PHILADELPHIA | EVO @ Cira Centre South | 407 FT | 33 FLRS | U/C

[Don098]

"Plainsboro, New Jersey, a suburb of Princeton."

Ok, that encompasses everything wrong with staying in NJ. Princeton is not a city large enough to even engender suburbs - it's all overflow from Philly and New York. The whole state is one big suburbs without an identity. Seriously, Blackrock needs to move to a major city. I'd take Rendell and Nutter over Corzine and Kean any day of the week, wouldn't you? They're just freaking out because their state is in serious debt and they can't afford to lose this tax base.

[pwp]

As this agreement seems to be moving ahead full-steam towards reality, I can't help think (and be tremendously excited) for what could be the beginning of something huge. This Blackrock deal may symbolize what we've all suspected would happen: The consolidation of companies (and people) from suburbs to urban centers due to high gas prices and attractive tax incentives.

And when I say "big" for Philly, I mean BIG.

Unlike NYC, Boston or Washington, Philadelphia stands to pick up more companies like BlackRock due to its cheaper land/rent - in addition to tax breaks like the KOZ. BlackRock could be the first big domino to fall. Consider the many businesses that make their home in just the Central and Southern NJ suburbs. Think of cities like Cherry Hill, Princeton, Trenton, Mt Laurel, New Brunswick, etc whose employee-base is located within a radius not that far from access to Philly's public transit system.

I realize that probably everyone on this forum is aware of these facts but having watched the BR situation unfold somehow allows me to internalize these truths and feel a new type of confidence for this city's growth potential. It's like watching the results of a test confirm what the hypothesis predicted. Very excited.

[sciguy0504]

I have a few bucks to give to Black Rock if a deal needs to be made.

[SEPTATank]

I really hope you are right. It is exciting to think about. Let's pray that our political leadership doesn't screw things up for us, at the city or the state level. I think Nutter is moving in the right direction and Rendell, while sometimes at odds with my beliefs, really cares about the city. We all have to do our part to sweep up the garbage, the literal garbage and the political garbage. Events like the "clean-up day" a few months are good, but every day has to be a clean up day if we want a better city.

I live in U City so Cira South is particularly exciting for me. Good things are happening west of the river but I'm still forced to pick up trash on my block twice a week. Luckily I have a few neighbors, both newcomers and long term residents, that are on board with me.

I've lived in several cities (Boston, Montreal, Santa Fe NM, Halifax NS), and have traveled widely, but Philly is, hands down, the best of the lot. Philly in general, and UC in particular, has a lot going for it and there is sooooooo much potential. It really does feel like the beginning of something big. I don't want to over-estimate a Blackrock move (if it happens), but it is another big domino. Lets hope that the Rohm and Haas news doesn't negate the benefit.

By the way, the demo looks like it is almost complete. They are all the way down to the level of the railroad tracks.

Originally Posted by pwp

As this agreement seems to be moving ahead full-steam towards reality, I can't help think (and be tremendously excited) for what could be the beginning of something huge. This Blackrock deal may symbolize what we've all suspected would happen: The consolidation of companies (and people) from suburbs to urban centers due to high gas prices and attractive tax incentives.

And when I say "big" for Philly, I mean BIG.

Unlike NYC, Boston or Washington, Philadelphia stands to pick up more companies like BlackRock due to its cheaper land/rent - in addition to tax breaks like the KOZ. BlackRock could be the first big domino to fall. Consider the many businesses that make their home in just the Central and Southern NJ suburbs. Think of cities like Cherry Hill, Princeton, Trenton, Mt Laurel, New Brunswick, etc whose employee-base is located within a radius not that far from access to Philly's public transit system.

I realize that probably everyone on this forum is aware of these facts but having watched the BR situation unfold somehow allows me to internalize these truths and feel a new type of confidence for this city's growth potential. It's like watching the results of a test confirm what the hypothesis predicted. Very excited.

[Johnland]

Originally Posted by pwp

Don98,

To some extent I agree with you but consider the following points:


This is true but it'd be one thing if they were connected directly, however it requires a connection in Trenton. I've taken the R7 before and it's a frustratingly long 40 minute ride just to Trenton. So area workers would be driving to Trenton, parking then commuting to Cira. In terms of commuting it'd make more sense to have it's headquarters in Central Jersey.

