PHILADELPHIA | Highrise Development Thread IX

[Larry King]

Originally Posted by jsbrook

Are they going to do anything to that facade or just the inside? Broad Street is having huge problems drawing retail tenants. Hopefully that changes with all these luxury apartments and residences coming nearby (this, Post Bros project at the Atlantic, SLS, W). I can't imagine it doesn't. But it's taking a long time (as are completion or even commencement of some of the residential projects themselves).

Ya i don't get why major retailers buy into e market, chestnut and walnut but not s broad. I think it will take one ballsy retailer to break the ice.. though having s broad as overpriced chain restaurant row isn't the worst thing in the world i suppose

[1487]

Originally Posted by jsbrook

Are they going to do anything to that facade or just the inside? Broad Street is having huge problems drawing retail tenants. Hopefully that changes with all these luxury apartments and residences coming nearby (this, Post Bros project at the Atlantic, SLS, W). I can't imagine it doesn't. But it's taking a long time (as are completion or even commencement of some of the residential projects themselves).

The retail leasing activity seems to stop just short of broad street. Chestnut east of broad is struggling and Walnut east of broad has only recently started to fill some long standing vacancies. The level of vacancy on chestnut, market and south broad stands in stark contrast to west walnut/chestnut.

[summersm343]

Wells Fargo moving 250 jobs from Chester to 5th and Market
http://www.bizjournals.com/philadelphia/...moving-250-jobs-from-chester-to-old.html

[iamrobk]

Originally Posted by summersm343

Wells Fargo moving 250 jobs from Chester to 5th and Market
http://www.bizjournals.com/philadelphia/...moving-250-jobs-from-chester-to-old.html

Not good for Chester, but I'll take all the jobs I can in the city.

[Late1]

Yeah, I saw that article title earlier and got all excited - but was disappointed to see Chester lose the jobs.

On a related note, Florida's governor is coming for Philly's jobs...

Gov. Scott won't find brotherly love in Philly jobs raid
http://tbo.com/news/politics/gov-scott-wont-find-brotherly-love-in-philly-jobs-raid-20150112/

[summersm343]

Originally Posted by Late1

Yeah, I saw that article title earlier and got all excited - but was disappointed to see Chester lose the jobs.

On a related note, Florida's governor is coming for Philly's jobs...

Gov. Scott won't find brotherly love in Philly jobs raid
http://tbo.com/news/politics/gov-scott-wont-find-brotherly-love-in-philly-jobs-raid-20150112/

Guy sounds like a moron. Writer of the article sounds like a moron too bringing up the Santa clause snow ball incident out of left field lol. This article is not even related to it, and the City of Brotherly Love is famous for much more important things than some sporting incident that happened in the 1960s lol. What a joke.

[summersm343]

https://www.facebook.com/UnivPennsylvani...878775/10153392286808776/?type=3&theater

[philatonian]

Originally Posted by summersm343

Guy sounds like a moron. Writer of the article sounds like a moron too bringing up the Santa clause snow ball incident out of left field lol. This article is not even related to it, and the City of Brotherly Love is famous for much more important things than some sporting incident that happened in the 1960s lol. What a joke.

Philadelphians are smart enough to Google "Rick Scott" to know exactly who he is. The mere person will make any Philadelphia business avoid Florida. He's pure, ****ing evil. You can financially make your state "business friendly," but a business is only worth as much as its talent. And unless these companies he hopes to steal are full of gay-hating religious zealots (I don't know of any in Philly), their employees won't be following him back to Tallahassee.

[Outta here]

summersm . That is one hell of a shot , thanks for posting .

[PhiLaw]

Originally Posted by philatonian

Philadelphians are smart enough to Google "Rick Scott" to know exactly who he is. The mere person will make any Philadelphia business avoid Florida. He's pure, ****ing evil. You can financially make your state "business friendly," but a business is only worth as much as its talent. And unless these companies he hopes to steal are full of gay-hating religious zealots (I don't know of any in Philly), their employees won't be following him back to Tallahassee.

