PHILADELPHIA | The Development Thread VIII

[PhiLaw]

Here we go again...

http://www.philly.com/philly/business/labor_and_unions/217920491.html?google_editors_picks=true

[PhiLaw]

Just got some insider information that Exalta - recently spun off from Dupont - will be moving to Commerce Square in late October. We'll see when it gets announced.

[Jelly Roll]

A locally-based commercial real estate developer known for its large-scale projects in New York and Washington D.C. has finally set its sights on its backyard.

LCOR, which is headquarterd off Cassatt Road in Berwyn, Pa., has hired Donald A. Tracy II to build up a Philadelphia-focused development team and steer the company to expand its presence and pursue development opportunities in Philadelphia, its suburbs and surrounding region.

The company is interested in urban, core multifamily development opportunities within Philadelphia and in suburban areas well connected to regional rail and surrounded by employment centers.

http://www.bizjournals.com/philadelphia/...te-development-company.html?iana=ind_cre

[bucks native]

A rendering of One Riverside Park, at 25th and Locust. Render by Cecil Baker+Partners

here: http://www.philly.com/philly/home/20130726_Changing_Skyline__Challenge_on_the_Schuylkill.html

[bucks native]

source: http://ucreview.com/

The Perelman Theater now offers film screenings. It will be the largest film theater in Philadelphia with 490 seats. Screenings at the Perelman will include premiers, independent one-offs, film festivals and private screenings, Pinkerson said. The space surrounding the theater at the Kimmel Center can be used for before and after parties associated with film screenings. Catering from Jose Garces.

[EastSideHBG]

Some big development news in Conshy for those interested:

Two developers set sights on Fayette and Elm, Conshohocken




ONSHOHOCKEN — The Montgomery County Redevelopment Authority (RDA) has released redacted copies of two proposals to redevelop the Verizon building and a vacant parcel at the intersection of Fayette and Elm streets, reuse the historic Washington Fire Co. building and provide additional parking for Fayette Street merchants and shoppers.

The Times Herald filed a Right to Know request July 26 for the two proposals from Brandywine Realty Trust (BRT) of Radnor, Delaware County, and Keystone Property Group (KPG) of Lower Merion after officials at the RDA refused to provide the proposals without allowing the two realty development companies to redact “confidential and proprietary information.”

Jerry Nugent III, the executive director of the RDA, said in a July 31 letter that the information was “commercial or financial information received by an agency which is privileged or confidential and the disclosure of which would cause substantial harm to the competitive position of the person that submitted the information.”

The redacted version of the BRT proposal included an executive summary and six conceptual drawings illustrating the firm’s plans for replacing the Verizon building at 402 Fayette St., with a 24,000-square-foot building for borough workers and the police department.

“Our development concepts contemplate a 400-car, fully automated parking garage beneath a 226,920-square-foot office building and the addition of 200 parking spaces at our existing parking facility located at 1 and 101 West Elm St.,” the BRT proposal states. “Our development plan utilizes the existing facade of the historic firehouse and incorporates a public amenity in the form of a restaurant into the building’s use.”

The conceptual drawing for the proposed office building on the vacant, 15,768-square-foot parcel at the intersection of Fayette and Elm streets shows a 14-story building. Phase I of the BRT proposal includes the parking garage under the office building and the reuse of the historic firehouse.

http://www.timesherald.com/article/20130...fayette-and-elm-conshohocken-#full_story

[summersm343]

Title: Rodin Square
Project: 293 residential units, 60,000+ sq ft Whole Foods Grocery store, 19,000 sq ft of retail/commercial space, parking, bicycle parking
Architect: MV+A Architects
Developer: R. Investment Five, L.P. & Battersea Interests, L.P.
Location: 501 N. 22nd St., Philadelphia, PA
Floors: 10
Height: 120 feet











Rodin Square is a mixed use development located between Pennsylvania Avenue, Hamilton Street, 21st and 22nd Streets, and Spring Garden Street. The building, designed well within the permitted FAR and height controls, features a modern Whole Foods Market with approximately 55,000 square feet of shopping area with a prominent glass facade facing the Benjamin Franklin Parkway. Office and retail space serve the Spring Garden neighborhood to the north in addition to retail space that activates Hamilton Street to the south.

Above the retail podium, nearly 300 luxury apartment units on nine levels look out towards amazing views of the city. Residents are provided with over 50,000 square feet of landscaped rooftop including a 30,000 square foot residential amenity area. This space, oriented towards the Benjamin Franklin Parkway, features a swimming pool, landscaping and green roofs, as well as spaces for gathering, exercising and relaxing.

http://www.phila.gov/CityPlanning/projectreviews/PDF/CDR%20APPLICATION_501%20N.%2022nd%20Street.pdf

[Kidphilly]

Originally Posted by EastSideHBG

Some big development news in Conshy for those interested:

Two developers set sights on Fayette and Elm, Conshohocken




ONSHOHOCKEN — The Montgomery County Redevelopment Authority (RDA) has released redacted copies of two proposals to redevelop the Verizon building and a vacant parcel at the intersection of Fayette and Elm streets, reuse the historic Washington Fire Co. building and provide additional parking for Fayette Street merchants and shoppers.