I want this building to happen in Philly. But for some reason I feel pessimistic. I usually don't play devil's advocate on this forum either.

Your point is exactly why Philly must upgrade its rail system. That has got to a priority. A good, regional rail system would make corporate moves to the region more likely. The basics are in place, but they should be improved.

[Don098]

Johnland...you're absolutely right, SEPTA needs an overhaul. However, anything beyond Trenton should not be serviced by a regional system based in Pennsylvania because the city is halfway between NY and Philadelphia, and NJTransit operates down to that station. What needs to improve, if we were to somehow lure people out of central Jersey, is Amtrak's prices as this is the passenger service that should continue to make stops only at the major stations between major cities. A regional system of stops every few miles should not be considered beyond Trenton because the commute time would be too great.

[bucks native]

The SEPTA line that runs through Yardley goes to West Trenton.

An enormous number of folks who live in Bucks County work in Jersey or NYC and getting across the river is a nightmare.

From Bucks, there are three SEPTA rail lines into Center City: From Doylestown (upper Bucks), from West Trenton (mid-county) and from Trenton (through lower Bucks); plus, a fourth, with AMTRAK.

Clearly, these are much better options for Blackrock employees who now commute from PA or from Trenton and south, in Jersey. Blackrock employees who now live in upper Jersey would only have to drive to the stations. Plus, a lot of big employers now kick-in for rail passes.

Eventually, SEPTA will have to consider express trains on its lines that fill-up at point of origin; plus, it can now plan ahead, rather than just annually, now that it has dedicated funding from PA and 80 cents for every 20 cents toward projects, from the feds.

[We Got Five]

Bucks Native,

There are 4 regional rail options - you were forgetting the Warminster R2.

[winxs]

Originally Posted by We Got Five

Bucks Native,

There are 4 regional rail options - you were forgetting the Warminster R2.

And although SEPTA stops at Warminster, that line runs all the way up to New Hope as the New Hope - Ivyland Railroad. If the R2 were extended up to New Hope, it could pull in the Rt 202 corridor (Flemington / Somerville / Bridgewater) up to I-287. Right on the other side of the bridge from New Hope is the Lambertville Station. I don't know what that rail line is over there, but if you follow it on the map, it goes all the way up to Elizabeth and Newark Airport and look like it hooks up with the NJT mainline near New Brunswick.

[sciguy0504]

NJ Transit is looking at connecting with the R3 from West Trenton to NYC. That would help some.

Personally, I think Philly has one of the best regional rail systems in the country. It just needs shorter intervals between trains. I'd like to see 15 mins between express trains and 30-40 mins for local, not 50-60 mins.

Of course a few RR lines can be extended (the R2 to Newtown/Lambertville and the R3 to West Chester) and then we can dream about having lines go to Reading and Allentown. I'd like to focus on upgrading RR stations, implementing a "smart card" fare system and building Roosevelt Blvd subway.

[Don098]

I hope the talks haven't stalled...the articles made the deal sound like it was imminent.

[Jes44]

Anyone have any updates on the decision or updated pictures to share with us that they can post on here?

[Late1]

I haven't heard anything, but the silence is making me uneasy. Seemed like it was all over the media that the move was imminent, then suddenly there was the Reuters article "NJ officials-Stop BlackRock's move to Philadelphia" on July 16, and it's been suspiciously quiet ever since.

Make me wonder if "NJ officials" contacted BlackRock and are working out a deal to match anything PA/Philly has offered. Hope not!

[bucks native]

from here: http://www.bizjournals.com/philadelphia/stories/2008/07/28/daily10.html?f=et72&ana=e_du

July 28, 2008 - 3:02 PM EDT

Report: N.J. has fourth-worst business climate

Philadelphia Business Journal

New Jersey’s business climate was ranked the fourth-worst in the nation by corporate executives in a report released on Monday.

Nearly 14 percent of respondents rated New Jersey’s business climate as the least favorable among states in the report, “A View From Corporate America: Winning Strategies in Economic Development Marketing,” which was conducted by New York-based Development Counsellors International. California was ranked as having the worst business climate, with New York falling second and Michigan third.

