PHILADELPHIA | Highrise Development Thread IX

[PhillyRising]

The only thing that bothers me about the new tower is that the actual roof looks to be at a lower height than the Comcast Centers. I hate the whole spire/antenna think unless it's done like Liberty Place/Chrysler Building.

Still I am thrilled that we have something big to pay attention to for the next few years.

[Perklol]

The W Hotel is also an exciting project.

[summersm343]

Let's brainstorm all the buildings that will be under construction in 2014:

1. Comcast Innovation & Technology Center- 59 floors- 1,121 feet
2. FMC Tower at Cira Centre South- 47 floors- 656 feet
3. SLS International- 47 floors- 562 feet
4. W Hotel- 50 floors- 550+ feet
5. Evo at Cira Centre South- 33 floors- 430 feet
6. CHOP Schuylkill Ave Phase 1- 22 floors- 375 feet
7. 1919 Market- 28 floors- 347 feet
8. 3601 Market- 28 floors- 320 feet
9. CHOP Buerger Center for Pediatric Care- 14 floors- 292 feet
10. Lancaster Square- 25 floors- 279 feet
11. 38Chestnut- 25 floors- 278 feet
12. Family Court Building- 15 floors- 265 feet- finishing up
13. Temple Science, Education and Research Center- 10 floors- 241 feet- finishing up
14. The View at Montgomery- 14 floors- 214 feet- finishing up
15. 3737 Market- 13 floors- 221 feet
16. 1901 Arch- 14 floors- 162 feet
17. Rodin Square- 10 floors- 120 feet

CRANES! CRANES EVERYWHERE!

...and I'm sure that won't be the end of the list for 2014. I'm sure we'll probably see more buildings breaking ground

[Jelly Roll]

Originally Posted by summersm343

Let's brainstorm all the buildings that will be under construction in 2014:

1. Comcast Innovation & Technology Center- 59 floors- 1,121 feet
2. FMC Tower at Cira Centre South- 47 floors- 656 feet
3. SLS International- 47 floors- 562 feet
4. W Hotel- 50 floors- 550+ feet
5. Evo at Cira Centre South- 33 floors- 430 feet
6. CHOP Schuylkill Ave Phase 1- 22 floors- 375 feet
7. 1919 Market- 28 floors- 347 feet
8. 3601 Market- 28 floors- 320 feet
9. CHOP Buerger Center for Pediatric Care- 14 floors- 292 feet
10. Lancaster Square- 25 floors- 279 feet
11. 38Chestnut- 25 floors- 278 feet
12. Family Court Building- 15 floors- 265 feet- finishing up
13. Temple Science, Education and Research Center- 10 floors- 241 feet- finishing up
14. The View at Montgomery- 14 floors- 214 feet- finishing up
15. 3737 Market- 13 floors- 221 feet
16. 1901 Arch- 14 floors- 162 feet
17. Rodin Square- 10 floors- 120 feet

CRANES! CRANES EVERYWHERE!

...and I'm sure that won't be the end of the list for 2014. I'm sure we'll probably see more buildings breaking ground

I am impressed with all of the new office/research space along with new hotel rooms that are going to be added over the next five years. We are looking at 743,000 square feet of office from Chop, 1.24 million from CITC, 575,000 from FMC, 272,000 from 3737 market, 220 room four season, 700 rooms in the W project, and 149 rooms in the SLS project for a total of 2.83 million square feet of new office space and 1,069 new hotel rooms. That is going to be a lot of new jobs for the city.

[SJPhillyBoy]

The amount of buildings/skyscrapers that will be going up in the near future is very impressive to say the least. Glorious times. Very nice list summers.

[Flyers2001]

I spoke to a union construction worker (drywaller.) He said over the next year they plan on clearing out all of the smaller projects they have with the goal of having majority of their workforce available for CITC. Once groud breaking happens expect CITC to go up in a hurry, inside and out.

[Flyers2001]

Originally Posted by PhillyRising

The only thing that bothers me about the new tower is that the actual roof looks to be at a lower height than the Comcast Centers. I hate the whole spire/antenna think unless it's done like Liberty Place/Chrysler Building.

Still I am thrilled that we have something big to pay attention to for the next few years.

