PHILADELPHIA | Highrise Development Thread IX - Page 50

summersm343 · #**981** Posted **Jan 28, 2014, 1:16 AM**

Quote:

Originally Posted by MusicMan84

I live only a few blocks from these projects, and I'm stoked! So much going on. Now... The huge lots at Broad and Spring Garden gotta go! If only I was a rich real estate developer... Haha

I believe Blumenfeld owns both of them with plans to redevelop them.

Here was the plan for the Northeast corner of Broad and Spring Garden from 2012:

summersm343 · #**982** Posted **Jan 28, 2014, 1:18 AM**

Quote:

Originally Posted by hammersklavier

I have to say that I'm a little surprised that the East Building doesn't extend all the way down the Armory lot. Site plan info suggests that part was sold off. This makes me wonder if there are plans in the works for the rest of it...Hm...

Yeah... it looks like someone else owns it, not Parkway, who sold the rest of the lots to Hanover for these projects. Looks like there will still be another surface lot at the Northwest corner of the West lot as well wedge in between the two existing buildings.

If these Hanover projects come to fruition it will only be a matter of time until these lots are developed as well.

FlyersFan · #**983** Posted **Jan 28, 2014, 4:07 AM**

Quote:

Originally Posted by hammersklavier

(a) Museum of Jewish Art?
(b) The synagogue is building an expansion there.

Thats what the building came up as on google maps haha, thanks I was just wondering.

NYC2ATX · #**984** Posted **Jan 28, 2014, 8:52 AM**

Quote:

Originally Posted by Baconboy007

This is great infill and also helps close a gap in Broad street between center city and North Philly and surrounding neighborhoods. There's a couple parking lots left so hopefully this spurs growth all the way to the Divine Lorraine.

Revitalization is a beautiful thing.

shadowbat2 · #**985** Posted **Jan 28, 2014, 9:33 AM**

Quote:

Originally Posted by summersm343

Renderings for 322-44 and 339 North Broad

Whoa those are stunning! Def. looking forward to it!

15th and Walnut demolition:
http://www.ocfrealty.com/naked-philly/rittenhouse/demolition-underway-at-15th-walnut

McBane · #**986** Posted **Jan 28, 2014, 1:25 PM**

15th and Walnut - very nice! If it were a high rise, I'd be drooling.

Londonee · #**987** Posted **Jan 28, 2014, 3:02 PM**

Quote:

Originally Posted by summersm343

I believe Blumenfeld owns both of them with plans to redevelop them.

Which reminds me, Blumenfeld seems to have been off the radar for quite a while. He owns hoards of property on N. Broad and we've been in a bit of a holding pattern for almost 2 years now?

Most recent things i could pull up on him:

From October:
http://www.phillymag.com/property/2013/10/11/paging-eric-blumenfeld-uks-daily-mail-talking-met/

From September:
http://www.law360.com/articles/463905/philly-developers-spar-over-loan-agreement-in-37m-re-row

First article claims he's been dealing with a bad divorce, 2nd article says he's in the midst of a lawsuit with a business partner. Honestly, we need to attract more national and global development firms. These Main Line mom and pop guys (blumenfeld, blatstein, zuritskys) are swell and all, but 1 guy goes through a divorce and N. Broad Street languishes.

AbortedWalrus · #**988** Posted **Jan 28, 2014, 3:41 PM**

Quote:

Originally Posted by FlyersFan

Thats what the building came up as on google maps haha, thanks I was just wondering.

Actually supposedly there is a Jewish Art Museum inside the place.

PhiLaw · #**989** Posted **Jan 28, 2014, 3:54 PM**

Quote:

Originally Posted by Londonee

Which reminds me, Blumenfeld seems to have been off the radar for quite a while. He owns hoards of property on N. Broad and we've been in a bit of a holding pattern for almost 2 years now?

Most recent things i could pull up on him:

From October:
http://www.phillymag.com/property/2013/10/11/paging-eric-blumenfeld-uks-daily-mail-talking-met/

From September:
http://www.law360.com/articles/463905/philly-developers-spar-over-loan-agreement-in-37m-re-row

First article claims he's been dealing with a bad divorce, 2nd article says he's in the midst of a lawsuit with a business partner. Honestly, we need to attract more national and global development firms. These Main Line mom and pop guys (blumenfeld, blatstein, zuritskys) are swell and all, but 1 guy goes through a divorce and N. Broad Street languishes.

I wouldn't characterize Blatstein as "mom and pop." This guy has significant investment capital. Maybe "super-mom-and-pop."

Londonee · #**990** Posted **Jan 28, 2014, 4:14 PM**

Quote:

Originally Posted by PhiLaw

I wouldn't characterize Blatstein as "mom and pop." This guy has significant investment capital. Maybe "super-mom-and-pop."

Eh. Toll Brothers has 2200 employees, and the ability to manage dozens (if not hundreds) of new development projects. Tower Investments has maybe 30 employees, managing maybe 1 or 2 new projects.

And since Blatstein has been distracted chasing his Provence dream for the last year or 2, has he put a shovel in the ground anywhere?

Jelly Roll · #**991** Posted **Jan 28, 2014, 4:40 PM**

Quote:

Originally Posted by Londonee

Eh. Toll Brothers has 2200 employees, and the ability to manage dozens (if not hundreds) of new development projects. Tower Investments has maybe 30 employees, managing maybe 1 or 2 new projects.

And since Blatstein has been distracted chasing his Provence dream for the last year or 2, has he put a shovel in the ground anywhere?

