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Business
Childrens's Hospital Getting Major Renovation
 
  by: iradiotom - Philadelphia, PA
started: 12/19/11 6:49 am | updated: 12/19/11 6:49 am
 
The Philadelphia Business Journal reports the biggest excavation project in Philadelphia history is taking place in West Philadelphia.

The Children's Hospital of Philadelphia is spending $150 million preparing part of the old Civic Center site for an outpatient-care center that will sit on top of a five-story underground parking garage. The pediatric medical center’s expansion plans for ambulatory care, however, extend far beyond the city.

In an interview last... Read More
 
 
Business
Philadelphia Spectrum Site to be Developed
 
  by: iradiotom - Philadelphia, PA
started: 12/15/11 3:49 am | updated: 12/15/11 3:49 am
 
The Philadelphia Inquirer reports:

The Cordish Cos., based in Baltimore, has earned a national reputation for specializing in retail, dining, and entertainment ventures that, many say, transform urban areas.

Cordish's handiwork is in such places as Baltimore's Inner Harbor; Houston; Los Angeles; Louisville, Ky.; Kansas City, Mo.; and Hollywood, Fla. The names of the attractions are distinguished by an exclamation point.

Other projects include... Read More
 
 
Business
Sunoco Closing a Philadelphia Refinery
 
  by: iradiotom - Philadelphia, PA
started: 12/02/11 5:05 am | updated: 12/02/11 5:05 am
 
Philadelphia will be losing more jobs as Sunoco pulls the plug on it's Marcus Hook refinery.

From Fox 29:
Sunoco is idling a refinery in suburban Philadelphia and says about 490 layoffs are expected.

Sunoco CEO Lynn Elsenhans said Thursday deteriorating market conditions are forcing the move at the facility in Marcus Hook.

The Philadelphia-based fuel company announced in September it was getting out of the refining business. It said two area... Read More
 
 
Business
Rita's Water Ice Changes Hands
 
  by: iradiotom - Philadelphia, PA
started: 12/02/11 4:40 am | updated: 12/02/11 4:40 am
 
Rita's Water Ice has been sold, but don't worry about losing your gelati. And there's only 3 months until water ice season starts.

From the Philadelphia Business Journal:

One of Philadelphia's iconic brands changed hands Thursday — from one private equity firm to another.

Rita's Water Ice Franchise Co. was acquired by Falconhead Capital LLC, a New York-based private equity firm.

The water ice chain, which has local headquarters in... Read More
 
 
Business
Fugitive Philadelphia Lawyer Arrested in Alabama
 
  by: iradiotom - Philadelphia, PA
started: 11/10/11 5:21 am | updated: 11/10/11 5:21 am
 
Philadelphia lawyer Michael Kwasnik has been arrested in Dothan Alabama. Police arrested Kwasnik, a fugitive sought on charges that he had stolen $1.1 million from an elderly Cherry Hill widow.

Dothan Police Chief Gregory Benton said the arrest was made after police received a tip about a man at a Greyhound bus station transporting narcotics. Police said they found no narcotics but apprehended Kwasnik on money-laundering and theft charges lodged Monday by New Jersey Attorney... Read More
 
 
Business
New Business Privilege Tax in Philly Gives Relief
 
  by: iradiotom - Philadelphia, PA
started: 11/04/11 8:19 am | updated: 11/04/11 8:19 am
 
That’s how local business leaders describe legislation to relieve some of Philadelphia’s business privilege tax (BPT) burden that was expected to be approved by City Council Thursday and signed into law by Mayor Michael Nutter.

A bill from City Council members Bill Green and Maria Quiñones-Sánchez freezes the gross receipts tax rate at the current 0.1415 percent rate while the 6.45 percent net income tax would phase down over a 10-year period, beginning in 2013, to 6... Read More
 
 
Business
Kenny Gamble Under Fire Over Royal Theatre Deterioration
 
  by: iradiotom - Philadelphia, PA
started: 10/19/11 9:27 am | updated: 10/19/11 9:27 am
 
South Street businesses are buzzing over the all the positive development along South Street in Philadelphia near 15th street. The buzz is mostly positive, but not when it comes to the still vacant Royal Theatre on South Street. The Royal was sold to Philadelphia music legend and real estate investor, Kenny Gamble 11 years ago with his promise to revitalize the building. However after an infusion of hundreds of thousands of tax dollars, nothing has changed.

The Royal Theatre... Read More
 
 
Business
NJ Shore Property Values
 
  by: Rebel - Havertown, PA
started: 10/17/11 9:36 am | updated: 10/17/11 9:36 am
 
The second-home market has taken a hit from New Jersey to Florida to California to Maine. What happened to Shore prices reflects what occurred nationwide over the last six years. But many Shore points did not fare all that badly in the housing downturn.

Avalon's median price up 321 percent since 2005. Over the same time period, Stone Harbor is up a modest 87 percent.

Though almost all the communities retained the value they had in 2005, Stone Harbor alone... Read More
 
 
Business
WHAT 1340-AM Philadelphia Sold to Aztec Capital Partners
 
  by: iradiotom - Philadelphia, PA
started: 09/29/11 4:50 am | updated: 09/29/11 4:50 am
 
Philadelphia's WHAT (1340) has been sold for $475,000. In 2007, Marconi Broadcasting Company had bought the 1,000-watt fulltime station Inner City Broadcasting and began programming music. Marconi created innovative music programming targeting a diverse group of listeners unserved or underserved by FM or AM radio stations. The first format in 2007 was a younger-skewing Skin Radio that gained a second life online as A New Rock Alternative, here.
Skin... Read More
 
 
Business
No Tax Credit for "Jersey Shore" Producers
 
  by: iradiotom - Philadelphia, PA
started: 09/27/11 1:52 pm | updated: 09/27/11 1:52 pm
 
The producers of TV' Jersey Shore, 495 Productions, was expecting to get a $420K tax credit in exchange for producing the show in the state of New Jersey back in 2009. However, legislators from both parties have balked at paying it, and now Republican Governor Chris Christie has officially withdrawn the commitment.

Christie cut the New Jersey Economic Development Authority program that was trying to attract production companies to the state in 2010, after the “Jersey Shore”... Read More
 
 
 
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