PHILADELPHIA | The Nest @ 1324 N. Broad | 215 FT | 17 FLOORS

[PhilliesPhan]

Originally Posted by 1487

is this student housing? I don't know if that is the case.

I think that this building may offer apartments geared towards young professionals and/or grad students. I just can't see this kind of development, especially being so far south of campus, holding apartments for students. The developer also isn't a student housing developer as far as I know. Young professionals have less reservations about living north of Girard Avenue; in fact, I'm starting to notice that this group of consumers has no problem with living north of Cecil B. Moore when looking east of the SEPTA Main Line. A few days ago, I noticed a new zoning notice up for an empty lot at 5th and Norris!

The Templetown area has improved to the point where I see it as being primed to hold young professionals priced out of Francisville and other neighborhoods further south of Girard. This neighborhood has some of the best transit in the city, from the Regional Rail, to the BSL, to the 15 trolley, to robust network of 24/7 buses (3, 4, 16, 23, 33, and the BSL Night Owl).

[1487]

Originally Posted by PhilliesPhan

I think that this building may offer apartments geared towards young professionals and/or grad students. I just can't see this kind of development, especially being so far south of campus, holding apartments for students. The developer also isn't a student housing developer as far as I know. Young professionals have less reservations about living north of Girard Avenue; in fact, I'm starting to notice that this group of consumers has no problem with living north of Cecil B. Moore when looking east of the SEPTA Main Line. A few days ago, I noticed a new zoning notice up for an empty lot at 5th and Norris!

The Templetown area has improved to the point where I see it as being primed to hold young professionals priced out of Francisville and other neighborhoods further south of Girard. This neighborhood has some of the best transit in the city, from the Regional Rail, to the BSL, to the 15 trolley, to robust network of 24/7 buses (3, 4, 16, 23, 33, and the BSL Night Owl).

I agree- nothing indicates this is for students. IF they can offer 1BR units at this location for $1500 or so I think it will do fine. CC rents are out of control. This is a 10min subway ride to City Hall- or less if you take express from Girard.

[The Best Forumer]

Originally Posted by 1487

I agree- nothing indicates this is for students. IF they can offer 1BR units at this location for $1500 or so I think it will do fine. CC rents are out of control. This is a 10min subway ride to City Hall- or less if you take express from Girard.

It should fill up pretty fast!

[McBane]

Student housing, recent grads, whatever. My point is that this building is targeting a younger and less affluent demographic when compared to One Riverside and other buildings recently designed by Cecil Baker's firm. But the Nest is just as nice as One Riverside, despite the vastly different target demographics of both buildings (One Riverside condos start at $700k).

[1487]

Originally Posted by McBane

Student housing, recent grads, whatever. My point is that this building is targeting a younger and less affluent demographic when compared to One Riverside and other buildings recently designed by Cecil Baker's firm. But the Nest is just as nice as One Riverside, despite the vastly different target demographics of both buildings (One Riverside condos start at $700k).

yeah I'm not all that impressed by the recent CB projects. While they feature impressive engineering that make the buildings more attractive to buyers who will move in, the exterior designs aren't anything notable.

[eixample]

Originally Posted by 1487

yeah I'm not all that impressed by the recent CB projects. While they feature impressive engineering that make the buildings more attractive to buyers who will move in, the exterior designs aren't anything notable.

The 5th and Walnut design is so blah

[summersm343]

10/27/2017

[summersm343]

11/30/2017

[PhilliesPhan]

Originally Posted by summersm343

11/30/2017

I haven't walked past this site in a while, and I regret it now: I SPOT A TOWER CRANE BASE!!! Couldn't be more excited to see Templetown/North Philly's first tower crane since Morgan Hall went up!

P.S. Will this be Templetown/North Philly's first tower crane for a private venture not affiliated with Temple? I know that The View at Montgomery and The Edge are both privately-ran, but they were constructed with the intention of being student housing. AFAIK, Blue Horizon's target market isn't necessarily Temple students.

[summersm343]

Originally Posted by PhilliesPhan

I haven't walked past this site in a while, and I regret it now: I SPOT A TOWER CRANE BASE!!! Couldn't be more excited to see Templetown/North Philly's first tower crane since Morgan Hall went up!

P.S. Will this be Templetown/North Philly's first tower crane for a private venture? I can't recall a Lower North Philly development requiring a tower crane that wasn't affiliated with Temple in some way. I know that The View at Montgomery and The Edge are both privately-ran, but they were constructed with the intention of being student housing. AFAIK, Blue Horizon's target market isn't necessarily Temple students.

There was the first View tower, now called "The View at Montgomery" which had two tower cranes. This was a private venture I thought, and was completed in 2014, after Morgan Hall, which was completed in 2013

[PhilliesPhan]

Originally Posted by summersm343

There was the first View tower, now called "The View at Montgomery" which had two tower cranes. This was a private venture I thought, and was completed in 2014, after Morgan Hall, which was completed in 2013

Apologies! I worded that completely wrong. What I meant to ask is if this tower represents Templetown's first non-student housing venture requiring a tower crane? The first View tower was private, but it was geared towards students. This tower seems to be geared towards young professionals who want to live close to Greater CC, but not pay the premium that comes with it. 1220 N. Broad (Apartments @1220) may have had one whenever it rose, but I can't recall anything like this occurring. This may be North Philly's first example of a highrise tower not geared towards students in a long time!