The roof indeed is lower.

From Phillyskyline.com:

The 125’ blade–the functional spire topping the building’s core removed to the western side–sits atop a pedestal that itself is on top of the building’s roof, which is shorter than Comcast Center’s roof.

[summersm343]

Originally Posted by McBane

Does Liberty still have plans for the surface lot at 19th and Arch (across from the new apartments)?

Summer, you seem to have knowledge of these things.

Yes. 22 floors. 370 feet. Still planned.

[Londonee]

Originally Posted by Flyers2001

The roof indeed is lower.

From Phillyskyline.com:

That's not surprisingly symbolic--the HQ, the mothership, is still taller than the new beast. The CEOs will still be looking down (in a good way) on their minions. Honestly, psychologically, could it be any other way?

[NYC2ATX]

Originally Posted by Jelly Roll

I am impressed with all of the new office/research space along with new hotel rooms that are going to be added over the next five years. We are looking at 743,000 square feet of office from Chop, 1.24 million from CITC, 575,000 from FMC, 272,000 from 3737 market, 220 room four season, 700 rooms in the W project, and 149 rooms in the SLS project for a total of 2.83 million square feet of new office space and 1,069 new hotel rooms. That is going to be a lot of new jobs for the city.

It is truly staggering. It's like this city is creating a brand new economic prominence and purpose for itself all at once. Inspirational.

[bucks native]

source: http://www.bizjournals.com/philadelphia/blog/real-estate/2014/01/not-much-trophy-space-left-in.html

Jan 17, 2014, 8:06am EST

Not much trophy space left in Philadelphia real estate market

Space is limited for trophy space in Center City, as the market is experiencing its lowest vacancy ever and the highest rents ever. That's according to data from Newmark Grubb Knight Frank which was highlighted in this week's print edition.

Office space at the Comcast Center, Cira Centre, One Liberty Place, Two Liberty Place, Mellon Bank Center and Three Logan Square have a vacancy rate of just 3.9 percent. Its average rents are $40.16 per square foot.

[BenKatzPhillytoParis]

Sounds like Liberty Property Trust should start building the 22-story tower soon. It seems like, considering that another new tower (say 800 feet for example) would take 2-3 years to construct, building something of that scale on spec on one of the empty lots along market street between 21st and 23rd could make some sense. Would be well-positioned to capture firms wanting to be both part of the office core and near center city.

[BenKatzPhillytoParis]

I mean near university city

[jn00]

Originally Posted by BenKatzPhillytoParis

Sounds like Liberty Property Trust should start building the 22-story tower soon. It seems like, considering that another new tower (say 800 feet for example) would take 2-3 years to construct, building something of that scale on spec on one of the empty lots along market street between 21st and 23rd could make some sense. Would be well-positioned to capture firms wanting to be both part of the office core and near center city.

Remember that the citc will create new space both within the new tower which comcast hasn't yet committed to and also in buildings like three Logan, where it has currently leased several floors of employees which will be moving to the new tower. Fmc tower will also have several hundred thousand square feet of space that needs to be leased up as well as the space it and Sunoco will empty out of at bny Mellon center

In reading that article, I thought that they excluded a number of buildings typically considered as trophy space - commerce square and one and two Logan for example.

[jn00]

Originally Posted by summersm343

Let's brainstorm all the buildings that will be under construction in 2014:

1. Comcast Innovation & Technology Center- 59 floors- 1,121 feet
2. FMC Tower at Cira Centre South- 47 floors- 656 feet
3. SLS International- 47 floors- 562 feet
4. W Hotel- 50 floors- 550+ feet
5. Evo at Cira Centre South- 33 floors- 430 feet
6. CHOP Schuylkill Ave Phase 1- 22 floors- 375 feet
7. 1919 Market- 28 floors- 347 feet
8. 3601 Market- 28 floors- 320 feet
9. CHOP Buerger Center for Pediatric Care- 14 floors- 292 feet
10. Lancaster Square- 25 floors- 279 feet
11. 38Chestnut- 25 floors- 278 feet
12. Family Court Building- 15 floors- 265 feet- finishing up
13. Temple Science, Education and Research Center- 10 floors- 241 feet- finishing up
14. The View at Montgomery- 14 floors- 214 feet- finishing up
15. 3737 Market- 13 floors- 221 feet
16. 1901 Arch- 14 floors- 162 feet
17. Rodin Square- 10 floors- 120 feet

CRANES! CRANES EVERYWHERE!

