Ground broken for massive Philadelphia development
5/30/2014 | Real Estate Blog
Investors, business, and private individuals all take part in the development process. From planning, construction, to occupancy, there are many steps involved to build a successful structure. Developing a piece of land can be exciting, stressful, and worrisome all at the same time, but sound legal advice and planning may ease some of a developer’s concerns and help him or her avoid unwanted legal contests.
Strong legal guidance was likely needed to reach the groundbreaking for the new Cira South skyscraper on Philadelphia’s west side. The structure, which will headquarter FMC Corporation, a chemical company, will also serve as a neighborhood in itself. Apartments, office space and a restaurant will be available in the 49-story building, which will cost an estimated $385 million. Philadelphia’s mayor Michael Nutter hopes the development will make significant improvements to the city’s economy. The project is expected to take two years to complete.
While this seems to be a story of success, there may still be legal hurdles ahead. Developers may run into problems when contracting with construction companies, especially when construction companies do not perform in accordance with the contract. Once the project is completed, issues may also arise when leasing space. Developers must be careful that their lease agreements are legally sound to ensure they are protecting themselves and their investment.
There are many legal issues to consider when developing a piece of land. Zoning laws, construction laws and agreements, investment contracts, and leasing agreements all require precise drafting to avoid unwanted consequences. Speaking with an experienced Philadelphia attorney can help ease the stress and leave an investor free to focus on the business side of the deal.
Source: CBS Philadelphia, “Groundbreaking Ceremony Held For ‘Cira South’ Skyscraper in West Phila.,” John McDevitt, May 14, 2014