HBA Newswatch
October 2, 2008
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Planning commission OKs development plan for Wyeth site
By ANNE PICKERING
WEST CHESTER — The West Chester Planning Commission agreed Monday to recommend Borough Council approve a plan for a mixed-use development at the Wyeth site with far fewer residential units than originally proposed.
The developer, Pennsylvania Real Estate Investment Trust (PREIT), originally proposed 600 homes for the project and as many as 772 homes in another version of the proposal. The planning commission, however, recommended no more than 350 residences.
PREIT, a well-known developer of shopping centers including Exton Square, had proposed a mixed-use development on the 30-acre Wyeth site at East Nields and South Bolmar streets. The developer submitted a zoning ordinance for a mixed-use redevelopment overlay district. The project is for 300,000 square feet of retail space, 200,000 square feet of office space, a 150-room hotel and 600 residences.
Liberty Property plans 4.75M share offering
INQUIRER STAFF
Liberty Property Trust announced today that it plans to sell 4.75 million common shares in an underwritten public offering.
The Malvern-based commercial real-estate company plans to grant underwriters an option to purchase an additional 712,500 shares during the next 30 days. Proceeds from the offering will be used to pay part of the company's outstanding debt and for general corporate purposes.
Phila. area at low risk for more housing price drops
By Alan J. Heavens INQUIRER REAL ESTATE WRITER
Philadelphia-area housing prices have a small risk of being lower in two years, according to a study by the PMI Mortgage Insurance Co.
Using second-quarter data from the Office of Federal Housing Oversight, the Walnut Creek, Calif., company said Wednesday that the eight-county region has only a 2.1 percent chance of lower prices two years from now.
By comparison, the Fort Lauderdale, Fla., area has the greatest chance of further price drops of the 50 largest metro areas - 99.5 percent.
The 16 metro areas with the greatest chance of continued falling prices are in California, Florida, Arizona and Nevada - all of which experienced major increases in house prices during the housing boom.
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