PHILADELPHIA | Highrise Development Thread IX - Page 263

summersm343 · #**5241** Posted **Oct 27, 2014, 2:18 PM**

I literally just asked you guys to stop talking about schools.

Cro Burnham · #**5242** Posted **Oct 27, 2014, 2:42 PM**

What about the Wendy's at 15th & Chestnut then? Fair game?

Just kidding.

It's been a slow construction week.

Hey, anyone notice a different heep of dirt moved on any sites? Any new gossip from parking lot attendants?

summersm343 · #**5243** Posted **Oct 27, 2014, 2:54 PM**

^^
Well for one. News on 1919 Market

Brandywine forms Joint Venture to build 1919 Market in Center City

Quote:

Brandywine Realty Trust has formed a joint venture with a partnership consisting of LCOR and the California State Teacher's Retirement System to construct 1919 Market St. in Philadelphia.

It will begin construction on the 29-story, 455,000-square-foot mixed-use project soon and expects to complete the building by spring 2016.
The development will have 321 apartments, 24,000 square feet of office and commercial space that is 90 percent pre-leased Independence Blue Cross and CVS as well as a 315-vehicle parking garage.

As part of the arrangement, Brandywine of Radnor, Pa., contributed the land to the development team and it will manage the retail and parking components of the project. The company has closed on $89 million in secured financing and its total equity in the deal is $30 million.

http://www.bizjournals.com/philadelphia/...e-forms-joint-venture-to-build-1919.html

summersm343 · #**5244** Posted **Oct 27, 2014, 3:00 PM**

Here is another really interesting article:

Israeli Entrepreneurs come to Philadelphia to establish local ties
http://www.bizjournals.com/philadelphia/...reneurs-come-to-philadelphia-hoping.html

Best part about this is these companies are paying to send reps here. The city government is not, which leads me to believe these Israeli companies really have an interest in opening up shop in Philly, which could be huge for the city.

VikingDutchman · #**5245** Posted **Oct 27, 2014, 3:02 PM**

Do we know where they're putting the office space? Just in the regular tower or will it be on top of the parking structure?

The latter would make me feel better about said parking structure's existence.

summersm343 · #**5246** Posted **Oct 27, 2014, 3:05 PM**

Quote:

Originally Posted by VikingDutchman

Do we know where they're putting the office space? Just in the regular tower or will it be on top of the parking structure?

The latter would make me feel better about said parking structure's existence.

If you look at the rendering:
http://philadelphiaheights.files.wordpress.com/2013/09/1919market2.png

It's probably first floor retail/lobby space. Second floor office space. Third floor amenity floor, and then the apartments start.

Liam · #**5247** Posted **Oct 27, 2014, 3:06 PM**

Quote:

Originally Posted by summersm343

^^
Well for one. News on 1919 Market

Brandywine forms Joint Venture to build 1919 Market in Center City

http://www.bizjournals.com/philadelphia/...e-forms-joint-venture-to-build-1919.html

Jersey barriers with fencing going up right now along the north side of Market at the 1919 site - Could be the start of prep work?

summersm343 · #**5248** Posted **Oct 27, 2014, 3:07 PM**

Quote:

Originally Posted by Liam

Jersey barriers with fencing going up right now along the north side of Market at the 1919 site - Could be the start of prep work?

Sounds like it!

McBane · #**5249** Posted **Oct 27, 2014, 3:10 PM**

Quote:

Originally Posted by VikingDutchman

Do we know where they're putting the office space? Just in the regular tower or will it be on top of the parking structure?

The latter would make me feel better about said parking structure's existence.

I don't think it really matters. The article says 24k sf of office AND retail space, which is pretty small. It seems that the "office" space is more geared towards the professional segment, i.e., a medical office, a law office, a CPA, etc.

Cro Burnham · #**5250** Posted **Oct 27, 2014, 3:19 PM**

Quote:

Originally Posted by McBane

I don't think it really matters. The article says 24k sf of office AND retail space, which is pretty small. It seems that the "office" space is more geared towards the professional segment, i.e., a medical office, a law office, a CPA, etc.

I'd imagine the IBX space is just a new walk-in customer service center to replace the one I think they closed at the corner of 19th.

Philly Fan · #**5251** Posted **Oct 27, 2014, 3:23 PM**

Quote:

Originally Posted by summersm343

If you look at the rendering:
http://philadelphiaheights.files.wordpress.com/2013/09/1919market2.png

It's probably first floor retail/lobby space. Second floor office space. Third floor amenity floor, and then the apartments start.