This is one of the dumbest comments I've seen on this thread. To equate Florida with gay-hating bigots is dumb. To call Rick Scott a moron is dumb (although I don't necessarily agree with his policies). FL has a competitive advantage over Philly in the tax realm and they want to exploit it. Philly has a huge competitive advantage over Florida in culture/lifestyle and that is its main rampart.

Calling him and the state of FL dumb reminds me of a Spanish Prince watching the Moorish rebels invade the Iberian peninsula. He sits on the rock of Gibraltar, watching the advancing Moors and laughs at how uncultured they are. He becomes so inundated with their uncivilized advances that he does not pad his defenses. A week later he finds himself facing mecca on a Persian rug.

[jsbrook]

Originally Posted by Larry King

Ya i don't get why major retailers buy into e market, chestnut and walnut but not s broad. I think it will take one ballsy retailer to break the ice.. though having s broad as overpriced chain restaurant row isn't the worst thing in the world i suppose

Broad's not really that good. I guess there are (some) businesses and the hotel guests. But I think it needs those residences to launch to be attractive to retailers. Retailers don't normally like to invest in districts that empty out at 5 and aren't filled on the weekends. The residential scene doesn't really pick up till further down S. Broad. But even those Dranoff places are fairly new. Should change with more residences.

[Londonee]

Summersm- great shot. That silhouette really emphasizes the impact both FMC and SLS will make in expanding the skyline southward.

SLS is going to look like the empire state building down at Spruce Street, it's nearly twice as tall as Symphony House whose entire profile is clearly visible at Pine.

[Kidphilly]

Originally Posted by Londonee

Summersm- great shot. That silhouette really emphasizes the impact both FMC and SLS will make in expanding the skyline southward.

SLS is going to look like the empire state building down at Spruce Street, it's nearly twice as tall as Symphony House whose entire profile is clearly visible at Pine.

Also the Mormon tower will add another building to the left in this image

even if Blatsteins development at Broad and Wash came to bear - that would add an ~ Symphony house and extend even further

[Busy Bee]

Originally Posted by philatonian

I've always felt like a closer likeness was Bat Boy...


*

[UrbanRevival]

Long-time lurker here. I no longer live in the area, but I'm endlessly intrigued by and excited for Philadelphia's continued revitalization. Thanks to everyone for their awesome contributions!

Here are a few recent development-related articles for the city that I don't believe have been posted:


Beyond the Beltway: D.C.’s MRP Realty looks to expand its millennial-fueled apartment empire to Philadelphia – and elsewhere

by Jonathan O'Connell | January 11, 2015 | The Washington Post

"PHILADELPHIA — The first satellite office of hard-charging D.C. developer MRP Realty is outfitted with a decrepit electric stove and cheap carpeting. On the kitchen counter is a stack of hard hats and two empty Coke bottles. In the middle of the room is a folding table with two laptops, which is where Charley McGrath is plotting to take over his hometown.

McGrath, 34, with slicked-back brown hair and a pinstripe suit, said he is in Philadelphia for two reasons, one personal, one professional. A native of the area with three young children, he wanted to move back home to raise his kids.

But his interest in Philadelphia aligned perfectly with that of the company, which was looking to do something most of its predecessors and competitors have avoided: Export their development success in Washington to other cities."

http://www.washingtonpost.com/sf/business/2015/01/11/beyond-the-beltway/

---

Forest City closes three investment allocations from fund formed with the Arizona State Retirement System


by Stan Bullard | January 08, 2015 | Crain's Business Cleveland

"Forest City Enterprises Inc. (NYSE: FCEA, FCEB) said it has closed three additional investment allocations in its apartment communities and planned developments from a previously announced fund it has formed with the Arizona State Retirement System.

