PHILADELPHIA | Highrise Development Thread IX - Page 25

Londonee · #**481** Posted **Dec 17, 2013, 9:22 PM**

Quote:

Originally Posted by PhiLaw

Remember there is invariably a huge gulf between render and final product in this city. Once those labor bills start coming in, value engineering inevitably follows. Look at 1900 Arch. I love the design and remain optimistic, but you have to have a small shade of jade with these developments.

You don't get KPF to design a budget building. KPF won't allow corners to be cut, every building is a statement of their brand and vision. I'm not familiar with the architect behind 1900 Arch, but comparing them to KPF is a little like comparing Vin Diesel to Lawrence Olivier.

Pennsgrant · #**482** Posted **Dec 18, 2013, 2:50 AM**

What a crazy day.

The awesome press conference regarding Dranoffs 47 story tower. Comcast looks like its about to swallow up Time Warner. Residential Construction is off the hook in University City. ..... Sunoco moves out of Philly to Newtown Square. Citi Banks is getting out of Philadelphia all together.

Its as if Center City is turning into this enormous bedroom community. Residents incoming. Jobs outgoing.

summersm343 · #**483** Posted **Dec 18, 2013, 4:21 AM**

Quote:

Originally Posted by Pennsgrant

What a crazy day.

The awesome press conference regarding Dranoffs 47 story tower. Comcast looks like its about to swallow up Time Warner. Residential Construction is off the hook in University City. ..... Sunoco moves out of Philly to Newtown Square. Citi Banks is getting out of Philadelphia all together.

Its as if Center City is turning into this enormous bedroom community. Residents incoming. Jobs outgoing.

There are actually more jobs being created or coming into the city than are leaving.... but it's still a blow to lose any jobs whatsoever from Center City. Sunoco only had 120 in Center City... not a big deal when 200 where just moved here from Axalta Coating Systems. I have faith still that the job market is turning around in Philly.

BenKatzPhillytoParis · #**484** Posted **Dec 18, 2013, 8:39 AM**

Quote:

Originally Posted by summersm343

There are actually more jobs being created or coming into the city than are leaving.... but it's still a blow to lose any jobs whatsoever from Center City. Sunoco only had 120 in Center City... not a big deal when 200 where just moved here from Axalta Coating Systems. I have faith still that the job market is turning around in Philly.

Ya, I can't find it this second but there was an article in Philly.com the day before yesterday that covered increasing demand for many types of residential partly because payrolls have increased very sharply in the past year. Sunoco has been trying to get out of Philly for a while. Btw Comcast, FMC, science center companies, hill int'l, and suburban firms seeking downtown presences, I'm confident center city will remain the regions preeminent economic hub.

PhiLaw · #**485** Posted **Dec 18, 2013, 12:54 PM**

Quote:

Originally Posted by summersm343

There are actually more jobs being created or coming into the city than are leaving.... but it's still a blow to lose any jobs whatsoever from Center City. Sunoco only had 120 in Center City... not a big deal when 200 where just moved here from Axalta Coating Systems. I have faith still that the job market is turning around in Philly.

Agreed. Economies are fluid. There's always in-and-out movement. Axalta more than makes up for Sunoco. Plus, Axalta stands to bring many more jobs to center city in the coming years. Add all the new construction jobs created (albeit temporary), and 2013 was a HUGE net-positive in center city.

PS: Comcast is also on an internal-auditor hiring spree. You will hear much more about this in the coming months.

Insoluble · #**486** Posted **Dec 18, 2013, 2:29 PM**

Sunoco moving out is a shame, but I suppose it was inevitable. The company has completely fallen apart. There is a bit of a silver lining though.
From the article summersm posted:

Quote:

Divisions were sold and layoffs ensued. In one deal, Braskem, a Brazilian chemical company, bought Sunoco’s polypropylene subsidiary in 2010 and took 22,600 square feet of the Sunoco office space at Mellon Bank. Braskem is a fast-growing company and has continued to grow its presence in Mellon Bank.

link

With any luck this growing company will add enough jobs to offset the loss from Sunoco.

Philly Fan · #**487** Posted **Dec 18, 2013, 3:16 PM**

Quote:

Originally Posted by PhiLaw

Axalta more than makes up for Sunoco. Plus, Axalta stands to bring many more jobs to center city in the coming years.

Not to mention that you're finally getting the company name right.

I'm proud of you, son.

MSFHQ · #**488** Posted **Dec 18, 2013, 4:07 PM**

Citi is only closing their retail branches. Considering the small footprint I can understand. They will keep their commercial, equities, public finance and corporate banking divisions within the city. Those are the real jobs you want. A few bank tellers laid off will be quickly absorbed within the market. PNC is always hiring for those roles.

BenKatzPhillytoParis · #**489** Posted **Dec 18, 2013, 5:56 PM**

Qatar Airways is making Philadelphia a gateway city and flying direct to Doha. This definitely bodes well for business travel.

http://m.bizjournals.com/philadelphia/mo...ar-airways-announces-flights-out-of.html

EastSideHBG · #**490** Posted **Dec 18, 2013, 6:53 PM**

RE: the Dranoff project it looks like we shouldn't get too excited just yet, unfortunately:

Dranoff: Tax abatement crucial to hotel plan

Claudia Vargas, Inquirer Staff Writer
Last updated: Wednesday, December 18, 2013, 2:01 AM
Posted: Tuesday, December 17, 2013, 7:42 PM

PHILADELPHIA The sketches were drawn, and the vision of a 47-story, $210 million hotel and condominium in Center City was in place.

