PHILADELPHIA-CAMDEN-WILMINGTON-ATLANTIC CITY-READING | Metro Development Thread

[BroadandMarket]

Originally Posted by 3rd&Brown

This is interesting.

I have a front seat view to this given I live in a new development in city limits. So many of my neighbors in Northbank have moved here from out of state.

Just last week I met a neighbor who moved here from Maryland last month. She's a former investment banker from Goldman who took time off to have kids and her husband is a hedge fund manager in NYC. They were living in Brooklyn prior to the pandemic and both working in NYC. During the pandemic they moved to Maryland to be closer to family as both were working remotely (she has since quit). In spite of family pressure to stay close, they moved here as a sort of compromise. They're an hour and a half from family (including elderly parents) if needed and an hour and a half from NYC via train for work.

The story of many of my neighbors is the same. Many work in NYC and have moved here from somewhere else. It seems as though weekly I meet people at neighborhood watering holes in Fishtown who are newly arrived in Philly but work in NYC and live here.

What is Northbank like? It's seems so isolated from anything in walking distance. I know you can walk to the shopping center in Fishtown, but it's not an easy walk crossing Delaware Ave and then under 95. I guess it'll be way nicer once graffiti pier is turned into a real park and the river trail extends behind Northbank. It's crazy they didn't put a single retail space in that project.

[3rd&Brown]

Originally Posted by BroadandMarket

What is Northbank like? It's seems so isolated from anything in walking distance. I know you can walk to the shopping center in Fishtown, but it's not an easy walk crossing Delaware Ave and then under 95. I guess it'll be way nicer once graffiti pier is turned into a real park and the river trail extends behind Northbank. It's crazy they didn't put a single retail space in that project.

It's a bit weird but getting less weird every day as the neighborhood fills in.

It's not as disconnected as it looks. There is a pedestrian path that connects to Girard Avenue at Girard and Richmond with a cross walk. I meet a friend at Gilda multiple times a week for coffee in the morning and it takes me 12 minutes to walk there. Not around the corner but also not as far as one would think. Gilda is also quite a ways down Girard. To get to Lloyd or Kraftwork is sub 10 minutes.

Our developer also owns the lot south of the current development and as it gets going, the streets will connect to Beach Street near the new PECO Power station development. The streets are already in but they're closed off because nothing is built yet. When they're open, I'll be able to walk within the neighborhood and emerge a few hundred feet from Penn Treaty Park. Then from there can cross over at any number of cross streets to get into Fishtown that way.

[700 Level]

Originally Posted by 3rd&Brown

This is interesting.

I have a front seat view to this given I live in a new development in city limits. So many of my neighbors in Northbank have moved here from out of state.

Just last week I met a neighbor who moved here from Maryland last month. She's a former investment banker from Goldman who took time off to have kids and her husband is a hedge fund manager in NYC. They were living in Brooklyn prior to the pandemic and both working in NYC. During the pandemic they moved to Maryland to be closer to family as both were working remotely (she has since quit). In spite of family pressure to stay close, they moved here as a sort of compromise. They're an hour and a half from family (including elderly parents) if needed and an hour and a half from NYC via train for work.

The story of many of my neighbors is the same. Many work in NYC and have moved here from somewhere else. It seems as though weekly I meet people at neighborhood watering holes in Fishtown who are newly arrived in Philly but work in NYC and live here.

I find these anecdotal stories fascinating. As an occasional Fishtown Beer Runner, one of my favorites parts of the activity is hearing all the stories of who came from where. It is hard for me to get my head around the fact that today's dynamic and mobile job market is actually good for Philadelphia. The evolving job market had been a disaster for the city for so long. If QOL issues can be addressed, the sky is the limit for this city.

[MadhattersLT]

Another high rise coming to Conshy?

Taken from More than the Curve Article

“During the January 9th meeting of West Conshohocken’s Borough Council there was a presentation from a developer that involved a 289′, 25-story mixed use building that would involve ground floor retail, several floors of parking, 258 apartments, and a rooftop restaurant. Adjacent to the building, a park would be constructed in what is now the parking lot for borough hall. The above rendering shows the view from the intersection of Front and Ford streets.”

