PHILADELPHIA | Lowrise/General Developments Thread II

[Redddog]

Originally Posted by Dan1

Really surprised it's only two floors. Could they even financially justify this? I figured the property would be worth a ton and end up a luxury residential tower.

Nooo! Not the Walnut beer garden! Noooo!

[PurpleWhiteOut]

Id rather it stay a beer garden than THAT to be honest

[BroadandMarket]

Originally Posted by PurpleWhiteOut

Id rather it stay a beer garden than THAT to be honest

Yeah this is wild. If the buildings were being rebuilt as is, then yeah I get it being 2 floors. But it's a totally new design, not the laser scanned model from before.

This was from when they were demolished:

In October 2020, officials at L&I recommended the buildings for demolition for safety reasons, which proceeded as planned in early 2021. Laser scans were made of the facades. The owners of the buildings are required to recreate the exteriors upon rebuilding using the scans and salvaged materials since all three structures are on the local register and listed as contributing to the Rittenhouse/Fitler Residential Historic District.

source: https://hiddencityphila.org/2022/09/lost-buildings-of-2021/

This has to be some kind of bait and switch to sell the property. I just don't know how something so small could make financial sense here. A tower here could easily have Rittenhouse Sq views. The Rittenhouse Claridge is only 285 feet so a 400 foot building would have great views of the Square.

[PHLtoNYC]

Originally Posted by PHL10

Great news but looking at this large retail space has me thinking. They haven't been able to fill the similarly sized former-GAP space on the 1500 block of Walnut for the last 5 years so....

I've often read that one of Walnut Street's retail problems is that many of the existing storefronts are too small for the types of brands people want to attract. Well, let's see if that argument holds true... If this project moves forward, it will create a large, prominent blank slate for a major retailer.

Originally Posted by Dan1

Really surprised it's only two floors. Could they even financially justify this? I figured the property would be worth a ton and end up a luxury residential tower.

Last I heard, a New York-based rental company called BrookLiv bought the parcel. They don't appear to have any development experience, although that shouldn't stop them from partnering with an established developer. But yes, even in today's financing environment, I don't see how this is feasible and not a tower? And it has not resemblance to the prior buildings.

[BroadandMarket]

I saw this tweet to. I don't really think this will get built.

https://x.com/AndyKaplin/status/2089729899250512315?s=20

"Two inexperienced guys from North East Philly own this lot. When I helped them buy it 4 years ago they had never built anything more than 3 stories. They have been waiting for someone to buy it from them. The price has gone up from $18 > $21 > $23M a few weeks ago. Waste of space"

[mcgrath618]

Originally Posted by BroadandMarket

This has to be some kind of bait and switch to sell the property. I just don't know how something so small could make financial sense here. A tower here could easily have Rittenhouse Sq views. The Rittenhouse Claridge is only 285 feet so a 400 foot building would have great views of the Square.

(Emphasis mine)

Not to spread conspiracy theories, but this is an interesting thought. Play here could be to get a non-recreation through the Historic Commission, then never build it, just to be able to propose a highrise with a similar-looking base.

EDIT:

Originally Posted by BroadandMarket

I saw this tweet to. I don't really think this will get built.

https://x.com/AndyKaplin/status/2089729899250512315?s=20

"Two inexperienced guys from North East Philly own this lot. When I helped them buy it 4 years ago they had never built anything more than 3 stories. They have been waiting for someone to buy it from them. The price has gone up from $18 > $21 > $23M a few weeks ago. Waste of space"

This got posted just before I got mine in. Fits the narrative quite well...

[PurpleWhiteOut]

Originally Posted by BroadandMarket

Yeah this is wild. If the buildings were being rebuilt as is, then yeah I get it being 2 floors. But it's a totally new design, not the laser scanned model from before.

This was from when they were demolished:

In October 2020, officials at L&I recommended the buildings for demolition for safety reasons, which proceeded as planned in early 2021. Laser scans were made of the facades. The owners of the buildings are required to recreate the exteriors upon rebuilding using the scans and salvaged materials since all three structures are on the local register and listed as contributing to the Rittenhouse/Fitler Residential Historic District.

source: https://hiddencityphila.org/2022/09/lost-buildings-of-2021/

This has to be some kind of bait and switch to sell the property. I just don't know how something so small could make financial sense here. A tower here could easily have Rittenhouse Sq views. The Rittenhouse Claridge is only 285 feet so a 400 foot building would have great views of the Square.

