PHILADELPHIA | Highrise Development Thread X

[Londonee]

Originally Posted by reparcsyks

Not a chance.

Is that inside info? Don't they own the corner lot at 19th and Arch?

[PHL10]

Originally Posted by Londonee

Is that inside info? Don't they own the corner lot at 19th and Arch?

I think people are just "spit-balling". Many said that the days of Highrise office buildings being developed for a single company were over after Covid; then Chubb happened.

[PHLtoNYC]

Originally Posted by Londonee

Is that inside info? Don't they own the corner lot at 19th and Arch?

I think Parkway owns the parking section and the charter school owns the other section? So Parkway would certainly sell, but the school would need to be relocated.

[reparcsyks]

Originally Posted by PHL10

I think people are just "spit-balling". Many said that the days of Highrise office buildings being developed for a single company were over after Covid; then Chubb happened.

Do I think a squat Chubb-like building may be built on that lot in the next 20ish years? Sure.

[PHL10]

Originally Posted by reparcsyks

Do I think a squat Chubb-like building may be built on that lot in the next 20ish years? Sure.

I'm glad we agree that "not a chance" is probably not the best assessment.

[bdurk]

Comcast is still very much in the market for a third building but I doubt it will top either of the two they have already built, unless it was mixed-use again like CTC. They were very adamant about a third building before COVID but I know they were shopping some sites for it post-COVID. I assume that the current real estate market is not helping so while I wouldn't say it's happening anytime soon, I also wouldn't say it will never happen.

[thoughtcriminal]

Originally Posted by bdurk

Comcast is still very much in the market for a third building

source? is this inside info? I can't imagine that they would still be in the market for a third building, but I don't know anything.

[bdurk]

It's an inside source but also take it with a grain of salt because it isn't Brian Roberts. Like I said I doubt they would build a third building anytime soon, but I could see it happening if the market is decent in like a decade.

[PHLtoNYC]

Originally Posted by bdurk

It's an inside source but also take it with a grain of salt because it isn't Brian Roberts. Like I said I doubt they would build a third building anytime soon, but I could see it happening if the market is decent in like a decade.

Are they out of space in their current towers or planning to add operations to Philadelphia? Just curious, because another tower (let's say 300'-700') would likely mean a significant amount of new employees.

[Londonee]

Originally Posted by PHLtoNYC

I think Parkway owns the parking section and the charter school owns the other section? So Parkway would certainly sell, but the school would need to be relocated.

Parkway runs that lot - do they own it? The lot is big enough for a massive building independent of the charter school.

[Londonee]

Originally Posted by PHLtoNYC

Are they out of space in their current towers or planning to add operations to Philadelphia? Just curious, because another tower (let's say 300'-700') would likely mean a significant amount of new employees.

Comcast needs to be acquisitive or it’s gonna be in a weird place very very soon. Their core business is in decline. Their stock is basically static for a decade. The Robert’s own the board and have been smart stewards, so it’s not like anything drastic will happen imminently. But there’s no Robert’s heir apparent who isn’t interested in crypto and video games so they have a lot of big decisions on what they do/what business they’re in in the next 10 years.

All that to say unless they’re acquisitive in a growing market I doubt they’re building any time soon z

[PHLtoNYC]

Originally Posted by Londonee

Comcast needs to be acquisitive or it’s gonna be in a weird place very very soon. Their core business is in decline. Their stock is basically static for a decade. The Robert’s own the board and have been smart stewards, so it’s not like anything drastic will happen imminently. But there’s no Robert’s heir apparent who isn’t interested in crypto and video games so they have a lot of big decisions on what they do/what business they’re in in the next 10 years.

All that to say unless they’re acquisitive in a growing market I doubt they’re building any time soon z

I agree that their legacy business will take more of a backseat as time goes on... But there is plenty of business reporting that details Comcast's current and future strategy. The company is focused on broadband, wireless, streaming, AI infrastructure, intellectual property, and theme parks. Every major corporation eventually reaches a crossroads where it must evolve or risk falling behind. Based on what I read, It doesn't appear Comcast is in danger of the latter.

I wish the sale of Time Warner went through back in 2014/15. It was un uphill battle, but would have given Comcast control of HBO and Warner Bros. Now its going to Paramount.

[bdurk]

Originally Posted by PHLtoNYC

Are they out of space in their current towers or planning to add operations to Philadelphia? Just curious, because another tower (let's say 300'-700') would likely mean a significant amount of new employees.

I don't believe they are out of space but they do still lease space in Three Logan Square which I suppose means they could still use more office space outside of the two buildings they have. They gave up half of it (140,000 sq ft) in 2023 so I feel like when the lease is up in 2029 they will probably not renew due to remote work but who knows. I know they're 4 days in office a week so maybe they will build more office space someday. All I know is that they were definitely shopping plots of land for a third tower post-COVID. I mentioned above that I doubt they would build anything too big unless it is a lot of mixed-use space. Comcast seems dedicated to the city so I could see them building some sort of mixed-use tower. I guess we'll see what they do on East Market and go from there.

[Londonee]

Originally Posted by PHLtoNYC

I agree that their legacy business will take more of a backseat as time goes on... But there is plenty of business reporting that details Comcast's current and future strategy. The company is focused on broadband, wireless, streaming, AI infrastructure, intellectual property, and theme parks. Every major corporation eventually reaches a crossroads where it must evolve or risk falling behind. Based on what I read, It doesn't appear Comcast is in danger of the latter.