[PHLtoNYC]

Originally Posted by MadhattersLT

Another high rise coming to Conshy?

Taken from More than the Curve Article

“During the January 9th meeting of West Conshohocken’s Borough Council there was a presentation from a developer that involved a 289′, 25-story mixed use building that would involve ground floor retail, several floors of parking, 258 apartments, and a rooftop restaurant. Adjacent to the building, a park would be constructed in what is now the parking lot for borough hall. The above rendering shows the view from the intersection of Front and Ford streets.”

Wow! Build it!

Here is the article...
https://morethanthecurve.com/concept-for...taurants-presented-in-west-conshohocken/

Of course there are concerns about height... meanwhile the building directly across the street is 221'. Is 68' taller really affecting anyone?

[Jawnadelphia]

Originally Posted by 3rd&Brown

It's a bit weird but getting less weird every day as the neighborhood fills in.

It's not as disconnected as it looks. There is a pedestrian path that connects to Girard Avenue at Girard and Richmond with a cross walk. I meet a friend at Gilda multiple times a week for coffee in the morning and it takes me 12 minutes to walk there. Not around the corner but also not as far as one would think. Gilda is also quite a ways down Girard. To get to Lloyd or Kraftwork is sub 10 minutes.

Our developer also owns the lot south of the current development and as it gets going, the streets will connect to Beach Street near the new PECO Power station development. The streets are already in but they're closed off because nothing is built yet. When they're open, I'll be able to walk within the neighborhood and emerge a few hundred feet from Penn Treaty Park. Then from there can cross over at any number of cross streets to get into Fishtown that way.

Saw this discussion on the Philadelphia Reddit page today, you could chime in:

https://www.reddit.com/r/philadelphia/s/S5nb0nt5Cs

I’d love to see a drone aerial of the entire complex (if Tony is taking requests?!) to see the progress.

[TonyTone]

Originally Posted by Jawnadelphia

Saw this discussion on the Philadelphia Reddit page today, you could chime in:

https://www.reddit.com/r/philadelphia/s/S5nb0nt5Cs

I’d love to see a drone aerial of the entire complex (if Tony is taking requests?!) to see the progress.

You know I do & funny enough for you, I am indeed planning on getting NorthBank as well as all the other developments in the Tristate, I got a lot of work to do.

[EastSideHBG]

Plymouth Meeting ranks as the third most expensive “city” for household expenses in Pennsylvania

To start, the data shows Pennsylvania ranks as the 29th state when it comes to household expenses and within Pennsylvania, Montgomery County is No. 2.

- Plymouth Meeting is No. 3 most expensive city in Pennsylvania for household expenses
- The average household in Plymouth Meeting pays $3,000 per month, or $35,998 per year in bills
- Household expenses in Plymouth Meeting are 46.6% more than the national average
- Household bills account for 35% of annual household income of $96,920 in Plymouth Meeting

Check out the rest of the article with some of the others:
https://morethanthecurve.com/plymouth-me...-for-household-expenses-in-pennsylvania/

[UrbanRevival]

Some interesting news on multifamily performance for the region. Current conditions sound pretty solid, especially compared to national trends:

Philadelphia Multifamily Report – December 2023

Philadelphia’s multifamily market displayed healthy fundamentals entering the fourth quarter. Amid slowing absorption, rents were still up 2.1 percent on a year-over-year basis, reaching $1,728, while the national figure advanced just 0.4 percent, to $1,718 as of October. On a trailing three-month basis, Philadelphia rates were flat, while the U.S. average dropped 10 basis points. Meanwhile, the occupancy rate in stabilized assets dropped just 30 basis points in 12 months, to a relatively tight 96.0 percent as of September.

Philadelphia’s employment market added 98,100 new jobs in the 12 months ending in August, for a 3.0 percent expansion. Although all sectors added jobs, just two sectors–education and health services (38,500 jobs) and leisure and hospitality (20,000 jobs)–accounted for more than half of the positions added. The metro’s unemployment rate stood at a tight 3.5 percent as of September, according to the Bureau of Labor Statistics, virtually on par with Pennsylvania (3.4 percent) and surpassing the national average (3.8 percent).

