PHILADELPHIA | American Commerce Center | 1,510' Pinnacle / 1,210' Roof | 63 FLOORS

[volguus zildrohar]

A lot of these parcels, particularly large ones, would already qualify for certain tax credits. I have to go back and do some homework on exactly what those may be (KOZ-related, I'm sure). Of course, it would still come back to how profitable the plot would be. There's a reason all the rehabs are happening within a 2 mile circle of Center City - there are virtually no other places in Philadelphia appealling to development. Empty, abandoned homes almost automatically become Section 8 housing by right, large post-industrial buildings are too large to rehab or demolish and empty plots often lie in unattractive areas. There are other factors that need to be addressed first or at least in equal measure to developing these slices of brown/green. It took moving heaven and earth to get the Park West development done in Parkside because the real estate was simply not attractive and the same applies to thousands of such parcels across Philadelphia.

[aro1419]

I just really hope that this building will get built eventually. It would be a great addition to the skyline (with a few other skyscrapers to level it out), and would be a great symbol for the city. I also find that the American Commerce Center would help encourage and inspire the people of Philadelphia during such rough economic times. It would give everyone something to look forward to and would set another landmark in Philadelphia. All I can do now is be patient, and eventually I am sure it will be built.

[winterrz]

I walked by the site where this is going to be built yesterday, and there's a sign there with a picture of the ACC and it says "This changes everything!"

Was that sign always there?

[Spocket]

Originally Posted by brian.odonnell20

they should have an incentive for the development of abandoned properties instead of a higher taxation upon it.

That kinda is the incentive . "Build something and you get a tax break."

[hammersklavier]

Originally Posted by winterrz

I walked by the site where this is going to be built yesterday, and there's a sign there with a picture of the ACC and it says "This changes everything!"

Was that sign always there?

It's been there since late 2008 or early 2009, IIRC.

[evanmack]

I really hope they build this...

[tayser]

when I first saw the renders on Page 1, I immediately thought this tower was being built in Shenzen, Guangzhou, Xiamen or Chongqing, not Philadelphia!

regardless, what a beauty.

[Philly-Drew]

I'd like to see this built, but I'm not holding my breath. I was really excited when this was first proposed and I believe that the developer would do a great job. But considering the length of time since it was proposed, and the economic conditions, the developer may not consider this feasible.

[brickhugger]

This one will probably get built the same day they build Chicago Spire.

[cityguy]

After almost three years ,I think we can say it's canceled.

[thelanetrain17]

Yeah philly!!! Going big time finally!! this building looks great! I live 35 minutes outside of philly and this will make that skyline 10 times better!

[teeheee]

Ugh. Swinefeld, can we close this thread until there's actual news to report?

[Onn]

Originally Posted by teeheee

Ugh. Swinefeld, can we close this thread until there's actual news to report?

Whoa, don't close something just because there is no news currently. That's a pretty stupid idea. Have you seen the economy lately? Have some patience, knee-jerk reactions are generally wrong. There should be no reason at all people can't discuss the building in the mean time.

[teeheee]

Originally Posted by Onn

Whoa, don't close something just because there is no news currently. That's a pretty stupid idea. Have you seen the economy lately? Have some patience, knee-jerk reactions are generally wrong. There should be no reason at all people can't discuss the building in the mean time.

The problem is, there's no discussion going on. It's either, "I can't wait for this to get built," "oh, this will never be built," or "is this going to be built?"

[brian.odonnell20]

Originally Posted by cityguy

After almost three years ,I think we can say it's canceled.

Oh my god, its not cancelled! this is as far along as 15 penn plaza in nyc. its has city council approval; just needs an anchor tenant to start construction. If it was cancelled, they would have said so you idiot. Its not even on hold. Its been pending construction for this long because the project started right before the recession, and the developers had to wait. As stated at least a billion times before, the funding, as well as government and public approval are all there and have been for years. If 15 penn plaza couldn't find a tenant for 2 years, would you say the same thing? There's no news on it, but to new yorkers its a perfectly viable project, even though it may take longer than acc to find a tenant for.

[alasi]

The inky had an article about how Hill is shopping for more real estate deals. Seems they are still interested in building, but need an anchor tenant. Said that Liberty Trust tried to buy, but offered a ridiculously low bid. They are willing to keep it a parking lot because it pays for itself.

[fastdupree]

This baby should get built some other location in downtown Philadelphia anyway. I hate the way Philly keep squeezing skyscrapers together. They need to put this at 8th & Market or even further towards 5th street. Why don't they even build tall buildings in the U of Penn area but at market street. That will make the Cira complex look even better while spreading out the skyline a bit more. Then downtown Philly will become 3rd best skyline in the United States.

[Plokoon11]

^ Thats because Philly is unique that it has a triangle of buildings with a peak. Instead of the Chicago and NYC way by putting a building here and there.

[Onn]

Originally Posted by teeheee

The problem is, there's no discussion going on. It's either, "I can't wait for this to get built," "oh, this will never be built," or "is this going to be built?"

Okayy...soo?? Oh and here you go, have some patience would you. Don't be a fool.

Philly tower developer's new fund

Posted by Joseph N. DiStefano
Thursday, October 14, 2010

The people behind the American Commerce Center, the proposed 1,500-foot tower for the site west of Comcast Corp.'s not-quite-1,000-foot Center City headquarters, say they're raising a $100 million-plus development fund to buy more property at today's bargain prices.

"We're three to six months from our first closing," said David Richter, partner with Garrett Miller in Hill Opportunity Real Estate Fund, and boss with his father, Irving Richter, at Hill International Corp., the Marlton-based project management firm that employs 2,600 in Europe, the Americas and the Middle East.

While raising funds from rich people, they're hanging onto the high-rise site, currently a parking lot, co-owned with the Multi Employer Property Trust of Bethesda, Md., that more than pays for itself from parking fees, according to Richter. They've turned down an offer, he says, from Liberty Property Trust, which built the Comcast building: "It was so low as to be laughable."

So the tower's not dead? "It's still in the works, and it'll be in the works until we find an anchor tenant," Miller affirmed.

"For the time being, we're in the parking business," added Richter.

http://www.philly.com/philly/blogs/inq-phillydeals/

[OneWorldTradeCenter]

Well, some news are better than no news. But I doubt that this really gets built.. I hope it!