Philly Retail's on a Roll. Here's Why.
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Healthy demand for Philly residential properties is attracting new retailers, Southern Land Co CEO Tim Downey tells us. They're essential to thriving, walkable neighborhoods people want to be in now.
Recently Southern Land, which is developing 3601 Market Street in University City, the first residential development at the 17-acre research park campus of University Science Center, inked leases for a number of eateries at the property. They include Herban Quality Eats, a fast-casual restaurant that focuses on healthy food; Danlu, an Asian-influenced bar and restaurant; Schmear It, a socially conscious build-your-own bagel sandwich outlet; and PWS, a local pizza joint that also features wings and steak.
"The right retail tenants deliver added amenities, convenience and an additional element of luxury—things we believe make a real difference in a resident's day," Tim says. Tenants like this are a key factor in a comfortable lifestyle, and so a key factor in attracting tenants, he adds. The 363-unit development will be completed this summer.
More retail is coming to North Broad Street as well: EB Realty Management, which is developing a number of residential projects along the North Broad corridor, has plans for 35k SF of retail in its developments in the area. The developments include The Divine Lorraine, The Met Opera House, The Studebaker Building and the Mural Lofts. EB recently tapped CBRE SVP Larry Steinberg to lease the space (Larry's snapped at a Bisnow event earlier this year).
Larry says that North Broad is going to see a retail revitalization, with the investment by the City—a $15M grant for the revival of the area from Philly Parks and Recreation—integral to the process. For the next phase of redevelopment ventures, EB Realty has partnered with Billy Procida of Procida Funding, who has committed over $50M to North Broad’s revival.