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  #7581  
Old Posted May 29, 2015, 4:27 PM
Philly Fan Philly Fan is offline
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Originally Posted by summersm343 View Post
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.
Couldn't that be planned for the large vacant lot at 38th and Market? Seems like that's been ripe for this kind of thing for quite some time.

Also, just found this (emphasis added):

Quote:
Mazo and his company, University Place Associates, want to create what he dubs the "Platinum Corridor." It would consist of a series of platinum LEED-certified buildings along Market Street between 38th and 42nd streets, total between 1 million and 2 million square feet and be built over several years. This corridor would be a collection of structures that would form an urban campus much like its neighbor a few blocks away, the Science Center.
http://www.bizjournals.com/philadelphia/...s-to-a-leed-certified-office-campus.html

Last edited by Philly Fan; May 29, 2015 at 5:01 PM.
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  #7582  
Old Posted May 29, 2015, 4:59 PM
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summersm343 summersm343 is offline
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Originally Posted by Philly Fan View Post
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."
EXACTLY. And that was my point. This is what PREIT is aiming for. Just redeveloping the Gallery and inviting back the same old retail tenants which were housed there is not going to do anything, and would be a total waste of everyone's time involved.
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  #7583  
Old Posted May 29, 2015, 5:09 PM
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Originally Posted by Philly Fan View Post
Couldn't that be planned for the large vacant lot at 38th and Market? Seems like that's been ripe for this kind of thing for quite some time.
Hmmmm, quite possibly. However, I believe the guys developing the University Place buildings (2.0, 3.0 and now 5.0), University Place Associates, are not the same entities as the University City Science Center and Wexford Science and Technologies who own the lot at 38th and Market. Therefore I believe whatever will be built at 3800 Market, and this 5.0 University Place development, are two different projects entirely.

University Place Associates:
http://upaphila.com/projects/3-0-university-place/

Wexford Science and Technology
http://wexfordscitech.com/

University City Science Center
https://www.sciencecenter.org/


I was thinking that 5.0 University Place might be planned for one of these parking lots in the 41st and Market vicinity. 3.0 University Place will sit at 4101 Market, but that leaves 6 developable lots:
https://www.google.com/maps/place/Philad...6b7d8d4b54beb:0x89f514d88c3e58c1!6m1!1e1
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  #7584  
Old Posted May 29, 2015, 5:52 PM
Philly Fan Philly Fan is offline
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Originally Posted by summersm343 View Post
Hmmmm, quite possibly. However, I believe the guys developing the University Place buildings (2.0, 3.0 and now 5.0), University Place Associates, are not the same entities as the University City Science Center and Wexford Science and Technologies who own the lot at 38th and Market. Therefore I believe whatever will be built at 3800 Market, and this 5.0 University Place development, are two different projects entirely.

University Place Associates:
http://upaphila.com/projects/3-0-university-place/

Wexford Science and Technology
http://wexfordscitech.com/

University City Science Center
https://www.sciencecenter.org/

I was thinking that 5.0 University Place might be planned for one of these parking lots in the 41st and Market vicinity. 3.0 University Place will sit at 4101 Market, but that leaves 6 developable lots:
https://www.google.com/maps/place/Philad...6b7d8d4b54beb:0x89f514d88c3e58c1!6m1!1e1
Look at the Philadelphia Business Journal article excerpt that I added to my preceding post (probably while you were typing this one ). UPA apparently considers the lot at 38th and Market to be part of its plans for a "Platinum Corridor" along Market between 38th and 42nd.
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  #7585  
Old Posted May 29, 2015, 6:24 PM
1487 1487 is offline
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Originally Posted by summersm343 View Post
EXACTLY. And that was my point. This is what PREIT is aiming for. Just redeveloping the Gallery and inviting back the same old retail tenants which were housed there is not going to do anything, and would be a total waste of everyone's time involved.
Im not clear where you are getting this doom and gloom scenario from. All they are saying is the small kiosk tenants will get a chance to lease space in the new building. Thats it. Where did they say all the same stores and tenants will be invited back to the new building? Presumably the rents will be higher which will affect which stores sign leases in the new space. They did not say they are going to recreate the gallery with the same stores.
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  #7586  
Old Posted May 29, 2015, 6:27 PM
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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.

