2C — March 10 - 23, 2017 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
Family-owned, eight-property assemblage is next new hot pocket for redevelopment WillowManagement Corporation selects Colliers International to market Premiere Development P
of land (7.75 ACS). The main focus of the offering are the five most central sites, known as Callow East, the jewel in the crown. Callow East possesses the ideal footprint to support a modern urban mixed-use de- velopment with unobstructed 360 degree city views. It sits directly on a major east/west thoroughfare connecting resi- dents to primary roadway ac- cess into and out of the City with ease. The stage is set for this to become a spectacular visual landmark, an important connector to the City. The key components for a successful, place-making development are here: zoning, location/access, demand. KEY TAKEAWAYS: • Prime real estate with po- tential to be Philly’s next “new neighborhood” • At the foot of the area’s primary roadways and main thoroughfares as well as public transit points. • Ideal footprint to support a modern, walkable, mixed-use development • New zoning has been ob- tained which presents a never before offered opportunity for a mixed use high density “place- making” development. • 360 degree unobstructed pro- tected views • Shovel-ready site • Proximity to many of the most exciting new developments the City has to offer • Strong demand drivers from a growing jobs market, a large millennial population, and a booming residential construc- tion market Zoning: While the area has been hum- ming with investor interest since the Zoning was changed to CMX3 in late 2015, opening it up to residential, commercial and office development, Callow East is still one of the least densely occupied areas in the city. Even more significant, however, is the “bonus building height” allowance for the slice of land on which this assem- blage sits (between Willow St. and Callowhill,St.s) that lifts building height restrictions to as high as 300 feet (30 stories). Willow Management has already conducted the design phase of one of the sites at 3rd and Callowhill Sts. with a local architect. Approvals have been obtained for a high-density development there. The site is basically shovel-ready. continued on page 4C
under $80 million. These properties meet and exceed the demand criteria for modern development and have the ability to become a spec- tacular visual landmark and a strategic gateway to the city. The foundation is laid and the canvas is set for the right vi- sionary to develop Callow East into the next new hot pocket and transform the area into an important, vibrant, walkable neighborhood. DETAILS: The portfolio encapsulates eight commercial properties totaling more than 338,000 SF
hiladelphia, PA — Colliers Interna- tional has been select- ed as agent for the Willow Management Corporation portfolio, to market this major redevelopment opportunity of prime developable properties in the Callowhill East section of the city where rezoning legisla- tion recently opened the area for high density development. On the drawing board is Cal- low East – a prime assemblage of family-owned, never before offered parcels at the edge of the Philadelphia Central Busi- ness District valued at just
The portfolio encapsulates eight commercial properties total- ing more than 338,000 s/f SF of land (approx., 7.75 ACS).
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