Mayor Cherelle Parker is hoping two new additions to the Philadelphia Land Bank board will spur faster disposition of municipally owned vacant lots so developers can add to the city’s housing stock.
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Philadelphia Chief Housing Officer Angela Brooks, a former American Planning Association president, has been tapped to chair the agency’s board, according to a press release.
Alex Balloon, executive director of the Passyunk Avenue Revitalization Corp., was also added to the board earlier this week. They are replacing the board’s founding chair, Herb Wetzel, and Majeedah Rashid of Nicetown Community Development Corp.
Brooks is also in charge of the mayor’s HOME Initiative, which aims to build or renovate 30,000 units before the end of Parker’s term in January 2028.
“A strong and effective Land Bank is essential for reaching the HOME initiative’s goal,” the mayor said in a statement about the appointments.
The agency’s board has weathered criticism from developers who say it acts as a barrier to adding to Philly’s limited supply of affordable housing.
SALES
Landmark Properties has purchased an 11.2-acre parcel in State College with plans to build The Retreat at Westerly, an off-campus student housing complex with 142 units ranging from two to five bedrooms.
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Deerin Cos. has purchased the 63K SF, grocery-anchored Shops at Prospect in Lancaster from Brixmor Property Group. A CBRE team including Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith represented the seller, while Bennett Williams Commercial advised the buyer.
LEASES
NAI Mertz has coordinated five leases totaling nearly 47K SF over the past six months at Monroe Business Park in Williamstown, New Jersey, according to a social media post. The transactions were carried out by a team including Sandro Randazzo and Scott Mertz.
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Philadelphia-based outdoor storage investor Alterra IOS inked 18 new leases and 12 renewals across its portfolio spanning 21 states in the second and third quarters of 2025.
CONSTRUCTION AND DEVELOPMENT
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Berger Communities plans to break ground Thursday on a $40M, 130-unit complex in Wilmington. Work on Trolley Square Apartments at 1021 Gilpin Ave. is expected to wrap up in summer 2027.
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Pennrose and its partners are undertaking $20M worth of construction to improve and preserve Neumann North, a 67-unit senior housing complex in Fishtown. Work is expected to wrap up in the first quarter of 2027.
FINANCING
Multifamily mortgage banking company BWE provided a $52M bridge loan for a portfolio of senior living communities across Philadelphia and Atlanta. Ryan Stoll and Taylor Mokris arranged the three-year, floating-rate loan.
PEOPLE
Abe Khan has joined Scope Commercial Real Estate Services’ investment sales advisory line, where he will focus on retail assets. With nearly two decades of real estate experience, he has represented more than 5M SF of retail property.
THIS AND THAT
Gather Food Hall at Schuylkill Yards is scheduled to debut Oct. 31. The culinary destination’s initial lineup will include Mucho Perú, Bowl’d Masala and a Federal Donuts & Chicken outpost.
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