The WesGold Fellows were lucky enough to visit the offices of both PREIT and Brandywine Realty Trust; two of the largest real estate developers in the city. Our gracious hosts opened up their sites to show us firsthand what real estate development is all about. We were privileged to meet with Chris Mrozinski, Director of Development for PREIT and Tony Rimikis, Senior VP at Brandywine.
As they will both tell you, the fundamentals of real estate don’t change; only the scale. The work does not change; both the $10,000 property and the $10,000,000 property will require some similar steps. However, the larger the property, the more you tend to make. With that in mind they choose to build large developments.
Mr. Mrozinski is overseeing the expansion of the Gallery Shopping Mall into the former Strawbridges Department Store. The space is currently being renovated into office space for government employees and one other large use tenant. And those who have been following the news know that Foxwoods Casino is one potential for that location. To the cheers of some and the lament of others, PREIT continues progress with an estimated completion in the winter of 2010.
Mr. Rimikis and Brandywine Realty Trust are most notably responsible for the Cira Centre, which is located at 30th and Arch Streets. They have plans to complete multiple towers along 30th St and revitalize that corridor. Their latest projects are a new tower within the former US Post Office building at 30th and Market and an adjoining parking garage. Both of which will be used for the IRS upon completion.
Both speakers showed us their projects of immense scale and extremely large price tags; all three were well over $5 Million. So, obviously their time is very valuable. With that in mind, the WesGold Fellows are deeply appreciative of the efforts of both these individuals and their respective organizations. Check out the great work being done at PREIT and Brandywine Realty Trust.