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  #341  
Old Posted Dec 5, 2013, 5:04 PM
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summersm343 summersm343 is offline
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Originally Posted by Larry King View Post
That irish group seriously overpaid.. about time someone took that lot off their hands

I know toll was looking at another deal on walnut across from indendence hall.. wonder if they dropped that project for this one or they intend on doing both

You know the economy is back when condo projects like this are on the drawing board
Wouldn't be surprised if they were planning to do both. They are on complete opposite sides of Center City from one another and would not take competition from each other. 1911 Walnut would be direct competition for Avenue Place.
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  #342  
Old Posted Dec 5, 2013, 5:14 PM
Pennsgrant Pennsgrant is offline
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Originally Posted by summersm343 View Post
Sansom Place? You mean the Sansom... it's already nearly 100% occupied. So is 2116 Chestnut. The Granary is only 50% occupied but I think that is because of the ridiculous asking rents for the location. If they come down in price, the building will get filled much faster. 2040 Market is also nearly 100% occupied.
Any Links to back up these claims




Quote:
Originally Posted by summersm343
What is up with you and being extremely negative about EVERYTHING the past few days? Is this just how you always are? You're turning a generally cheery forum into something I'm not enjoying reading right now. Stop being such a downer.
Too funny.
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  #343  
Old Posted Dec 5, 2013, 5:48 PM
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Parkway Parkway is offline
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Park Stuff

Love Park Restaurants

I think this is a good idea although 7 seems like a bit much. Maybe start with 2, one sit down and one like shake shack and see how they do. I don't really understand why having one of them be a Fridays is a bad thing. There is a Fridays in Kungstradgarden in central Stockholm and it didn't exactly kill the ambiance.

Schuylkill Banks Cafes

As much as I like this idea I just don't think its feasible. If you look at the café they put in the Sister Cities park it doesn't really fit anywhere within the banks. There are only about 2-3 places where you could fit a small café and only 1 doesn't involve blocking views of the river from the trail. On top of that remember that the whole park floods several times a year which is not ideal for a place that prepares food.
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  #344  
Old Posted Dec 5, 2013, 5:57 PM
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summersm343 summersm343 is offline
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Originally Posted by Pennsgrant View Post
Any Links to back up these claims

Too funny.
The Sansom was nearly 100% leased in August. It is 100% now
http://blog.philadelphiarealestate.com/a...opening-in-recently-finished-the-sansom/

The Granary was 40% leased in the beginning of November
http://www.multihousingnews.com/news/low...-granary-in-philadelphia/1004092834.html

2040 Market is 100% leased. Read the description
http://offcampushousing.drexel.edu/property/view/listingid/144965

Couldn't find links for 2116 and Tower Place. I don't have time to be searching around the internet right now but I'm not making this stuff up. I work with all of these buildings fairly extensively. I am constantly in talks with developers. The rental apartment vacancy rate in Center City and UCity is less than 2%... that is what is bringing in all of the new developments.
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  #345  
Old Posted Dec 5, 2013, 6:00 PM
cubanChris cubanChris is offline
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Schuylkill Banks Cafes

As much as I like this idea I just don't think its feasible. If you look at the café they put in the Sister Cities park it doesn't really fit anywhere within the banks. There are only about 2-3 places where you could fit a small café and only 1 doesn't involve blocking views of the river from the trail. On top of that remember that the whole park floods several times a year which is not ideal for a place that prepares food.
Are you talking about Londonee's comment? If so I think it was in reference to the impending CHOP development just below south street.

The plan already calls for an expansion of the River Trail, and a larger manicured grounds... To the point where I think it would be one of the wider portions of the trail once completed.

I share the opinion that retail could really be a boon for that area, and the trail in particular. If the neighbors aren't keen on Schuylkill Ave becoming a retail corridor – though not an opinion I share — that is fine. Have light-bite options facing the avenue (coffee, bagels, lunch-fare) and then have a larger retail turn toward the River. It would be a terrific anchor dining/drinking area to promote from the northern museum portion complimented by some of the best skyline views of the city & river.

Living in that general area, I'd be hard pressed to choose anywhere else to go in the spring/summer/fall for an evening drink with friends. The fact that it's turned toward the river would also calm any fears of noise from neighbors.