The Times Herald filed a Right to Know request July 26 for the two proposals from Brandywine Realty Trust (BRT) of Radnor, Delaware County, and Keystone Property Group (KPG) of Lower Merion after officials at the RDA refused to provide the proposals without allowing the two realty development companies to redact “confidential and proprietary information.”

Jerry Nugent III, the executive director of the RDA, said in a July 31 letter that the information was “commercial or financial information received by an agency which is privileged or confidential and the disclosure of which would cause substantial harm to the competitive position of the person that submitted the information.”

The redacted version of the BRT proposal included an executive summary and six conceptual drawings illustrating the firm’s plans for replacing the Verizon building at 402 Fayette St., with a 24,000-square-foot building for borough workers and the police department.

“Our development concepts contemplate a 400-car, fully automated parking garage beneath a 226,920-square-foot office building and the addition of 200 parking spaces at our existing parking facility located at 1 and 101 West Elm St.,” the BRT proposal states. “Our development plan utilizes the existing facade of the historic firehouse and incorporates a public amenity in the form of a restaurant into the building’s use.”

The conceptual drawing for the proposed office building on the vacant, 15,768-square-foot parcel at the intersection of Fayette and Elm streets shows a 14-story building. Phase I of the BRT proposal includes the parking garage under the office building and the reuse of the historic firehouse.

http://www.timesherald.com/article/20130...fayette-and-elm-conshohocken-#full_story

Interesting both would make a pretty dramatic impact here.

Nice to see some new things in Conshy thanks for the post

[summersm343]

1919 Market. Looking like 28 floors and 367 feet

http://www.phila.gov/CityPlanning/projectreviews/PDF/1919%20Market%20Street%20CDR%20Application.pdf

[Insoluble]

Originally Posted by summersm343

Title: Rodin Square
Project: 293 residential units, 60,000+ sq ft Whole Foods Grocery store, 19,000 sq ft of retail/commercial space, parking, bicycle parking
Architect: MV+A Architects
Developer: R. Investment Five, L.P. & Battersea Interests, L.P.
Location: 501 N. 22nd St., Philadelphia, PA
Floors: 10
Height: 120 feet

Nice! I've been waiting on details for this one. This is going to be so much better than the crappy suburban Best Western. The design looks like it addresses the street well and is a big improvement on the current whole foods a block away. I'm hoping that lot gets a similarly dramatic redevelopment soon too.

[PhiLaw]

Originally Posted by Insoluble

Nice! I've been waiting on details for this one. This is going to be so much better than the crappy suburban Best Western. The design looks like it addresses the street well and is a big improvement on the current whole foods a block away. I'm hoping that lot gets a similarly dramatic redevelopment soon too.

Good on you for taking the pictures out of the quotes

[MSFHQ]

Maybe I am seeing things, but did the Dow building put up metal bars and rails? Looks like they are going to be putting a new facade on or something.

I walked by the Court House today and it looks great. 19th and Arch should be starting a second story and moment now. They've already started putting up wall dividers on the second level.

[Jonboy1983]

Originally Posted by EastSideHBG

Some big development news in Conshy for those interested:

Two developers set sights on Fayette and Elm, Conshohocken




ONSHOHOCKEN — The Montgomery County Redevelopment Authority (RDA) has released redacted copies of two proposals to redevelop the Verizon building and a vacant parcel at the intersection of Fayette and Elm streets, reuse the historic Washington Fire Co. building and provide additional parking for Fayette Street merchants and shoppers.

The Times Herald filed a Right to Know request July 26 for the two proposals from Brandywine Realty Trust (BRT) of Radnor, Delaware County, and Keystone Property Group (KPG) of Lower Merion after officials at the RDA refused to provide the proposals without allowing the two realty development companies to redact “confidential and proprietary information.”

Jerry Nugent III, the executive director of the RDA, said in a July 31 letter that the information was “commercial or financial information received by an agency which is privileged or confidential and the disclosure of which would cause substantial harm to the competitive position of the person that submitted the information.”

The redacted version of the BRT proposal included an executive summary and six conceptual drawings illustrating the firm’s plans for replacing the Verizon building at 402 Fayette St., with a 24,000-square-foot building for borough workers and the police department.

“Our development concepts contemplate a 400-car, fully automated parking garage beneath a 226,920-square-foot office building and the addition of 200 parking spaces at our existing parking facility located at 1 and 101 West Elm St.,” the BRT proposal states. “Our development plan utilizes the existing facade of the historic firehouse and incorporates a public amenity in the form of a restaurant into the building’s use.”