Im baffled the historic commission is recommending approvals when they technically are supposed to reconstruct. Supposedly the materials are "lost" again, and the city still has no enforcement against that happening.

Edit to add: they say a tower could come in the future, while theyre getting requests from commercial tenants. If they build it as a podium that can support a tower then I kind of get it, but Taxpayer-buildings tend to end up sticking around.

https://www.bizjournals.com/philadelphia...se-square-walnut-retail-development.html

“We have CMX-5 [zoning]. The high-rise will be there eventually,” he said. “At the moment, it’s not the right time. We do have the zoning. We have the ability to build something big. Just not right now.”

Over the past few years, Weber said he’s frequently received calls from potential tenants who are interested in occupying space on Walnut Street but don’t have available options because of the retail corridor’s high occupancy.

[PHLtoNYC]

Originally Posted by BroadandMarket

I saw this tweet to. I don't really think this will get built.

https://x.com/AndyKaplin/status/2089729899250512315?s=20

"Two inexperienced guys from North East Philly own this lot. When I helped them buy it 4 years ago they had never built anything more than 3 stories. They have been waiting for someone to buy it from them. The price has gone up from $18 > $21 > $23M a few weeks ago. Waste of space"

I wish Southern Land Co. would scoop up this site. They are behind the nearby Laurel and Josephine, this could be right up their alley.

[mryannagy]

It's sad that the potential high rise development for the site seems like it won't happen, but with a rooftop element to the new retail at least the outdoor beer garden might still exist. Regardless this looks like a very nice rendering and a handsome building that will fit the location. Obviously there's strong retail demand on that section of Walnut still.
Gift Article link from the Inquirer.
https://share.inquirer.com/ymE25d

[Londonee]

Originally Posted by BroadandMarket

Yeah this is wild. If the buildings were being rebuilt as is, then yeah I get it being 2 floors. But it's a totally new design, not the laser scanned model from before.

This was from when they were demolished:

In October 2020, officials at L&I recommended the buildings for demolition for safety reasons, which proceeded as planned in early 2021. Laser scans were made of the facades. The owners of the buildings are required to recreate the exteriors upon rebuilding using the scans and salvaged materials since all three structures are on the local register and listed as contributing to the Rittenhouse/Fitler Residential Historic District.

source: https://hiddencityphila.org/2022/09/lost-buildings-of-2021/

This has to be some kind of bait and switch to sell the property. I just don't know how something so small could make financial sense here. A tower here could easily have Rittenhouse Sq views. The Rittenhouse Claridge is only 285 feet so a 400 foot building would have great views of the Square.

Just to devil's advocate I guess...in terms of financial viability, this looks to be a pretty basic building so construction costs may be $10mm? Including downstairs retail, this could be ~35000sf of space at ~$100/sq foot on Walnut Street very close to the Square. Pretty unique opportunity especially if they consolidate for a larger format retailer to have a massive presence. They'll be able make their money back pretty quick at those numbers. This seems like if you're not interested in building anything formative or additive and just want an easy to-do cash grab, kind of the way to do it.

[Dan1]

Originally Posted by Londonee

Just to devil's advocate I guess...in terms of financial viability, this looks to be a pretty basic building so construction costs may be $10mm? Including downstairs retail, this could be ~35000sf of space at ~$100/sq foot on Walnut Street very close to the Square. Pretty unique opportunity especially if they consolidate for a larger format retailer to have a massive presence. They'll be able make their money back pretty quick at those numbers. This seems like if you're not interested in building anything formative or additive and just want an easy to-do cash grab, kind of the way to do it.

But wouldn't just selling the property be an even easier cash grab?

[BroadandMarket]

There is construction fencing up at 900-04 S 11TH ST. I guess it's probably this old permit: https://s3.amazonaws.com/eclipse-docs-pdfs/zoning/ZP-2025-005104.pdf

It's such a shame 11th street isn't getting taller buildings here, it's wide enough to support it and very quiet around here.

[PurpleWhiteOut]

Originally Posted by BroadandMarket

There is construction fencing up at 900-04 S 11TH ST. I guess it's probably this old permit: https://s3.amazonaws.com/eclipse-docs-pdfs/zoning/ZP-2025-005104.pdf

It's such a shame 11th street isn't getting taller buildings here, it's wide enough to support it and very quiet around here.