A total of 3,408 units came online in the first 10 months of 2023, with an additional 18,794 units under way as of October. Meanwhile, only $368 million in multifamily assets traded in 2023 through October, a fraction of 2021 and 2022’s record numbers, as national and global economic trends caught up with the rental market.

https://www.multihousingnews.com/philadelphia-multifamily-report-december-2023/

[summersm343]

It’s because Philadelphia (both the city and the region) had been so underdeveloped in the multifamily apartment market, these past 5-6 years has just been the region playing catchup. There’s a myth in this area that the region is building “all these empty apartments” but they’re being filled up quickly. There’s more room to grow in this sector for both the city and the region.

[Urbanthusiat]

Here's a recent photo of new development in Phoenixville (courtesy of Rick Rotondo Photography on Facebook)



In the foreground there is the Steelpoint development, in which Capano is building 232 apartments, and Rockwell Custom/DR Horton are building a number of rowhomes on the old Phoenix Steel site. Also visible in the picture (on the center left) is a 32-unit + retail development on Bridge street across from Borough Hall, and just above that on the picture is a new Hankin project with 50 senior/affordable units.

[Frontst17]

Having grown up in phoenixville I never would’ve imagined it become what it is

[Urbanthusiat]

Concept for 25 story apartment building with retail and restaurants presented in West Conshohocken

During the January 9th meeting of West Conshohocken’s Borough Council there was a presentation from a developer that involved a 289′, 25-story mixed use building that would involve ground floor retail, several floors of parking, 258 apartments, and a rooftop restaurant. Adjacent to the building, a park would be constructed in what is now the parking lot for borough hall. The above rendering shows the view from the intersection of Front and Ford streets.

The developers involved are Michael Sloane and Chris Magarity, who own WestSide Bar & Grill and Catch 101 in West Conshohocken (along with Jasper’s Backyard in Conshohocken) and Plymouth Meeting-based Korman Properties (specifically the AVE brand). The properties are 17-37 Front Street, which is everything between the borough hall and William Street.

The purpose of the presentation was for the developer to seek feedback from the borough council and public to determine if it is realistic to move forward to seek approval. No application has been submitted.

Members of borough council expressed concerns regarding the height of the building and whether it aligns with the borough’s vision plan, specifically its vision for a town center. Members also expressed that they did like that it brought the opportunity for more retail/restaurants to the borough. There were also questions as to how the spaces within the parking garage portion of the building would be allocated between retail, residents, and the borough’s needs.

There were few members of the public there and those that were there were there for different issues before the council (which we will have articles on). A member of the George Clay Fire Company expressed concerns about the height of the building and the manpower and equipment needed to fight a fire

A few items about the proposal:

• The buildings bulk decreases above the parking garage floors. The upper floors winnow to make the building look less imposing
• The height is currently 289′. The height of the office building across Ford Street is approximately 221′. Zoning code currently allows up to 250′ on the river side of Ford Street
• The apartments would be a mix of studios, one bedroom, and two bedrooms, that would be determined by what the market demands
• The apartments would be priced for the high-end market
• The borough hall property is owned by the borough and the developer’s proposal does not include acquiring it

If you read MoreThanTheCurve.com’s predictions for 2024, this was not where we thought a big apartment building would be proposed (we did think something we would proposed, but nothing this ambitious). However, our prediction wasn’t a wild guess, we believe there will be at least (possibly two) proposals for large apartment buildings on the West Conshohocken side of the river.

What happens now? The developer will likely revisit the plan with the feedback received in mind and make a second presentation in the future.

More to come.

[3rd&Brown]

Originally Posted by summersm343

It’s because Philadelphia (both the city and the region) had been so underdeveloped in the multifamily apartment market, these past 5-6 years has just been the region playing catchup. There’s a myth in this area that the region is building “all these empty apartments” but they’re being filled up quickly. There’s more room to grow in this sector for both the city and the region.

