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

[MusicMan84]

1/20/13

[Lincolndrive]

Forgive me if this video is old news but it was the first I've seen it. So pumped this project is really getting started!

http://www.ciracentre.com/default.aspx

[rricci]

The original article calls for a 25-30 foot residential tower on Chestnut, yet the recent zoning permit cites a 36 foot tower. Does this mean that it will be taller than orignally planned, or is it standard practice to list above what the final plan expects to be? I'm a novice so be patient with me. A 36' tower would significantly change the skyline, and be similar to the new residential tower at 2101 Chestnut. Nice.

[summersm343]

Some news on the office market in Philadelphia. There is a need for new trophy towers in the city. We could see some action on the Cira South Office Tower sooner than we thought.

Major space users in Center City are itching for more SF but being met by low vacancy. That’s a formula for new office development, a real possibility in 2013, according to Newmark Grubb Knight Frank executive managing director Wayne Fisher.

Wayne says Center City’s trophy office buildings, mostly towers over 40 stories, benefited the most from last year’s uptick in leasing. The trophies didn’t have high vacancies going into the downturn, and aggressive rents attracted tenants who might have otherwise stuck with their previous digs. Deals could be had for around $30/SF, down from 2000s highs around $35 to $40/SF. Now trophy space is extremely tight, and rents will go up this year.

There are only eight full floors of available space among trophy assets, Wayne adds—about 160k SF all together. Liberty Property Trust has plans for a roughly 400k SF office building, and a few law firms are kicking that tire, Wayne says. In Philly, new construction comes in at roughly a $45 to $50/SF proposition, but the higher cost would be partly offset by operating and layout efficiencies, LEED status, and other new-building advantages.

Newmark Grubb Knight Frank says office leasing volume in Center City totaled about 2.8M SF in 2012, a 40% increase over 2011, driven by a handful of large renewals and new leases. The company predicts net absorption of 150k SF by the end of 2013. Vacancy, which ended 2012 at about 14.1% overall, is projected to drop to 13.7% by the end of 2013. Despite this modest improvement, rental rates will remain flat, with the exception of trophy assets, where direct vacancy was a healthy 5.1% at the end of 2012.

http://www.bisnow.com/commercial-real-estate/philadelphia/new-center-city-offices/

[summersm343]

This was posted today by ILovePhilly on the Philadelphia Development Thread

I know people were talking about there being action at "Cira South" ... but they actually have a Foundation permit. Filed Jan 14 by Brandywine Cira South LP at 2930 Chestnut. And a Shell permit!! Filed 1/22!!! I just found that as I was writing about the foundation permit! So much excellent!

FOR THE ERECTION OF CORE & SHELL OF A (36) STORY HIGH-RISE RESIDENTIAL BUILDING OF PROTECTED NONCOMBUSTIBLE CONCRETE/STEEL CONSTRUCTION WITH EXTERIOR GLAZED CURTAIN WALL SYSTEM; BUILDING IS TO BE FULLY SPRINKLERED. ALL WORK PERMITTED HEREIN LIMITED TO ERECTION OF BUILDING ENVELOPE & SUPERSTRUCTURE ONLY; SEPARATE FIT-OUT & CERTIFICATE OF OCCUPANCY PERMITS REQUIRED PRIOR TO OCCUPANCY.

LOOKS LIKE THE RESIDENTIAL TOWER MAY BE 36 FLOORS!!!! FOR REFERENCE. CIRA CENTER IS 29 FLOORS AND 437 FEET. THIS IS A RESIDENTIAL TOWER THOUGH. SO IT MAY BE SLIGHTLY SHORTER.

[hammersklavier]

I'd estimate it'd be ~370 ft. at 36 floors.

[Kidphilly]

Originally Posted by hammersklavier

I'd estimate it'd be ~370 ft. at 36 floors.

Believe that would still make it the 2nd tallest in UCity

[summersm343]

Originally Posted by hammersklavier

I'd estimate it'd be ~370 ft. at 36 floors.

I would say probably about ~390 to ~400 just because of the slopping roof.

