Three new development projects coming to King Of Prussia

King of Prussia is set to get a new hotel, office complex, and apartment building, the most recent additions to a slew of mixed-used projects being developed in the area.

According to Bis Now Philadelphia, King of Prussia is evolving from a “mall-centric suburb to a true mixed-use community.”

Park Ridge Hotel Development, which owns the Sheraton at Valley Forge on North Gulph Road, will be developing a new hotel next to the Sheraton. It will be an Element hotel and is set to have 120 rooms.

Brandywine Realty Trust is redeveloping an old 100K SF office building a few doors down from the new hotel. They plan to upgrade the space by adding atriums and an additional 3K SF of office space. The project is slated to be completed by the end of 2018.

The new apartment complex, Hanover Village, will have 390 units and a parking garage. It is being developed by Realen and Hanover and will also be on North Gulph Road.

Other development projects in King of Prussia include the KoP Mall’s new expansion and a recent apartment boom in the area.

Schuylkill River Trail receives $12M for completion

The Schuylkill River Trail received a $12 million U.S. Department of Transportation grant that will help to put the finishing touches on the 130-mile trail.

The trail, which won “Best Urban Trail” in 2015 by USA Today, stretches from Schuylkill County all the way to Southwest Philadelphia. The grant will be used to build a cable bridge and an elevated track in order to connect the Grays Ferry and Center City portion of the trail.

“Investing in the Schuylkill River Trail expansion isn’t just about enhancing another one of the City of Philadelphia’s many tourist attractions – this is an investment in the economy, health and growth of the city,” PA Senator Bob Casey said in a Philadelphia Magazine article. “Providing a safe and sustainable way for residents to commute and enjoy the city not only makes it attractive for newcomers but also for businesses.”

Senators Casey and Pat Toomey lobbied for years in D.C. for the grant, which finally came through earlier this month. The total cost of the expansion of the trail will be approximately $36 million.

Two tech companies in Delaware receive funding

The Division of Small Business, Development & Tourism provided grants to two tech companies based in Delaware.

The first, STF Technologies, is based in the University of Delaware’s STAR campus in Newark. The company develops material that changes between liquid and solid and is being used to improve NASA space suits.

Madison, WI-based TrafficCast is relocating 10 jobs and creating an estimated 58 more in Wilmington. The company provides GPS data and real-time traffic information across the U.S.

“Growth in Delaware’s economy through projects like these stems from an ecosystem created in the state,” said Linda Parkowski, acting Director of the Division of Small Business, Development & Tourism in a Delaware Business Now article. “Delaware has a business environment that encourages research and innovation and has programs in place to provide the ready space and produce a well-trained workforce for high-tech companies.”

Northern Delaware has seen significant growth in tech investment and startup development in recent years, including its ranking as 5th best state in the U.S. to start a business and the 12 new startups that came to UDel’s STAR campus in 2016.

 

Philadelphia Port receives largest container ship ever

The Port of Philadelphia recently set a new record: the MSC Shuba B, a 1,083 foot long ship containing mostly South American fruit, was the largest container ship ever to dock at the Packer Avenue Marine Terminal in South Philadelphia.

“It’s a sign of more good things to come,” said Sean Mahoney, PhilaPort spokesman in a Philly.com article.

The increased size of the ship is due in large part to the Panama Canal expansion, which allows for larger container ships to pass through. The MSC Shuba B is listed at 12,238 TEUs, or 20-foot-equivalent units, and is longer than the height of the Comcast Center tower.

The projected influx of larger ships to the Port of Philadelphia will both grow the region’s economy and uphold the port’s status as a top emerging global logistics hub.

Main Line Health announces $32 million in new construction

Main Line Health released plans to build a new 94,000-square foot health center in King of Prussia, Pa.

The new structure, which is projected to open in November 2019, will have a specific focus on women’s health needs.

“With a focus on women’s health, this center will allow us to expand our breadth of services to include a wide range of holistic therapies and specialty-care services to meet the needs of women and their families across our region,” said Jack Lynch, the Main Line Health’s President and CEO in a Philadelphia Business Journal article.

The center will provide numerous different services, including primary care, endocrinology, neurology, physical therapy and lab services.

Main Line Health is the parent hospital of others in Southeastern Pa.–including Lankenau Medical Center and Bryn Mawr Hospital–and is one of 15 major health systems in the Greater Philadelphia region.

Temple Hospital #1 in U.S. for lung transplant volume

In 2011, Temple University Hospital performed five lung transplants.

In 2017, that number jumped to 131, ranking it the number one hospital in the U.S. for the amount of transplants performed last year.

“Since 2011, we have recruited top talent and made significant process and protocol improvements,” says Verdi J. DiSesa, President & CEO of Temple University Hospital in a press release. “To accomplish 131 lung transplants in a single year and to reach this level in such a short period of time is nothing short of extraordinary. This truly is a demonstration of the talent and dedication of our transplant team and a measure of our commitment to serve patients who are in need of highly skilled, complex care.”

Temple Lung Center also recently had six specialists named on Philadelphia Magazine’s list of “Top Doctors” in 2017. The center is nationally recognized for its treatment of asthma, bronchitis, lung cancer and pneumonia, among other lung health issues.

Temple University Hospital was ranked one of the best regional hospitals in two different categories in U.S. News & World Report’s 2017-2018 rankings and is one of more than 100 hospitals in the Greater Philadelphia region.

Businesses and higher education have helped to revitalize Camden

In early February, Cooper’s Ferry Partnership, a nonprofit that works to implement redevelopment projects in urban areas, held a gathering at the Adventure Aquarium in Camden, NJ.

During the gathering, business and civic leaders spoke about the revitalization of the city of Camden, naming the strong presence of higher educational institutions and the influx of new businesses into the city as large contributing factors to its transformation.

“Institutions of higher education are large business enterprises and they really are massive economic engines,” said Ali Houshmand, President of Rowan University in a NJBIZ article.  “To the extent that they can put all their resources in partnership with industry together, wonderful things can happen and you will build a great city.”

There have been numerous other major developments in Camden, including Subaru relocating its North American headquarters to Camden in late 2016, Liberty Property Trust’s $1 billion mixed-use Camden Waterfront project, and Holtec International’s new 50-acre campus.

These developments have all contributed to the revitalization of the south New Jersey city.

Hotel DuPont in Wilmington completes $400K renovation

Wilmington, DE’s historic Hotel DuPont recently received $400k in renovations, including improvements to the lobby lounge area, dining spaces and Green Room.

The redevelopment is a part of a $130 million investment into the hotel by real estate company Buccini/Pollin Group, which announced it would be acquiring the historic property last year.

“We are making incremental improvements to the hotel because of our humble approach,” said Dave Pollin, Co-founder and President in a Philadelphia Business Journal article. “We are learning every day and deeply honor the hotel’s pedigree and history.”

Most of the $130 million investment will be spent on office space and infrastructure.

Buccini/Pollin also recently announced their newest development project late last year, a new facility for the Philadelphia 76ers basketball team, set to break ground in Wilmington this quarter. The facility, which will have retail and office space, will be worth $26 million.

Philadelphia named on Amazon’s HQ2 shortlist

Amazon announced that Philadelphia is one of 20 cities to advance to the next round in the bid for HQ2.

Philadelphia is ranked favorably according to Time, Business Insider, and others.

Based on the Amazon RFP, we have always known that Greater Philadelphia is a strong match for this project.

We here at Select are excited to continue collaboration with the Core Philadelphia Team as we move forward in this exciting endeavor. Stay tuned for more information as we continue to showcase for Amazon that Greater Philadelphia is the perfect location for their new HQ2.