[jsbrook]

Originally Posted by McBane

Student housing, recent grads, whatever. My point is that this building is targeting a younger and less affluent demographic when compared to One Riverside and other buildings recently designed by Cecil Baker's firm. But the Nest is just as nice as One Riverside, despite the vastly different target demographics of both buildings (One Riverside condos start at $700k).

I’d say the exterior is nicer than One Riverside, but that doesn’t mean the apartments or amenities will be. And, yes, it’s certainly geared to a different demographic.

[1487]

Originally Posted by PhilliesPhan

Apologies! I worded that completely wrong. What I meant to ask is if this tower represents Templetown's first non-student housing venture requiring a tower crane? The first View tower was private, but it was geared towards students. This tower seems to be geared towards young professionals who want to live close to Greater CC, but not pay the premium that comes with it. 1220 N. Broad (Apartments @1220) may have had one whenever it rose, but I can't recall anything like this occurring. This may be North Philly's first example of a highrise tower not geared towards students in a long time!

you would be correct. The last such non Temple related project was probably when they built the Shriner's hospital near Temple hospital in the 90s. I expect to see more of this type of thing in the coming years. Considering how close you are to CC and that you can take a 8-10 min subway ride and be at City Hall this place should do well if it offers a nice discount vs overpriced CC buildings. The crowding on the El is horrible right now. The Orange line has local and express service and is far less packed. Eventually people and developers are going to figure out that it's time to shift some development away from the Frankford side of the El to Broad Street in North Philly. Plenty of space to build and superior subway access vs Fishtown/Frankford.

[PhilliesPhan]

Originally Posted by 1487

you would be correct. The last such non Temple related project was probably when they built the Shriner's hospital near Temple hospital in the 90s. I expect to see more of this type of thing in the coming years. Considering how close you are to CC and that you can take a 8-10 min subway ride and be at City Hall this place should do well if it offers a nice discount vs overpriced CC buildings. The crowding on the El is horrible right now. The Orange line has local and express service and is far less packed. Eventually people and developers are going to figure out that it's time to shift some development away from the Frankford side of the El to Broad Street in North Philly. Plenty of space to build and superior subway access vs Fishtown/Frankford.

Couldn't agree more. The fact that developers haven't "discovered" this part of the city is almost mind-boggling. From Center City until around Lehigh, the numbered streets are packed with the same gorgeous three story rowhomes that would go for a lot more in Center City. There's also a lot of potential for high-density development. Why not live along North Broad, where one can get into Center City as quickly as the El can get them there? Aside from the BSL, two other buses (the 4 and 16) supplement service along N. Broad.

I think the North Station District, along with Temple's growing prominence, will help much of the Lower North get developed. I'm actually banking on Nicetown/Tioga becoming a hot neighborhood within the next 10 years. There are also plenty of KOZs to take advantage of up here.

[TempleGuy1000]

Crane over Broad Street

[summersm343]

Amazing! What a beautiful site to see. North Broad needs more high rises!!

[1487]

saw this on the way in this AM. It is very prominent based on it's location.

[1487]

Originally Posted by PhilliesPhan

Couldn't agree more. The fact that developers haven't "discovered" this part of the city is almost mind-boggling. From Center City until around Lehigh, the numbered streets are packed with the same gorgeous three story rowhomes that would go for a lot more in Center City. There's also a lot of potential for high-density development. Why not live along North Broad, where one can get into Center City as quickly as the El can get them there? Aside from the BSL, two other buses (the 4 and 16) supplement service along N. Broad.

I think the North Station District, along with Temple's growing prominence, will help much of the Lower North get developed. I'm actually banking on Nicetown/Tioga becoming a hot neighborhood within the next 10 years. There are also plenty of KOZs to take advantage of up here.

There really is no rational reason for the lack of action going on between Temple and Fairmount Ave. The reality is that there has been less of a stigma about putting new housing in Fishtown/Kensington based on the demographics of that area in spite of the fact that there are lots of issues (litter, crime, drugs) in that area. At the end of the day I think that is the bottom line, even if it's never expressed as such. In spite of Temple and all the growth around the university there is still something about the moniker "north Philadelphia" that has led many market rate developers to avoid the area in spite of all the positives about it's location and transit access. Sure there is a lot going on between Fairmount and Girard, but remember they are very careful to rename any area that is being improved- so Francisville is never discussed as if it's part of North Philadelphia. Same for Fairmount and Brewerytown. Conversely, regardless of the specific neighborhood most people are comfortable identifying gentrifying areas of South Philly as South Philly.

[hammersklavier]

I would suspect that the financials aren't quite working out yet for large properties facing wide streets (e.g. Broad, Spring Garden, Girard). Even on Washington you have an underdeveloped avenue with heavy residential pressure on both sides. Following this line of reasoning to its logical conclusion, then, when developing these large sites does start making financial sense, you'll see an explosion of midrise apartment buildings along our major avenues.

[1487]

Originally Posted by hammersklavier

I would suspect that the financials aren't quite working out yet for large properties facing wide streets (e.g. Broad, Spring Garden, Girard). Even on Washington you have an underdeveloped avenue with heavy residential pressure on both sides. Following this line of reasoning to its logical conclusion, then, when developing these large sites does start making financial sense, you'll see an explosion of midrise apartment buildings along our major avenues.

why does the size of the street make the project less financially viable? Never heard this explanation before- maybe this sheds light on the lack of progress.