PHILADELPHIA | Highrise Development Thread IX

[Londonee]

Originally Posted by ILovePhilly

1835 Market Street sells for $100 million. JLL expects to close $1B in Philadelphia in 2015.

Philly.com

The article actually says 2014...

[josef]

Originally Posted by ILovePhilly

1835 Market Street sells for $100 million. JLL expects to close $1B in Philadelphia in 2015.

Philly.com

I'm not business-savvy enough to know, is this good for the city or bad? I assume good because it means people find our buildings valuable, but I'm not sure what this really says about real estate in the city.

[jsbrook]

Originally Posted by Insoluble

Eh, that lot is so small that it's not really taking up too much prime real estate. I'm more concerned about what the article has to say about our city council president. It sounds like Clark is trying to add another convoluted layer of bureaucracy to the system that, from the looks of it, will be a hindrance to future development without actually doing much good. Fixing L&I is important, but Clark is the last person I would trust to do it properly. This could have a much larger impact down the road than one small pocket park.

Clark is horrible. In virtually every way. He would be terrible for development and the city as a whole. I am officially a Wilmington resident right now. But if he runs for mayor - and he is likely to - I may need to move back to Philly to vote against him.

[ScreamShatter]

Originally Posted by summersm343

Say what! Looks pretty nice. Wondering where all this green space is coming from though lol. Are they closing off 13th St?

The green space is coming from the new quad...

http://news.temple.edu/news/2014-10-30/t...-includes-new-library-large-central-quad

[McBane]

Originally Posted by jsbrook

Clark is horrible. In virtually every way. He would be terrible for development and the city as a whole. I am officially a Wilmington resident right now. But if he runs for mayor - and he is likely to - I may need to move back to Philly to vote against him.

He won't run. He's much more powerful as CC president. Plus, Philly mayor is a dead end job, whereas city councilmen sit for life, unless they are convicted of a crime. I'm having trouble remembering the last councilperson to lose an election. It's actually the one bright spot of him being mayor - we'd likely never see his face (in a position of real power) again.

**********

Philly Trump Tower lot of sale: http://www.philly.com/philly/blogs/inq-phillydeals/Phillys-Trump-Tower-site-is-For-Sale.html

[PhiLaw]

Originally Posted by McBane

He won't run. He's much more powerful as CC president. Plus, Philly mayor is a dead end job, whereas city councilmen sit for life, unless they are convicted of a crime. I'm having trouble remembering the last councilperson to lose an election. It's actually the one bright spot of him being mayor - we'd likely never see his face (in a position of real power) again.

**********

Philly Trump Tower lot of sale: http://www.philly.com/philly/blogs/inq-phillydeals/Phillys-Trump-Tower-site-is-For-Sale.html

I'm fine with Lynn Abraham, out of the options that we have. And the council incumbent winning streak will likely end with Kenyatta Johnson next election. Unless he can redraw the boundaries further north (like he was able to muster last election) he's a dead man walking.

[ConstructStudent]

Here is what was sent out today from Temple's daily email news.

https://news.temple.edu/news/2014-12-09/...e-temple-campus-and-academic-experiences

[summersm343]

Philadelphia's Unemployment Rate drops to 6.6%

Philadelphia's unemployment rate dropped to 6.6 percent in October 2014, a 3.3 percent drop from October 2013, according to the mayor's office citing figures from the U.S. Bureau of Labor Statistics.

The unemployment rate is the city's lowest since April 2008. After adding 8,500 jobs during the month, the number of people employed in Philadelphia is 672,500 — the highest point for an October since 2000

http://www.bizjournals.com/philadelphia/news/2014/12/11/philadelphias-unemployment-rate-drops.html

[summersm343]

Pearl Properties buys Boyd, iPic Movie Theater still planned
http://www.bizjournals.com/philadelphia/...niqlo-properties-on-chestnut-street.html

$60 million in development coming to Brewerytown
http://www.bizjournals.com/philadelphia/...to-invest-60-million-in-brewerytown.html

86-acre tract in Frankford Arsenal rezoned for redevelopment
http://planphilly.com/articles/2014/12/1...eceives-amended-zoning-for-86-acre-tract

[3rd&Brown]

Originally Posted by PhiLaw

I'm fine with Lynn Abraham, out of the options that we have. And the council incumbent winning streak will likely end with Kenyatta Johnson next election. Unless he can redraw the boundaries further north (like he was able to muster last election) he's a dead man walking.

Fine with Lynn? She's a 90 yo hack.

