PHILADELPHIA | The Arthaus @ 311 S. Broad | 542 FT | 47 FLOORS

[chris08876]

^^^^^^

This project looks fantastic!

Is there still a chance of this not happening via city hall?

[jsbrook]

Originally Posted by chris08876

^^^^^^

This project looks fantastic!

Is there still a chance of this not happening via city hall?

?? By city hall? What would they do? No, it's a go. They are digging, it's approved, and caissons coming soon.

[Sgalla04]

Originally Posted by jsbrook

?? By city hall? What would they do? No, it's a go. They are digging, it's approved, and caissons coming soon.

I think he must not be from Philly and questioning Mr Saturn 64’s comment, “It's kind of a bummer it won't pass City Hall, though.” Obviously referring to the long ago gentleman’s height agreement.

[jsbrook]

^ Yes, maybe that's what the City Hall comment was referring to. One more article on this by Sandy Smith at phillymag: https://www.phillymag.com/property/2...roundbreaking/ Probably the best and most comprehensive one yet. Details unit types and number of each and lots of detail on the amenities and public spaces.

[PurpleWhiteOut]

Passing city hall is definitely referring to height. I've lived here a long time and I honestly didn't realize it wont be taller than City Hall at 47 floors. I honestly find it incredible that city hall is taller than a 47 story building.

[cardeza]

Originally Posted by PurpleWhiteOut

Passing city hall is definitely referring to height. I've lived here a long time and I honestly didn't realize it wont be taller than City Hall at 47 floors. I honestly find it incredible that city hall is taller than a 47 story building.

if it was 47 stories of office space it would be taller than city hall, but floor heights are lower for residential buildings. I believe Commerce Square is only 40 floors, but taller than City Hall.

[Jawnadelphia]

Originally Posted by chris08876

^^^^^^

This project looks fantastic!

Is there still a chance of this not happening via city hall?

Yeah, he was referring to the height being 528 feet, thus still shorter than the top of Billy Penn's hat atop City Hall, and still no building is taller than City Hall east of Broad Street. But, I don't really care -- it will be a great addition to the skyline.

[iheartphilly]

^
I'm thrilled we are getting a 528' new condo building on Board. Without Billy Penn on top of City Hall, this building would be taller and the massing of this building at that height will make it stand out above. Billy Penn looks like a needle from afar so I have no complaints that Arthaus is 528'.

[thisisforreal]

The penthouse floorplan saves the best view for bedroom 3 (subjective opinion, but I think most of us that browse this forum would agree).

The master bedroom gets a balcony that looks towards the Disney hole.

Penthouse Floorplan

[therealdawk]

Here is the video from Action News covering yesterday's groundbreaking and realtor party.

[Redddog]

Originally Posted by thisisforreal

The penthouse floorplan saves the best view for bedroom 3 (subjective opinion, but I think most of us that browse this forum would agree).

The master bedroom gets a balcony that looks towards the Disney hole.

Penthouse Floorplan

I'm not crazy about that floorplan. The kitchen and the living room are completely separate. Maybe it's so they can keep the help cordoned off from the guests.

[jsbrook]

Originally Posted by Redddog

I'm not crazy about that floorplan. The kitchen and the living room are completely separate. Maybe it's so they can keep the help cordoned off from the guests.

That's a throwback, but it's becoming popular again. A lot of people don't like having the kitchen as part of the greatroom. Really, this is likely just a suggested floorplan, and whoever buys the penthouse will probably be able to buy it as raw space and organize as they like. Definitely if they get in early enough. But some luxury buildings leave the penthouses as raw space anyway even after construction is generally completed.

[jsbrook]

As much as I like this tower and think it's a great addition to the city, Dranoff still intends to use the $2.4MM in RACP funds for the restaurant. Funds the city granted with the expectation of a hotel. That is shameful and awful. The average SLS Hotel employs between 2,000-3,000 people. Putting aside the dubious nature of RACP funding for luxury projects in the first place, at least that was real, tangible, and sizable employment, and we have a concrete measure of what is lost by the change. Sure, there will be a modest amount of restaurant staff, but nothing comparable. If not clawing the money back completely, the City should reduce it proportionally by the jobs that will no longer be added.

[mcgrath618]

Originally Posted by jsbrook

As much as I like this tower and think it's a great addition to the city, Dranoff still intends to use the $2.4MM in RACP funds for the restaurant. Funds the city granted with the expectation of a hotel. That is shameful and awful. The average SLS Hotel employs between 2,000-3,000 people. Putting aside the dubious nature of RACP funding for luxury projects in the first place, at least that was real, tangible, and sizable employment, and we have a concrete measure of what is lost by the change. Sure, there will be a modest amount of restaurant staff, but nothing comparable. If not clawing the money back completely, the City should reduce it proportionally by the jobs that will no longer be added.