The projects are in Washington, D.C., Philadelphia and Oakland, Calif. The Cleveland-based real estate developer and operator did not disclose specific dollar figures for the fund in the properties and projects of multimillion-dollar scale.

...

In Philadelphia, the fund closed an investment in the 286-suite Museum Towers, in which Forest City had been the sole owner. The fund is expected to close an additional investment in Philadelphia the first quarter of this year that Forest City said will aid imminent development of Museum Towers II, an adjoining 286-unit apartment project and 400-space parking garage."

http://www.crainscleveland.com/article/2...stment-allocations-from-fund-formed-with

---

Banker Terlizzi, RealShare Philadelphia Panelist, Says City Will Be ‘Crown Jewel’


By Steve Lubetkin | January 15, 2015 | GlobeSt.com

"PHILADELPHIA, PA—Philadelphia is poised to become a “crown jewel” in the investment portfolios of real estate developers over the next decade, says veteran commercial real estate banker Christophe P. Terlizzi, one of the panelists featured at ALM’s RealShare Philadelphia Conference February 10 at the historic Union League Club.

In comments provided exclusively to GlobeSt.com in advance of his appearance at the conference, Terlizzi says “As a real estate banker I have had the privilege to work with many fine Philadelphia developers who have exhibited extraordinary vision in pursuing trend setting projects. This spirit is very much alive and well today and I predict that we are about to witness yet another five to ten years of unprecedented development quality, much of it funded by investors who have discovered the potential Philadelphia holds and whose investments will be among the crown jewels of their portfolios.”

http://www.globest.com/news/12_1026/phil...ays-City-Will-Be-Crown-Jewel-354358.html

[br323206]

Originally Posted by PhiLaw

This is one of the dumbest comments I've seen on this thread. To equate Florida with gay-hating bigots is dumb. To call Rick Scott a moron is dumb (although I don't necessarily agree with his policies). FL has a competitive advantage over Philly in the tax realm and they want to exploit it. Philly has a huge competitive advantage over Florida in culture/lifestyle and that is its main rampart.

Calling him and the state of FL dumb reminds me of a Spanish Prince watching the Moorish rebels invade the Iberian peninsula. He sits on the rock of Gibraltar, watching the advancing Moors and laughs at how uncultured they are. He becomes so inundated with their uncivilized advances that he does not pad his defenses. A week later he finds himself facing mecca on a Persian rug.

How did you get from that post that the poster thinks Floridians are "gay-hating bigots." The poster was referring to Rick Scott specifically. They also didn't say "dumb" they said "evil." While that's hyperbolic, I agree that Scott has taken some hateful positions. I would also say that he was dumb in rejecting the high-speed rail money. But pertinent to your post, there is very real evidence that anti-gay policies hurt business, so I wouldn't call the OP's post dumb at all.

[thisisforreal]

Originally Posted by summersm343

Wells Fargo moving 250 jobs from Chester to 5th and Market
http://www.bizjournals.com/philadelphia/...moving-250-jobs-from-chester-to-old.html

The part that really stunk about this move was they announced on Christmas Eve that they were terminating the lease for the day care that is on the ground floor - basically a one-week notice. Really screwed up two of my co-workers who were left scrambling over the new year to find a new quality day care, which are already in short enough supply as it is in Center City.

[summersm343]

Originally Posted by UrbanRevival

Long-time lurker here. I no longer live in the area, but I'm endlessly intrigued by and excited for Philadelphia's continued revitalization. Thanks to everyone for their awesome contributions!

Here are a few recent development-related articles for the city that I don't believe have been posted:


Beyond the Beltway: D.C.’s MRP Realty looks to expand its millennial-fueled apartment empire to Philadelphia – and elsewhere

by Jonathan O'Connell | January 11, 2015 | The Washington Post

"PHILADELPHIA — The first satellite office of hard-charging D.C. developer MRP Realty is outfitted with a decrepit electric stove and cheap carpeting. On the kitchen counter is a stack of hard hats and two empty Coke bottles. In the middle of the room is a folding table with two laptops, which is where Charley McGrath is plotting to take over his hometown.

