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http://www.passyunkpost.com/2017/05/...ssyunk-avenue/
I guess get ready for a Wendy's and a few Starbucks on the Ave -- the rent gonna be too damn high! real soon for local gems. ------ "On East Passyunk Avenue, the average commercial assessment rose 65 percent, with a number of property assessments doubling, tripling, or quadrupling. Bryan Fenstermaker, director of the Passyunk Avenue Revitalization Corporation—a group that has helped engineer the successful growth of Passyunk Avenue by picking and choosing tenants in properties it owns and offering deals on rent to some businesses—declined to discuss the tax hikes, because PARC is actually in the process of selling five of its buildings on the avenue. (He did specify, though, that the decision to unload properties was in the works before the new assessments were released.) – So how much? At 1801-1803 East Passyunk Avenue, the property that’s home to Stogie Joe’s, the assessed market value went from $305,000 in 2017 to $1,678,300 in 2018, a 450 percent increase year over year, levying an extra $20,000 in annual taxes. At Marra’s, the stalwart Passyunk Avenue Italian restaurant, the assessment rose from $482,400 to $1,174,500, meaning the tax bill will be $10,000 higher next year than last year. And at three properties near the Passyunk fountain owned by PARC—Brigantessa, Black ‘N Brew, and a corner hardware store—assessments rose an average of 145 percent, with a total tax increase of more than $12,000." |
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I noticed that both The National site in Old City as well as 4th-5th and Race are seeing some activity. They both sat for so long I thought they were stalled. It's mostly dirt moving around but at least it's activity.
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Literally nothing interested posted for the May 30th CDR meeting. Disappointing.
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(1) I believe the assessed value increase was between 10-15% city-wide, and we should keep in mind that commercial properties were not really dealt with in the first round of AVI. (2) Those values sighted above are for the entire building, most of those (except Brigantessa) have residential portions, so the commercial tenant in a triple net is only responsible for a portion of that increase. (3) Most of them will be appealed. |
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Several people have mentioned how often wood is being used for residential apt buildings these days. Here is the explanation:
https://www.bisnow.com/washington-dc...ire-risk-74533 |
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Spotted a renovation occurring on North Broad near Allegheny Avenue. While this may seem insignificant, North Broad between Allegheny and Lehigh Avenues desperately needs some infill development:
http://i.imgur.com/5xTHMQX.jpg?1 Also, here is an update on Temple's new library. The structural work has progressed significantly: http://i.imgur.com/i0OMa2a.jpg?1 http://i.imgur.com/PbJw0iC.jpg?1 |
^Very nice.
PMC is building the rooftop amenities for One Franklin now - you can see vertical progress. [IMG]https://c1.staticflickr.com/5/4165/3...9c8b69ee_c.jpg [IMG]https://c1.staticflickr.com/5/4267/3...0439916b_c.jpg You can barely see the 2400 Market- Aramark HQs construction from the top of the Free Library. [IMG]https://c1.staticflickr.com/5/4243/3...21615a0a_c.jpgUntitled by screennameLLC, on Flickr[/IMG] The Parkway bridge construction over Vine St. Expressway .... seriously why didn't they cap the whole thing in Logan Square. It's improved no doubt, but looks incomplete. [IMG]https://c1.staticflickr.com/5/4156/3...ec5335b6_c.jpg [IMG]https://c1.staticflickr.com/5/4223/3...b6d4294c_c.jpg [IMG]https://c1.staticflickr.com/5/4221/3...66725dce_c.jpg [IMG]https://c1.staticflickr.com/5/4274/3...4aee33b4_c.jpg |
Great pics!
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FYI Philliesfan that framing on broad near Allegheny has been like that for like 5 years, stalled project.
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