[relnahe]

Originally Posted by hammersklavier

I'd estimate it'd be ~370 ft. at 36 floors.

If it follows Cira Center's floor plan it'll be over 500.

[hammersklavier]

Originally Posted by relnahe

If it follows Cira Center's floor plan it'll be over 500.

Perhaps. But offices usually have higher ceiling heights than residential.

[summersm343]

Since this thread is getting rather lengthy, do think we should start a new thread for this, to clean everything up and make it more organized?

[Kidphilly]

Originally Posted by hammersklavier

Perhaps. But offices usually have higher ceiling heights than residential.

assuming this building would be green in nature what is the typical green residential floor height? anyone know?

[summersm343]

Originally Posted by Kidphilly

assuming this building would be green in nature what is the typical green residential floor height? anyone know?

Usually 10 feet for residential buildings.

[hammersklavier]

Originally Posted by summersm343

Since this thread is getting rather lengthy, do think we should start a new thread for this, to clean everything up and make it more organized?

Lengthy is good. Besides, there's action on only one element of the site right now (one is complete, the other still a proposal). If there is action on both the Chestnut and Walnut towers at the same time, there's a chance I'll break it into two threads. But as it stands there's no reason to dedicate a thread exclusively to the Walnut tower when there's no action there.

[kraggman]

Originally Posted by Lincolndrive

Forgive me if this video is old news but it was the first I've seen it. So pumped this project is really getting started!

http://www.ciracentre.com/default.aspx

Thanks for the post, I never saw it either.

[hammersklavier]

That little puddle down there is actually the water table, folks.

Originally Posted by bucks native

source:http://blog.philadelphiarealestate.com/construction-begins-for-phase-one-of-cira-centre-south/


Construction begins for phase one of Cira Centre South

Posted on Tuesday, January 29, 2013
by Isaac Riddle

The next phase in the Cira Centre development, Cira Centre South is now underway. Site prep has begun for a student residential tower at 30th and Chestnut streets.

According to the building permit issued to the developers, the residential tower will rise 36 floors, with 35 floors designated for apartment space and the first floor set aside for retail.

The University of Pennsylvania has already agreed to lease space for the tower on Walnut, which is rumored to begin construction later this year.

Brandywine currently has plans for a 25-story residential building at 20th and Market streets and a 22- to 27-story office tower at the corner of 19th and Arch streets.

Photos from link

[summersm343]

Posted by Pennsgrant on the Philadelphia Development Thread.

The Walnut Tower will be 47 floors and could very well be over 600 feet with LEED Certifications

http://www.philly.com/philly/blogs/i...t-St-site.html

FOR THE ERECTION OF A 47 STORY STRUCTURE (BUILDING #1; WALNUT ST. TOWER), FOR THE ERECTION OF A 36 STORY STRUCTURE (BUILDING #2, CHESTNUT ST. TOWER) AND FOR THE ERECTION OF A THREE (3) STORY ADDITION ABOVE AN EXISTING ELEVEN (11) STORY GARAGE (14 STORY). SIZE AND LOCATION AS SHOWN IN THE APPLICATION.

[relnahe]

Originally Posted by summersm343

Posted by Pennsgrant on the Philadelphia Development Thread.

The Walnut Tower will be 47 floors and could very well be over 600 feet with LEED Certifications

http://www.philly.com/philly/blogs/i...t-St-site.html

FOR THE ERECTION OF A 47 STORY STRUCTURE (BUILDING #1; WALNUT ST. TOWER), FOR THE ERECTION OF A 36 STORY STRUCTURE (BUILDING #2, CHESTNUT ST. TOWER) AND FOR THE ERECTION OF A THREE (3) STORY ADDITION ABOVE AN EXISTING ELEVEN (11) STORY GARAGE (14 STORY). SIZE AND LOCATION AS SHOWN IN THE APPLICATION.

How many floors does Cira 1 have?

[summersm343]

Originally Posted by relnahe

How many floors does Cira 1 have?

29, and it is 437 feet tall

[MusicMan84]

I'm so excited to watch these rise... I'm only a few blocks away.