[shadowbat2]

Originally Posted by summersm343

Pearl Properties buys Boyd, iPic Movie Theater still planned
http://www.bizjournals.com/philadelphia/...niqlo-properties-on-chestnut-street.html

I wonder if the Boyd property will be combined with the corner property where they planned the tower that the NIMBYS appear to have trounced. If the Boyd interior is going to be destroyed they might as well go all the way build anew from scratch.
Seems like such a waste from a real estate perspective just to gut the building and build a new theater in the old shell when they could just demolish everything and build a new theater with apartment on to or something.

BTW for the record, I believe that trashing that Art Deco interior is outright atrocious

[jsbrook]

Originally Posted by McBane

He won't run. He's much more powerful as CC president. Plus, Philly mayor is a dead end job, whereas city councilmen sit for life, unless they are convicted of a crime. I'm having trouble remembering the last councilperson to lose an election. It's actually the one bright spot of him being mayor - we'd likely never see his face (in a position of real power) again.

**********

Philly Trump Tower lot of sale: http://www.philly.com/philly/blogs/inq-phillydeals/Phillys-Trump-Tower-site-is-For-Sale.html

My friend who works for Nutter thinks he might run...but I hope you're right. One term alone with him as mayor would still set the city back a good bit.

[jsbrook]

Originally Posted by summersm343

Pearl Properties buys Boyd, iPic Movie Theater still planned
http://www.bizjournals.com/philadelphia/...niqlo-properties-on-chestnut-street.html

$60 million in development coming to Brewerytown
http://www.bizjournals.com/philadelphia/...to-invest-60-million-in-brewerytown.html

86-acre tract in Frankford Arsenal rezoned for redevelopment
http://planphilly.com/articles/2014/12/1...eceives-amended-zoning-for-86-acre-tract

I guess this is why there's been no progress so far on the Boyd construction...

[Philly Fan]

Philadelphia makes Conde Nast Traveler's list of "America's Most Underrated Cities for Millennials":

http://www.cntraveler.com/galleries/2014-11-26/americas-most-underrated-cities-for-millennials/8

[PhiLaw]

Originally Posted by 3rd&Brown

Fine with Lynn? She's a 90 yo hack.

She's 73 - and agism never serves anyone well. She's also pro-development, anti-Clark and will ruffle many a feather within the democratic machine here in Philly. She's also tough on crime. Not the best candidate of course, but like I said, considering out options she's got my vote for the time being.

[Flyers2001]

Originally Posted by summersm343

Philadelphia's Unemployment Rate drops to 6.6%



http://www.bizjournals.com/philadelphia/news/2014/12/11/philadelphias-unemployment-rate-drops.html

Wonder if the fact that they never extended long term unemployment plays into. Many people stopped collecting and they fall off the so called unemployed rate.

[skyscraper]

Originally Posted by Flyers2001

Wonder if the fact that they never extended long term unemployment plays into. Many people stopped collecting and they fall off the so called unemployed rate.

The Workforce Participation Rate takes this into account, and is a much better indicator of the real employment picture. I don't know what it is for Philadelphia, but nationally the WPR is lower than it has been since the Carter administration in spite of stabilized or even lower "unemployment" rates. I suspect the same is true here, but would need to research it.

[allovertown]

Originally Posted by skyscraper

The Workforce Participation Rate takes this into account, and is a much better indicator of the real employment picture. I don't know what it is for Philadelphia, but nationally the WPR is lower than it has been since the Carter administration in spite of stabilized or even lower "unemployment" rates. I suspect the same is true here, but would need to research it.

The workforce participation rate is absolutely not a better indicator of the real employment picture than the unemployment rate. The workforce participation rate is higher than it's been since the 70s largely because America is older than it ever has been before and thus there are more retired people in America than there ever has been before.

The number of people who have left the job market due to external market forces is higher than it's been in the past but that number is still microscopic when compared to those who left the job market by retiring or becoming a stay at home parent, etc.

[br323206]

Originally Posted by allovertown

The workforce participation rate is absolutely not a better indicator of the real employment picture than the unemployment rate. The workforce participation rate is higher than it's been since the 70s largely because America is older than it ever has been before and thus there are more retired people in America than there ever has been before.

The number of people who have left the job market due to external market forces is higher than it's been in the past but that number is still microscopic when compared to those who left the job market by retiring or becoming a stay at home parent, etc.

This is absolutely correct. The lower WPR is mostly due to people retiring and there being less young people to replace them.

[br323206]

Originally Posted by Flyers2001

Wonder if the fact that they never extended long term unemployment plays into. Many people stopped collecting and they fall off the so called unemployed rate.

If you stop collecting unemployment insurance you don't just fall off the unemployment rate. As long as you're still trying to work you're included in the measure.