PHILADELPHIA | American Commerce Center | 1,510' Pinnacle / 1,210' Roof | 63 FLOORS

[pwp]

Originally Posted by volguus zildrohar

The ACC diagrams are up on the corners along 18th Street and Arch Street.

Fan-freakin-tastic. That's a good step!

Although I'm remembering the Trump Tower photos and diagrams on Delaware Ave.

[BigDan35]

Originally Posted by pwp

Fan-freakin-tastic. That's a good step!

Although I'm remembering the Trump Tower photos and diagrams on Delaware Ave.

Yea, I'm not using any "!!!!" or getting excited when it comes to this proposal. I've been let down way too many times in the past year with proposals here in LA, or Philly. At least that way if it doesn't happen, I can't be as disappointed.

But for the record....I HOPE HOPE HOPE HOPE this building gets built. I've been contemplating moving to Philly for a long time (actually about 8 years now). If this building gets built I should make a promise to myself that I will finally move to Philly.

[bucks native]

Originally Posted by We Got Five

This is very interesting news. Let's just speculate that they have a tenant(s). When is the PCC planning on giving approval? This is a huge lot that generates a lot of revenue.

Is there something more to the approval process?

Check box:

Zoning approval = yes
City Council approval = yes
Philadelphia City Planning Commission = yes


from here: http://cpnmhn.typepad.com/cpn/2008/11/pr...ets-zoning-approvals-awaits-city-ok.html

November 21, 2008
Proposed $1B Philadelphia Skyscraper Gets Zoning Approvals, Awaits City OK

By Gail Kalinoski, Contributing Editor

-- The American Commerce Center, a $1 billion, mixed-use skyscraper proposed for 1800 Arch St., in Philadelphia's Center City, moved another step closer to reality this week when the city's planning commission unanimously approved zoning changes for the 1.5-acre site.

“We are excited to have moved past this hurdle and look forward to the next step in front of the Philadelphia City Council on Dec. 3rd at 9:00 am and are very encouraged by the broad support we have received across the city for the American Commerce Center,” Garrett Miller, president of Hill International Real Estate Partners, L.P., said in a statement. Following the Dec. 3 public hearing, the City Council could vote on the development proposal as soon as Dec. 11, according to various news reports.



Philadelphia City Planning Commission approves American Commerce Center plan

Source: Planphilly.com, 11/20/2008

The Philadelphia City Planning Commission approved plans for the American Commerce Center at its meeting Tuesday, reported Planphilly.

The 2.2 million square-foot tower will cost about $1.1 billion and reach 1,500 feet over the city at 18th and Arch streets. It now goes to the City Council Committee on Rules.

Read the full report at Planphilly.com.


from here: http://www.bizjournals.com/philadelphia/stories/2008/12/08/daily46.html

December 12, 2008

Phila. council OKs American Commerce Center skyscraper

Philadelphia Business Journal

City Council unanimously approved the zoning change and plans for the American Commerce Center, a skyscraper proposed by Hill International Real Estate Partners for 18th and Arch streets in Philadelphia.

It would be the tallest building in Philadelphia. It would have 2.2 million square feet with a mix of office, retail, hotel and public spaces. The next step is for the proposal to go through the plan development review process before the city's planning commission, which could take two to three months, according to Peter Kelsen, an attorney representing the builder.

[Ninjawho]

When they had the the Planning Commission meeting, and Swinefiled and Late1 and Don, can correct me on this, but, I thought they said they were going to remove the zoning restrictions, (the general ones), but were going to require them to come back one last time, once they have the tenants and are ready to build, to get final approval on the bonuses they wanted added to the height variance. They weren't sure about things like the size of the sidewalks and how close the building would be to kennedy house and stuff.

Maybe I'm completely wrong tho...

[Don098]

Originally Posted by Ninjawho

When they had the the Planning Commission meeting, and Swinefiled and Late1 and Don, can correct me on this, but, I thought they said they were going to remove the zoning restrictions, (the general ones), but were going to require them to come back one last time, once they have the tenants and are ready to build, to get final approval on the bonuses they wanted added to the height variance. They weren't sure about things like the size of the sidewalks and how close the building would be to kennedy house and stuff.

Maybe I'm completely wrong tho...

That's correct. The planning commission still needs to give one last final approval. The one they gave was simply a zoning recommendation to the city rules committee, not an OK on the entire project itself. They are fully reviewing the proposal now, and things like the traffic study etc. are going to be taken much more seriously now. The flurry stages are over, now comes the waiting for the tenant and then the approval...and then the financing. I think this is negotiation time for the developers, between the city and prospective tenants. I'm not really sure why they're dropping the parking revenue so soon...under the absolute best circumstances they won't be breaking ground for probably 6 months at least, but that's simply a guess.

Have you heard anything new Swinefeld?