Ah well, call it one man's dream... unlikely to become a reality.
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  #346  
Old Posted Dec 5, 2013, 6:41 PM
Flyers2001 Flyers2001 is offline
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Living in that general area, I'd be hard pressed to choose anywhere else to go in the spring/summer/fall for an evening drink with friends. The fact that it's turned toward the river would also calm any fears of noise from neighbors.
I agree. There is something nice about grabbing a bite and getting a drink with views of a river/ocean/bay. Not asking for the Baltimore Harbor, just something different or more upscale than Cavanaugh's River Deck.
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  #347  
Old Posted Dec 5, 2013, 7:36 PM
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summersm343 summersm343 is offline
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The Parking Garage at 8th and Filbert will get a makeover. And Philly will be getting a Joe Fraiser Statue

http://planphilly.com/articles/2013/12/0...king-structure-renovation-frazier-statue
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  #348  
Old Posted Dec 5, 2013, 7:43 PM
Jelly Roll Jelly Roll is offline
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Originally Posted by Pennsgrant View Post
Any Links to back up these claims
It is common knowledge in the industry and Centercityphila.org has multiple market reports if you wish to read them. There are roughly 15,000 apartments in Center City proper and 45,000 in greater center city. A typical healthy apartment market has 5-7% vacancy rates in order to account for economic vacancy from the turnover from people moving from from one unit to another. The current vacancy rate is around 2% which is well below what it should be even if the population is not growing. That means to get to a healthy market Center City proper needs to add at least 750 more units.

Given the 25% growth over the past ten years Center City proper needs to add at least 375 units per year plus the initial 750 that the market is currently lacking just to keep pace with past demand. As the market grows the number of units that is needed to sustain a healthy market will continue to grow exponentially. When you factor in University City and Greater Center City the amount of units per year to be added easily gets to over 2,000 per year in order to account for continued growth. In essence for the rental market to properly function Greater Center City needs to add roughly 1,500-3,000 apartment units per year to keep up with demand. Seems like that is in line with the new units coming to market. I would also like to note that given the very low vacancy rate it is very probable there is a lot of untapped growth potential and that the market can most likely absorb more then 3,000 units per year.
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  #349  
Old Posted Dec 5, 2013, 8:04 PM
Flyers2001 Flyers2001 is offline
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Originally Posted by summersm343 View Post
The Parking Garage at 8th and Filbert will get a makeover. And Philly will be getting a Joe Fraiser Statue

http://planphilly.com/articles/2013/12/0...king-structure-renovation-frazier-statue
That garage started getting a makeover almost a year ago when PPA took it over and closed off the first 2 floors to public parking. PPA had a hostile take over plan for that garage. It was hey we're here, barricades up, parking spot numbered for van parking. By the way, those of you that parked here and paid the ridiculous prices, FU.
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  #350  
Old Posted Dec 5, 2013, 10:42 PM
Ritz48 Ritz48 is offline
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No Bloomingdales for Center City

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Originally Posted by summersm343 View Post
Possible. It won't be a TopShop though. PREIT bought the Gallery with plans to turn it upscale. Either way Bloomie's will be in the Gallery. I say put Bloomie's in the current BCF spot and move BCF to the KMart spot. And agreed. There could be another Big Box anchor tenant at the Health Partners site. JCPenny's? Neiman Marcus?
I have no idea where your facts are coming from, but not only has Macy's reported they are not likely to open new stores until they fix the brand, but the Gallery and Market East would be the ultimate —. The question was recently brought up with Terry Lundgren and the response was almost laughter.
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  #351  
Old Posted Dec 6, 2013, 12:10 AM
sayitaintso sayitaintso is offline
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Multi Family Report Q3

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  #352  
Old Posted Dec 6, 2013, 12:22 AM
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summersm343 summersm343 is offline
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Originally Posted by Ritz48 View Post
I have no idea where your facts are coming from, but not only has Macy's reported they are not likely to open new stores until they fix the brand, but the Gallery and Market East would be the ultimate —. The question was recently brought up with Terry Lundgren and the response was almost laughter.
That's why they just announced they are opening a Macy's and a Bloomingdale's in Miami?

http://www.bizjournals.com/southflorida/news/2013/12/05/macys-and-bloomingdales-opening.html
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  #353  
Old Posted Dec 6, 2013, 2:33 AM
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The new apartment building planned for 38th and Chestnut officially broke ground today. I'm glad to see that this project didn't just fade away, especially with the neighborhood opposition to the demolition of those two insignificant townhouses. Expected completion is Summer of 2015.

