PHILADELPHIA | Highrise Development Thread IX

[summersm343]

Originally Posted by Baconboy007

Except you get even more marketing thrown in your face. I'm not totally opposed to it but I kinda like the limited marketing they have in places like the regional rail stop in Market east. The El is ugly enough though so I wouldn't mind those areas getting a sprucing up!

Marketing brings in money. If it will eventually bring in more money for SEPTA to expand and upgrade, then I am not opposed to it at all.

[josef]

Originally Posted by summersm343

If successful, this company would set up their US base of operations in Philadelphia to expand this product to other US cities.

For real? What a huge win for the city this would be.

[Dean4983]

(Picture posted in appropriate construction threads, as well)

I'm not sure how many of you have been able to get to the new boardwalk yet, but it offers some great views of most of the major construction projects in the city.

You can easily see The Summit, 3601 Market, and the Perelman expansion across the river. A few more floors and 38Chestnut will be very visible. Obviously CHOP @ 700 Schuylkill will be dominant in that location when it begins to rise. Also, FMC and CITC will be fun to watch from this vantage point. I'm not a 100% sure but I imagine 1919 Market will be partially visible as well...I mean...it's not THAT short, right?

And just a general thought on the Schuylkill Banks. To those who haven't really spent any time there...it is such a gem and offers such amazing views of many different sections of the central core of the city. A great extension of the river loop.

[EastSideHBG]

Some more development news:

Could UCity office sale at record price spark new Philly construction?
Read more at http://www.philly.com/philly/blogs/inq-p...ng-For-Sale-46M.html#JJbKJGA8tlWZ3APU.99

[summersm343]

Originally Posted by EastSideHBG

Some more development news:

Could UCity office sale at record price spark new Philly construction?
Read more at http://www.philly.com/philly/blogs/inq-p...ng-For-Sale-46M.html#JJbKJGA8tlWZ3APU.99

These two recent articles seem to really contradict each other. One claims Office Demand is hitting a sweet spot in Philadelphia to where new construction will be profitable (PhillyMag). The second, Philly.com, basically states new construction office space will not be profitable outside of CITC and FMC and there is a lack of demand.

Pretty funny. I'm more inclined to believe a PhillyMag article over Philly.com due to their proven track record of Philadelphia City bashing, however, I would like to see the office space that is being vacated or currently vacant leased up as well.

Here is the other article:
http://www.phillymag.com/property/2014/10/22/philly-hits-sweet-spot-office-space-demand/

[GarCastle]

I've seen quite a few urban vs. suburban school posts. I'm not directing this at anyone in particular, just adding some apparent facts to why parents might want to move their kids out of Philly before they enter the school system.

From NYTimes: Large Urban-Suburban Gap Seen in Graduation Rates
By SAM DILLON
Published: April 22, 2009
"...Some big city school districts that have worked to improve their graduation rates have made significant progress since the middle of the last decade, Dr. Swanson said. Philadelphia public schools, for instance, raised the graduation rate to 62 percent in 2005 from 39 percent in 1995, the report said..."

A 62% chance of graduating high school is a great reason to avoid the school system. Whether or not that is directly or indirectly due to the school system itself - that's bad statistics to face. 39%, well that's pathetic. Average suburban rate was 71%. But we have some far nicer towns in our area than the average city has near it. Abington for instance has been around 93-96% while Cheltenham has been around 90-96%. The list goes on. Though per USN&WR the top school is Pennsylvania is Julia R. Masterson in Philly.

So unless you want to support your kids after they fail out of high school, moving out of the Philly school district looks like a good idea. Strictly by the facts anyway. Sure you could chance beating your kids into being some super stars that can get into the best Philly schools - but why put oneself in that situation?

Cheers,
G.

[Cro Burnham]

Originally Posted by summersm343

These two recent articles seem to really contradict each other. One claims Office Demand is hitting a sweet spot in Philadelphia to where new construction will be profitable (PhillyMag). The second, Philly.com, basically states new construction office space will not be profitable outside of CITC and FMC and there is a lack of demand.

Pretty funny. I'm more inclined to believe a PhillyMag article over Philly.com due to their proven track record of Philadelphia City bashing, however, I would like to see the office space that is being vacated or currently vacant leased up as well.

I tend to think the Phillymag article is exaggerating the positives of the office market.