That and the fundamentals around work have clearly changed...and it benefits the Philadelphia region. When the dust clears, it will become common knowledge that Philadelphia will fare exceptionally well in a hybrid work world. We are the only big city in this country and hour long train ride from New York City and our cost of living is a fraction. Word has already begun to spread as people learn they can buy entire homes for the price of a studio apartment in NYC *AND* be at work in NY a few days a week without much effort. Even if you don't want to be in city proper...why moved to Suffolk County Long Island and have a 2 hour commute on the LIRR and pay 30K in taxes when you can live in Media or Havertown and have the same commute and pay $8K in taxes, probably

And it's not just Philly proper benefitting from this fact. I scan the register of deeds in Delaware County periodically (their website is public) for recent real estate transactions and an unusually large number of people buying homes in Delaware County are relocations. Just this weekend I was scanning the recent transactions in Middletown Township (i.e. who's buying in Franklin Station) and guess what? Lots of relocations including many people who still work in NYC. Also, at times, it seems like every other person is a tech worker from JP Morgan Chase who clearly has changed locations from NYC to Wilmington.

This trend will only continue as companies get more comfortable with this way of working.

[PHLtoNYC]

Originally Posted by 3rd&Brown

That and the fundamentals around work have clearly changed...and it benefits the Philadelphia region. When the dust clears, it will become common knowledge that Philadelphia will fare exceptionally well in a hybrid work world. We are the only big city in this country and hour long train ride from New York City and our cost of living is a fraction. Word has already begun to spread as people learn they can buy entire homes for the price of a studio apartment in NYC *AND* be at work in NY a few days a week without much effort.

And it's not just Philly proper benefitting from this fact. I scan the register of deeds in Delaware County periodically (their website is public) for recent real estate transactions and an unusually large number of people buying homes in Delaware County are relocations. Just this weekend I was scanning the recent transactions in Middletown Township (i.e. who's buying in Franklin Station) and guess what? Lots of relocations including many people who still work in NYC. Also, at times, it seems like every other person is a tech worker from JP Morgan Chase who clearly has changed locations from NYC to Wilmington.

This trend will only continue as companies get more comfortable with this way of working.

I regularly check real estate listings in the Philadelphia area, and noticed more intense trends throughout the region (though temporarily slowing a bit due to interest rates). Unsure if this plays into the NYC expats or at-large trends in a generally affluent region.

1. $1M homes are snapped up within days.
2. $2M+ homes often go within a 1 or 2 months.
3. Many homes in desirable burbs fetch $300-$500+/sf. A huge jump from just a few years ago.
4. A lot more teardowns throughout the region.

[3rd&Brown]

Originally Posted by PHLtoNYC

I regularly check real estate listings in the Philadelphia area, and have noticed more intense trends throughout the region (though temporarily slowing a tad due to interest rates). Unsure if this plays into the NYC expats or just at-large trends in a generally affluent region...

1. $1M homes are snapped up within days.
2. $2M+ homes often go within a 1 or 2 months.
3. Many homes in desirable burbs easily fetch $300-$500+/sf. A huge jump from just a few years ago and more intense jumps than neighboring regions.
4. A lot more teardowns throughout the region.

The other thing that is true is that with our very competitive public schools in the region, we have long been a net exporter of local talent. That is, lots of kids graduate from top schools in the suburbs in particular, go off to college, and don't come back. Not necessarily because they don't want to, but because their career takes them somewhere else. In the old world, those people were gone forever. In the new world, a good number of them are coming home to be closer to family. Maybe since we're at the beginning of this new reality is seems like an avalanche, but could there be any other explanation of why a multi-media editor for Disney in Los Angeles would buy a house in Media? Google a few names from real estate transactions and you'll be fascinated by the trends you find.

[PhilliesPhan]

Originally Posted by summersm343

It’s because Philadelphia (both the city and the region) had been so underdeveloped in the multifamily apartment market, these past 5-6 years has just been the region playing catchup. There’s a myth in this area that the region is building “all these empty apartments” but they’re being filled up quickly. There’s more room to grow in this sector for both the city and the region.

I hear that statement often here in Roxborough. People constantly complain that nobody is living in all of these new buildings rising along Ridge Avenue, yet, whenever I'm out walking/running at night, I see light emanating from nearly every window. There are also other clear signs of life, such as pets, Christmas trees, and decorations. It makes all the sense in the world why these new buildings are popping up: Roxborough is one of the most desirable neighborhoods in the region, let alone the city. With great walkability (at least below Leverington), larger and well-maintained properties, excellent transit access, good schools (all are rated at least a 6 on GreatSchools), access to Manayunk, relative safety, and loads of green space, it's no wonder why updated homes in my section of the neighborhood are still going to pending in 3-5 days.

