Original Northeast commercial real estate news & events for New York, New Jersey, Boston, Philadelphia, and other northeastern US states, plus expert insights, commentary and analysis into secondary and tertiary regional and local markets.
In moves to provide greater support for historic preservation initiatives in Philadelphia, the legislation, if passed, would allow by-right zoning for special purpose historic buildings, reduce parking requirements for historic building redevelopment and allow accessory dwelling units in historic buildings.
Prism, who will be operating partner, will redevelop the former car dealership site into a development that will feature 232 apartments and 12,000 square feet of retail space.
Meritage states that it plans to fund the $100 million in the development of the 40 Wendy's restaurants through a combination of cash on hand and development credit facilities.
The acquisition marks the company's fifth in the US in the past 12 months, with three sites under its belt in New York City, and a recent announcement that it had secured permits in Chicago for a 170,000-square-foot ground-up co-living project in The Chicago Loop.
Landmarking is part of maintaining healthy neighborhoods—especially with retail, according to a Village Preservation, Greenwich Village Society for Historic Preservation recent study.