Brandywine to develop PA office campus.PLYMOUTH MEETING, PA: Brandywine Realty Trust Brandywine Realty Trust (NYSE: BDN) is a real estate development trust (REIT) in the United States that buys, sells, leases and manages approximately 225 commercial properties, no more than 25 industrial parcels of land, mixed-use property, and over 200 acres of undeveloped has announced they have entered into an option to acquire a 50-acre parcel at the former Philadelphia State Hospital at Byberry The Philadelphia State Hospital at Byberry (est.1907, closed 1990), also known as Byberry Mental Hospital, opened in 1907 in Northeast Philadelphia. It originally followed the theory of physician Benjamin Rush that mental illness was a disease and could be cured with proper site in Northeast Philadelphia Northeast Philadelphia ("the Northeast") is a section of the city of Philadelphia, Pennsylvania. According to the 2000 Census, the Northeast has a sizable percentage of the city's 1. . The company plans a campus type office development to be known as The Offices At Eagle Pointe pointe n. In ballet, dancing that is performed on the tips of the toes. [From French pointe (des pieds), point (of the feet), tiptoe; see point.] . Remediation and site work are currently underway and will last until spring 2007. Beginning in June 2007, Brandywine has a five-year option to develop up to 750,000 s/f of office space at the location. Westrum Development Company has also begun construction on the residential component of the project, The Arbours at Eagle Pointe, which will feature 398 "Active Adult" residential units. In addition, the Byberry site is designated as a Keystone Opportunity Zone (KOZ), which provides prospective tenants tax exemptions tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various through 2010. Noting that the project reflects Brandywine's commitment to office development in the region, Gerard H. Sweeney, president and chief executive officer of Brandywine, said, " This will be a first-class development on the site, an area that has remained vacant for more than 15 years and we're confident tenants, residents and neighbors of Eagle Pointe will be pleased with the results." |
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