[Swinefeld]

Originally Posted by Don098

Have you heard anything new Swinefeld?

Not lately but I'll see if I can did up some new info.

[philadelphiathrives]

While the signs and site preparation don't guarantee that they'll break ground soon, let's just remember that this is NOT the time for overconfidence on the part of developers. So, if the developers are making these moves during such a pessimistic time, they must be very confident that things can begin soon, because they would be inclined not to put up signs and start site preparation at a time like this.

[Don098]

How much money can a parking lot of this size generate for the land owner (in terms of pure profit)? I wonder if it's nearly negligible when you've got a billion-dollar development to think about. Perhaps they're doing this simply for show?

[Ninjawho]

Originally Posted by Don098

How much money can a parking lot of this size generate for the land owner (in terms of pure profit)? I wonder if it's nearly negligible when you've got a billion-dollar development to think about. Perhaps they're doing this simply for show?

I think its probably more than you think. How many spots do you think there are on that lot? 200 maybe? They probably gross, (And I'm pretty sure I'm low balling this since I have no idea in reality how much lots make per day), at least 20$ a day on each spot. Thats 4k a day over 365 days, (remember on the weekend they might not sell out the lot but its still in use so 20$ is an average per day per spot for the whole week roughly), and thats almost 1.5 mil a year. I think that covers the taxes they pay and whatever they pay the attendants, with still a nice little profit. Yea they might be talking a billion dollar development...but bring in a mil on a lot isn't chump change in this economy. Especially since its a lot, which requires very little maintence or overhead.

[1SharpeMan]

That is definately low balling as I have parked there myself. Now I know the lot is not always full, but I have used it for an hour or two and then left so that does not even count that each space could be used numerous times in a 24 hour period.

[Don098]

Originally Posted by Ninjawho

I think its probably more than you think. How many spots do you think there are on that lot? 200 maybe? They probably gross, (And I'm pretty sure I'm low balling this since I have no idea in reality how much lots make per day), at least 20$ a day on each spot. Thats 4k a day over 365 days, (remember on the weekend they might not sell out the lot but its still in use so 20$ is an average per day per spot for the whole week roughly), and thats almost 1.5 mil a year. I think that covers the taxes they pay and whatever they pay the attendants, with still a nice little profit. Yea they might be talking a billion dollar development...but bring in a mil on a lot isn't chump change in this economy. Especially since its a lot, which requires very little maintence or overhead.

I was actually thinking about a million a year myself.

[rricci]

The Plan was approved by the LSNA board, although the City PC noted that they disagree with the recommendation that zoning be changed for the potential ACC site TMU.

http://www.lsnaphilly.org/display/EXT/Home

[hammersklavier]

I thought the neighborhood wanted this thing built? I mean, with what it's offering to the average Logan Squarer on a half-block (if that) of land--2 parks, bike parking garage, commercial center facing Arch, and all that other stuff--and the fact that it's behind (south of) 2 Logan Square* (mitigating shadow problems somewhat)--don't the residents of the old neighborhood want this? It's KH and the Sterling who're against it, because it'd block their Parkway vistas.

*A surprisingly handsome building IMO.

[logansquare]

Originally Posted by hammersklavier

I thought the neighborhood wanted this thing built? I mean, with what it's offering to the average Logan Squarer on a half-block (if that) of land--2 parks, bike parking garage, commercial center facing Arch, and all that other stuff--and the fact that it's behind (south of) 2 Logan Square* (mitigating shadow problems somewhat)--don't the residents of the old neighborhood want this? It's KH and the Sterling who're against it, because it'd block their Parkway vistas.

*A surprisingly handsome building IMO.

I think that is about right Hammer. I think most in the 'hood are supportive of the project, given the positives.

There is some concern that it could signal a continued march of large buildings down Arch, but hopefully proper zoning, planning etc... (which is hopefully in place!) will better govern context etc...

[philadelphiathrives]

I was at the Logan Square meeting and saw the plan. The height limits they were talking about didn't include the ACC site. They want to limit heights in other residential areas, but the ACC site was clearly out of the zones where they want the height limits.

[graupner]

Projects are beeing cancelled all across the world and a promoter wants to build a 63 floors office tower close to Ground-Zero of the global credit crunch ?

He's either brave or running on TARP money...

[pwp]

Originally Posted by graupner

Projects are beeing cancelled all across the world and a promoter wants to build a 63 floors office tower close to Ground-Zero of the global credit crunch ?

He's either brave or running on TARP money...

90 miles can make a world of difference my friend.

[hammersklavier]

If you've been in Philly recently, you'll know we're feeling amazingly optimistic right about now. The recession hasn't been anywhere near as bad here as it's been elsewhere, and of course our sports teams have been doing great.

[We Got Five]

Or he has a lead tenant(s) in play.

[Chriss]

Anyone have photos of the signs?