The Greater Reading Market Snapshot

A snap shot of the Berks County Marketplace by The Reading Eagle

Greater Reading market place statistics graphic

 

For More Information about Local News, Market Intel, or Commercial Real Estate
Opportunities; visit www.Bryan-Cole.com

Bryan E. Cole

NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.

Multi-Billion Dollar Riverfront Project Still On Drawing Board

By: WFMZ in Allentown

Big plans for Reading’s riverfront are still flowing, but funding has all but dried up.

The RiverView project was unveiled in Reading in 2008.

“We’re still here, four years later,” said James Burdge, Giannasca Development Group’s chief operating officer.

RiverView is the multi-billion dollar brainchild of Giannasca, which boasts other successful commercial projects in Baltimore’s Inner Harbor and in Miami.

But so far, there’s been no change to the landscape along the Schuylkill River in Reading.

“For a while now, the commercial financing markets for real estate developments like [RiverView] has been dried up,” Burdge explained.

Not much has changed as far as the physical plans that were unveiled four years ago. Giannasca still wants to develop 110 acres along the riverfront in Reading, with a price tag of $3 billion.

What has changed is the approach to funding RiverView.

“I think the P3 bill is very close to being passed,” said Burdge

Burdge said he and his colleagues have been spending time lobbying in Harrisburg. They’re pushing for the passage of a bill that would pave the way for public private partnerships for infrastructure improvements in Pennsylvania.

Burdge believes the promise of better infrastructure will help unlock lending for mixed use projects, like RiverView.

“We started going globally and have a lot of interest globally because there’s a lot of cash reserves in the world that are interested in investing in bonds and things like that in the United States,” said Burdge.

In the meantime, Burdge said Giannasca maintains its office on Canal Street in Reading and progress is made daily, although they’ve yet to purchase any property.

“Normally, you don’t actually physically purchase and close on the properties until right before construction,” Burdge explained.

Reading city officials told 69 News the Giannasca group checks in from time to time, but it has not made any official requests.

Burdge said the down economy is not the first national hurdle the developer has encountered. He said the September 11 attacks hurt the hotel industry and delayed Giannasca’s major project in Baltimore.

Hurricane Katrina had similar affects on another one of the company’s developments in New Orleans.

“You’re going to run into obstacles,” said Burdge. “If it were that easy, everybody would be a real estate developer.”

see www.wmfz.com for original article.

PLEASE POST YOUR THOUGHTS AND COMMENTS TO THIS BLOG POST AS  THIS HAS BEEN AN ON GOING PROJECT HERE IN READING FOR SOMETIME NOW… THANK YOU, Bryan Cole

This Article was provided by WMFZ and distributed thru Team Cole Blog by:

For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com

Bryan E. Cole | Team Leader
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.

New File Uploaded to Bryan-Cole.com. NAI Keystone and Team Cole Logistics Brochure

New File Uploaded to Bryan-Cole.com.  NAI Keystone and Team Cole Logistics Brochure.  Please visit http://www.bryan-cole.com/OurServicesPublications.html for more information.

Contact Bryan Cole at Bcole@naikeystone.com or www.Bryan-Cole.com for Real Estate Related Services.

The Gateway Building

NAI Keystone’s Bryan Cole and Steve Willems are named exclusive broker representatives for the 95,000 Sq. Ft. Class A Office building in Downtown Reading.  NAI will place the property on the market for Sale or Lease.  The facility currently has 26,000 Sq. Ft. for Lease and has credit tenants such as Wachovia/Wells Fargo Bank, GSA, and various other government entities.  For more information call Bryan Cole @ 610.370.8502 or Bcole@naikeystone.com

 

www.Bryanecole.com

Sale of Former Copy World Facility in Shillington

NAI Keystone’s Bryan Cole handles sale of the former copy world facility in Shillington PA.  The site was sold to a emergency care veterinarian facility.  Site was situated at 400 West Lancaster Avenue, Shillington PA.  Property consisted of 12,500 Sq. Ft. of Office and Retail Space with approximately .5 Acres.

 

For More Information contact Bryan E. Cole of NAI Keystone Commercial & Industrial, LLC at 610.370.8502 or Bcole@naikeystone.com