The conceptual drawing for the proposed office building on the vacant, 15,768-square-foot parcel at the intersection of Fayette and Elm streets shows a 14-story building. Phase I of the BRT proposal includes the parking garage under the office building and the reuse of the historic firehouse.

http://www.timesherald.com/article/20130...fayette-and-elm-conshohocken-#full_story

Originally Posted by summersm343

Title: Rodin Square
Project: 293 residential units, 60,000+ sq ft Whole Foods Grocery store, 19,000 sq ft of retail/commercial space, parking, bicycle parking
Architect: MV+A Architects
Developer: R. Investment Five, L.P. & Battersea Interests, L.P.
Location: 501 N. 22nd St., Philadelphia, PA
Floors: 10
Height: 120 feet











Rodin Square is a mixed use development located between Pennsylvania Avenue, Hamilton Street, 21st and 22nd Streets, and Spring Garden Street. The building, designed well within the permitted FAR and height controls, features a modern Whole Foods Market with approximately 55,000 square feet of shopping area with a prominent glass facade facing the Benjamin Franklin Parkway. Office and retail space serve the Spring Garden neighborhood to the north in addition to retail space that activates Hamilton Street to the south.

Above the retail podium, nearly 300 luxury apartment units on nine levels look out towards amazing views of the city. Residents are provided with over 50,000 square feet of landscaped rooftop including a 30,000 square foot residential amenity area. This space, oriented towards the Benjamin Franklin Parkway, features a swimming pool, landscaping and green roofs, as well as spaces for gathering, exercising and relaxing.

http://www.phila.gov/CityPlanning/projectreviews/PDF/CDR%20APPLICATION_501%20N.%2022nd%20Street.pdf

Man, both of these look fantastic. I'm especially ecstatic about Rodin Square. I think that would make a terrific addition to that part of the city and even entice further development and redevelopment of the surrounding area. Having a Whole Foods should prove to be a boon for the neighborhood.

Some redevelopment news from Chester County, Lipskins Warehouse could house a microbrewery and condos. I made a blog post on this.
http://www.blogger.com/blogger.g?blogID=1731254325232691482#allposts

To view the article in the Daily Local, http://www.dailylocal.com/article/201308...eveloper-has-plan-for-lipkin-s-warehouse

[hammersklavier]

Originally Posted by MSFHQ

Maybe I am seeing things, but did the Dow building put up metal bars and rails? Looks like they are going to be putting a new facade on or something.

My guess is that they're prepping it for window washing. The Dow building--the old Rohm & Hass building--is actually a historic building, believe it or not.

[DIESELPOLO]

Originally Posted by Kidphilly

Interesting both would make a pretty dramatic impact here.

Nice to see some new things in Conshy thanks for the post

That's big development, but was the article hinting at scandal that in order to obtain the information that had to invoke "Right to know"?

[summersm343]

Franklin Square Capital Partners will be relocating its headquarters to the Philadelphia Navy Yard where Liberty Property Trust and Synterra Partners will construct a new four-story, 80,050-square-foot building for the firm.

The firm will be moving from Cira Centre.

Franklin Square designs and manages alternative investment funds that allow mainstream investors to access asset classes, like investments in private companies, that were previously only available to institutional investors. Company revenues grew from $1.5 million in 2009 to just under $27 million last year, or 1,698 percent. It was formed in 2007 with 15 employees and now has 150 people working for it. It has been ranked 13th on Forbes Magazine’s 2013 list of America’s most promising companies.

Render in link:

http://www.bizjournals.com/philadelphia/.../franklin-square-capital-to-move-to.html

[christof]

Originally Posted by summersm343

1919 Market. Looking like 28 floors and 367 feet

http://www.phila.gov/CityPlanning/projectreviews/PDF/1919%20Market%20Street%20CDR%20Application.pdf

That design is coyote ugly. I'm sorry.

[JorgeGeorgy]

Originally Posted by christof

That design is coyote ugly. I'm sorry.

Far better than the overgrown empty lot, dreary and vacant since the Penn Center Inn was demolished decades ago.

[MSFHQ]

I don't know. While I think that lot would be ideal for a very large building, I think it is good to have more residential right in center city. Building is tall enough considering some of the surrounding buildings.

And Philly has so much open spots for tall buildings.I mean coming down Market you have full city blocks completely leveled. Part of me is a little worried though. Between this, 19th and Arch, 17th and Arch (just recently renovated), 21st and Chestnut, The Grove, etc etc the city seems to be adding a lot of residential while not a lot of jobs. There aren't cheap apartments either.

Lets just hope that the jobs follow and this momentum can continue. But I consider this to be pretty positive considering all the building going on. Lets drop the wage tax some and make a commitment to continued growth.

[summersm343]

I had a meeting with the development manager for 3601 Market today. Groundbreaking is scheduled for September 1st. Don't want to give away too much of his information, but he did also mention that a large Nationwide Development Company (I did not catch the name) will be building a very large 400-500 unit highrise development in Center City and it will be announced very soon. Not sure if it will all be in one highrise but 500 units in one building could be well over 600 ft.