The notion that the City shouldnt have ANY requirements considering the amount of money and the level of city involement required to pull this off is absurd. This is essentially a public-private partnership- the project goes nowhere without City ordinances, funding and tax breaks. City is abating or providing hundreds of millions of dollars so Im not sure why anyone is supposed to feel bad for PREIT because they thnk people don't deserve $10/hr.
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  #7587  
Old Posted May 29, 2015, 6:36 PM
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Originally Posted by Philly Fan View Post
Look at the Philadelphia Business Journal article excerpt that I added to my preceding post (probably while you were typing this one ). UPA apparently considers the lot at 38th and Market to be part of its plans for a "Platinum Corridor" along Market between 38th and 42nd.
This is awesome! I hadn't seen this article. Thanks for posting. Looks like there is mention of a 4.0 University Place as well. With the Science Center running from 34th to 38th, and the "Platinum Corridor" running from 38th to 42nd, this would create a truly amazing stretch of high paying jobs along Market Street in West Philly and University City.

If you look at the preliminary mock-up of 3800 Market by the Science Center and Wexford Science and Technology, it doesn't look like the building goes the entire block. Is it possible that SC and WST own half of the block and UPA owns the other half of the block? Nice!
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  #7588  
Old Posted May 29, 2015, 6:45 PM
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Originally Posted by 1487 View Post
Im not clear where you are getting this doom and gloom scenario from. All they are saying is the small kiosk tenants will get a chance to lease space in the new building. Thats it. Where did they say all the same stores and tenants will be invited back to the new building? Presumably the rents will be higher which will affect which stores sign leases in the new space. They did not say they are going to recreate the gallery with the same stores.
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Originally Posted by 1487 View Post
The notion that the City shouldnt have ANY requirements considering the amount of money and the level of city involement required to pull this off is absurd. This is essentially a public-private partnership- the project goes nowhere without City ordinances, funding and tax breaks. City is abating or providing hundreds of millions of dollars so Im not sure why anyone is supposed to feel bad for PREIT because they thnk people don't deserve $10/hr.
I'm really not looking to get into an argument with you, and it looks like your responses are for the sake of argument only. Here are the two issues I have with what City Council is asking from the article I posted:

Quote:
The Committee held the bills on Thursday without a vote pending negotiations among various parties. Councilman Wilson Goode, Jr., who will be leaving office next year, wanted to ensure that the jobs provided by PREIT would adhere to the city’s living-wage standards, which require a minimum wage of $10.88.

Goode also asked why the developers couldn’t require the mall tenants to follow the same standards, and Joseph Coradino, PREIT’s president, said tenants would simply stay away if those rules were in place.
Goode's idea would kill the Gallery redevelopment if passed. It's fine if PREIT is required to pay it's employees (i.e. maintenance, mall management, etc.) the city's living-wage standards, but there should absolutely 100% be no way that PREIT should require mall retail tenants to abide by this as well. Retailers simply wouldn't sign on as tenants.


The second issue I have with the suggestions by the councilmen is this:

Quote:
Councilman Mark Squilla, who represents the area, said after the hearing that he expects amendments requiring living-wage rules for the PREIT jobs—maintenance and marketing and so on—as well as language clarifying that previous tenants of the mall will be offered space first when the mall reopens.
This does not say Kiosks. This says previous tenants of the mall. I assume this means all previous tenants, not just kiosks. Inviting the same exact tenants back after the redevelopment would defeat the entire purpose of the redevelopment. Not kiosks, not food outlets; retail tenants.


It is a fact that has been proven time and time again that when City Council gets too involved in something, it's a failure. The city has owned the Gallery for decades, and the entire time it has been a failure, mismanaged, etc. It's time to get rid of it, give PREIT the proper tax breaks to successfully redevelop the Gallery, require PREIT employees only be paid a minimum wage of $10.88, and then be done with it.
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  #7589  
Old Posted May 29, 2015, 7:08 PM
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IIRC 3.0 University Place is supposed to go on the Pepboys parcel at 4101 Market. I've heard nothing about 4.0 or 5.0 University Place before, either, and to be frank, I kind of doubt that UPA has a development pipeline as fat as they would like it to be. Even Brandywine and Drexel -- who seem to have the fattest development pipelines in the city -- only seem able to move on two plans at a time (Brandywine: 1919 Market, FMC; Drexel: Summit, Study, about to move on 3201 Race with Summit's completion).

