The city’s proximity to other urban centers and ease of getting to places like Philadelphia and New York via train or major highways is a big reason why many businesses and professional move to Lancaster, said Hunter Johnson, a principle at Lancaster-based Tono Architects. Johnson was a panelist at this morning’s Lancaster City/Township consortium meeting hosted by the Lancaster Chamber of Commerce & Industry and Brickyard Sports Inc.

Lancaster’s metropolitan atmosphere also is a draw, Johnson said, citing restaurants, banks, businesses and the post office all within walking distance of each other.

“It’s urban, but small enough that you know a lot of people, know the community and feel like you’re all working toward something,” said Sarah Lanphier, owner of Nuts About Granola LLC, who recently moved to Lancaster from York County to expand her business.

The physical infrastructure of Lancaster is different than in surrounding cities, Johnson said. The many historic buildings still intact and recent improvements to sidewalks, paved streets and utilities make the city stand out in comparison, he said.

Homeowners who take pride in and care for their properties also lend to the city’s attractive nature, Lanphier said.

“There’s an intangible vibe in the city, a chemistry and culture happening downtown and people want to be a part of it,” Johnson said.

It was good to hear that the city’s efforts — such as infrastructure improvements to attract people and businesses — are working, Mayor Rick Gray said.

Suggestions for further city improvements included encouraging projects within the city to use local service companies and installing more bicycle racks.

“It’s an easy sell — people drive around the city and want to stay,” said Matthew Addy, CEO of Lancaster-based Edward J. & Co., the parent company of LaPorte Jewelers.

via Leaders: Lancaster positioned to attract businesses Central Penn Business Journal.

Lancaster-based Drogaris Cos. developed the Swisher building, a $7.9 million renovation at 425 N. Prince St., Lancaster, with 24 upscale apartments completed in 2009. The facility formerly was the Bloch Bros. tobacco warehouse. Photo/Submitted

Liberty North, being developed by Lancaster-based Drogaris Cos., is the latest rejuvenation of an old warehouse or factory into loft apartments. The $9 million project renovated 66,000 square feet at 1060 N. Charlotte St. in Lancaster. The building has 21 apartments with 14 more slated to be built, President Ed Drogaris said. Average rent is between $900 and $1,800, he said.

The apartments already are filling with tenants, he said.

The market for loft apartments is huge, said Bill Swartz III, president of York-based Sherman Property Management Inc., developer of loft apartment building Codo 241 in downtown York. “We haven’t even begun to fill that demand,” he said.

The company undertook the $12 million Codo 241 project after conducting a market study and focus groups that confirmed the demand, he said. Codo 241 opened in 2009 with 69,500 square feet of loft apartments and commercial space in the former York Auto Parts building at 241 N. George St. The living units filled faster than expected, Swartz said.

Full article:  Trendy loft dwellings lift downtown economies

The $10 million adaptive reuse project would turn the 65,000-square-foot building at 101 N. Harrison St. into 36 one-bedroom apartments and four two-bedroom units, said Bryan Hoffman, the housing authority‘s executive director.

The building is occupied by printing equipment manufacturer Aradiant, which wants to sell it and move to a smaller space, Hoffman said. The structure was built in 1973 as a shoe factory, he said.

The senior housing plan is a way to be proactive with the building and avoid the property becoming blighted, Hoffman said. There is no market for manufacturing sites such as this one in towns anymore, he said.

The authority has agreed to purchase the property for about $900,000 if the tax credits come through from the Pennsylvania Housing Finance Agency, Hoffman said. If developers get the green light, the apartment complex could be ready for tenants by fall 2013, he said.

The application process is competitive and there is no guarantee the project will receive the needed $8 million in credits this spring, Hoffman said. As a nonprofit, the authority cannot directly benefit from the tax credits and would sell them to investors to raise the money needed to subsidize the project, he said.

The authority has retained South Anneville Township-based Kaylor Architects Inc. for the design work and South Lebanon Township-based Arthur Funk & Sons Inc. as builder, Hoffman said.

Competitive dimension – Central Penn Business Journal.

CoStar reports: David Werner Real Estate has purchased 1700 Market Street in Philadelphia, PA for $143.5 million, or about $171 per square foot, from Pearlmark Real Estate Partners.

The 32-story, 841,172-square-foot, class A office building is located in Center City’s Market Street West submarket, on the corner of Market and 17th Streets. It was built in 1968 and renovated in 1989. The property is 83 percent occupied by tenants including AECOM, Deloitte, and Independence Blue Cross. Attached to the building is a five-story parking garage with 761 parking spaces.

The seller sold the property with the closing of a fund, this being the final property remaining in that fund. The existing mortgage had also come due.

David Werner RE Completes $143.5M Acquisition of 1700 Market St – CoStar Group.

CPBJ reports:

PREIT owns a 50 percent interest in Red Rose Commons and The Court at Oxford Valley in Langhorne. PREIT and its partner refinanced the mortgages on both properties with 10-year nonrecourse loans with an average fixed interest rate of 5.42 percent, PREIT said in a statement Monday.

The loans totaled $90 million. PREIT and its partners used a portion to pay off previous mortgages totaling $56 million, with an average interest rate of 7.16 percent.

PREIT also modified the credit facility it obtained in 2010, extending it by one year and reducing the interest rate by 0.9 percent. PREIT increased the revolving portion of the facility by $100 million to $250 million and reduced the term loan portion by $100 million to $240 million.

Red Rose Commons is the third largest shopping center in Lancaster County. Shares of Philadelphia-based PREIT trade on the New York Stock Exchange under the ticker symbol PEI.

from Central Penn Business Journal.