels are in the hands of proven developers.
- PMC Property buys building adjacent to Marketplace Design Center [The Inquirer]
- Center City block sells; real estate empire being sold off [Philadelphia Business Journal]
Malls, malls and other news:
- Suburban Square expansion moves ahead [Main Line Times]
- Rescue plan for Cheltenham mall is taking shape [The Inquirer]
- St. Laurentius designated historic, demolition plans stalled [PlanPhilly]
- Big plans for Camden waterfront [The Inquirer]
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