PHILADELPHIA | Highrise Development Thread IX

[tower]

sweet photo

[Philly-Drew]

Damn Summers!!!

You totally Rock!

Awesome pics!

BTW, where was that pick tacked from with the river/island in the foreground? That looks like a vacation spot or something.

[hammersklavier]

I don't remember the name of the island off the top of my head, but the bridge just behind it is the Columbia Avenue railroad bridge in Fairmount Park.

[MikeNigh]

From the right angles the new university city towers are making a serious impact on the skyline

[justremember]

That last picture is amazing! It makes the city look so big, there are probably people who would think it's not real. You got some crazy good shots.

[summersm343]

Gallery redevelopment

Article about the gallery redevelopment includes this image we've seen before. I really hope they intend to build these highrises. Even if the two fronting Market Street were built only and not the rear tower this would be HUGE for Market East.



Some other information in here including some really dumb ass ideas from City Council. Glad some of these guys are leaving. They want all retailers to pay employees a minimum wage of $10 an hour??? And they want PREIT to give the previous tenants of the Gallery first right of refusal for the redeveloped space?! Those retailers are the exact reason the Gallery was failing. PREIT needs to completely redevelop the Gallery and bring in all new tenants, not just spruce it up and invite the same tenants back.

Article here:
http://planphilly.com/articles/2015/05/28/council-close-to-consensus-on-gallery-redevelopment

[philatonian]

Originally Posted by summersm343

https://www.flickr.com/photos/michaelwm25/17948887542/sizes/l/

I'm gonna say it: add a few more high-rises in University City, and Philadelphia's about to look like a sexier New York.

[philatonian]

Originally Posted by summersm343

Gallery redevelopment

Article about the gallery redevelopment includes this image we've seen before. I really hope they intend to build these highrises. Even if the two fronting Market Street were built only and not the rear tower this would be HUGE for Market East.



Some other information in here including some really dumb ass ideas from City Council. Glad some of these guys are leaving. They want all retailers to pay employees a minimum wage of $10 an hour??? And they want PREIT to give the previous tenants of the Gallery first right of refusal for the redeveloped space?! Those retailers are the exact reason the Gallery was failing. PREIT needs to completely redevelop the Gallery and bring in all new tenants, not just spruce it up and invite the same tenants back.

Article here:
http://planphilly.com/articles/2015/05/28/council-close-to-consensus-on-gallery-redevelopment

What does "first right of refusal" mean? If it means former tenants get first pick, how do they expect retail's worst-of-the-worst to agree to $10/hr?

Don't get me wrong, I think an increased minimum wage is a good idea, and $10/hr is modest. But it's a bad idea if you expect anyone to jump at the opportunity. If they want tenants willing to pay a higher wage, they need tenants who are already bragging about paying a minimum of $10/hr, or tenants looking for a location from which they can afford to brag about it.

Even then it's just a bad idea from a city standpoint because it's not consistent. From a business logic, there would be no reason to open a shop in a mall with salary requirements when they're free to do what the city-as-a-whole allows across the street, on Chestnut, or inside the new East Market.

Whoever proposed that is just playing small-town politics...again.

[summersm343]

https://www.facebook.com/universitycity

[summersm343]

Originally Posted by philatonian

What does "first right of refusal" mean? If it means former tenants get first pick, how do they expect retail's worst-of-the-worst to agree to $10/hr?

A few members of City Council were basically saying PREIT needs to invite back the retailers they kicked out the Gallery back into the Gallery first before leasing to other retailers. This is just a stupid idea. First of all, I doubt any of these retailers would be willing to pay the increased rents PREIT will be asking once the Gallery is redeveloped. Second, inviting these retailers back would completely undo everything PREIT is trying to do with the redevelopment.

[cafeguy]

Originally Posted by summersm343

A few members of City Council were basically saying PREIT needs to invite back the retailers they kicked out the Gallery back into the Gallery first before leasing to other retailers. This is just a stupid idea. First of all, I doubt any of these retailers would be willing to pay the increased rents PREIT will be asking once the Gallery is redeveloped. Second, inviting these retailers back would completely undo everything PREIT is trying to do with the redevelopment.

Philly.com may have their info incorrect. NPR is reporting that it is the kiosks that have first right to refusal. Preit is actually allocating $300K to help them fill a temporary place in the concourse for the next two years with the idea that they will be able to return.

Not sure why you would think that these stores are what destroyed the gallery though. Its not these older stores. Its the lack of newer stores that would have an impact. No one would refuse to go to the gallery if the sneaker shop is there or if the meat market is there or if 5 below is there. They would refuse to go to the gallery only if the store they want to shop at isn't there.