McGrath, 34, with slicked-back brown hair and a pinstripe suit, said he is in Philadelphia for two reasons, one personal, one professional. A native of the area with three young children, he wanted to move back home to raise his kids.

But his interest in Philadelphia aligned perfectly with that of the company, which was looking to do something most of its predecessors and competitors have avoided: Export their development success in Washington to other cities."

http://www.washingtonpost.com/sf/business/2015/01/11/beyond-the-beltway/

---

Forest City closes three investment allocations from fund formed with the Arizona State Retirement System


by Stan Bullard | January 08, 2015 | Crain's Business Cleveland

"Forest City Enterprises Inc. (NYSE: FCEA, FCEB) said it has closed three additional investment allocations in its apartment communities and planned developments from a previously announced fund it has formed with the Arizona State Retirement System.

The projects are in Washington, D.C., Philadelphia and Oakland, Calif. The Cleveland-based real estate developer and operator did not disclose specific dollar figures for the fund in the properties and projects of multimillion-dollar scale.

...

In Philadelphia, the fund closed an investment in the 286-suite Museum Towers, in which Forest City had been the sole owner. The fund is expected to close an additional investment in Philadelphia the first quarter of this year that Forest City said will aid imminent development of Museum Towers II, an adjoining 286-unit apartment project and 400-space parking garage."

http://www.crainscleveland.com/article/2...stment-allocations-from-fund-formed-with

---

Banker Terlizzi, RealShare Philadelphia Panelist, Says City Will Be ‘Crown Jewel’


By Steve Lubetkin | January 15, 2015 | GlobeSt.com

"PHILADELPHIA, PA—Philadelphia is poised to become a “crown jewel” in the investment portfolios of real estate developers over the next decade, says veteran commercial real estate banker Christophe P. Terlizzi, one of the panelists featured at ALM’s RealShare Philadelphia Conference February 10 at the historic Union League Club.

In comments provided exclusively to GlobeSt.com in advance of his appearance at the conference, Terlizzi says “As a real estate banker I have had the privilege to work with many fine Philadelphia developers who have exhibited extraordinary vision in pursuing trend setting projects. This spirit is very much alive and well today and I predict that we are about to witness yet another five to ten years of unprecedented development quality, much of it funded by investors who have discovered the potential Philadelphia holds and whose investments will be among the crown jewels of their portfolios.”

http://www.globest.com/news/12_1026/phil...ays-City-Will-Be-Crown-Jewel-354358.html

Great first post and welcome to the forum! Good to see Forest City may finally be on the move with Museum Towers II. Nice to see another DC developer is looking to get into the Philly development fray as well.

[tsarstruck]

"We envision two boutique hotels, each leading into their own ballroom with 55-foot high ceilings," said Volpe, owner of Cescaphe Event Group, which holds 600 wedding receptions a year at its five Philadelphia venues. Over time they may add river-view apartments and a marina, Blatstein said.

Read more at http://www.philly.com/philly/blogs/inq-p...on-the-Delaware.html#42uTQXDrCT0eSDQL.99

[AbortedWalrus]

Originally Posted by summersm343

Great first post and welcome to the forum! Good to see Forest City may finally be on the move with Museum Towers II. Nice to see another DC developer is looking to get into the Philly development fray as well.

They actually submitted the design to the Civic Design Review.

http://www.phila.gov/CityPlanning/projec...nwood_January%207%20CDR%20Submission.pdf

Maybe someone who has more time can pull the images out for people. I think that area is going to be pretty dang nice soon with all of the development happening. I think a key thing they need to do though is completely revamp Mathias Baldwin Park. It's such a horribly designed park, with a central landscaped sculpture that essentially takes up most of the usable space and isn't really all that great looking. Model it after more successful parks, and add a dog park since there's already an improptu group that uses it as such.