High stakes development in South Philly | Real Estate Newsletter

Remember me? I’m Erica Palan, the deputy business and built editor at The Inquirer. Michaelle is on a much-deserved vacation this week, so I’ll be your newsletter emcee (mostly; you’ll still see some of her work below).

I’m thrilled to be hanging with you today because there are so many interesting real estate reads to discuss. Inga Saffron’s latest urban dispatch on the former South Philly refinery site has me thinking hard about how much is at state for the city when it comes to redeveloping that land. And Jake Blumgart’s scoop on an iconic Walnut Street building’s future is an interesting exploration of how Philly is recovering from the pandemic. Plus, we’ve got our usual home tour, info on two new apartment towers, and a #TBT for our photo quiz.

📮 Speaking of throwbacks, I’m loving my colleague Mike Klein’s exploration of why it hurts so much when a favorite restaurant closes. I am still mourning Rembrandt’s where I spent lots of hours (and even more dollars) when I lived in Fairmount years ago. Which neighborhood spots do you miss? For a chance to be featured in the newsletter, email Michaelle, who will be back next week.

— Erica Palan

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The Navy Yard is one of those places I always tell myself I should visit more often, but I never do because it’s just so annoying to get there. My colleague Inga Saffron agrees and in her latest column, shares her worries that the Bellwether District — aka the too-to-be-redeveloped site of the South Philly refinery that exploded in 2019 — may suffer the same fate.

This fall, Hilco Redevelopment Partners, which bought the bankrupt refinery in 2020, will begin building two giant warehouses, and later development could include up to a dozen more, along with life science labs and production plants for specialized manufacturing. Recreation trails are in the works, too. But a question looms: How will anyone get there?

“If we want a healthier, more sustainable city, we need to make sure the Bellwether District becomes a fully connected part of the city, a safe place everyone can access,” Inga writes. Read more of her take on this important corner of the city.

I’ve really enjoyed coming back into The Inquirer’s newsroom since we returned from our COVID stay-at-home orders. But in our post-pandemic hybrid-work world, many offices around the city sit empty.

A few weeks ago, my colleague Jake Blumgart explained why those spaces are unlikely to become apartments, and he’s mostly right. But on Walnut Street, that’s exactly what may happen.

In the iconic WCAU building, known for its eye-catching Art Deco design (or, if you’re like me: you’ll know this building for its Old Navy), six floors of office space may become 67 apartments.

The project still needs various approvals, but the Preservation Alliance is supportive of the changes proposed by the developers. The one potential hurdle? Punching in some more windows so renters will have more natural light.

It’s been fascinating to see how our city rebounds from the pandemic and this project, which Jake explains on Inquirer.com, is part of Philadelphia’s recovery story.

Do you know how much you paid per square foot for your home? Or are you afraid to do the math? ✏️

We know that home prices are up. But a new report by a real estate data company may have us all thinking about how we can use any square inch of wasted space.

Local buyers are spending almost 50% more per square foot for a new home than they did five years ago, according to Clever Real Estate.

In the Philly metro area, buyers paid a median of $218 per square foot for a new single-family home in 2023. That’s up from $147 per square foot in 2018.

The typical buyer’s home was 1,627 square feet this year.📐

In a list of the 50 metros with the largest populations, one in Pennsylvania has the third-lowest price per square foot. Find out which one and see how our region stacks up. — Michaelle

Irene Guo and Mark Licurse planned to leave their rowhouse in Graduate Hospital and buy something that would better fit the future they wanted. But they just couldn’t let go.

They could see their home’s potential.

So they held on and renovated it. The home, now about 2,700 square feet, became more entertainment-friendly. New large windows and tall patio doors let in as much light as possible. The house has a new kitchen and dining area.

Licurse built an oak bench that fits perfectly into the breakfast nook. He put up shelves next to the wet bar and around the TV. And he carved out a secret laundry chute from the third floor to the laundry room on the second floor.

The couple splurged on their marble dining room table and a unique lamp that looks like an upside-down French hat, “but for us, furniture is like artwork,” Licurse said. “If we come home and smile looking at it every day, we know it was worth saving up for.”

Take a peek inside the couple’s home. — Michaelle

One of Stone Harbor’s last beachfront cottages just sold for $10 million. The three-bedroom bungalow was built in 1954 and had a brief cameo in the final scenes of the Oscar-winning movie Philadelphia.

Question: How much did the Jersey Shore property go for in 1993, the last time it was sold?

A) $468,000

B) $658,000

C) $899,000

D) $1.2 million

This story has the answer.

Hint: This photo is an oldie, but a goody from our archives, but its location was recently in the news.

📮 If you think you do, email me back. You and your memories of visiting this spot might be featured in the newsletter.

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🎵 I can see clearly now, the rain is gone.🎵 That’s what I’m humming now that Philly finally has sunshine after many gray days. Sorry, not sorry, it’s going to be stuck in your head now, too.