Philadelphia Metropolitan Area Real Estate Law Blog

A small number of investment groups are taking advantage of the high demand but low competition in the area of charter school development. One such group, a joint venture of Canyon Capital Realty Advisors LLC and former tennis champion Andre Agassi, has taken on projects in Philadelphia and Milwaukee, and is currently considering similar projects in other cities, including New York and Houston.

On December 22, 2011, Mayor Michael Nutter signed Philadelphia’s new zoning code. We have previously mentioned the new code on this blog, and pointed out that it is intended to replace the old one, which had been recognized as cumbersome, outdated and economically stagnating for the city of Philadelphia.

In our previous post, we began recounting the various development projects that have been planned in the last year. We have already mentioned the city-wide comprehensive plan that was adopted back in June, individual district development plans, and plans for the Central Delaware Waterfront.

PlanPhilly recently ran a short reflection on the planning milestones of 2011 for the city of Philadelphia. As can be seen, there has been a lot of development planning activity this year, and more to follow in the coming year.

According to the Philadelphia Inquirer, Baltimore-based Cordish Cos. will soon be engaging in a stadium-area development project in South Philadelphia by the name of Philly LIVE! on Pattison Ave. Plans for the restaurant-entertainment district were presented at the stadium complex on Thursday.

A nearly year-long suit between Citizens Bank of Pennsylvania and developer Brian O-Neill-one of the region’s most active developers of residential and commercial properties, reportedly ended in a settlement last Friday. O’Neill initially sought $8 billion in damages in the suit, which he filed in January in the midst of a difficult construction economy.

Officials in Camden County recently announced that the Pennsauken Mart site, which was set be demolished and replaced with a hockey arena and convention center seven years ago, will now become the site of residential development next summer.

Philadelphia city officials and supporters from the three-block branch of the Reading Viaduct-an abandoned railway that operated from 1893 to ‘984-have reportedly come up with a development plan intended to revitalize the area. The project is reportedly being led by the Reading Viaduct Project.

The Philadelphia Inquirer reports that one of the sites at the Navy Yard will be the site of a new Marriott-brand hotel. The development is being sponsored by Liberty Property Trust, an investment trust headquartered in Malvern. Sources said Liberty is nearly finished financing the new hotel.

Developers must comply with numerous local, state and federal regulations before any actual construction can begin. Keeping track of all of the laws and regulations can be difficult and often require the close assistance of an attorney. Developing land for gambling and harness-racing, however, requires compliance with a whole new set of laws. The last Pennsylvania harness-racing company is finding out that securing the rights to develop a harness-racing track and casino requires jumping through a lot of hoops.