Phil Eastman, manager of economic development at Peco Energy Co., went to last month's Urban Land Institute conference at the Bellevue and came away with a summary for his colleagues that we like as a year-end view of real estate deals around Philadelphia. Excerpts:

"Nationwide, real estate development is at a standstill ...Pre-leasing will be required over the next 12 months in order for a project to move forward... (Locally,) development projects have been delayed while potential lessees wait out the current economic downturn."

Locally, Coatesville is a bright spot: "Tower 1, 3rd St. at Lincoln Highway, will (include) 72 apartments and 14,000 square feet of retail space," with work starting this winter. "Pulver's (125-room Marriott Courtyard)  and office project," at PA 82 South and the US 30 Buy-pass, "will start in the spring. Iacobucci is planning three separate residential projects with a total of 700 units... on the east side of Rt. 82... Mosaic has plans to develop 10 acres of the “Flats” facing Business Rt. 30, which they hope will be anchored by a grocery store." The Cambria Homes "mixed-income" project is still on the drawing board.

In suburban land deals, "Developer J. Loew and Associates sold 65 acres in the Spring Oak Corporate Center in Malvern to Dewey Company for $14 million, roughly $215,000 per acre.  Zoned light industrial, Dewey plans to use the land for single-family development. BPG Properties (the big office landlord) acquired the Hunt Club apartments, a 320-unit multifamily complex in North Wales from AIMCO for $50 million, or about $156,000 per unit.  The apartments were built in 1980 on 44 acres in the Fort Washington/Spring House submarket. The new owner is planning a $3.4 million upgrade to the units."

And, among other new leases, "Matrix Services, an industrial construction company for the petro/chemical industry (Sunoco and Peco are clients), leased 27,000 square feet from The Buccini/Pollin Group (BPG) at Baldwin Tower in Eddystone." Where there's work, there's hope.