PHILADELPHIA | Highrise Development Thread IX - Page 375

AbortedWalrus · #**7481** Posted **May 13, 2015, 6:50 PM**

Quote:

Originally Posted by cafeguy

So what's up with those fancy north broad street light poles??? Last year, they finally started the electric and base installment...but since last summer, its sat dead collecting dust with traffic cones and barrels over top of them.

They have been digging trenches and putting power lines under the street since winter ended. If you drive up Broad you'll hit patches all over. I think last year they just installed the bases but never ran the power to them. I wouldn't be surprised if we started to see the actual light masts go up this summer. Also, the masts weren't the only part of the package, they've actually put a lot of work into the the sidewalks in the area, putting in new tree boxes and planters all along N. Broad.

1487 · #**7482** Posted **May 13, 2015, 6:53 PM**

Quote:

Originally Posted by cafeguy

So what's up with those fancy north broad street light poles??? Last year, they finally started the electric and base installment...but since last summer, its sat dead collecting dust with traffic cones and barrels over top of them.

Its very likely the lights are custom made and arent even delivered yet. They have been working on the concrete and landscaping work in the meantime.

hammersklavier · #**7483** Posted **May 13, 2015, 7:11 PM**

Quote:

Originally Posted by br323206

But it's already CMX-5. I guess they are trying to expand the Center City FAR Overlay that ends just across 7th Street. That would allow them to increase from 1200% FAR to 1600% FAR.

I'd also bet they want to make sure the property is included in the Market East sign district.

hammersklavier · #**7484** Posted **May 13, 2015, 7:21 PM**

Quote:

Originally Posted by Mappy

If only we had listened to Mappy

You're not the only one who had that idea.

Also -- regional rail along the PRR Oxford Circle branch to the RDG Frankford Branch? I've never thought of that! (Though I will note that -- other than a couple of big boxes blocking the Oxford Circle branch -- an easement actually exists all the way up to the New York Short Line, currently in use by PECO.)

sayitaintso · #**7485** Posted **May 14, 2015, 3:24 PM**

New chinatown tower to break ground in August at 10th and Vine

Lit Bros building losing Mellon as a tenant and 200,000 sf of space to go vacant.

Mellon Bank building - Mellon reducing from 250,000 sf to 48,000 sf likely to lose naming rights

Construction costs now at about $425 psf for new office construction requiring a gross rent of around $42psf

Target confirmed for Brickstone construction project on Chestnut. Taking 40,000sf at $41 sf nnn

iheartphilly · #**7486** Posted **May 14, 2015, 3:32 PM**

Quote:

Originally Posted by sayitaintso

New chinatown tower to break ground in August at 10th and Vine

Lit Bros building losing Mellon as a tenant and 200,000 sf of space to go vacant.

Mellon Bank building - Mellon reducing from 250,000 sf to 48,000 sf likely to lose naming rights

Construction costs now at about $425 psf for new office construction requiring a gross rent of around $42psf

Target confirmed for Brickstone construction project on Chestnut. Taking 40,000sf at $41 sf nnn

What's the source for the groundbreaking of the Eastern Tower Community Center? Would love to see this one as a go, but thought full funding was still the issue.

Philly Kid · #**7487** Posted **May 14, 2015, 4:08 PM**

Disappointing news on Mellon, hopefully there is a speculative tenant in the market looking for at least a portion of that SF. Really need to increase the office/residential density on East Market especially given all the new retail coming onto the market over the next few years.

sayitaintso · #**7488** Posted **May 14, 2015, 4:33 PM**

Quote:

Originally Posted by iheartphilly

What's the source for the groundbreaking of the Eastern Tower Community Center? Would love to see this one as a go, but thought full funding was still the issue.

Meetings w/ Chinatown development corp. They have the funding.

Cro Burnham · #**7489** Posted **May 14, 2015, 4:40 PM**

Quote:

Originally Posted by Philly Kid

Disappointing news on Mellon, hopefully there is a speculative tenant in the market looking for at least a portion of that SF.

Maybe time to think of converting part of Lit Bros to apartments.

The seriously need to modernize the common areas in Lit Brothers, though. It's dated, worn, pure mid-80s dreck.

So Mellon is downsizing? Or relocating operations outside the city?

iheartphilly · #**7490** Posted **May 14, 2015, 4:42 PM**

Quote:

Originally Posted by sayitaintso

Meetings w/ Chinatown development corp. They have the funding.

