PHILADELPHIA | Highrise Development Thread X - Page 380

TonyTone · #**7581** Posted **Mar 1, 2025, 11:47 AM**

DJI_0494 by Antonio Baze, on Flickr

DJI_0493 by Antonio Baze, on Flickr

DJI_0492 by Antonio Baze, on Flickr

DJI_0491 by Antonio Baze, on Flickr

DJI_0490 by Antonio Baze, on Flickr

DJI_0489 by Antonio Baze, on Flickr

TonyTone · #**7582** Posted **Mar 1, 2025, 11:50 AM**

DJI_0443 by Antonio Baze, on Flickr

TK2001 · #**7583** Posted **Mar 1, 2025, 2:48 PM**

^
Love that shot!
Google Earth also updated their imagery, Philly looks to be timed around the very end of May 2024

TonyTone · #**7584** Posted **Mar 1, 2025, 6:51 PM**

Quote:

Originally Posted by TK2001

^
Love that shot!
Google Earth also updated their imagery, Philly looks to be timed around the very end of May 2024

That's pretty recent that should cover majority of all projects in the city

phishtown · #**7585** Posted **Mar 1, 2025, 8:30 PM**

Out and about today and snapped a few shots from/of Ucity.

ucity

pmc2

market-tower

PENNSYLVANIAPROGRESS · #**7586** Posted **Mar 1, 2025, 8:43 PM**

man that first photo looks like an album cover nice

BroadandMarket · #**7587** Posted **Mar 6, 2025, 3:02 PM**

We're in a sad state that a new nicer parking garage with retail is an upgrade but I'll take it. The Ludlow side of this garage is foul. I can't help but think the 76ers Market East departure killed any chance of a tower here like they originally requested proposals for.

https://www.bizjournals.com/philadelphia...-garage-chestnut-gilbane-demolition.html

Overbuild:
https://www.ocfrealty.com/naked-philly/m...pment-pot-for-ppa-garage-at-10th-ludlow/

PurpleWhiteOut · #**7588** Posted **Mar 6, 2025, 7:05 PM**

Quote:

Originally Posted by BroadandMarket

We're in a sad state that a new nicer parking garage with retail is an upgrade but I'll take it. The Ludlow side of this garage is foul. I can't help but think the 76ers Market East departure killed any chance of a tower here like they originally requested proposals for.

https://www.bizjournals.com/philadelphia...-garage-chestnut-gilbane-demolition.html

Overbuild:
https://www.ocfrealty.com/naked-philly/m...pment-pot-for-ppa-garage-at-10th-ludlow/

Quote:

Gilbane’s redevelopment includes “available air space for other development options,” PPA spokesperson Martin O’Rourke said in an email.
The site sits in a CMX-5 zone, Philadelphia’s least restrictive zone, which allows for a mix of commercial and residential uses. An overbuild above the future garage would be possible at the site, based on the existing zoning.

At least it's being built with a future overbuild in mind. It's a poor lending environment right now

Redddog · #**7589** Posted **Mar 12, 2025, 1:56 PM**

Why is "low Rise" thread closed?

mcgrath618 · #**7590** Posted **Mar 12, 2025, 2:09 PM**

Quote:

Originally Posted by Redddog

Why is "low Rise" thread closed?

Not sure. Just reopened it.

TonyTone · #**7591** Posted **Mar 20, 2025, 5:08 AM**

DJI_0405 by Antonio Baze, on Flickr

DJI_0411 by Antonio Baze, on Flickr

DJI_0412 by Antonio Baze, on Flickr

DJI_0430 by Antonio Baze, on Flickr

DJI_0431 by Antonio Baze, on Flickr

CAS00277 by Antonio Baze, on Flickr

CAS00263 by Antonio Baze, on Flickr

CAS00261 by Antonio Baze, on Flickr

CAS00254 by Antonio Baze, on Flickr

ColdJay64 · #**7592** Posted **Mar 21, 2025, 4:57 PM**

I wonder when Brookliv will get around to developing 1706 Walnut:

https://phillylandsites.com/2023/01/19/developer-plans-luxury-tower-on-rittenhouse-square-parcels/

PHLtoNYC · #**7593** Posted **Mar 21, 2025, 6:12 PM**

Quote:

Originally Posted by ColdJay64

I wonder when Brookliv will get around to developing 1706 Walnut:

https://phillylandsites.com/2023/01/19/developer-plans-luxury-tower-on-rittenhouse-square-parcels/

That ain't happening anytime soon... They will either sell or eventually team up with another developer.

I wish they would sell to Southern Land Co., as they have wrapped up both Rittenhouse projects (The Laurel and The Josephine).

PHLtoNYC · #**7594** Posted **Mar 26, 2025, 2:18 PM**

This is very good news!
Maybe an incentive for Pearl and Southern Land Co. to start / plan another ambitious project.

Philadelphia's ultra-luxury condos are starting to fly off the market
https://www.bizjournals.com/philadelphia...luxury-condos-laurel-ritz-josephine.html

The 48-story Laurel in Rittenhouse Square closed last year on a hot streak that has the high-rise's sales team projecting its most lucrative year yet in 2025.

Pent-up demand, a relatively strong stock market, continued optimism about Mayor Cherelle Parker's administration, and distance from the uncertainty that marked the months preceding November's presidential election have combined to drive increased activity of late, according to luxury real estate agents in the city.

At the end of January, Emmons said 10 units at the Laurel had sold in the previous 12 months. Three of those sales closed in the two weeks following Christmas, according to property records, with prices ranging from $3.1 million to $4.65 million. Given the trends, Emmons expects to have "well over" 75% of the building's 65 condos sold in the coming months, about three years after the high-end building debuted.

