PHILADELPHIA | Highrise Development Thread IX

[PhiLaw]

Originally Posted by tsarstruck

News on Walnut is iterating so fast that you're one step behind: Burberry's out but Michael Kors is in. Imagine this had everything to do with rising rents.

http://philly.racked.com/archives/2014/0...-walnut-street-in-rittenhouse-square.php

Wow nice. Add to that a new J-Crew going in on 17th. I wonder if Burberry plans another location. Chestnut st?

[Parkway]

I did a six mile walk around today, unfortunately my camera is acting up but I noticed a few things:

We might have 4 cranes at once in a 2 block radius in University City.

Evo is tall and by my count still has 6 floors to go plus the slanty piece, unless that's included in the floor count.

Demo fences are up at 15th and Walnut and the 1100 block of Chestnut.

19th and Arch still looks like someone had a go at turning an aircraft carrier into apartments.

[Pennsgrant]

2400 South with Evo rising in the background



1500 Walnut

[shadowbat2]

Found this link on NakedPhilly. the Artisan 3 project was cancelled apparently and the site has been put up for sale. This rendering was included:

The lot certainly represents an excellent development opportunity. According to the listing, it's about a quarter of an acre in size. As you would surely agree, the location is prime. The zoning for the property allows for some decent height and far more density than we would have seen with eight homes. On the sign (and in the listing) is a possible rendering for the site, thought we're pretty sure that it would require some zoning variances in order to build it.

http://www.ocfrealty.com/naked-philly/graduate-hospital/artisan-3-not-happening-after-all

[PhiLaw]

Originally Posted by shadowbat2

Found this link on NakedPhilly. the Artisan 3 project was cancelled apparently and the site has been put up for sale. This rendering was included:

Nice find. I've always thought that the two or three gas stations on broad st in that area have slowed development a bit. I thought of moving into new Dranoff building a few years back, but didn't like being cornered by two petrol stations.

[tsarstruck]

The Planning Commission has an overview of 2014 projects in Center City. Some projects I had completely forgotten about, like the Chestnut Place residential conversion. Great overview. They missing anything?

CraneWatch: (Very) Central Edition

[Pennsgrant]

MarketPlace Design Center

Looks like PMC may buy MarketPlace Design Center. PMC is the developer of 1900 Arch and 2040 Market among others.

http://www.bizjournals.com/philadelphia/...tplace-design-center-gets-new-buyer.html

[EastSideHBG]

Manayunk Bridge ready for its makeover

Coming soon: A bicycle and pedestrian trail, high above the Schuylkill.

Read more at http://www.philly.com/philly/news/politi...or_its_makeover.html#2Y66jm1ihfTOqQhQ.99

[Larry King]

Originally Posted by Pennsgrant

MarketPlace Design Center

Looks like PMC may buy MarketPlace Design Center. PMC is the developer of 1900 Arch and 2040 Market among others.

http://www.bizjournals.com/philadelphia/...tplace-design-center-gets-new-buyer.html

Oy vey another ugly building

[Pennsgrant]

Originally Posted by Larry King

Oy vey another ugly building

Yes Market Design Center is at a critical location with huge potential, but from the last 2 projects PMC has done -1900 Arch & 2040 Market- they don't inspire a lot of confidence in outstanding architecture.


This is a marquee location with an infill type developer. They need to step up their game here if the plan is residential addition.

[Pennsgrant]

http://philadelphia.cbslocal.com/2014/01...-for-vacant-lot-at-broad-and-washington/


But Blatstein– the man behind the Piazza at Schmidt’s and the Northern Liberties renaissance– believes he has the project that is going to change that. He’s entered into a contract with the New York owners, Hudson Capital, to buy the lot for an undisclosed amount. He also declines to give many details about his project except to say that it will be a “vertical retail center” that will serve “as a commercial hub for the entire area.”

“It’s very exciting. It’s an opportunity to create a walkable community right there at Broad and Washington,” Blatstein tells KYW Newsradio.

[PhiLaw]

Originally Posted by Pennsgrant

http://philadelphia.cbslocal.com/2014/01...-for-vacant-lot-at-broad-and-washington/


But Blatstein– the man behind the Piazza at Schmidt’s and the Northern Liberties renaissance– believes he has the project that is going to change that. He’s entered into a contract with the New York owners, Hudson Capital, to buy the lot for an undisclosed amount. He also declines to give many details about his project except to say that it will be a “vertical retail center” that will serve “as a commercial hub for the entire area.”

“It’s very exciting. It’s an opportunity to create a walkable community right there at Broad and Washington,” Blatstein tells KYW Newsradio.

The import of "vertical retail" implies that there will be retail above ground-level. Sounds very Tokyo to me. I'm not sure if this will pass financial muster. But who am I to question Blatstein. I would think that having residential above is a good anchor, and a hedge against that neighborhood not growing as much as anticipated to produce enough demand for all this retail.

Still sounds very neat. I just hope it's feasible.

[MikeNigh]

I could see Broad and Washington being a good place to be transformed into retail.

[McBane]

Maybe ground floor residential with rooftop retail

[Philly Fan]

Originally Posted by McBane

Maybe ground floor residential with rooftop retail

Kinda like his casino plan.

[Larry King]

Originally Posted by PhiLaw

The import of "vertical retail" implies that there will be retail above ground-level. Sounds very Tokyo to me. I'm not sure if this will pass financial muster. But who am I to question Blatstein. I would think that having residential above is a good anchor, and a hedge against that neighborhood not growing as much as anticipated to produce enough demand for all this retail.

Still sounds very neat. I just hope it's feasible.

He needs a big credit worthy tenant

Who are the possibilities ?

Wal mart? Target?

[summersm343]

Evo, the crane for Lancaster Square and you can see the corner of the top of 3737 Market

[Jelly Roll]

I know that not everyone likes to talk about taxes but Kevin C. Gillen, Ph.D. and John A. Westrum wrote a Case Study that analyzes the impact of the 10-year tax abatement. Philly Biz Journal's summary can be read here and there is a link to the case study on their page. The Case Study focuses on Brewerytown Square which was an 144 market rate townhouse development completed from 2005-2010. The developer was Westrum Development Co which is owned by the co-author of the Case Study so there is a lot of financial information that is not normally available to the public. It is an interesting read.

[ILovePhilly]

Originally Posted by Jelly Roll

I know that not everyone likes to talk about taxes but Kevin C. Gillen, Ph.D. and John A. Westrum wrote a Case Study that analyzes the impact of the 10-year tax abatement. Philly Biz Journal's summary can be read here and there is a link to the case study on their page. The Case Study focuses on Brewerytown Square which was an 144 market rate townhouse development completed from 2005-2010. The developer was Westrum Development Co which is owned by the co-author of the Case Study so there is a lot of financial information that is not normally available to the public. It is an interesting read.

Thanks for posting, I read this earlier this afternoon and it is fascinating. For anybody talking about the abatement issue this is a must read.

[brenster]

NBC 10 just reported the comcast tower, can't believe there aren't 50 post yet. Great day! 1150 feet.