September 24, 2015

Apartments Need Empty Nesters Too

Hear from the Most Active and Influential Real Estate Figures in Philadelphia.

It's not quite enough to rely on Millennials to rent your apartments—Baby Boomers have their place, too. Especially empty nesters who want to savor a city that's changed a lot since they were young.

"The Philadelphia rental market will remain strong so long as Millennials and empty nesters continue to embrace the convenience and flexibility of renting," Equus Capital Partners VP Greg Curci tells us. (He's snapped hiking “The Narrows” in Zion National Park with his wife, Chrissy.) Recently Greg oversaw the acquisition by Equus of Hill House Apartments, a 188-unit apartment high-rise in Chestnut Hill for $42M.

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"While the influx of new supply in Center City makes that area slightly more vulnerable than the suburbs in terms of rent growth, we anticipate strong demand to continue across the region,” Greg says. At 95% occupied, Hill House has already done well in attracting tenants. Over the coming months, Equus will invest about $5M to improve the property's common areas and amenities, as well as to complete the unit interior upgrades that were begun under the prior ownership. The seller in the deal, the family of the original developer, was repped by Rittenhouse Realty Advisors.

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Convention Center Becomes Church During Papal Visit

It's an unusual transformation of meeting space: the Pennsylvania Convention Center has been transformed into a massive church this week for the World Meeting of Families convention. The 12,000-seat church includes an altar, jumbo screens and stained glass as a backdrop. It will also be a satellite viewing center for the elderly and disabled on Sunday during Pope Francis' mass on the Ben Franklin Parkway. The facility's 2011 expansion by 62% made it possible to host all the events associated with Pope Francis' visit, according to Convention Center CEO John McNichol. [PBJ]

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Historic Marker Near The Curtis Honors Maxfield Parrish

Renowned artist Maxfield Parrish now has a Pennsylvania historical marker, which was unveiled this week outside The Curtis, formerly The Curtis Center. Parrish's Dream Garden glass mosaic has been on view in the building's elegant marble lobby since 1916. Roseland and Keystone Property Group are currently undertaking redevelopment of the property. Historian and author Celeste Morello did the painstaking research and application process required by the Pennsylvania Academy of the Fine Arts, which approves only a small percentage of the requests it receives for historic markers.

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Wilmington Exec to Help Write Real Estate Ethics

Congrats to Appraisal-Associates president Bob McKennan of Wilmington, who's been named to a committee to draft the first International Ethics Standards for real estate professionals. The International Ethics Standards Coalition, made up of more than 50 professional real estate bodies from around the world, aims to reassert the role of ethics in property markets. Leary Counseling and Valuation president John Leary is the chair of the Standards Setting Committee; W.P.J. McCarthy and Co president William McCarthy and Norris Realty Advisors principal Steven Norris are also on the committee. All are Counselors of Real Estate.

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5 Dallas Real Estate Dynasties

Big D's most notable real estate family dynasties include a former presidential candidate, the 15th wealthiest family in the nation and "God's Realtor." Here's just a taste of the legacies they leave behind.

1 & 2. Crows & Billingsleys

Founded: Trammell Crow Co started in 1948. Billingsley Co started in 1978.

Famous Family Members: Trammell Crow's only daughter, Lucy Billingsley (her family pictured), made a name for herself as a developer in her own right. His eldest son, Harlan Crow, is the chairman and CEO of Crow Holdings, which manages the family's wealth. A number of Trammell's grandchildren are in the industry, as well.

Famous for? Trammell built the Furniture Mart, the Trade Mart, the Dallas Market Center and the Apparel Mart. He also partnered with David Rockefeller to build San Francisco's Embarcadero Center, as well as the Peachtree Center in Atlanta. Other significant Crow developments in Dallas include The Anatole Hotel, Medical City, Trammell Crow Center, Bryan Tower and KPMG Centre. At one point, he had interest in nearly 300M SF of developed real estate, made up of 8,000 properties in more than 100 cities. Lucy's famous for her 1,900-acre master planned Austin Ranch, One Arts Plaza in the Arts District and for the 1,000-acre master planned Cypress Waters.

Click here to see the full list.

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The Barclays Center Shakeup: Jay-Z's Out, China's In, and Atlantic Yards Lives On

On Sept. 28, 2012, Jay-Z unofficially opened Downtown Brooklyn's Barclays Center with the first in an eight-night run of concerts. The borough's native son started the show with “Where I'm From” and interspersed it with effusive declarations about the night's importance, saying the spanking new stage overwhelmed him to a point that even the Grammys, Glastonbury and the historic Apollo hadn't.

Continue reading here.


41 Days Until the
Top Under 40 Developers / Investors Meet in Miami

The top developers and investors under the age of 40 descend on The 1 Hotel South Beach for Bisnow's second annual Ascent multi-day summit. See who's attending and apply to be considered for one of the few remaining spots here.

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