PHILADELPHIA | Highrise Development Thread IX

[Flyers2001]

I am glad to hear the Gallery makeover is real and picking up steam.

[PhiLaw]

Originally posted by the WSJ, picked up by Yahoo Finance.

Suburban-centered companies having trouble recruiting/competing with urban-centered counterparts.

http://finance.yahoo.com/news/companies-goodbye-burbs-004800326.html

[Pennsgrant]

http://www.thedp.com/article/2013/12/gro...tnut-episcopal-church-apartment-building

[iamrobk]

Originally Posted by bucks native

source: http://money.cnn.com/2013/12/04/real_estate/chinese-homebuyers/?google_editors_picks=true

Top 10 U.S. cities for Chinese homebuyers

1. NYC
2. LA
3. Philadelphia

I'm a bit mad/disappointed at this just because I like the relatively cheap real estate here (especially center city).

[iamrobk]

Originally Posted by summersm343

No. It will be office space.

I suppose you probably know more than I do, but they're definitely kicking out the stock exchange, and they've been trying to get rid of Cozen for years (they've had extremely favorable rent terms). What I heard is they want to put a pool in the basement, so I assumed it was going residential. Maybe they just want a gym for the office workers?

[summersm343]

Originally Posted by iamrobk

I suppose you probably know more than I do, but they're definitely kicking out the stock exchange, and they've been trying to get rid of Cozen for years (they've had extremely favorable rent terms). What I heard is they want to put a pool in the basement, so I assumed it was going residential. Maybe they just want a gym for the office workers?

Probably a gym for office workers. I don't know anyone from Brandywine well but I personally know someone from Liberty Property Trust. He said Brandywine is trying to redevelop the entire building and make it Class A office space. They are probably trying to make it attractive to tenants by putting in attractive amenities for office tenants.

[Jelly Roll]

Originally Posted by iamrobk

I suppose you probably know more than I do, but they're definitely kicking out the stock exchange, and they've been trying to get rid of Cozen for years (they've had extremely favorable rent terms). What I heard is they want to put a pool in the basement, so I assumed it was going residential. Maybe they just want a gym for the office workers?

Cozen already signed a lease to move to 1 liberty place.

[bucks native]

WATCH: Awesome Video About Plans for Reading Viaduct Park
Cameos from Nutter, Rendell, and more.

By Simon van Zuylen-Wood | December 6, 2013 at 9:41 am

http://www.phillymag.com/news/2013/12/06/watch-awesome-video-plans-reading-viaduct-park/

[EastSideHBG]

Office Space: City gets a 'how-to' do it better

Read more at http://www.philly.com/philly/news/201312...o__do_it_better.html#aQyVFzdPMOFhKvrD.99

[bucks native]

source: http://www.bizjournals.com/philadelphia/...rhaul-planned-for-dow.html?ana=e_phil_bn

Major overhaul planned for Dow building

“We are designing and developing a product that will anchor the Market Street East part of Philadelphia, enhance the pedestrian experience and create a new scene that will augment the cityscape,” said Bill Glazer, president of Keystone Property Group of Bala Cynwyd, Pa.

To that end, Parkway Corp. will convert 55,000 square feet of basement space in the office building into a parking garage. It will have somewhere between 120 and 130 spaces.

Plans are also being developed to create a dynamic outdoor space on an existing plaza area along 6th Street. That includes incorporating a restaurant in 3,000 square feet of the property at the corner of 6th and Market streets. The building has a 40-foot setback, giving it ample room for a restaurant to have outdoor dining.

[Johnland]

Originally Posted by bucks native

source: http://www.bizjournals.com/philadelphia/...rhaul-planned-for-dow.html?ana=e_phil_bn

Major overhaul planned for Dow building

“We are designing and developing a product that will anchor the Market Street East part of Philadelphia, enhance the pedestrian experience and create a new scene that will augment the cityscape,” said Bill Glazer, president of Keystone Property Group of Bala Cynwyd, Pa.

To that end, Parkway Corp. will convert 55,000 square feet of basement space in the office building into a parking garage. It will have somewhere between 120 and 130 spaces.

Plans are also being developed to create a dynamic outdoor space on an existing plaza area along 6th Street. That includes incorporating a restaurant in 3,000 square feet of the property at the corner of 6th and Market streets. The building has a 40-foot setback, giving it ample room for a restaurant to have outdoor dining.

The restuarant and pedestrian enhancements sound good. They will help add some life to the mall. This is the building that faces Independence Mall - right? Last time I visited, I went there and was struck by just how barren it really is, especially for being a block from Old City. I still think the the land should be returned to the city to sell to private builders to develop high density, high quality mixed-use projects.

[summersm343]

First Commercial Real Estate brokerage to open office in University City

http://www.bizjournals.com/philadelphia/...2/ngkf-opens-university-city-office.html

[McBane]

Originally Posted by Johnland

The restuarant and pedestrian enhancements sound good. They will help add some life to the mall. This is the building that faces Independence Mall - right? Last time I visited, I went there and was struck by just how barren it really is, especially for being a block from Old City. I still think the the land should be returned to the city to sell to private builders to develop high density, high quality mixed-use projects.