As much as I just want this thing to get off of the ground, I agree with you entirely. It's a shame that SLS pulled out of the deal, but Dranoff should not just get to keep the money.

[jsbrook]

Originally Posted by mcgrath618

As much as I just want this thing to get off of the ground, I agree with you entirely. It's a shame that SLS pulled out of the deal, but Dranoff should not just get to keep the money.

Shameful. I'm told that the PA Budget Office feels he gets to under the RACP process. There should really be a legislative fix going forward. If project use or component changes, you should have to reapply. He should really give this to Broad Street Ministry voluntary. Off my soapbox. At least the tower is relatively pretty and will draw some more affluence into the city.

[iheartphilly]

Originally Posted by jsbrook

Shameful. I'm told that the PA Budget Office feels he gets to under the RACP process. There should really be a legislative fix going forward. If project use or component changes, you should have to reapply. He should really give this to Broad Street Ministry voluntary. Off my soapbox. At least the tower is relatively pretty and will draw some more affluence into the city.

I would venture a guess that whoever is buying these condos are basically millionaires (via net assets already). 2MM is the floor and 10+ MM is the ceiling. Can't imagine what the condo fee will be like for the amenities but hopefully all of the units get filled up quickly. I wouldn't want to be on the hook for the fixed condo fees if half don't sell within the first couple of years.

BTW...for 500 Walnut, I saw in the Philly Style magazine recently that 90% of the units in the bldg has sold. So, that's encouraging that these high end condo units are doing well in the city. Good to get HNW folks living in the city.

[jsbrook]

Originally Posted by iheartphilly

I would venture a guess that whoever is buying these condos are basically millionaires (via net assets already). 2MM is the floor and 10+ MM is the ceiling. Can't imagine what the condo fee will be like for the amenities but hopefully all of the units get filled up quickly. I wouldn't want to be on the hook for the fixed condo fees if half don't sell within the first couple of years.

BTW...for 500 Walnut, I saw in the Philly Style magazine recently that 90% of the units in the bldg has sold. So, that's encouraging that these high end condo units are doing well in the city. Good to get HNW folks living in the city.

The developer (i.e the declarant or sponsor) actually owns those unsold units and is usually responsible for paying fees on unsold units until the building hits a critical mass and transfer to HOA ownership. That is one reason why projects that are slow to sell may go into receivership (in addition to bank obligations and lack or incoming cash from slow sales of the units themselves). The specific threshold will be spelled out in the condo declaration of a specific project. But it's often a pretty good threshold. People are not going to sign onto a new construction condo if they are on the hook for the unsold units from the getgo. Or maybe by "you"/"I woudn't want to be on the hook...", you did mean Dranoff.

[iheartphilly]

Originally Posted by jsbrook

The developer (i.e the declarant or sponsor) actually owns those unsold units and is usually responsible for paying fees on unsold units until the building hits a critical mass and transfer to HOA ownership. That is one reason why projects that are slow to sell may go into receivership (in addition to bank obligations and lack or incoming cash from slow sales of the units themselves). The specific threshold will be spelled out in the condo declaration of a specific project. But it's often a pretty good threshold. People are not going to sign onto a new construction condo if they are on the hook for the unsold units from the getgo. Or maybe by "you"/"I woudn't want to be on the hook...", you did mean Dranoff.

Ok, thanks for clarifying. I suppose I was giving mis-information about condo fees when the building isn't fully sold. Glad to hear that and makes me less skittish when I buy in the future.

[jsbrook]

Originally Posted by iheartphilly

Ok, thanks for clarifying. I suppose I was giving mis-information about condo fees when the building isn't fully sold. Glad to hear that and makes me less skittish when I buy in the future.

If you are a first-time buyer I probably still would not buy a new construction condo...there are a lot of extra hoops and diligence you need to do and probably more enjoyable and less stressful (not to mention less budget-breaking, tax abatements aside) to go with a development that has a track record, ideally one that has sold out and is all resale.* You can trade up to your Arthaus unit it 10 years, on the flip side of the abatement. : - )

*This is not legal advice. This does not establish an attorney-client relationship. Lol.

[iheartphilly]

Originally Posted by jsbrook

If you are a first-time buyer I probably still would not buy a new construction condo...there are a lot of extra hoops and diligence you need to do and probably more enjoyable and less stressful (not to mention less budget-breaking, tax abatements aside) to go with a development that has a track record, ideally one that has sold out and is all resale.* You can trade up to your Arthaus unit it 10 years, on the flip side of the abatement. : - )

*This is not legal advice. This does not establish an attorney-client relationship. Lol.

Ha Ha. A purchase is not imminent. But, I thought a real estate agent would guide any client through the process, aside from the representation of the buyer, and act in full disclosure to the client on the transaction and financial obligations of the purchase of a condo and the fees associated with the ownership of a condo.