From the rendering, I make out 5 floors of lobby/commercial/office/etc., with 23 floors of apartments above that, with the "rooftop fitness center, garden, pool and golf simulator, among other amenities," above that:

http://www.philly.com/philly/blogs/inq-p...1919-Market-St-.html#GUv5X4MdqwlKdy3W.99

http://investor.brandywinerealty.com/Cache/1001191459.PDF?Y=&O=PDF&D=&FID=1001191459&T=&IID=103209

I also get the feeling from the two articles and the Brandywine Press Release that IBC will be taking more than just 1 floor of office space, so 3 or so floors may be more like it. But as always, I welcome any correction.

sayitaintso · #**5252** Posted **Oct 27, 2014, 3:26 PM**

Bad news. The project at the SW corner of 19th and Chestnut has been beaten down by NIMBY opposition. They will not try for a variance to CMX4 and will go with what is available by right. New project will be wimpy 9 story building.

Philly Fan · #**5253** Posted **Oct 27, 2014, 3:36 PM**

Quote:

Originally Posted by sayitaintso

Bad news. The project at the SW corner of 19th and Chestnut has been beaten down by NIMBY opposition. They will not try for a variance to CMX4 and will go with what is available by right. New project will be wimpy 9 story building.

Well, let's try to look on the bright side: if the residential market demand in that area is really there and persists, this just means that one or more nearby vacant lots will now be filled in even sooner.

There definitely are advantages to that.

VikingDutchman · #**5254** Posted **Oct 27, 2014, 3:40 PM**

Quote:

Originally Posted by sayitaintso

Bad news. The project at the SW corner of 19th and Chestnut has been beaten down by NIMBY opposition. They will not try for a variance to CMX4 and will go with what is available by right. New project will be wimpy 9 story building.

Very sad to hear that (though I'd assumed as much after it first stumbled), I really liked that design.

Damn disgrace that that lot wasn't more appropriately zoned to begin with.

Oh well, now at least the residents of the areas existing high rise buildings won't have their views impeded by new high rise buildings! And isn't that what really matters?

Jawnadelphia · #**5255** Posted **Oct 27, 2014, 3:40 PM**

Quote:

Originally Posted by sayitaintso

Bad news. The project at the SW corner of 19th and Chestnut has been beaten down by NIMBY opposition. They will not try for a variance to CMX4 and will go with what is available by right. New project will be wimpy 9 story building.

BOOO ...
Where'd you get this info (curious)?
I couldn't find any updates myself -- you have insider sources, maybe???

sayitaintso · #**5256** Posted **Oct 27, 2014, 3:51 PM**

Quote:

Originally Posted by TallCoolOne

BOOO ...
Where'd you get this info (curious)?
I couldn't find any updates myself -- you have insider sources, maybe???

Its not public. Have sources can't disclose

Jawnadelphia · #**5257** Posted **Oct 27, 2014, 3:51 PM**

Quote:

Originally Posted by sayitaintso

Its not public. Have sources can't disclose

^^^Gotcha. Thanks.

1487 · #**5258** Posted **Oct 27, 2014, 3:52 PM**

Quote:

Originally Posted by Liam

Jersey barriers with fencing going up right now along the north side of Market at the 1919 site - Could be the start of prep work?

Better than nothing. Last week there was a bulldozer and a few pickups on site just sitting around.

1487 · #**5259** Posted **Oct 27, 2014, 3:54 PM**

Quote:

Originally Posted by Philly Fan

Well, let's try to look on the bright side: if the residential market demand in that area is really there and persists, this just means that one or more nearby vacant lots will now be filled in even sooner.

There definitely are advantages to that.

a taller building would be better, but that corner needs as much love as it can get ASAP. The entire side of the block is in bad shape since nothing is going on at the Boyd site. I dont understand how this part of center city is so limited in terms of what can be built. There is a 20 story apt building right down the street.

summersm343 · #**5260** Posted **Oct 27, 2014, 3:59 PM**

Quote:

Originally Posted by sayitaintso

Bad news. The project at the SW corner of 19th and Chestnut has been beaten down by NIMBY opposition. They will not try for a variance to CMX4 and will go with what is available by right. New project will be wimpy 9 story building.

Fuuuuuckkkkkk.

We all know which NIMBYs they are.

http://www.williampennhouse.com/