Crappy zoning, like usual. Should be CMX 2.5 like Ridge Ave. This is sadly the max allowed without variances.

[mcgrath618]

Originally Posted by BroadandMarket

There is construction fencing up at 900-04 S 11TH ST. I guess it's probably this old permit: https://s3.amazonaws.com/eclipse-docs-pdfs/zoning/ZP-2025-005104.pdf

It's such a shame 11th street isn't getting taller buildings here, it's wide enough to support it and very quiet around here.

Wonder what this will look like. The project across Christian Street turned out incredibly well.

[Londonee]

Does anyone know anything about this massive empty lot that seems to be inexplicably wedged in between and surrounded by all of the new Del Ave/Fishtown mid-rise construction. Looks to be barely accessible via Canal Street and maybe Front?

I mean, it’s huge - definitely a few acres - but almost completely surrounded. Who owns it?

https://maps.app.goo.gl/21t2eVtYvK4njZbCA?g_st=ic

[PhillyPDX]

Sucks for the parkway. Place was never packed but always had people. Plus, how much does it cost maintain 100 year old dioramas? I used to take my toddler there all the time, that top floor was always crowded with kids.

Hopefully someone steps up.

https://www.inquirer.com/education/acade...losing-museum-philadelphia-20260901.html

[Knight Hospitaller]

I always thought Drexel was an odd match. Should've been Penn. This is not an acceptable outcome. I wonder how much this was discussed outside of Drexel. They don't leave outsiders much time.

[PHLtoNYC]

Originally Posted by PhillyPDX

Sucks for the parkway. Place was never packed but always had people. Plus, how much does it cost maintain 100 year old dioramas? I used to take my toddler there all the time, that top floor was always crowded with kids.

Hopefully someone steps up.

https://www.inquirer.com/education/acade...losing-museum-philadelphia-20260901.html

Sucks for the entire city... Of course ignorant social media people are blaming the Mayor...

That being said, the museum is expensive to maintain. According to the financial statements, Drexel contributed more than $8 million toward its operations in 2025. While the broader Academy will remain, I do think this presents an opportunity for the city and state to step in, take a closer look at the museum’s finances, and potentially develop a sustainable funding arrangement for its operations (it would also be a political win for Parker and Shapiro).

I would hate to see Philadelphians lose yet another important cultural asset.

https://drexel.edu/comptroller/~/media/D...rv4VWERc2-VWY_aem_rp55HFBOw1Ks_ZPf4Tgg4g

[BroadandMarket]

Originally Posted by PHLtoNYC

Sucks for the entire city... Of course ignorant social media people are blaming the Mayor...

That being said, the museum is expensive to maintain. According to the financial statements, Drexel contributed more than $8 million toward its operations in 2025. While the broader Academy will remain, I do think this presents an opportunity for the city and state to step in, take a closer look at the museum’s finances, and potentially develop a sustainable funding arrangement for its operations (it would also be a political win for Parker and Shapiro).

I would hate to see Philadelphians lose yet another important cultural asset.

https://drexel.edu/comptroller/~/media/D...rv4VWERc2-VWY_aem_rp55HFBOw1Ks_ZPf4Tgg4g

Drexel is not doing well but they should just cut it loose and sell it if they can't run it. I read they lost some federal funding in the Trump/DOGE cuts as well. Ultimately I just don't trust Drexel to run anything without Fry. They killed the Philadelphia History Museum and that building is rotting away. Last year when they weren't doing well, their brilliant idea was to go from 5 days a week to 3 days a week which obviously made their death spiral worse. This place cannot close, it's the oldest Natural History Museum in the country. The City, Kimmel, Comcast, Barnes, Franklin Institute etc. someone needs to step in and open this place. Their whole budget was 8.2 million in 2024 so how much could the the deficit even be?

[PurpleWhiteOut]

Originally Posted by Londonee

Does anyone know anything about this massive empty lot that seems to be inexplicably wedged in between and surrounded by all of the new Del Ave/Fishtown mid-rise construction. Looks to be barely accessible via Canal Street and maybe Front?

I mean, it’s huge - definitely a few acres - but almost completely surrounded. Who owns it?

https://maps.app.goo.gl/21t2eVtYvK4njZbCA?g_st=ic

If im looking at the right parcels, it's under the same ownership as the warehouse at 50-60 E Laurel St. Theres an entrance on Canal St as well as down "Iron Pl." off of Laurel. Ownership is G R PARTNERS L P per Atlas