I think that some people fail to realize that, although Philly suffered through long periods of population decline, the number of households is actually greater than it was in years past--indicating that our population loss was mostly due to decreasing family size. If the number of HHs is increasing at a certain rate, then a commensurate number of units will be needed to maintain equilibrium. Also, as a younger Millennial/elder Gen Z (depending on which side of the generations you place my birth year), I recognize that it is tough for people in my generation to buy homes. While I was fortunate enough to buy a home at the rock-bottom interest rates of 2022, many did not have that opportunity. Those people will need apartments as they prepare to eventually buy homes.

[iamdjmichael]

Originally Posted by 3rd&Brown

That and the fundamentals around work have clearly changed...and it benefits the Philadelphia region. When the dust clears, it will become common knowledge that Philadelphia will fare exceptionally well in a hybrid work world. We are the only big city in this country and hour long train ride from New York City and our cost of living is a fraction. Word has already begun to spread as people learn they can buy entire homes for the price of a studio apartment in NYC *AND* be at work in NY a few days a week without much effort. Even if you don't want to be in city proper...why moved to Suffolk County Long Island and have a 2 hour commute on the LIRR and pay 30K in taxes when you can live in Media or Havertown and have the same commute and pay $8K in taxes, probably

And it's not just Philly proper benefitting from this fact. I scan the register of deeds in Delaware County periodically (their website is public) for recent real estate transactions and an unusually large number of people buying homes in Delaware County are relocations. Just this weekend I was scanning the recent transactions in Middletown Township (i.e. who's buying in Franklin Station) and guess what? Lots of relocations including many people who still work in NYC. Also, at times, it seems like every other person is a tech worker from JP Morgan Chase who clearly has changed locations from NYC to Wilmington.

This trend will only continue as companies get more comfortable with this way of working.

Anecdotally I work in tech/ entertainment in NYC and am highly considering Wilmington for the lower rent and lack of income tax. It’s absurd in NY.

[3rd&Brown]

Originally Posted by iamdjmichael

Anecdotally I work in tech/ entertainment in NYC and am highly considering Wilmington for the lower rent and lack of income tax. It’s absurd in NY.

Just for clarity, Delaware has no sales tax. It does have an income tax and it's relatively progressive. If you were to buy, Delaware has exceptionally low property taxes (among the lowest in the country...certainly in the NE corridor), but in the income tax department, PA's income taxes are actually lower than Delaware's (Philadelphia City excluded as it levies an additional wage tax in the same way NYC does versus NY state).

Delaware Income tax is 2.2 -> 5.5%. PA is a flat 3.08%. Philadelphia City is an additional 3.75 within PA.

Also, you should note, you won't notice the difference out of the gate if you move. If you update your address, your employer will stop witholding NYC tax but it will continue to withhold NY state tax. In my case, PA gives me a credit for tax paid to NY state, so in effect I pay $0 to PA because its tax rate is lower than NY's. I also generally get a refund from NY state. Whereever you move, you should verify that the state you're moving to provides a credit for out of state tax paid because at least up front, you will still pay NY state.

[iamdjmichael]

Originally Posted by 3rd&Brown

Just for clarity, Delaware has no sales tax. It does have an income tax and it's relatively progressive. If you were to buy, Delaware has exceptionally low property taxes (among the lowest in the country...certainly in the NE corridor), but in the income tax department, PA's income taxes are actually lower than Delaware's (Philadelphia City excluded as it levies an additional wage tax in the same way NYC does versus NY state).

Delaware Income tax is 2.2 -> 5.5%. PA is a flat 3.08%. Philadelphia City is an additional 3.75 within PA.

Also, you should note, you won't notice the difference out of the gate if you move. If you update your address, your employer will stop witholding NYC tax but it will continue to withhold NY state tax. In my case, PA gives me a credit for tax paid to NY state, so in effect I pay $0 to PA because its tax rate is lower than NY's. I also generally get a refund from NY state. Whereever you move, you should verify that the state you're moving to provides a credit for out of state tax paid because at least up front, you will still pay NY state.

Ah that is all really good to know, thanks!