PHILADELPHIA | 1101 Walnut Street | 199 FT | 18 FLOORS

[summersm343]

Come onnnnn... build ittttt!!!

[MadhattersLT]

Sign says "Work In Progress" however..... still crickets.

81967825-843B-49BF-984E-4D994F349E3C by Justin Heger, on Flickr

[PHLJD13]

The sidewalk barricades (on both Walnut and 11th Street) were recently removed here, and all contractor and construction signage is gone from the fencing.

Hoping it's not a sign of even more prolonged stagnation at this lot.

[summersm343]

Oh boy. Another hole in the ground we’ll be stuck with for years where buildings once stood? Fantastic.

[BroadandMarket]

And as usual they took 2 beautiful and historic buildings with them. This city is such a joke sometimes. I don't know how to prevent it besides a vacant land / surface parking tax?

[cardeza]

Originally Posted by PHLJD13

The sidewalk barricades (on both Walnut and 11th Street) were recently removed here, and all contractor and construction signage is gone from the fencing.

Hoping it's not a sign of even more prolonged stagnation at this lot.

Seems like thats exactly what is going on here.

[Gatorade_Jim]

Originally Posted by summersm343

Oh boy. Another hole in the ground we’ll be stuck with for years where buildings once stood? Fantastic.

As a general matter, I totally agree. However, the loss of this Wendy's doesn't really bother me. Definitely sucks to have a hole there but at least now something has to replace it. Hopefully the delay means that it doesn't get value engineer to death in a high rate lending environment.

[PHL10]

Originally Posted by Gatorade_Jim

As a general matter, I totally agree. However, the loss of this Wendy's doesn't really bother me. Definitely sucks to have a hole there but at least now something has to replace it. Hopefully the delay means that it doesn't get value engineer to death in a high rate lending environment.

I would argue that the Wendy's is better than a dirt hole. But when you add the demo of two handsome buildings that had active businesses in them, it's a disgrace.

[PHLtoNYC]

Originally Posted by Gatorade_Jim

As a general matter, I totally agree. However, the loss of this Wendy's doesn't really bother me. Definitely sucks to have a hole there but at least now something has to replace it. Hopefully the delay means that it doesn't get value engineer to death in a high rate lending environment.

I don't think the proposal could get anymore value engineered...

Who owns this plot?

[Redddog]

Originally Posted by PHL10

I would argue that the Wendy's is better than a dirt hole. But when you add the demo of two handsome buildings that had active businesses in them, it's a disgrace.

Drives me NUTS.

[mcgrath618]

What’s Going on with the Old Wendy’s Lot on Walnut?

The last time we visited the property, in June of 2023, the site had been cleared. Alas, nothing has happened here in the couple years since then. Perhaps most worrisome, the commercial building permit for this project has expired, so any project that moves forward here will need a new application submitted and approved before it can move forward.

This is costly and time consuming for any project, but it’s especially painful here, as the previous building permit was approved under the terms of the old 10-year tax abatement and the building would have been 100% exempt from property taxes for ten years. A new building permit would only be eligible for a revised tax abatement, which steps down by 10% every year. This will result in an added tax burden of several million dollars over the first ten years after the building is completed, which will have a material impact on the feasibility of the project. Combined with the high interest rates we continue to see, it’s quite possible that this project doesn’t pencil in the current environment.

Looks like this one is dead. Another one for the "we should really require developers have a construction loan on hand before issuing demolition permits" bin.

Going to lock the thread until this project is revived.

[nemesisinphilly]

News on the Wendy's lot at 11th and Walnut. Reduced to 11 stories so no longer qualifies for its own thread:

https://www.bizjournals.com/philadelphia...nut-mixed-use-apartment-development.html