PHILADELPHIA | Highrise Development Thread IX - Page 279

summersm343 · #**5561** Posted **Nov 13, 2014, 10:32 PM**

South Philly Casino

Just read this article hahahaha. People are freaking bonkers.

http://www.philly.com/philly/news/20141113_South_Philly_casino_angers_hundreds.html

philatonian · #**5562** Posted **Nov 14, 2014, 2:30 AM**

Quote:

Originally Posted by summersm343

13th and Spruce - Parker-Spruce Hotel

Any chance this is going to be redeveloped finally? Doubt it.

http://philly.curbed.com/archives/2014/1...news-for-the-parkerspruce-hotel.php#more

It sounds like the owner is in talks with someone who wants to redevelop it as a hotel. That just sounds like a big question mark though considering how long the building at Broad and Arch has been rumored to become a hotel.

As long as it takes Philadelphia developers to snatch up opportunities, I think it's doubtful that anyone is going to be too proactive when it comes to this building.

The owner has been bullheaded about selling in the past so most interested investors have probably taken it off their radar. It sucks. As notorious as this building was, having a vacant high-rise could be even worse. Let's just hope it doesn't get torn down for a parking lot.

PhiLaw · #**5563** Posted **Nov 14, 2014, 3:35 AM**

Quote:

Originally Posted by phillyaggie

Really?

Because I saw the news of the IPO and the company's recent history.

Looks like yet another company that got hollowed out by the private equity/hedge fund types...in this instance, Carlyle Group...

They bought it from DuPont only last year for only $1.35 billion but tripled the money on it already...while loading the company with huge debt...meaning, they paid themselves and are now leaving the company to public shareholders...who are more like the proverbial bag holders. The ownership of the company got shifted in large measure from stock owners to debt owners. The company is valued at around $5 billion now, with shareholders owning only about $1 billion worth of the company, and the rest owned by debt owners... not a good scenario for the financial health of the company, generally speaking.

The IPO money isn't going to Axalta, it's going to the selling shareholders, which is Carlyle Group. Carlyle will still hold more than 3/4th of the company stock after the IPO.

So the company isn't going to be flush with new cash, rather it is burdened with more than $3 billion in debt. For a company that only made about $11 million in profits all of last year, that's a lot of debt to pay off.

No wonder they're asking for government handouts to build a new coatings plant in the Navy Yard-- an already tax-advantaged location to begin with.

question is...how much money is PhiLaw making on this deal?!

perhaps a Philly skyscraperpage regulars happy hour, first round of drinks on PhiLaw!

haha

This company is at the forefront of some big things to hit PhillY.

tsarstruck · #**5564** Posted **Nov 14, 2014, 3:04 PM**

Quote:

Originally Posted by PhiLaw

Ho.Ly. Shit. Please take your tin-foil hat off bro. This company is at the forefront of some big things to hit PhillY. Anyways I think you're running out of doritos. Better stock up

Not knowing the specific history, I'm not going to pretend to know what's right. I'd hardly call it a tin-foil hat accusation, though.

PhiLaw · #**5565** Posted **Nov 14, 2014, 3:51 PM**

Quote:

Originally Posted by tsarstruck

Not knowing the specific history, I'm not going to pretend to know what's right. I'd hardly call it a tin-foil hat accusation, though.

The tin-foil hat accusation did not relate to his accusations of the companies' graft. It related to his/her insinuation that I am/have benefited financially by helping the company made a shady deal. If it was a serious accusation, that's ridiculous. If it was a joke, the poster should do a better job of showing people that it was a joke.

Here's a question, if the shareholders are so-called "baggers" left only with debt, why would they voluntarily take on this role?

Kidphilly · #**5566** Posted **Nov 14, 2014, 4:03 PM**

http://www.bizjournals.com/philadelphia/...hilly-starting-to-make-hard-choices.html

summersm343 · #**5567** Posted **Nov 14, 2014, 4:03 PM**

I do not see this conversation ending well. Let's end it before it gets out of hand.

summersm343 · #**5568** Posted **Nov 14, 2014, 4:07 PM**

Quote:

Originally Posted by Kidphilly

http://www.bizjournals.com/philadelphia/...hilly-starting-to-make-hard-choices.html

Good article. The biggest change for Philadelphia will be a change in City Hall.

tsarstruck · #**5569** Posted **Nov 14, 2014, 5:03 PM**

Quote:

Originally Posted by PhiLaw

The tin-foil hat accusation did not relate to his accusations of the companies' graft. It related to his/her insinuation that I am/have benefited financially by helping the company made a shady deal. If it was a serious accusation, that's ridiculous. If it was a joke, the poster should do a better job of showing people that it was a joke.

Agree with Summers that there's no reason to go down this route, but I'm 99.9999% that the accusation (hence the suggestion you'd take us all out for drinks) was a joke, and that's how I read it.

