PHILADELPHIA | Highrise Development Thread X - Page 355

Radio5 · #**7081** Posted **Jun 19, 2024, 2:29 AM**

Didn't snap a photo, but man, the black bands around the new PMC tower look pretty cheap. I think because it's not smooth like the in the rendering. They are jaggered in pieces. Hopefully, it will blend in with the other details they are putting in like the orange stripes etc.

Spark's facade on the other hand is looking great.

PhillyPDX · #**7082** Posted **Jun 30, 2024, 3:50 PM**

Spent the last week in and around center city-university city, and it must be said, the current level of construction is impressive. In this current economic climate, with the worst financing conditions in a generation, and it felt as if I could look in many directions and see construction cranes and otherwise positive developments under construction. For a non sunbelt city, this is a such a good sign for Philly.

TempleGuy1000 · #**7083** Posted **Jun 30, 2024, 5:03 PM**

Quote:

Originally Posted by PhillyPDX

Spent the last week in and around center city-university city, and it must be said, the current level of construction is impressive. In this current economic climate, with the worst financing conditions in a generation, and it felt as if I could look in many directions and see construction cranes and otherwise positive developments under construction. For a non sunbelt city, this is a such a good sign for Philly.

We would have been going through the second peak of this construction boom era had the interest rate landscape not changed. The Mark and the new CHOP hospital are technically the tallest U/C right now and both are but a floor or two above ground currently. Both will be exciting to see get taller. If interest rates were still low, we probably would be seeing the Big Red tower of the schuylkill yards rise and the first buildings of the Penn's Landing redevelopment being built.

Redddog · #**7084** Posted **Jun 30, 2024, 11:58 PM**

Rates will start to recede this year and accelerate through 2025.

Now is the time to start planning projects.

R5Ryder · #**7085** Posted **Jul 1, 2024, 12:39 PM**

Quote:

Originally Posted by Redddog

Rates will start to recede this year and accelerate through 2025.

Now is the time to start planning projects.

Maybe residential projects or research / medical, but can't imagine too many (if any) office towers being constructed regardless of how far along they were in the planning stages.

El Duderino · #**7086** Posted **Jul 3, 2024, 1:48 PM**

Zoning permits were issued yesterday for A Man Full of Trouble Tavern at 127-29 Spruce Street. Permits call for an eating and drinking establishment. It's awesome seeing the momentum in this area

https://x.com/JackPhillyRE/status/1808496988838600990

Redddog · #**7087** Posted **Jul 3, 2024, 2:23 PM**

Quote:

Originally Posted by R5Ryder

Maybe residential projects or research / medical, but can't imagine too many (if any) office towers being constructed regardless of how far along they were in the planning stages.

Office towers are rarely done on spec. But you are correct...this market (and the office space market in general) is challenging right now. The WFH death knell has waned a bit as Covid WFH is starting to go away, but dumping a few hundred million into commercial real estate on spec is unlikely even in the most favorable rate environments.

Residential/Biotech/hotel are all reasonable bets at the moment. Philly, despite the addition of some hotel capacity recently remains desperately in need of more hotel rooms at the moment - really in all areas of the city.

Redddog · #**7088** Posted **Jul 3, 2024, 2:24 PM**

Quote:

Originally Posted by El Duderino

Zoning permits were issued yesterday for A Man Full of Trouble Tavern at 127-29 Spruce Street. Permits call for an eating and drinking establishment. It's awesome seeing the momentum in this area

https://x.com/JackPhillyRE/status/1808496988838600990

Cool!!

UrbanRevival · #**7089** Posted **Jul 3, 2024, 4:48 PM**

Quote:

Originally Posted by Redddog

Residential/Biotech/hotel are all reasonable bets at the moment. Philly, despite the addition of some hotel capacity recently remains desperately in need of more hotel rooms at the moment - really in all areas of the city.

I would agree with that assessment. On the hospitality front, I have to think that an increasing crackdown on Airbnbs would only serve to boost the hotel market. It's only a matter of time.

Redddog · #**7090** Posted **Jul 3, 2024, 5:44 PM**

Quote:

Originally Posted by UrbanRevival

I would agree with that assessment. On the hospitality front, I have to think that an increasing crackdown on Airbnbs would only serve to boost the hotel market. It's only a matter of time.

If I was a hotelier, I'd be looking HARD at Philly. This town could fill 3 more hotels to capacity right now. U City, Center City, Old City... All could use one or more. It's crazy.

Broadcastthatboom · #**7091** Posted **Jul 3, 2024, 6:34 PM**

Quote:

Originally Posted by Redddog

If I was a hotelier, I'd be looking HARD at Philly. This town could fill 3 more hotels to capacity right now. U City, Center City, Old City... All could use one or more. It's crazy.

A hotel component in Schuylkill Yards could get the big red tower of the ground I would think? Seems like a no-brainer esp. for being situated right next to 30th Street, Drexel+UPenn.

PHLtoNYC · #**7092** Posted **Today, 7:36 PM**

Quote:

Originally Posted by Redddog

If I was a hotelier, I'd be looking HARD at Philly. This town could fill 3 more hotels to capacity right now. U City, Center City, Old City... All could use one or more. It's crazy.

Agree, though hotel brands don't seem all that focused on Philadelphia, at least compared to other large markets (Boston, DC, Chicago, Montreal, etc.).

I am Marriott guy and they can support more mid-range/high-end brands in Philadelphia.

High-end:
The Edition (this really needs to be in Philadelphia, even Detroit is getting one!).
A Luxury Collection, Portfolio Collection or JW Marriott.
Another Autograph Collection (the Notary Hotel is great).

Mid-range:
AC
Delta
Moxy

Of course there are plenty non-Marriott brands too, CitizenM, Virgin, anything under Hilton, Hyatt, etc., comes to mind.

It would have been cool if a one or several of the above opened by 2026. And it seems like a no brainer to add a hotel to Schuylkill Yards, literally steps from 30th Street Station.

Broadcastthatboom · #**7093** Posted **Today, 7:49 PM**

Quote:

Originally Posted by PHLtoNYC

Agree, though hotel brands don't seem all that focused on Philadelphia, at least compared to other large markets (Boston, DC, Chicago, Montreal, etc.).

I am Marriott guy and they can support more mid-range/high-end brands in Philadelphia.

High-end:
The Edition (this really needs to be in Philadelphia, even Detroit is getting one!).
A Luxury Collection, Portfolio Collection or JW Marriott.
Another Autograph Collection (the Notary Hotel is great).

Mid-range:
AC
Delta
Moxy

Of course there are plenty non-Marriott brands too, CitizenM, Virgin, anything under Hilton, Hyatt, etc., comes to mind.

It would have been cool if a one or several of the above opened by 2026. And it seems like a no brainer to add a hotel to Schuylkill Yards, literally steps from 30th Street Station.

Virgin Hotels did initially invest in a Broad and Lombard proposal before it switched to residential, I wonder if they are still looking into the Philly Market elsewhere?