Texas’ business climate was rated the best among the survey’s 281 participants, followed by North Carolina and Georgia. A strong labor market, low operating costs and a pro-business climate were the common factors given by participants in ranking a state’s business climate the best.

[sharkfood]

Originally Posted by Late1

I haven't heard anything, but the silence is making me uneasy. Seemed like it was all over the media that the move was imminent, then suddenly there was the Reuters article "NJ officials-Stop BlackRock's move to Philadelphia" on July 16, and it's been suspiciously quiet ever since.

Make me wonder if "NJ officials" contacted BlackRock and are working out a deal to match anything PA/Philly has offered. Hope not!

Don't worry about New Jersey. They have no programs or money in their budget to match Pennsylvania's KOIZ incentives. Corzine has not focused on this. And Corzine's director of economic development recently resigned, after a lot of criticism over his failure to get along with the legislature. New Jersey is a basket case right now.

[cubanChris]

Also posted in the Dev Thread - Doubling up for the sake of being Rad.

Thursday, July 31, 2008
BlackRock-Brandywine's Philly deal 'close'

One of the pros working on Brandywine Property Trust's Cira South project tells us they're expecting a formal announcement and political brag-fest in early August to confirm that BlackRock Inc. will indeed move 1,200 investment workers from temporary quarters in an old Merrill Lynch complex in Plainsboro, N.J., to Brandywine's proposed tower adjoining Penn's campus, thanks to state and city tax breaks.
BlackRock is expected to lease more than 500,000 square feet, with an option for another 100,000, in a building that will total around 750,000 square feet -- not as big as the Liberty Place towers, but in that league.
For a company that's earning $90 million a month (Financial Times story here), plain-vanilla investment manager BlackRock sure gets a lot of tax breaks: As reported by PhillyDeals earlier this month, BlackRock CEO Larry Fink says he'll double its Wilmington, Delaware, workforce to 600, now that Gov. Ruth Ann Minner has signed a law limiting investment company taxes. Release here. -- New Jersey's failed effort to save BlackRock in Newark Star-Ledger story here.
Brandywine traded higher this morning on a stronger 2q earnings report, despite flat revenues. Report here.


Posted by Joseph N. DiStefano @ 10:12 AM

http://www.philly.com/philly/blogs/inq-phillydeals/26138042.html

[Lincolndrive]

Thanks for posting that and making my day! It really makes it sound like the deal is 99% done. Fingers crossed that the curse of Billy Penn doesn't mess with this one.

[Hendi]

If Blackrock is, hopefully, leasing up to 600k sq. ft. of 750k total and Penn has already signed on for a few floors do we think that this means the the hotel potion of the project is dead? To be honest I wouldn't be sad if it was, there are already more then enough hotels in the pipeline and if UCity needs more rooms the Drexel project looks damn good. In the realm of total fantasy maybe whoever was supposed to manage the hotel portion could take a short walk down Walnut and try to bring back Mandaville as their hotel tenant walked a few months back if I recall.

[SEPTATank]

Originally Posted by Hendi

If Blackrock is, hopefully, leasing up to 600k sq. ft. of 750k total and Penn has already signed on for a few floors do we think that this means the the hotel potion of the project is dead? To be honest I wouldn't be sad if it was, there are already more then enough hotels in the pipeline and if UCity needs more rooms the Drexel project looks damn good. In the realm of total fantasy maybe whoever was supposed to manage the hotel portion could take a short walk down Walnut and try to bring back Mandaville as their hotel tenant walked a few months back if I recall.

I believe the hotel/residential was always slated to be in the second shorter tower. Maybe it will get built too, especially if the first bigger tower is nearly full already. Although I doubt if one has that much to do with the other.

On a somewhat related note, my cousin works for the IRS and is not looking forward to the move. He is contemplating early retirement rather than a much farther commute. I wonder how many people are thinking that way? I suggested the train, as he lives near an R7 station, and pestered him into agreeing to give it a try in the near future. He loves reading too, so this would be a great option. Why do Americans love driving so much?

[Hendi]

I thought of that too but all the mockups I've seen had the hotel in the top third of the larger tower, maybe now it will just be moved into the smaller or the smaller will get a little bigger in a redesign, I'm excited to see how it plays out.