PhillyPantsAC · #**5570** Posted **Nov 14, 2014, 6:14 PM**

Quote:

Originally Posted by Londonee

Thanks, I've had them in mind and it's a great project - do you happen know when that space will be finished?

They are beginning their move in next month and expect to be fully moved in by January.

Frozenice1 · #**5571** Posted **Nov 14, 2014, 8:18 PM**

The crane at AQ Rittenhouse will be taken down this weekend and removed. This project is close to finishing, appears to be a great addition to the block.

Now across the street....

domodeez · #**5572** Posted **Nov 16, 2014, 6:33 PM**

Quote:

And the Riverfront - you're right. Been going on for 20 years, it's nice now, but most of those townhouses and condos and apts are vacant. It's like any city revitalization/gentrification .... unless the young people really want to live, work, and play there ... it's going to be tough going.

There may have been many vacancies on the Riverfront in previous years, but that is no longer the case. There is a new 119-unit luxury apartment building that is nearly complete and will open in mid-December. There are also 400 units along Market Street between 4th and 9th Streets that will open at various points over the next 6-12 months. The entire livability calculus in downtown/riverfront Wilmington is changing very quickly now. More projects on the way too...

Jawnadelphia · #**5573** Posted **Nov 16, 2014, 6:49 PM**

Quote:

Originally Posted by domodeez

There may have been many vacancies on the Riverfront in previous years, but that is no longer the case. There is a new 119-unit luxury apartment building that is nearly complete and will open in mid-December. There are also 400 units along Market Street between 4th and 9th Streets that will open at various points over the next 6-12 months. The entire livability calculus in downtown/riverfront Wilmington is changing very quickly now. More projects on the way too...

Very true.
Check out the Wilmington thread, City Compliations - I've been adding articles/pics. Tons of pictures of Wilmington on my little Flickr link there (Album - Wilmington).
But.. while it looks nice, Market St. is very dead at night. If there's a show at the Grand or the Queen Theater... then a little activity. Still a ways to go.
To put proper perspective on things... people on the Riverfront and downtown are excited because ....get this... 2 Starbucks have opened up! The first one's in the city proper. Wowie!!

ILovePhilly · #**5574** Posted **Nov 16, 2014, 7:11 PM**

6abc has a neat little slide show of skyline shots from 1938-present
Not exactly sure why they did it, but it ends with the removal of the remaining PNB letters this morning. Thought some of you might enjoy.

jsbrook · #**5575** Posted **Nov 16, 2014, 8:26 PM**

Quote:

Originally Posted by domodeez

There may have been many vacancies on the Riverfront in previous years, but that is no longer the case. There is a new 119-unit luxury apartment building that is nearly complete and will open in mid-December. There are also 400 units along Market Street between 4th and 9th Streets that will open at various points over the next 6-12 months. The entire livability calculus in downtown/riverfront Wilmington is changing very quickly now. More projects on the way too...

But no one wants to BUY at the Riverfront. And with good reason. I just started renting a second place at Justison Landing as I work up the street and want to be able to avoid commuting back and forth to Philly when I choose. Christina Landing and Justison Landing condos still haven't sold out, and it's been a good seven years since construction completed.

I don't think Buccini is developing it properly or in a way that appeals to longterm owners. First, who is the target resident? It's a fairly nice area, but it doesn't really feel like a city. So it won't be to those who are looking for an urban environment. Second, it's not being developed to pull in retail/commercial tenants who will make things convenient for those who live in the area. They should have put a dry cleaners and a supermarket (or at least a bodega) in the Justison Landing retail. I don't want to have to drive to drop off and collect dry cleaning or grab some food/household items. Would have been much smarter move than an enormous Starbucks with super luxe finishings. The Starbucks was a great idea and sorely needed at the Wilmington Riverfront and Wilmington generally. The size and finishings are inappropriate for the level of foot traffic and demographic. We would have been better off with a smaller one and another store that's useful. I'm hopeful that something will develop in the grass field next to Justison Landing apartments. Hopefully with stores of the type I identified.

I actually thought about buying at Justison Landing, so I'd have a property as an investment property in addition to the convenience factor. But I chose not to as I don't think it's ever going to develop the way they want it to. Instead I expect to buy an investment property in Francisville or Point Breeze, both of which I expect to gentrify in the coming years for a significant appreciation in value combined with renovations.

Anyhow, I guess we should get back to Philly...this isn't the Wilmington Development Thread.

jsbrook · #**5576** Posted **Nov 16, 2014, 8:39 PM**

Quote:

Originally Posted by ILovePhilly

6abc has a neat little slide show of skyline shots from 1938-present
Not exactly sure why they did it, but it ends with the removal of the remaining PNB letters this morning. Thought some of you might enjoy.

Liberty 1 and 2 seem to have been lit far better in the past. Is this because of energy efficiency?