...and I'm sure that won't be the end of the list for 2014. I'm sure we'll probably see more buildings breaking ground

Summers- I was wondering if you had heard anything further regarding PMC's plans for the large lots near 24th and race. I thought it was interesting to hear that they bought marketplace design center presumably to add a tower there when they have several other multifamily development sites in the area.

[BenKatzPhillytoParis]

Originally Posted by jn00

Remember that the citc will create new space both within the new tower which comcast hasn't yet committed to and also in buildings like three Logan, where it has currently leased several floors of employees which will be moving to the new tower. Fmc tower will also have several hundred thousand square feet of space that needs to be leased up as well as the space it and Sunoco will empty out of at bny Mellon center

In reading that article, I thought that they excluded a number of buildings typically considered as trophy space - commerce square and one and two Logan for example.

True jn. Hopefully the dynamic of suburban companies moving to the city for talent continues, the national and regional economic recovery keeps accelerating, the startup scene grows, and the growth of Comcast, CHOP, and FMC creates multiplier effects and stimulate and lure new businesses to Philadelphia. And hopefully Liberty Property Trust and Brandywine keep their eyes on the trend. I think ideally, there would be enough demand from small firms that would each occupy 1-4 floors for a new Class A tower, since that would signify real economic dynamism, not just the ambitions of a few large players. I'm optimistic.

[Philly Fan]

Originally Posted by BenKatzPhillytoParis

True jn. Hopefully the dynamic of suburban companies moving to the city for talent continues, the national and regional economic recovery keeps accelerating, the startup scene grows, and the growth of Comcast, CHOP, and FMC creates multiplier effects and stimulate and lure new businesses to Philadelphia. And hopefully Liberty Property Trust and Brandywine keep their eyes on the trend. I think ideally, there would be enough demand from small firms that would each occupy 1-4 floors for a new Class A tower, since that would signify real economic dynamism, not just the ambitions of a few large players. I'm optimistic.

And don't forget the contributions of Penn, Drexel, the Science Center, Jefferson, etc. to this high-tech entrepreneurial future. For example, Penn is planning a major campus devoted to technology transfer and high-tech startup incubation on its recently acquired 23 acres in Grays Ferry:

http://www.pennconnects.upenn.edu/find_a_project/planned/planned_s_to_z/south_bank_overview.php

Hopefully, as these Penn-nurtured startups start to take off, they'll move on to other space in and around Center City, making room at South Bank for even more startup activity. At least I think that's the plan.

Bottom line: we're finally seeing the development of some long-overdue critical mass to propel Philly to the forefront of national (and international) centers of Eds, Meds, and Tech (an identity that Boston has long enjoyed in the public's mind, while Philly has not). Now, if we can just throw some Northeast Corridor high-speed rail into the mix, . . . .

[hammersklavier]

Originally Posted by BenKatzPhillytoParis

I mean near university city

There is an edit button, you know...

[summersm343]

Originally Posted by jn00

Summers- I was wondering if you had heard anything further regarding PMC's plans for the large lots near 24th and race. I thought it was interesting to hear that they bought marketplace design center presumably to add a tower there when they have several other multifamily development sites in the area.

Still planned. 25 floors. The new Comcast Tower will probably bring about the construction of this project soon.

[Jelly Roll]

Originally Posted by jn00

Remember that the citc will create new space both within the new tower which comcast hasn't yet committed to and also in buildings like three Logan, where it has currently leased several floors of employees which will be moving to the new tower. Fmc tower will also have several hundred thousand square feet of space that needs to be leased up as well as the space it and Sunoco will empty out of at bny Mellon center

In reading that article, I thought that they excluded a number of buildings typically considered as trophy space - commerce square and one and two Logan for example.

I would not consider commerce square and one and two Logan circle to be trophy space. There is a difference between class a space and trophy space. Heck, even bny Mellon, liberty one and two, and three Logan are all older buildings now.