http://blog.philadelphiarealestate.com/cross-crossroads-merge-groundbreaking-university-city/

Last edited by aro1419; Dec 6, 2013 at 8:46 PM. Reason: Wrong street number :P
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  #354  
Old Posted Dec 6, 2013, 2:38 AM
Plokoon11 Plokoon11 is offline
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Can anyone render what University City is going to look like after all of these projects are built?
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  #355  
Old Posted Dec 6, 2013, 1:21 PM
McBane McBane is offline
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Originally Posted by aro1419 View Post
The new apartment building planned for 28th and Chestnut officially broke ground today. I'm glad to see that this project didn't just fade away, especially with the neighborhood opposition to the demolition of those two insignificant townhouses. Expected completion is Summer of 2015.

http://blog.philadelphiarealestate.com/cross-crossroads-merge-groundbreaking-university-city/
You mean 38th!!! I never heard of the intersection of 28th and Chestnut...I thought it was something completely new. Great news. Keep 'em coming.

And good news about Toll Bros. They don't — around; however, I do have concerns about the viability of a hotel there - or really anywhere in CC. Though I do understand a hotel at 19th and Walnut would not be geared towards conventioneers. Design wise, Toll Bros projects tend to be, how do I put this...their designs are very safe.
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  #356  
Old Posted Dec 6, 2013, 3:54 PM
ILovePhilly ILovePhilly is offline
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Demolition crane appeared on the 2000 block of Ranstead Street today!! The 2017-21 Chestnut Street building extends from Chestnut to Ranstead. I know some of us may have thought this was another demo permit that would never become reality but here it is! I am SO excited for this project!


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  #357  
Old Posted Dec 6, 2013, 5:23 PM
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summersm343 summersm343 is offline
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Awesome news about the 12 story Chestnut project!

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Originally Posted by McBane View Post
You mean 38th!!! I never heard of the intersection of 28th and Chestnut...I thought it was something completely new. Great news. Keep 'em coming.

And good news about Toll Bros. They don't — around; however, I do have concerns about the viability of a hotel there - or really anywhere in CC. Though I do understand a hotel at 19th and Walnut would not be geared towards conventioneers. Design wise, Toll Bros projects tend to be, how do I put this...their designs are very safe.
Have you seen the designs of their highrises in NYC? Very nice..
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  #358  
Old Posted Dec 6, 2013, 5:24 PM
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summersm343 summersm343 is offline
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  #359  
Old Posted Dec 6, 2013, 5:33 PM
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summersm343 summersm343 is offline
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When landlord Morris Jerome inked a deal for a Nordstrom Rack at the old Daffy's on Chestnut Street, he was quick to say that the lease would potentially pack a bigger punch than just a sizable rent check.

The Rack, to occupy four floors of a marquee building in the heart of burgeoning Center City next fall, would attract other big-name retailers, and further corrode the once-ironclad notion that downtown Philadelphia was too dowdy to interest fancy brands.
Quote:
Flocking to downtown's core in the past year were tenants such as Theory, Madewell, and Ulta, while Nordstrom Rack is due to open next year, and the Barneys Co-Op on Rittenhouse Square will be converted into a Barneys New York in 2014.
Quote:
Famous, who represents Nordstrom Rack and other retailers locally, said one supermarket client has asked him to find a Center City location for a 70,000-square-foot store. He also is representing a movie-theater chain and other retailers in talks to sign leases as part of the planned renovation of The Gallery at Market East.
http://www.philly.com/philly/business/ho...tyle_puts_its_brands_on_Center_City.html
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  #360  
Old Posted Dec 6, 2013, 5:39 PM
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The Philadelphia Housing Authority is seeking ideas for the potential redevelopment of three prime properties along Chestnut Street in Center City.

PHA issued a request for proposals for 2012, 2014 and 2016 Chestnut St.

While PHA didn’t say what uses it envisions for the properties, it believes a redevelopment may involve mixed-use, office, commercial or residential.

Under the proposal, PHA would continue to own the properties and arrange a ground lease with the selected developer. The deadline for submitting proposals is Feb. 7, 2014. A developer will be picked in May.
http://www.bizjournals.com/philadelphia/...housing-authority-seeks-development.html
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