It seems that the future of urban office space will be split into two camps:

- corporate space for large corporations like Comcast and FMC

- "unconventional" open-plan industrial chic space for "creative" and entrepreneurial tech firms

The demand for corporate space in Philly seems like its improving, but there's still a long way to go. The corporate base in this region is largely conventionally oriented and the top firms are centered along the main line. As people her have pointed out, it's hard to imagine many of the firms like Vanguard rushing to Center City.

I'd imagine there will be alot of growth in office lofts to cater to smaller creative and tech firms. But my sense is most of those would be mid-rise properties, not soul-killing corporate high rise cubicle stockyards.

I think the sweet spot being discussed is that because cap rates are so low in blue chip CBDs of NY, DC, and Boston, the relatively high cap rates for Center City make office skyscraper buys seem cheaper and less risky. But rents are still no where close to what they need to be to develop new conventional spec office towers without tons of KOZ-type tax subsidies, etc.

I think the Phillymag article was confusing the attractiveness of purchasing existing office towers in Center City with the attractiveness of building new office towers. They're kind of two different animals.

The fact that Brandywine is not adding any office space at 1919 Market speaks volumes to this state of affairs.

[summersm343]

Originally Posted by Cro Burnham

I tend to think the Phillymag article is exaggerating the positives of the office market.

It seems that the future of urban office space will be split into two camps:

- corporate space for large corporations like Comcast and FMC

- "unconventional" open-plan industrial chic space for "creative" and entrepreneurial tech firms

The demand for corporate space in Philly seems like its improving, but there's still a long way to go. The corporate base in this region is largely conventionally oriented and the top firms are centered along the main line. As people her have pointed out, it's hard to imagine many of the firms like Vanguard rushing to Center City.

I'd imagine there will be alot of growth in office lofts to cater to smaller creative and tech firms. But my sense is most of those would be mid-rise properties, not soul-killing corporate high rise cubicle stockyards.

I think the sweet spot being discussed is that because cap rates are so low in blue chip CBDs of NY, DC, and Boston, the relatively high cap rates for Center City make office skyscraper buys seem cheaper and less risky. But rents are still no where close to what they need to be to develop new conventional spec office towers without tons of KOZ-type tax subsidies, etc.

I think the Phillymag article was confusing the attractiveness of purchasing existing office towers in Center City with the attractiveness of building new office towers. They're kind of two different animals.

The fact that Brandywine is not adding any office space at 1919 Market speaks volumes to this state of affairs.

I agree with all of your points. I think I would've preferred an article with a good middle ground pointing out the negatives and positives.

[1487]

Originally Posted by GarCastle

I've seen quite a few urban vs. suburban school posts. I'm not directing this at anyone in particular, just adding some apparent facts to why parents might want to move their kids out of Philly before they enter the school system.

From NYTimes: Large Urban-Suburban Gap Seen in Graduation Rates
By SAM DILLON
Published: April 22, 2009
"...Some big city school districts that have worked to improve their graduation rates have made significant progress since the middle of the last decade, Dr. Swanson said. Philadelphia public schools, for instance, raised the graduation rate to 62 percent in 2005 from 39 percent in 1995, the report said..."

A 62% chance of graduating high school is a great reason to avoid the school system. Whether or not that is directly or indirectly due to the school system itself - that's bad statistics to face. 39%, well that's pathetic. Average suburban rate was 71%. But we have some far nicer towns in our area than the average city has near it. Abington for instance has been around 93-96% while Cheltenham has been around 90-96%. The list goes on. Though per USN&WR the top school is Pennsylvania is Julia R. Masterson in Philly.

So unless you want to support your kids after they fail out of high school, moving out of the Philly school district looks like a good idea. Strictly by the facts anyway. Sure you could chance beating your kids into being some super stars that can get into the best Philly schools - but why put oneself in that situation?

Cheers,
G.

generalizations about schools in Philadelphia are pointless. Everyone with any common sense understands that the overall numbers are not good, but that has no bearing on the successful magnet, charter and conventional schools within the district that continue to send kids to college. There is a difference between saying the average Philadelphia school trails the average school in an upper income suburban area and saying "your kids will fail if you don't leave the city"- which is exactly what you and others are arguing. Those who know otherwise understand why such a sentiment is ridiculous. Those who nothing beyond the gloom and doom stories in the paper endorse such a view.

[1487]

Originally Posted by TallCoolOne

^^For real, it's massive. And the comments on philly.com - oh my. But worth reading when you get a chance.

I doubt that based on what I normally see posted on that site by its loyal readers.