For the small business kiosks that rely on the place and had to deal with crap when rents went up but the gallery didn't do anything during christmas, I think its great they are making a commitment to these long-term shop owners. As for the larger businesses like the sneaker shop...if they are willing to pay the increased rent, why would you not offer them first right to refusal?

In this perfect future world I hope philly supports, the locally owned businesses can all come back while other newer "mainstream" stores fill in the other spaces. This would attract new clientele while continuing its role as a destination for long-time shoppers. None of the stores were ever nuisance stores and to say they are what destroyed the gallery in the first place would reflect more of your opinion regarding the customer-base than the stores themselves. And that's not very fair.

[allovertown]

I don't get the issue with giving old businesses first right of refusal. The majority of these businesses won't be able to afford the increased rent, and good for those who can. If a business was successful in the previous iteration of the gallery, I see no reason why they wouldn't be successful in the new one. There will still be plenty of space for PREIT to remake the mall as they wish with new tenants, but even higher end malls have kiosks where you can get your iPhone fixed, what's the big deal?

As far as the $10 minimum wage goes, $10 is not too high. The entire country should have a minimum wage at least that high, at the very least philly should make minimum wage in the city $10. But instituting minimum wage in just one mall where attracting retailers is crucial is incredibly dumb. Why would any business move to the gallery when the minimum wage is arbitrarily higher there than in any other location in the city including across the street? Do it for the whole city or not at all, to even propose such a dumb idea shows that some of our council members don't even grasp the most basic economic principles.

Luckily though, from what I read in the final agreement only PREIT jobs need to be $10 an hour. Retailers won't be bound to a $10 minimum wage, so again, no issue.

[McBane]

I don't know what's more ridiculous...the hand out that PREIT is looking for or the demands City Council is making. Nevertheless, the two are tied. PREIT wants money but they can't think it will come without strings attached.

Speaking of government giveaways....a lot of projects that had applied for state funds were rejected. Some of the projects I never heard of, including: "a 25-story proposed 5.0 University Place and the 3.0 University Place office buildings" and a "proposed Granary Building office and retail redevelopment." I hope that the rejection of funds doesn't derail these projects. 25 stories in Univ City is pretty significant. Not to mention that both projects are office, not residential.

The money that SLS and FMC were asking for were peanuts. Obviously, FMC is full steam ahead and SLS seems like it's being built.

Of the funds that were approved, the most interesting for people on this forum is the "$3.7 million of $4.9 million requested by the Philadelphia Chinatown Development Corp. for its proposed Chinatown Community Center." It's not much, but hopefully the money puts the project one step closer to reality.

http://www.philly.com/philly/blogs/inq-phillydeals/Pa-.html

[1487]

Originally Posted by summersm343

A few members of City Council were basically saying PREIT needs to invite back the retailers they kicked out the Gallery back into the Gallery first before leasing to other retailers. This is just a stupid idea. First of all, I doubt any of these retailers would be willing to pay the increased rents PREIT will be asking once the Gallery is redeveloped. Second, inviting these retailers back would completely undo everything PREIT is trying to do with the redevelopment.

It wont destroy anything. Even nice suburban malls have kiosks selling cheap wares. Let's tone down the hyperbole.

[1487]

Originally Posted by McBane

I don't know what's more ridiculous...the hand out that PREIT is looking for or the demands City Council is making. Nevertheless, the two are tied. PREIT wants money but they can't think it will come without strings attached.

Speaking of government giveaways....a lot of projects that had applied for state funds were rejected. Some of the projects I never heard of, including: "a 25-story proposed 5.0 University Place and the 3.0 University Place office buildings" and a "proposed Granary Building office and retail redevelopment." I hope that the rejection of funds doesn't derail these projects. 25 stories in Univ City is pretty significant. Not to mention that both projects are office, not residential.

The money that SLS and FMC were asking for were peanuts. Obviously, FMC is full steam ahead and SLS seems like it's being built.

Of the funds that were approved, the most interesting for people on this forum is the "$3.7 million of $4.9 million requested by the Philadelphia Chinatown Development Corp. for its proposed Chinatown Community Center." It's not much, but hopefully the money puts the project one step closer to reality.

http://www.philly.com/philly/blogs/inq-phillydeals/Pa-.html

At this point, every developer asks for handouts from the RACP program even if they dont expect to get a dime. Its like free money so they see no downside to making a request. Rarely are the projects dependent on those state funds to reach completion.

[summersm343]

Originally Posted by 1487

It wont destroy anything. Even nice suburban malls have kiosks selling cheap wares. Let's tone down the hyperbole.

You guys all took my posts the complete wrong way actually. I mentioned nothing about kiosks. Nor did it have anything to do with race or the clientele the previous iteration of the Gallery attracted. It had everything to do with City Council trying to control everything. They need to keep their noses out of big business and let PREIT - the professionals - do their jobs. This is exactly why Philadelphia, and PA for that matter, are so business unfriendly.