The developer, Carl Dranoff, said financing would be 95 percent private - the only exception being a block of money from the state. He was also counting on the city's 10-year abatement of property taxes.

Then the author of a proposal to slash that abatement warned that he shouldn't count on it.

"If they included abatements within their [financial] plans, then they have more work to do," said Councilman W. Wilson Goode Jr., who is sponsoring a bill that would slash abatements for new property owners by more than half.

Dranoff, in turn, said such a move would kill the project.

Thus began a war of words in the wake of Tuesday's announcement by Mayor Nutter, Dranoff, and others unfurling plans for the soaring tower, which would rise slightly higher than Billy Penn's hat on City Hall.

Read more at http://www.philly.com/philly/business/20...l_to_hotel_plan.html#ijoiEFJVclC3JBJL.99

MikeNigh · #**491** Posted **Dec 18, 2013, 7:12 PM**

Quote:

Originally Posted by Pennsgrant

Its as if Center City is turning into this enormous bedroom community. Residents incoming. Jobs outgoing.

I don't mind, just make the regional rail faster and their parking lots bigger.

summersm343 · #**492** Posted **Dec 18, 2013, 8:00 PM**

Quote:

Originally Posted by EastSideHBG

RE: the Dranoff project it looks like we shouldn't get too excited just yet, unfortunately:

Dranoff: Tax abatement crucial to hotel plan

Claudia Vargas, Inquirer Staff Writer
Last updated: Wednesday, December 18, 2013, 2:01 AM
Posted: Tuesday, December 17, 2013, 7:42 PM

PHILADELPHIA The sketches were drawn, and the vision of a 47-story, $210 million hotel and condominium in Center City was in place.

The developer, Carl Dranoff, said financing would be 95 percent private - the only exception being a block of money from the state. He was also counting on the city's 10-year abatement of property taxes.

Then the author of a proposal to slash that abatement warned that he shouldn't count on it.

"If they included abatements within their [financial] plans, then they have more work to do," said Councilman W. Wilson Goode Jr., who is sponsoring a bill that would slash abatements for new property owners by more than half.

Dranoff, in turn, said such a move would kill the project.

Thus began a war of words in the wake of Tuesday's announcement by Mayor Nutter, Dranoff, and others unfurling plans for the soaring tower, which would rise slightly higher than Billy Penn's hat on City Hall.

Read more at http://www.philly.com/philly/business/20...l_to_hotel_plan.html#ijoiEFJVclC3JBJL.99

Wilson Goode is in the minority here. The majority of City Council is in favor of the project. Anything Goode proposes will never even make it to a vote... not enough support. This is the same thing that happened with the W Hotel, and City Council pretty much unanimously passed the TIF. SLS International is 95% privately funded, the city would be moronic not to allow a tax abatement for the project that will bring hundreds of tax paying residents and thousands of tourists a year and create several hundred jobs. They would the properties remain as is? Two empty buildings and an empty lot that generate not even 1/16th what the new building would generate in taxes? I think not. City Council isn't THAT moronic.

summersm343 · #**493** Posted **Dec 18, 2013, 8:01 PM**

Quote:

Originally Posted by BenKatzPhillytoParis

Qatar Airways is making Philadelphia a gateway city and flying direct to Doha. This definitely bodes well for business travel.

http://m.bizjournals.com/philadelphia/mo...ar-airways-announces-flights-out-of.html

Very good news for Philly. We need more international flights.

summersm343 · #**494** Posted **Dec 18, 2013, 8:46 PM**

Blatstein/Tower Investements to buy Broad and Wasington Lot?

http://www.passyunkpost.com/2013/12/18/b...lot-at-broad-and-washington-sources-say/

tsarstruck · #**495** Posted **Dec 18, 2013, 9:16 PM**

Quote:

Originally Posted by summersm343

Blatstein/Tower Investements to buy Broad and Wasington Lot?]

I hope it was for a low enough amount that the sale price doesn't necessitate a tower. Honestly, although I'd love more density and height here, most of all I'd just like to see that lot disappear even if it means current demand only justifies on the scale of Southstar Lofts.

PhiLaw · #**496** Posted **Dec 18, 2013, 11:43 PM**

Quote:

Originally Posted by Philly Fan

Not to mention that you're finally getting the company name right.

I'm proud of you, son.

Yes. The young grasshopper has come of age

PhiLaw · #**497** Posted **Dec 18, 2013, 11:46 PM**

Quote:

Originally Posted by summersm343

Wilson Goode is in the minority here. The majority of City Council is in favor of the project. Anything Goode proposes will never even make it to a vote... not enough support. This is the same thing that happened with the W Hotel, and City Council pretty much unanimously passed the TIF. SLS International is 95% privately funded, the city would be moronic not to allow a tax abatement for the project that will bring hundreds of tax paying residents and thousands of tourists a year and create several hundred jobs. They would the properties remain as is? Two empty buildings and an empty lot that generate not even 1/16th what the new building would generate in taxes? I think not. City Council isn't THAT moronic.

I would not put it past Goode to blow up the entire neighborhood to get his way

Hopefully you're right that he's in the minority and it's a nonstarter (oh I can go all day)