The first thing that may come to mind for many, when they hear that a new commercial real estate development is underway, is the economic profit the developers behind the project will realize as a result of it. While it is true that property development is a business that in some cases can be quite lucrative, developers may not be the only ones to profit. Depending on the scope of the project, and where it is located, it is possible the surrounding community could benefit as well. This is expected to be the outcome of a Philadelphia shopping center development recently commenced.
The project is the Plaza Allegheny shopping center, located in the Fairhill neighborhood. Anchored by a supermarket, the development, which covers 85,000-square feet, will also be home to a fitness center, dental and medical offices and an auto-repair shop. The site upon which the $16 million project is situated was formerly comprised of vacant lots, an abandoned Conrail spur and junkyards.
In addition to using land that was previously of no use, there is another way the project will improve the area. The Philadelphia Industrial Development Corp. reported that once complete, 140 permanent jobs will be created. This, in turn, should provide the area a “major economic boost.” It is expected to open in the fall.
Regardless of the type of real estate development, it is possible issues could arise throughout the process that could add expense of threat the project completely. To keep the impact of those issues to a minimum—and possibly prevent them altogether—it is advisable to work with an attorney.