[Jawnadelphia]

Originally Posted by 1487

I doubt that based on what I normally see posted on that site by its loyal readers.

I meant the article itself! Not those comments, the comments are strictly for laughs.

[PhillySteaks]

Originally Posted by TallCoolOne

I meant the article itself! Not those comments, the comments are strictly for laughs.

Don't mind him. He has a PSD education.

[1487]

Originally Posted by TallCoolOne

I meant the article itself! Not those comments, the comments are strictly for laughs.

That makes more sense!

[1487]

Originally Posted by PhillySteaks

Don't mind him. He has a PSD education.

Indeed. Its miraculous that I can read and write.

[domodeez]

Originally Posted by summersm343

No, not other US city has them. Philadelphia would be the first. If successful, this company would set up their US base of operations in Philadelphia to expand this product to other US cities.

You see these on occasion at US airports for the monorails, but that's it. London has them all over, as do many other cities abroad. It really helps brighten up the platform, reduce noise, and generally make the experience more welcoming and pleasant. If the technical pieces can be worked out, I'm all for it.

[EastSideHBG]

Thriving University City is key to city's growth

POSTED: Friday, October 24, 2014, 1:08 AM
By Matt Bergheiser

If you've noticed the half-dozen or so construction cranes that define the University City skyline these days, you may sense that the foundation of Philadelphia's next-generation economy is rising before our eyes. In many ways, an entirely new neighborhood is taking form on the western banks of the Schuylkill.

Through this past summer, 82 percent of all office construction in the region was happening in University City, on just 0.02 percent of the region's land mass. Over five years, 10 million square feet of real-estate projects have been developed in the neighborhood. That's a $4.5 billion investment, establishing University City as home to 50,000 full-time residents, 43,000 students, 73,000 jobs, and $1 billion in annual research and development expenditures. Office occupancy has swelled to an enviable (and regionally unrivaled) 96 percent. Retail thrives on former Walnut Street parking lots and in erstwhile academic buildings on Chestnut.

But it's how University City will continue to advance in the next decade that really bears watching.

Read more at http://www.philly.com/philly/opinion/inq...o_city_s_growth.html#U3ie5O5vqOq4Mvm0.99

[iheartphilly]

Word on the street is that Nordstrom Rack is getting a lot of foot traffic since its recent opening. One of my friends indicated she was getting run over by "human traffic" and people acting like they never shopped before...SMH. Guess this retail renaissance is getting the legs it deserves...no pun intended.LOL.

[rappingonion]

Originally Posted by iheartphilly

Word on the street is that Nordstrom Rack is getting a lot of foot traffic since its recent opening. One of my friends indicated she was getting run over by "human traffic" and people acting like they never shopped before...SMH. Guess this retail renaissance is getting the legs it deserves...no pun intended.LOL.

Just walked by it during lunch and there were TWO separate lines outside with people waiting to get in, with a police officer at the front of each line.

[Jawnadelphia]

Originally Posted by EastSideHBG

Thriving University City is key to city's growth

POSTED: Friday, October 24, 2014, 1:08 AM
By Matt Bergheiser

If you've noticed the half-dozen or so construction cranes that define the University City skyline these days, you may sense that the foundation of Philadelphia's next-generation economy is rising before our eyes. In many ways, an entirely new neighborhood is taking form on the western banks of the Schuylkill.

Through this past summer, 82 percent of all office construction in the region was happening in University City, on just 0.02 percent of the region's land mass. Over five years, 10 million square feet of real-estate projects have been developed in the neighborhood. That's a $4.5 billion investment, establishing University City as home to 50,000 full-time residents, 43,000 students, 73,000 jobs, and $1 billion in annual research and development expenditures. Office occupancy has swelled to an enviable (and regionally unrivaled) 96 percent. Retail thrives on former Walnut Street parking lots and in erstwhile academic buildings on Chestnut.

But it's how University City will continue to advance in the next decade that really bears watching.

Read more at http://www.philly.com/philly/opinion/inq...o_city_s_growth.html#U3ie5O5vqOq4Mvm0.99

^^^Terrific article.

The lawn is now yours to run around and frolic:

[IMG]Untitled by TallCoolOne2014, on Flickr[/IMG]

[IMG]Untitled by TallCoolOne2014, on Flickr[/IMG]

[summersm343]

Love it. Both Dilworth Plaza and Sister Cities Park have been amazing additions.