The area from Arch to Market along 6th is a rough patch. The Rhom and Haas building, the Federal Courthouse, and some squat boxy black building at 6th and Arch are all hideous. But what's worse, is that all those buildings are surrounded by walls that really damage the pedestrian experience. I'm hopeful that part of the redesign will see those walls on the R&H building come down and that the building becomes more integrated w/ the street.

Overall, the buildings surrounding Independence Hall are really hit or miss. The Lafayette Building (now a Kimpton?), the Public Ledger, the Bourse, and the Jewish Museum are all very nice. But the buildings that they put up in the 1950's, 60's, and 70's - well they're really products of their time.

[PhiLaw]

Originally Posted by McBane

The area from Arch to Market along 6th is a rough patch. The Rhom and Haas building, the Federal Courthouse, and some squat boxy black building at 6th and Arch are all hideous. But what's worse, is that all those buildings are surrounded by walls that really damage the pedestrian experience. I'm hopeful that part of the redesign will see those walls on the R&H building come down and that the building becomes more integrated w/ the street.

Overall, the buildings surrounding Independence Hall are really hit or miss. The Lafayette Building (now a Kimpton?), the Public Ledger, the Bourse, and the Jewish Museum are all very nice. But the buildings that they put up in the 1950's, 60's, and 70's - well they're really products of their time.

I absolutely agree. At the risk of sounding overly dramatic, I believe that [greater] Market East - that is, from Race to Chestnut, 6th to 12th - is the Erie Canal of Philadelphia. Connecting historical and cultural Philadelphia to political and economic Philadelphia should be our north star for the foreseeable future.

[Insoluble]

Originally Posted by bucks native

WATCH: Awesome Video About Plans for Reading Viaduct Park
Cameos from Nutter, Rendell, and more.

It would be even more awesome if the Reading Viaduct group hadn't linked up with the sketchy tunnel "park" group that wants to turn the Pennsylvania cut into a muggers haven. I'd really love to see the portions of the viaduct east of Broad and south of Spring Garden turn into a park. I hope this group is able to get that accomplished then bow out to the greater good for the portion west of Broad. I think everyone except for a few extremists realizes that would serve much better as a transit ROW.

[ILovePhilly]

According to Biz Journal the PHA is seeking proposals for development of 2012, 2014, and 2016 Chestnut Street, the abandoned properties on the south side of the street currently making the City the worst landlord on the block (and the only one who hadn't cleared the sidewalk this morning).
The City would do a ground lease, proposals due Feb 7.

This is GREAT news for Chestnut Street!

Also, the former Victoria's Secret on the 1700 block of Chestnut Street is under construction now and will house a 2 story American Eagle Outfitters. I've also noticed that there seem to be many more second floor businesses on Chestnut Street recently, a positive sign for the shopping district.

[tsarstruck]

Looks like the old Mt. Sinai in South Philly is seeing traction. That building's been an empty albatross for a long time.

http://www.passyunkpost.com/2013/12/09/w...rtments-plans-to-be-presented-this-week/

[Nightman]

Originally Posted by bucks native

source: http://www.bizjournals.com/philadelphia/...rhaul-planned-for-dow.html?ana=e_phil_bn

Major overhaul planned for Dow building

“We are designing and developing a product that will anchor the Market Street East part of Philadelphia, enhance the pedestrian experience and create a new scene that will augment the cityscape,” said Bill Glazer, president of Keystone Property Group of Bala Cynwyd, Pa.

To that end, Parkway Corp. will convert 55,000 square feet of basement space in the office building into a parking garage. It will have somewhere between 120 and 130 spaces.

Plans are also being developed to create a dynamic outdoor space on an existing plaza area along 6th Street. That includes incorporating a restaurant in 3,000 square feet of the property at the corner of 6th and Market streets. The building has a 40-foot setback, giving it ample room for a restaurant to have outdoor dining.

120 parking spots for a 3,000 sf restaurant space. Unfortunately I can't get too excited about this.

[Flyers2001]

Originally Posted by Nightman

120 parking spots for a 3,000 sf restaurant space. Unfortunately I can't get too excited about this.

I don't think the parking is for the restaurant alone. I believe they have an opportunity to convert the basement to the garage to generate revenue. It it probably a relatively cheap project that can huge gains in a short amount of time, esp. if they price it a bit cheaper than the underground parking across the street.

The restaurant is actually a great idea in that location with the amount of tourist and workers in the area. There is really nothing in the generally area to grab a bite to eat or having a business lunch.

[Nightman]

Originally Posted by Flyers2001

I don't think the parking is for the restaurant alone. I believe they have an opportunity to convert the basement to the garage to generate revenue. It it probably a relatively cheap project that can huge gains in a short amount of time, esp. if they price it a bit cheaper than the underground parking across the street.

The restaurant is actually a great idea in that location with the amount of tourist and workers in the area. There is really nothing in the generally area to grab a bite to eat or having a business lunch.

Agreed it will be a nice addition if the restaurant space is done right. But as far as I am concerned this is not a major news article and by no means will this anchor market east like Keystone is touting it will.