(Of course the fact that the office market remains too soft to support spec construction doesn't help, either.)
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  #7590  
Old Posted May 29, 2015, 7:14 PM
Philly Fan Philly Fan is offline
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Originally Posted by summersm343 View Post
If you look at the preliminary mock-up of 3800 Market by the Science Center and Wexford Science and Technology, it doesn't look like the building goes the entire block. Is it possible that SC and WST own half of the block and UPA owns the other half of the block? Nice!
Or maybe UPA is trying to work some kind of a deal with the Science Center to develop all or part of the block? As you know, Penn and Drexel have been using long-term leasing to develop some of the land they own (e.g., Penn's long-term lease to Brandywine of the land on which the FMC Tower is being built).
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  #7591  
Old Posted May 29, 2015, 7:55 PM
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Or maybe UPA is trying to work some kind of a deal with the Science Center to develop all or part of the block? As you know, Penn and Drexel have been using long-term leasing to develop some of the land they own (e.g., Penn's long-term lease to Brandywine of the land on which the FMC Tower is being built).
That wouldn't really make sense, though. Penn's long-term lease to Brandywine is conditional on Penn's offices in the FMC Tower (which accounts for about a quarter of total occupancy IIRC). Both UPA and the Science Center are much more committed, instead, to development of new space.

Another possibility could be that he's looking at redeveloping 3801 Market, if not the building proper then perhaps the surface lot associated with it.

In the meantime, plenty of empty property west of 40th for him to build on.
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  #7592  
Old Posted May 29, 2015, 8:11 PM
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That wouldn't really make sense, though. Penn's long-term lease to Brandywine is conditional on Penn's offices in the FMC Tower (which accounts for about a quarter of total occupancy IIRC). Both UPA and the Science Center are much more committed, instead, to development of new space.

Another possibility could be that he's looking at redeveloping 3801 Market, if not the building proper then perhaps the surface lot associated with it.

In the meantime, plenty of empty property west of 40th for him to build on.
Not sure I get your point. I'm not saying that this would be completely analogous to Penn's FMC deal (which, of course, is not Penn's only long-term ground-leasing arrangement in UC--there are other examples in which Penn, itself, is not an occupant or tenant of a project on land it leased to a developer). Just that UPA and the Science Center certainly have aligning interests in the development of this area, and I could see a situation in which both are involved in the development of the south side of the 3800 block of Market (especially since the Science Center almost lost it recently for lack of development). And of course, the Science Center isn't a completely independent entity, with Penn, Drexel, and CHOP among its larger shareholders.
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  #7593  
Old Posted May 29, 2015, 8:31 PM
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Even Brandywine and Drexel -- who seem to have the fattest development pipelines in the city -- only seem able to move on two plans at a time (Brandywine: 1919 Market, FMC; Drexel: Summit, Study, about to move on 3201 Race with Summit's completion).
Funny you mention these two, because I think in the near future they would make great partners to get the final Cira tower off the ground. The proposed site is located right on or next to Drexel's Innovation Neighborhood. Could you imagine a more striking "statement" tower for Drexel to have anchor its Innovation Neighborhood project than a 900'-1000' Cira tower? The building could house a conveniently-located hotel (right next to an East Coast rail hub, and both Center City and University City); some apartments/condos, and of course the office component, hopefully occupied by some tech firms and law firms. Heck, Drexel might even take a couple floors like Penn did in the FMC.

Together, Brandywine and Drexel have the cache and means to get this done. I'm holding out hope.
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  #7594  
Old Posted May 29, 2015, 10:27 PM
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Originally Posted by Philly Fan View Post
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."
This Fashion Outlet is nonsense.

You guys realize that if they really do stuff this place full of Outlets for high end brands, there is even LESS likelihood that we'll get the real thing?

Gucci isn't wanna open a FLS "full line store" as we call it in the industry, if it's two blocks away from their Outlet. Ditto for Prada, Celine, etc etc etc etc.

If this "mall" succeeds at bringing big names to the city, I fear it will only serve to push back the date/time in which we get the upscale/actual stores we need on Walnut.