I wish the sale of Time Warner went through back in 2014/15. It was un uphill battle, but would have given Comcast control of HBO and Warner Bros. Now its going to Paramount.

Broadband - is not a booming business. We're all going to be using satellite internet in the next 25 years. Wireless - is not a booming business. Streaming? Peacock is in dead last, and basically irrelevant and I'm not sure how long it's going to be around at this spend/burn. AI infrastructure - sounds intriguing, but every company is saying something about AI to perk interest of Wall Street - what does that actually mean? IP = NBC Universal, OK. Theme Parks is a great business - with growth potential. So they're a mini Disney with declining connectivity business hanging around their necks like a bowling ball.

They spun off all their dying cable channels into a separate company (Versant) to get those off the books - I wouldn't be surprised if you see something similar with their other legacy businesses... again, their future is weird.

[PHLtoNYC]

Originally Posted by Londonee

Broadband - is not a booming business. We're all going to be using satellite internet in the next 25 years. Wireless - is not a booming business. Streaming? Peacock is in dead last, and basically irrelevant and I'm not sure how long it's going to be around at this spend/burn. AI infrastructure - sounds intriguing, but every company is saying something about AI to perk interest of Wall Street - what does that actually mean? IP = NBC Universal, OK. Theme Parks is a great business - with growth potential. So they're a mini Disney with declining connectivity business hanging around their necks like a bowling ball.

They spun off all their dying cable channels into a separate company (Versant) to get those off the books - I wouldn't be surprised if you see something similar with their other legacy businesses... again, their future is weird.

Comcast also owns Universal Pictures.
But I mean... There is endless information online, as I tried to provide examples of their diversification and resilience in a changing landscape (and Peacock isn't going anywhere). If you choose to downplay or ignore, then whatever... Back to buildings.

[Skintreesnail]

Originally Posted by Londonee

Broadband - is not a booming business. We're all going to be using satellite internet in the next 25 years. Wireless - is not a booming business. Streaming? Peacock is in dead last, and basically irrelevant and I'm not sure how long it's going to be around at this spend/burn. AI infrastructure - sounds intriguing, but every company is saying something about AI to perk interest of Wall Street - what does that actually mean? IP = NBC Universal, OK. Theme Parks is a great business - with growth potential. So they're a mini Disney with declining connectivity business hanging around their necks like a bowling ball.

They spun off all their dying cable channels into a separate company (Versant) to get those off the books - I wouldn't be surprised if you see something similar with their other legacy businesses... again, their future is weird.

I agree that cable is near death, legacy wireless is dying and they do need an acquisition, i can't see us all using satalite in the future. There's too much signal latency due to distance, signal corrections due to weather, obstructions, congestion, etc. an all-in distributed satalite network just doesn't seem plausible in the scale that's needed. I think a hybrid fiber backbone to decentralized/distributed community nodes with wifi for last mile makes more sense. At least until something like quantum teleportation is a thing, speed of light in fiber is going to be fastest and the world expects speed.

The whole peacock thing sems like a branding issue.they probably should have just done something like Universal+ instead of coming up with some new brand, even if the symbol is recognizable. The IP is pretty good and they're still making content.

[3rd&Brown]

Originally Posted by Skintreesnail

The whole peacock thing sems like a branding issue.they probably should have just done something like Universal+ instead of coming up with some new brand, even if the symbol is recognizable. The IP is pretty good and they're still making content.

tbh I think Peacock is the best streaming service.

[R5Ryder]

Originally Posted by Londonee

I know - that’s why i wrote they were supposed to “upgrade” - it looks awful, and is barely visible on the skyline; while Liberty 2 is showing what an actual upgrade looks like…

A childhood friend that left the Philly area back in the '90s was in town this past weekend. Besides being amazed to see all the new towers in person, his other big takeaway was how sad 1LP looked. The last time he saw them, they had the bright-white (neon?) lights, and now 2LP is just as bright as then (albeit color changing), but 1LP is just sad and unbecoming of a city that has a platform to show the world everything it can be this summer.

I recall being pleasantly surprised when 1LP upgraded a couple of years ago, but WTF happened? Either 2LP is so good that 1LP pales in comparison, or 1LP regressed somehow... like someone forgot to walk a few blocks and pay the PECO bill.

It's maddening. I know that there are bigger problems in our city that impact people in many serious ways, so I don't want to trivialize any of that. But while I assume that the lighting is maintained by the building owners, there's a public incentive to keep everything looking as good as it could, and maybe if not the city contributing, at least holding the owners to presentation standards may be necessary.

[Jerryiz]

Originally Posted by Skintreesnail

I agree that cable is near death, legacy wireless is dying and they do need an acquisition, i can't see us all using satalite in the future. There's too much signal latency due to distance, signal corrections due to weather, obstructions, congestion, etc. an all-in distributed satalite network just doesn't seem plausible in the scale that's needed. I think a hybrid fiber backbone to decentralized/distributed community nodes with wifi for last mile makes more sense. At least until something like quantum teleportation is a thing, speed of light in fiber is going to be fastest and the world expects speed.

The whole peacock thing sems like a branding issue.they probably should have just done something like Universal+ instead of coming up with some new brand, even if the symbol is recognizable. The IP is pretty good and they're still making content.

I think you are right on the money with your assessment (I am in that profession and work for one of the top companies in that field) (NOT COMCAST).