Quote:
Originally Posted by Nova08
There's something like 700k+ sq of office space just with this project. I don't think the buildings with a commercial component will get off the ground until a few businesses commit to a considerable lease. Something like a Spark taking ~150k sq. Which we haven't heard much about their "move" recently.
There is also a sizeable residential component. I think they will want to see how Philadelphia truly absorbs all of the residential space built over the past 3-5 years and within the next 2-4 years.
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My take on all this is, as you speculated, there won't be any new construction unless there is very significant lease commitments in hand. I'm alittle surprised by that since space is said to be tight and very much in demand in the UC area. But I also assume that simple office space, such as FMC, is a different animal and easier to market then labs and research type space.
If this is in fact true then design wouldn't even start until the space is somewhat spoken for. Which probably means that any new construction is a year or more away. I hope I'm wrong-----
I also wonder how the development of this area fits in with, or maybe even competes with the fairly new and very ambitious plans that the Science Center has for the UC High School site. Since Drexel is suppose to be one of the big players behind the SC it seems like they might be fighting themselves to find new tenants.
In terms of apartments----when one considers the number of commuters via train to points north and south, I've often wondered if an apartment building very close to the station wouldn't have a built in base of people who would be interested just based on the location