He repositioned his real estate portfolio over the past 2 years. I would imagine he is sitting on a lot of cash right now.

hammersklavier · #**992** Posted **Jan 28, 2014, 4:50 PM**

Quote:

Originally Posted by Londonee

Eh. Toll Brothers has 2200 employees, and the ability to manage dozens (if not hundreds) of new development projects. Tower Investments has maybe 30 employees, managing maybe 1 or 2 new projects.

And since Blatstein has been distracted chasing his Provence dream for the last year or 2, has he put a shovel in the ground anywhere?

Perhaps the fairer question is: "How many employees does Forest City have?" Remember that they're one of the major developers in NYC and DC; Toll Brothers' efforts are mainly concentrated in the exurbs.

summersm343 · #**993** Posted **Jan 28, 2014, 5:45 PM**

http://www.ocfrealty.com/naked-philly/logan-square/two-projects-planned-for-cherry-street

5 story building to replace 1531-33 Cherry Street.

16 story building planned for the parking lot on the corner of 15th and Cherry behind 1515 Arch and the new Family Court Building.

ILovePhilly · #**994** Posted **Jan 28, 2014, 5:51 PM**

Quote:

Originally Posted by summersm343

http://www.ocfrealty.com/naked-philly/logan-square/two-projects-planned-for-cherry-street

5 story building to replace 1531-33 Cherry Street.

16 story building planned for the parking lot on the corner of 15th and Cherry behind 1515 Arch and the new Family Court Building.

In the article he also wonders when 1919 Arch Street will get in motion. I checked the 'license to inspect' site and saw that the permit was issued in November and updated (usually a sign that a change has occurred such as starting work or moving to a new phase) last week 1/16. This could mean more construction on Arch pretty soon

Baconboy007 · #**995** Posted **Jan 28, 2014, 6:00 PM**

Quote:

Originally Posted by summersm343

http://www.ocfrealty.com/naked-philly/logan-square/two-projects-planned-for-cherry-street

5 story building to replace 1531-33 Cherry Street.

16 story building planned for the parking lot on the corner of 15th and Cherry behind 1515 Arch and the new Family Court Building.

I can't believe I'm saying this but... I kinda like those small houses by the Friends Center. Just a matter of time I guess. Excited for the 16 story one, hopefully they spend a little more on the cladding than 1900 Arch. They have their work cut out for them to not make it clash with 1515 Arch.

Londonee · #**996** Posted **Jan 28, 2014, 6:08 PM**

Quote:

Originally Posted by Jelly Roll

He repositioned his real estate portfolio over the past 2 years. I would imagine he is sitting on a lot of cash right now.

Cash is not the issue, it's the ability to execute. Getting projects off the ground requires a mountain of back office work--and the economies of scale of a large company mean you have 1000 employees, working simultaneously, wearing 1 hat each. At small companies, you have 50 employees, wearing 20 hats each--money aside, large companies have the personnel resources to execute faster and manage more projects. Probably due in part to our corrupt political process, I think we see a lot more of the latter (local insiders with access) whereas NYC, DC, CHI have more of the former.

Quote:

Originally Posted by hammersklavier

Perhaps the fairer question is: "How many employees does Forest City have?" Remember that they're one of the major developers in NYC and DC; Toll Brothers' efforts are mainly concentrated in the exurbs.

It's true, Toll was the first thing that popped into my head--but they do currently have two VERY BIG shovels in the ground in the city--and with their interest in the Rittenhouse property i wouldn't be surprised to see a 3rd by year's end. But yeah, Forest City is huge--according to Wikipedia they have 2500+ employees and handle $10.5 billion in assets.

Having small local developers obviously isn't a bad thing in and of itself, but it's impossible to reach critical mass that i think Philly is capable of with just these guys, because when one goes through an ugly divorce (Blumenfeld), gets distracted with a pipe dream (Blatstein), or dies (Wheeler) development on their owned parcels grinds to a total stop--for years.

summersm343 · #**997** Posted **Jan 28, 2014, 6:52 PM**

http://philly.curbed.com/archives/2014/0...orary-art-museum-just-went-live.php#more

Turn the Divine Lorraine into the Philadelpiha Interactive Museum of Conemporary Art? I like it.

PhiLaw · #**998** Posted **Jan 28, 2014, 7:44 PM**

Philly ranked the 5th best transportation city in the US - 3rd in the northeast.

http://blog.walkscore.com/2014/01/new-ranking-of-best-u-s-cities-for-public-transit/

AbortedWalrus · #**999** Posted **Jan 28, 2014, 7:52 PM**

Quote:

Originally Posted by summersm343

http://philly.curbed.com/archives/2014/0...orary-art-museum-just-went-live.php#more

Turn the Divine Lorraine into the Philadelpiha Interactive Museum of Conemporary Art? I like it.

Who, exactly, is going to fund this? There's no way they could raise the type of funding this would require. If you know anyone working in non-profits they'll tell you the same thing; the big donors are tapped out lately. There is a scramble to attract new donors because the existing base is spread too thin. Getting the kind of money to do this project? I guess you could do a handful of floors and then let the rest of the building rot around you.

relnahe · #**1000** Posted **Jan 28, 2014, 8:00 PM**

Quote:

Originally Posted by AbortedWalrus

Who, exactly, is going to fund this? There's no way they could raise the type of funding this would require. If you know anyone working in non-profits they'll tell you the same thing; the big donors are tapped out lately. There is a scramble to attract new donors because the existing base is spread too thin. Getting the kind of money to do this project? I guess you could do a handful of floors and then let the rest of the building rot around you.

Its a dumb, pie in the sky idea. It will be residential building. Its all a matter of when and what (student housing, condo, apartments).