PHILADELPHIA | Highrise Development Thread X

[PHLtoNYC]

Some good news.

After scuttled deal, Alterra again looks to convert 1701 Market into 325 apartments

https://www.bizjournals.com/philadelphia...cx_testVariant=cx_8&cx_artPos=0#cxrecs_s

[Philly Fan]

Originally Posted by therealdawk

I love that movie. "Turn Those Machines Back On!"

Easily one of the top 3 movies ever filmed in Philly, imo.

Agreed. It also completely reinvigorated Don Ameche's (and to a lesser extent, Ralph Bellamy's) career.

"Look at that S-car go!"

[summersm343]

Update: More Info for 1701 Market Conversion

After telling you about a residential conversion for 1701 Market St. just yesterday, we are pleased to report we have some more details, including some initial updates on the design and amenities.

After speculating about the plans, we now have more information thanks to a handy little zoning permit. Though reports earlier this year indicated that Alterra Property Group had moved on from pursuing a project here, the permit indicates that Alterra is indeed still involved, with NORR handling the architecture duties. As we indicated yesterday, the rectangular building, which rises 18 stories, will be converted into residences, with 325 units proposed on the upper floors, parking for the lower floors, and commercial/retail space along the ground level.

The above grade parking will include 189 spaces for cars and zero for bikes, thanks to the grandfathered current parking configuration. The roof deck will also get a major upgrade, with decorative wall treatments, seating spaces, a green roof, a dog run, oh – and an infinity pool looking toward Center City as the crown jewel. From the looks of the elevations drawings, it appears that the facade will get an industrial treatment, but it’s tough to tell much from what we have at the moment.

Read/view more here:
https://www.ocfrealty.com/naked-philly/rittenhouse/update-more-info-for-1701-market-conversion/

[summersm343]

Wrong thread

[Skintreesnail]

Great news on 1701 market. I always hated how market was such a dead zone at night, even before the pandemic. I hope more of these conversions happen. 1760 seems like a good candidate and noticed big for lease signs up. Not sure how emptied it is though. Some of the narrow buildings on the south side of jfk seem like they could work too. Living in suburban station would be cool.

[Jawnadelphia]

Looking forward to a color illustration of the 1701 exterior and listing of the materials to be used. Glad Alterra hired a real architectural firm to do the new facade, that's a good sign.

1701 always looked like a parking garage with windows--so almost anything is better. But this industrial-style, loft window recladding could turn out to be sharp.

And as Skintreesnail mentioned, Alterra now owns 1760 Market ... maybe another residential conversion is in the works there.
https://alterraproperty.com/portfolio-items/1760-market-street/

[3rd&Brown]

Originally Posted by Skintreesnail

Great news on 1701 market. I always hated how market was such a dead zone at night, even before the pandemic. I hope more of these conversions happen. 1760 seems like a good candidate and noticed big for lease signs up. Not sure how emptied it is though. Some of the narrow buildings on the south side of jfk seem like they could work too. Living in suburban station would be cool.

I don't disagree but I also think 1701 Market is the best candidate in Center City to come down altogether and start over. We'll be stuck with this mediocre box at this A++ location for at least 2 more generations if this conversion happens.

[aprice1828]

Originally Posted by TK2001

It should say Duke & Duke lol

It was a much needed revamp but I'm sad we lost the Winthorp & Valentine restaurant at the Westin.

[PHLtoNYC]

Originally Posted by 3rd&Brown

I don't disagree but I also think 1701 Market is the best candidate in Center City to come down altogether and start over. We'll be stuck with this mediocre box at this A++ location for at least 2 more generations if this conversion happens.

As you know cost vs. return.

I've seen an increase of 1960s box buildings getting torn down along Madison Ave and Park Ave in NYC and replaced with 60+ story skyscrapers, but that seems too cost prohibitive in Philadelphia. An overbuild could be a compromise, not happening in this case though.

[Redddog]

Originally Posted by aprice1828

It was a much needed revamp but I'm sad we lost the Winthorp & Valentine restaurant at the Westin.

Right?!

[3rd&Brown]

Originally Posted by PHLtoNYC

As you know cost vs. return.

I've seen an increase of 1960s box buildings getting torn down along Madison Ave and Park Ave in NYC and replaced with 60+ story skyscrapers, but that seems too cost prohibitive in Philadelphia. An overbuild could be a compromise, not happening in this case though.

The narrative cost versus return in Philadelphia is so overplayed.

Cap Rates for multi-family in Philadelphia are far higher than they are in other markets. Period. There's a reason why out of town developers are rushing in to build projects. They get a better return here than they do in their home markets.

The problem here is that it's Alterra and that's really unfortunate because we've seen their imagination from the ground up. It's abysmal. They're going to take the lowest cost route possible.

If a Post or NREI weren't already overextended they'd make a much different play at this location.

[TK2001]

Philadelphia skyline by Philly SkyGuy, on Flickr

Philadelphia skyline by Philly SkyGuy, on Flickr

Philadelphia skyline by Philly SkyGuy, on Flickr

[cardeza]

Originally Posted by 3rd&Brown

The narrative cost versus return in Philadelphia is so overplayed.

Cap Rates for multi-family in Philadelphia are far higher than they are in other markets. Period. There's a reason why out of town developers are rushing in to build projects. They get a better return here than they do in their home markets.

The problem here is that it's Alterra and that's really unfortunate because we've seen their imagination from the ground up. It's abysmal. They're going to take the lowest cost route possible.

If a Post or NREI weren't already overextended they'd make a much different play at this location.

the building cant get any uglier than it already is so thats the good news. It can only get better.

[summersm343]

Philadelphia’s real estate boom is on hold as interest rates rise

Read/view more here:
https://www.inquirer.com/real-estate/com...ve-construction-boom-pause-20230806.html

[jaysb]

New 76ers place renderings show a tower, can we get a dedicated thread now jk. I'm guessing the 76ers will find there is no pleasing the Chinatown Dev team but we'll see. Hope it goes forward along with a partial capping of 676

https://www.crossingbroad.com/2023/08/ne...lion-mixed-income-residential-tower.html

[BroadandMarket]

[japmes]

Originally Posted by jaysb

New 76ers place renderings show a tower, can we get a dedicated thread now jk. I'm guessing the 76ers will find there is no pleasing the Chinatown Dev team but we'll see. Hope it goes forward along with a partial capping of 676

https://www.crossingbroad.com/2023/08/ne...lion-mixed-income-residential-tower.html

Wow, how could anyone be against that. Love it.

[PurpleWhiteOut]

I was against the arena without more mixed use 24/7 aspects, so I'm finally sold. That tower design looks sick, too

[skyhigh07]

Wow, cool looking tower!

[Redddog]

I mean...c'MON!

That looks amazing!