Real Estate
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Owner of Exton Square Mall Has ‘Substantial Doubt’ About Its Ability to Stay in Business Over Next Year
The Pennsylvania Real Estate Investment Trust (PREIT), which owns Exton Square Mall, has “substantial doubt” about being able to remain in business over the next year, according to the annual report the company filed with the SEC, writes Natalie Kostelni for the Philadelphia Business Journal. PREIT made this conclusion after evaluating its current financial condition…
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The Lease They Can Do: Gen Z Renters See Philadelphia as Residential Market of Choice
After spending a year in their hometowns due to the pandemic, Gen Z is coming in a growing number to rejuvenate Philadelphia. The city is now fourth nationally among the top trending destinations for Zoomer renters. Andrea Neculae tracked the migration for RentCafe. According to RentCafe, Gen Z activity in the Philadelphia region has increased…
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Gwynedd Mercy University Sells 150-Acre Property for $31.5 Million in Montgomery County
Gwynedd Mercy University has announced that an affiliate of Beacon Capital Partners, LLC purchased a 150-acre piece of property that sits adjacent to the University’s Main Campus on Sumneytown Pike for $31.5 million. Marking a significant step toward the university’s vision of becoming the Catholic University leader in professional and healthcare education, a portion of the…
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Malvern Bank House of the Week: Two-Home Property in Romansville with Impressive Pedigree, Sweeping Views
A two-home property with an impressive pedigree that boasts a total of three bedrooms and three full bathrooms is available for sale in Romansville, in West Bradford Township. . . The 9.8-acre property is also the former home of the late abstract painter Deborah Remington’s studio. The main house combines the stone walls from a…
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Residential Housing Wealth Disparity: Are Low- and Middle-Income Shoppers Being Left Behind?
The distribution of housing wealth across incomes in the Philadelphia region has grown more uneven in the past decade. The number of high-income owners continued to rise, and the number of middle- and low-income owners shrank further. Michaelle Bond reported the widening disparity for The Philadelphia Inquirer. The local worrisome trend aligns with real estate…
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Development Deal Will Cause Norristown State Hospital Campus Residents to Lose Their Home & Services
People with serious mental illness currently living on the Norristown State Hospital campus are set to lose their home and support services in June in a development deal, writes Brett Sholtis for WHYY. While the state said it is working with counties to place the around two dozen patients in other programs, county mental health…
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Restored 1912 Tudor on Main Line Owned by Daughter of Late Flyers Owner Hits Market for $5 Million
A restored 12,000-square-foot Tudor revival in Radnor owned by Lindy Snider, the daughter of late Flyers owner Ed Snider, recently entered the market for $5 million, writes Lisa Dukart for the Philadelphia Business Journal. Her husband, Dr. Larry Kaiser, is the former CEO of Temple University Health System. The eight-bedroom home features a 9,000-bottle wine…
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Development Deal Will Cause Norristown State Hospital Campus Residents to Lose Their Home & Services
People with serious mental illness currently living on the Norristown State Hospital campus are set to lose their home and support services in June in a development deal, writes Brett Sholtis for WHYY. While the state said it is working with counties to place the around two dozen patients in other programs, county mental health…
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‘A Rather Lengthy Road of Approval’: West Chester-Based Developer OK’d for Massive Project in New Garden
The New Garden Township Board of Supervisors has granted final approval to West Chester-based Short Brothers for a 51-unit development on the western side of Thompson Road, writes Richard Gaw for the Chester County Press. The approval, which was granted during a Feb. 22 meeting, comes after several drafts and close to seven years of…
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Residents of Kennett Township Subdivision Ask Municipality to Rectify Damage from Abandoned Project
Residents of Timber Ridge Lane in Kennett Township sought municipal help with a nearby eyesore they believe also represents an environmental threat. Richard Gaw, in the Chester County Press, reported their two-year quest to have the situation resolved. Timber Ridge is a small development of only five homes. Three of them have been completed and…
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Malvern Bank House of the Week: Resort-Like Residence with Access to Private Beach in Berwyn
An attractive colonial home on 1.6 acres with four bedrooms and three full and two half bathrooms is available for sale in Berwyn. . . The residence is located in Leopard Lakes, the only resort-like community on the Main Line. It boasts a lake and a private beach for residents, along with pickleball and tennis…
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Pre-Leasing Now Available for Hankin Group’s Impressive New Flex Building in Eagleview
Pre-leasing is now available for Hankin Group’s new flex building that is under construction at 240 Sierra Drive in Eagleview. When completed, the impressive facility will span 113,000 square feet and accommodate a variety of uses, including: office research and development pharmaceutical light manufacturing and assembly warehouse Approximately 62,500 square feet of space will be…
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Inadequate Supply, Rising Demand: The Consequences of Chester County’s Unbalanced Real Estate Market
Chester County’s residential real estate market is still characterized by inadequate supply and rising demand. Michaelle Bond unlocked the economic significance of local housing supply data for The Philadelphia Inquirer. The imbalance is so significant that the current, in-county housing supply has dropped to 15 days. “Housing supply” is the rate at which available properties…
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210-Acre Property Owned by Rockefeller Descendants in Willistown Township Now on the Market
A property in Willistown Township owned by the descendants of William Rockefeller Jr. has been listed for $29.9 million, writes Kennedy Rose for the Philadelphia Business Journal. The 210-acre farm at 944 Providence Road could potentially open another large swath of Chester County to developers. The owner of the property is listed as Woodkirk and…
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Malvern Bank House of the Week: Basketball Court, Pool, Saunas Make This Kennett Square Home a Must-See
A meticulously crafted home with four bedrooms and four full and two half bathrooms is available for sale in Kennett Square. . . The home is perfectly situated on 13 private acres that overlook Red Clay Creek. The gorgeous, wooded property is also home to a four-car garage, a fenced-in basketball and tennis court, an…
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Months Later, Coatesville Family Still Struggling in Wake of Hurricane Ida’s Destruction
Editor’s Note: Chester County Public Information Officer Rebecca Brain has notified VISTA Today that Virginia Tharp and her family have moved into a home. __________________ Coatesville residents Virginia Tharp and her family are among the hundreds of people in the region who are still displaced due to Hurricane Ida’s destruction. Emily Nelson profiled their ongoing…
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Coventry Mall Owner Plans to Break the Retail Template — and Perhaps a Few Walls — to Ensure Its Survival
Pennmark Management plans to break the traditional template for interior malls to ensure a prosperous future for Coventry Mall in North Coventry Township. Evan Brandt bagged the story for the Daily Local News. “I don’t believe interior malls as we knew them are viable anymore,” said CFO Robert Sichelstiel, of Plymouth Meeting–based Pennmark. Pennmark acquired…
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Rising Mortgage Rates Fail to Cool Area’s Hot Residential Real Estate Market
Despite rising mortgage rates (reaching four percent for the first time in two years), home prices locally and nationally continue to soar. Stacker covered the rate’s trending status and its inability to pop the local real estate bubble. Real estate platform ZeroDown put together a weekly real estate market report for Philadelphia using Redfin data…
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