Fantastic...great news to share on this board.

1487 · #**7491** Posted **May 14, 2015, 5:59 PM**

Quote:

Originally Posted by Cro Burnham

Maybe time to think of converting part of Lit Bros to apartments.

The seriously need to modernize the common areas in Lit Brothers, though. It's dated, worn, pure mid-80s dreck.

So Mellon is downsizing? Or relocating operations outside the city?

I think it was reported last week they they are shrinking their footprint in the main tower as part of a corporate plan to cut costs and improve share price. I didnt know about moving out of the Lit bros building though- that wasnt mentioned in the article. They are really leaving a huge block of space empty- that hurts.

sayitaintso · #**7492** Posted **May 14, 2015, 7:31 PM**

Quote:

Originally Posted by Cro Burnham

Maybe time to think of converting part of Lit Bros to apartments.

The seriously need to modernize the common areas in Lit Brothers, though. It's dated, worn, pure mid-80s dreck.

So Mellon is downsizing? Or relocating operations outside the city?

Mellon is basically leaving the region alltogether

jn00 · #**7493** Posted **May 14, 2015, 8:22 PM**

Quote:

Originally Posted by sayitaintso

Mellon is basically leaving the region alltogether

Wow that's really bad news. Big office space user at the least. Any sense of if there are significant future job cuts or if these jobs are already gone and they're dumping space at the end of leases?

Capsule F · #**7494** Posted **May 15, 2015, 8:26 AM**

Thats very upsetting. 🞵🞵🞵🞵 Mellon.

cafeguy · #**7495** Posted **May 15, 2015, 9:58 AM**

Just drove past the controversial townhomes across from betsy ross house which had featured garage doors. Those garage doors got people pretty angry....but looking at it, I don't see any doors! Where the doors were supposed to be, are little windows. Last minute change maybe?

allovertown · #**7496** Posted **May 15, 2015, 11:00 AM**

Quote:

Originally Posted by cafeguy

Just drove past the controversial townhomes across from betsy ross house which had featured garage doors. Those garage doors got people pretty angry....but looking at it, I don't see any doors! Where the doors were supposed to be, are little windows. Last minute change maybe?

the area where the garage doors will go is pretty apparent, they're just currently covered in plywood.

1487 · #**7497** Posted **May 15, 2015, 12:15 PM**

looks like NLNA plans to oppose any really tall residential tower at this site.

http://www.philly.com/philly/business/20...a__plan_as_template_to_develop_site.html

Cro Burnham · #**7498** Posted **May 15, 2015, 1:43 PM**

Quote:

Originally Posted by 1487

looks like NLNA plans to oppose any really tall residential tower at this site.

http://www.philly.com/philly/business/20...a__plan_as_template_to_develop_site.html

The Trump project was so dull I don't think it's any great loss. If they build something 8 - 15 stories that's well designed and intergrates with the street, rather than another Waterfront Sq gated tower, it'd be better.

At this kind of location, we need more street level engagement, less isolated resort escape on parking pedestal stuff. Midrise vs high rise is not really that important.

summersm343 · #**7499** Posted **May 15, 2015, 2:30 PM**

Mellon downsizing.

This will only be a huge blow if the office space is not absorbed quickly. There are currently 6 or 7 large firms in Center City seeking large chunks of office space, and Center City currently has the tightest office market in the region with very low vacancy rates. How fast this ~400,000 square feet is absorbed will be a perfect indicator of how strong of a demand there is for Class A office space right now in Center City, but I'm willing to bet it's strong.

summersm343 · #**7500** Posted **May 15, 2015, 2:33 PM**

Wipfli, a Milwaukee based accounting firm, who owns Media-based Elko & Associates, opens an office in Center City

Quote:

Another suburban accounting firm has decided to move into the city. Milwaukee-based Wipfli, which entered the Philadelphia market in January when it acquired Media-based Elko & Associates, said it has opened an office at 3 Logan Square on 1717 Arch St.
The firm, which will keep its Media office, leased 8,000 square feet on the building’s seventh floor. It is now is home to 20 of its 90 local employees and that number will grow to 35, according to Michael Pozielli, managing partner for Wipfli’s Northeast region.

http://www.bizjournals.com/philadelphia/...unting-firm-adds-center-city-office.html