Luxury condo towers are seeing activity at Center City's highest price points, with recent sales at the Ritz-Carlton Residences, Arthaus and One Riverside coupled with new penthouse leases at high-end buildings like the Atlantic and the Josephine.

Part of the increased luxury demand is coming from a shifting demographic. In recent months, the Laurel has attracted more interest from buyers under the age of 40. Emmons said they have been "very surprised" to see the buyer pool trending younger, given that typical buyers had previously been older down-sizers, empty-nesters, executives, and legal or medical professionals.

At 1909 Rittenhouse, the 187-unit apartment portion of the Laurel, occupancy sits at 97%, according to Emmons.

Southern Land Co.'s other trophy Rittenhouse building, the recently completed Josephine at 1620 Sansom St., also secured penthouse tenants in the last few months, according to Megan Nicoletti Walsh of Keller Williams Empower, who brokered the leases. Two "sky-level" penthouses hit the market in October and found renters in December, one for around $17,000 per month and one for $13,577.

Redddog · #**7595** Posted **Mar 26, 2025, 3:14 PM**

Hard to find a negative in THAT story. I mean the Inquirer will try. I can see the headline now...

"Only 75% of Rittenhouse's Premier Luxury Residence has Sold Leaving 25% Sitting Empty as Older Empty Nesters Shun Philadelphia"

These data should at least light the discussion on whether it's the right environment to restart developments like Jewelers Row. I'm interested to see if this is specific to Rittenhouse or if areas like Nolibs and Old City will see these trends as well. There's a ton coming on line in Nolibs and big plans for both residences and hotel rooms in Old City. And the worst development is the city - The Ben - is relisting some units they took off line in favor of lux Airbnb in the fall. I think that place should be razed and started over TBH. It's maybe the ugliest building in the city and there is no way someone is going to pay $1.7mm and have no parking. What morons.

PHLtoNYC · #**7596** Posted **Mar 26, 2025, 3:26 PM**

Quote:

Originally Posted by Redddog

Hard to find a negative in THAT story. I mean the Inquirer will try. I can see the headline now...

"Only 75% of Rittenhouse's Premier Luxury Residence has Sold Leaving 25% Sitting Empty as Older Empty Nesters Shun Philadelphia"

These data should at least light the discussion on whether it's the right environment to restart developments like Jewelers Row. I'm interested to see if this is specific to Rittenhouse or if areas like Nolibs and Old City will see these trends as well. There's a ton coming on line in Nolibs and big plans for both residences and hotel rooms in Old City. And the worst development is the city - The Ben - is relisting some units they took off line in favor of lux Airbnb in the fall. I think that place should be razed and started over TBH. It's maybe the ugliest building in the city and there is no way someone is going to pay $1.7mm and have no parking. What morons.

Lol.

And the article was more focused on The Laurel and The Josephine (rentals), but mentioned upticks at other luxury buildings in Center City. It should be enough momentum for Pearl to start the Jeweler's Row tower.

And agree about The Ben. A crappy eyesore that will start to rot in a decade. The units should be listed at ~$500k-$750k.

PurpleWhiteOut · #**7597** Posted **Mar 26, 2025, 5:19 PM**

Quote:

Originally Posted by Redddog

And the worst development is the city - The Ben - is relisting some units they took off line in favor of lux Airbnb in the fall. I think that place should be razed and started over TBH. It's maybe the ugliest building in the city and there is no way someone is going to pay $1.7mm and have no parking. What morons.

It really should. It looks REALLY bad up close in person. Like obvious cut corners and value engineering everywhere. The ground floor "arches" look horrible. All of the exposed cameras, flood lights, and exhaust pipes look terrible and messy

That's on top of the design not being good in the first place. All the marble that was VEd out may have made it look better, because the dark off color brick makes it look worse, like they're bricked up windows or something instead of an accent.

BroadandMarket · #**7598** Posted **Mar 26, 2025, 7:40 PM**

Quote:

Originally Posted by Redddog

And the worst development is the city - The Ben - is relisting some units they took off line in favor of lux Airbnb in the fall. I think that place should be razed and started over TBH. It's maybe the ugliest building in the city and there is no way someone is going to pay $1.7mm and have no parking. What morons.

Ugliest building in the city? That's a bit of a stretch. They used real brick and it replaced an 1 floor warehouse and vacant lot. The Mark? The Lincoln's ugly metal panels? Home2 Suites suburban stucco? The Standard at 30th and Walnut? Both of the new buildings at 2nd and Poplar? Ugliest building in the city is a little harsh.

It's not the looks holding it back from selling, it's the lack of parking like you mentioned.

PurpleWhiteOut · #**7599** Posted **Mar 26, 2025, 8:25 PM**

Obviously it's all opinion and subjective. For its context in Old City near Elfreths Alley, and for the prestige the area should have, I also think it's among the worst new developments. The other buildings have different contexts that I think make them fine, like the Home2 Suites I genuinely don't perceive, which isn't great but it doesn't bother me

It looks shoddy AF from the outside if you look at it for even a minute up close, I can't imagine the rest is somehow better done. Both can definitely be factors in not selling. Curb appeal is important to me and I'd be embarrassed to live there and I'm not even close to being able to afford that

TonyTone · #**7600** Posted **Mar 27, 2025, 4:40 AM**

Wolly Mammoth is closing May 1st, owner sold it. 24 years it was on South St

it's a shame it's a great bar and its always jumping, one of my favorites too, Hopefully whatever is next will be just as good