The whole point of the Gallery redevelopment is to attract new retailers and make the mall a shopping destination in the region. With the previous retail selection, it just simply wasn't. Plain and simple. This is nothing against the clientele that shop there.

The Fashion Outlets of Philadelphia need to have a retail base selection which look something like this:

http://www.premiumoutlets.com/outlets/store_listing.asp?id=75

A selection like this, with the opening it up to Market Street will draw in tourists, suburbanites, as well as city residents including the previous clientele. A selection like this with outlet and factory store versions should draw in literally every person from every peg along the economic and income spectrum.

[Larry King]

Originally Posted by McBane

I don't know what's more ridiculous...the hand out that PREIT is looking for or the demands City Council is making. Nevertheless, the two are tied. PREIT wants money but they can't think it will come without strings attached.

Speaking of government giveaways....a lot of projects that had applied for state funds were rejected. Some of the projects I never heard of, including: "a 25-story proposed 5.0 University Place and the 3.0 University Place office buildings" and a "proposed Granary Building office and retail redevelopment." I hope that the rejection of funds doesn't derail these projects. 25 stories in Univ City is pretty significant. Not to mention that both projects are office, not residential.

The money that SLS and FMC were asking for were peanuts. Obviously, FMC is full steam ahead and SLS seems like it's being built.

Of the funds that were approved, the most interesting for people on this forum is the "$3.7 million of $4.9 million requested by the Philadelphia Chinatown Development Corp. for its proposed Chinatown Community Center." It's not much, but hopefully the money puts the project one step closer to reality.

http://www.philly.com/philly/blogs/inq-phillydeals/Pa-.html

i thought $$ to the divine lorraine project was interesting. hope that pushes it forward

[summersm343]

Originally Posted by McBane

I don't know what's more ridiculous...the hand out that PREIT is looking for or the demands City Council is making. Nevertheless, the two are tied. PREIT wants money but they can't think it will come without strings attached.

Speaking of government giveaways....a lot of projects that had applied for state funds were rejected. Some of the projects I never heard of, including: "a 25-story proposed 5.0 University Place and the 3.0 University Place office buildings" and a "proposed Granary Building office and retail redevelopment." I hope that the rejection of funds doesn't derail these projects. 25 stories in Univ City is pretty significant. Not to mention that both projects are office, not residential.

The money that SLS and FMC were asking for were peanuts. Obviously, FMC is full steam ahead and SLS seems like it's being built.

Of the funds that were approved, the most interesting for people on this forum is the "$3.7 million of $4.9 million requested by the Philadelphia Chinatown Development Corp. for its proposed Chinatown Community Center." It's not much, but hopefully the money puts the project one step closer to reality.

http://www.philly.com/philly/blogs/inq-phillydeals/Pa-.html

Great find! A lot of great tidbits here. A 25 floor 5.0 University Place would be killer! I hope this project still moves forward especially since it would likely be around the 40th/41st and Market area.

Really weird they chose not to allocate funds for these two office developments however. You would think these would be the exact type of project that should be receiving such funding- i.e. Office and industrial/manufacturing developments that will house long term good paying jobs.

[McBane]

Originally Posted by summersm343

It had everything to do with City Council trying to control everything. They need to keep their noses out of big business and let PREIT - the professionals - do their jobs. This is exactly why Philadelphia, and PA for that matter, are so business unfriendly.

I mostly agree. I despise our City Council. They focus on everything but how to make Philadelphia more competitive and business friendly (paid sick leave!). And while I agree with your sentiment, it was PREIT who initiated City Council's involvement the moment they asked the city for $55m in tax breaks. That's politics and PREIT isn't so stupid to not have expected some sort of meddling.

[Philly Fan]

Originally Posted by summersm343

The Fashion Outlets of Philadelphia need to have a retail base selection which look something like this:

http://www.premiumoutlets.com/outlets/store_listing.asp?id=75

A selection like this, with the opening it up to Market Street will draw in tourists, suburbanites, as well as city residents including the previous clientele. A selection like this with outlet and factory store versions should draw in literally every person from every peg along the economic and income spectrum.

That would be amazing--and hopefully what actually comes to pass (with some interesting restaurants, etc. at street level). Imagining a Philadelphia Premium Outlets (or Reading outlets, Freeport, Maine outlets, etc.) with a more urban vibe and setting, in the middle of one of the most historic tourist districts in the country, next to one of the largest convention centers on the East Coast, and surrounded by brand-new residential development targeted at Millennials, young professionals, and empty nesters? To quote Sam Spade at the end of "The Maltese Falcon," it's "the stuff that dreams are made of."