PHILADELPHIA | Highrise Development Thread IX - Page 64

iheartphilly · #**1261** Posted **Feb 12, 2014, 7:49 PM**

Reminds me of the many pre-war apartment buildings in NYC.

Cro Burnham · #**1262** Posted **Feb 12, 2014, 7:57 PM**

http://www.bizjournals.com/philadelphia/.../02/mormon-church-to-build-32-story.html

Good call whoever said it looked like 10 Rittenhouse - apparently Robert Stern is the architect (with BLT).

Says opening scheduled for 2016, so that must mean they will be starting very quickly. My guess would be this spring.

This is a major gap in the street scape being filled in in my opinion. It will make the NE corner of Logan Square appear far less stark and windswept. Now, if only the Archdiocese would sell off its ugly underutilized lots on 18th Street, Logan Square could be complete. But my guess is they won't. The Archdiocese has a very stolid suburban mindset.

iheartphilly · #**1263** Posted **Feb 12, 2014, 8:07 PM**

Quote:

Originally Posted by Cro Burnham

http://www.bizjournals.com/philadelphia/.../02/mormon-church-to-build-32-story.html

Good call whoever said it looked like 10 Rittenhouse - apparently Robert Stern is the architect (with BLT).

Says opening scheduled for 2016, so that must mean they will be starting very quickly. My guess would be this spring.

This is a major gap in the street scape being filled in in my opinion. It will make the NE corner of Logan Square appear far less stark and windswept. Now, if only the Archdiocese would sell off its ugly underutilized lots on 18th Street, Logan Square could be complete. But my guess is they won't. The Archdiocese has a very stolid suburban mindset.

Not trying to read into this too much, but this statement stood out to me in the PBJ article:

"The residential development is market driven and being built by Property Reserve Inc.,"

Does any know if we will reach the apartment rental saturation point which could affect whether this or other proposed apartment construction projects from being built?

skyscraper · #**1264** Posted **Feb 12, 2014, 8:09 PM**

Quote:

Originally Posted by Cro Burnham

http://www.bizjournals.com/philadelphia/.../02/mormon-church-to-build-32-story.html

Says opening scheduled for 2016, so that must mean they will be starting very quickly. My guess would be this spring.

One article said construction to begin this fall.

Flyers2001 · #**1265** Posted **Feb 12, 2014, 8:15 PM**

Quote:

Originally Posted by iheartphilly

Not trying to read into this too much, but this statement stood out to me in the PBJ article:

"The residential development is market driven and being built by Property Reserve Inc.,"

Does any know if we will reach the apartment rental saturation point which could affect whether this or other proposed apartment construction projects from being built?

Philly's apartment/condo market is in need of new development. I would guess that's why they are building and doing it quick. With the FMC and CITC the need will continue to be there, imo.

Jelly Roll · #**1266** Posted **Feb 12, 2014, 8:16 PM**

Quote:

Originally Posted by iheartphilly

Not trying to read into this too much, but this statement stood out to me in the PBJ article:

"The residential development is market driven and being built by Property Reserve Inc.,"

Does any know if we will reach the apartment rental saturation point which could affect whether this or other proposed apartment construction projects from being built?

That is the development part of the Mormon Church. It is for-profit and not tax exempt.

Cro Burnham · #**1267** Posted **Feb 12, 2014, 8:31 PM**

Quote:

Originally Posted by iheartphilly

Does any know if we will reach the apartment rental saturation point which could affect whether this or other proposed apartment construction projects from being built?

I'm pretty sure nobody knows the answer to this question, especially given Fannie Mae's financing intervention in the multi-family market. As long as the financing spigot is on, there will be endless rationales for why the market is so strong - until the bubble pops and the spigot shuts off.

In the article about 3601 Market Street http://www.philly.com/philly/blogs/inq-phillydeals/UCitys-high-rise-boom.html#BPXykGOhqixM7qCh.99, when asked about the potential for rental oversupply, developer Todd Potter of University Realty (building four low-rise apartment buildings in the neighborhood), was quoted as saying

Quote:

"There's no saturation. When you develop a good product, tenants come - even with everything that's in the pipeline,"

When you start hearing flip remarks like "there's no saturation", it suggests to me that we may be nearing saturation.

Jelly Roll · #**1268** Posted **Feb 12, 2014, 8:39 PM**

Summersm343,
If you have some free time can you add Comcast, SLS, and the 16th and Vine development to the first page of the thread?

McBane · #**1269** Posted **Feb 12, 2014, 8:58 PM**

The new Mormon tower will be a great addition to our skyline given its relatively isolated location.

And I'm fine with the design as long as the materials pan out. Someone had mentioned it and I echo that statement. When it comes to building faux historic buildings, the materials and little details matter big time. And the cost figure cited in the Biz Journal article ($120m) does not inspire much confidence. A tower of that size using top notch materials should cost at least twice as much.

10 Ritt was very pricey and it's only "okay". The new LDS church however looks as if no shortcuts were taken or pre-fab slabs used.

This one will definitely be interesting to watch go up, especially when they get to the exterior.

Oh, and PS: Dranoff plan for new S. Broad tower gets zoning OK

Muji · #**1270** Posted **Feb 12, 2014, 9:08 PM**

Well, if you're going to put up a faux-historic highrise these days, there doesn't seem to be anything better than RAMSA for the job. I think the odds are pretty good that the Mormon tower will turn out nicely, and it'll be a big addition to the views from around Logan Circle. I imagine that at that height, it will be visible from the Art Museum too?