There's a part of me that feels like this is just a way to throw our market a bone. A lot of these brands know there is enough money here to support locations, but their perception of the region is still such where they don't want to go full bore and give us a full line store, even if the store would bring in a ton of revenue. I constantly see retailers making decisions based not on the bottom line, but in terms of how it will affect their "image".

So...if you open an Outlet, it's a way to get some dollars from the market without actually committing to the market in a sincere way. It's actually very cynical.

I really wanted the Gallery to become a big sort of lifestyle/big box center...with things the Container Store and other "mall" type stores.

I fear we're so excited to see something happen here that we'll just accept anything. I just see this at another attempt of giving us a Franklin Mills. Like that, this will fail.
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  #7595  
Old Posted May 29, 2015, 11:00 PM
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This Fashion Outlet is nonsense.

You guys realize that if they really do stuff this place full of Outlets for high end brands, there is even LESS likelihood that we'll get the real thing?

Gucci isn't wanna open a FLS "full line store" as we call it in the industry, if it's two blocks away from their Outlet. Ditto for Prada, Celine, etc etc etc etc.

If this "mall" succeeds at bringing big names to the city, I fear it will only serve to push back the date/time in which we get the upscale/actual stores we need on Walnut.

There's a part of me that feels like this is just a way to throw our market a bone. A lot of these brands know there is enough money here to support locations, but their perception of the region is still such where they don't want to go full bore and give us a full line store, even if the store would bring in a ton of revenue. I constantly see retailers making decisions based not on the bottom line, but in terms of how it will affect their "image".

So...if you open an Outlet, it's a way to get some dollars from the market without actually committing to the market in a sincere way. It's actually very cynical.

I really wanted the Gallery to become a big sort of lifestyle/big box center...with things the Container Store and other "mall" type stores.

I fear we're so excited to see something happen here that we'll just accept anything. I just see this at another attempt of giving us a Franklin Mills. Like that, this will fail.
You need BOTH, in my opinion. I don't really see most middle-class tourist families, or conventioneers, or even resident Millennials and young professionals, spending lots of money--or even frequenting and browsing, for that matter--in full-price, full-line Gucci and Prada stores. It's a fairly high-end segment of the market that spends enough money in those types of stores to make them profitable enough to stay open. Not that Center City shouldn't be able to support that (on, e.g., Walnut Street near Rittenhouse Square), and I certainly think that Center City deserves them, but it also needs the kind of retail that a Premium Outlets, for example, offers. That is, IF you want to attract large numbers of tourists, visitors, conventioneers, and residents to Center City, and not just the wealthy.

For example, some of the biggest tourist draws in NYC now are stores like Century 21, and not the full-line luxury stores on Fifth Avenue. Not that the presence of one type should preclude the other type, but I think it's a bit unrealistic to think that full-line luxury stores, alone, will support the tourist and residential development of Center City. Especially when you've experienced the crowds drawn by these types of outlet centers in other areas of the country frequented by tourists (Franklin Mills is, I believe, an exception).

What we really need in Center City is a large diversity of retail, like we haven't seen since the the 1950s (when East Market had its last heyday, and multiple department stores co-existed with fancy boutiques, etc. in other parts of Center City). Yes, we're gaining lots of new residents in CC and surrounding neighborhoods who will need convenient access to lifestyle/big box stores, but we also need to address the needs and wants of much larger numbers of tourists, visitors, and conventioneers to make Philly a truly world-class city. We should be able to have it all.
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  #7596  
Old Posted May 29, 2015, 11:04 PM
Larry King Larry King is offline
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Originally Posted by 3rd&Brown View Post

There's a part of me that feels like this is just a way to throw our market a bone. A lot of these brands know there is enough money here to support locations, but their perception of the region is still such where they don't want to go full bore and give us a full line store, even if the store would bring in a ton of revenue. I constantly see retailers making decisions based not on the bottom line, but in terms of how it will affect their "image".

So...if you open an Outlet, it's a way to get some dollars from the market without actually committing to the market in a sincere way. It's actually very cynical.
so they believe that being in philly would hurt their brand? That's interesting and makes sense to me.

These people are new yorkers and the philly brand in NY is a 2nd rate town... is what it is
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  #7597  
Old Posted May 29, 2015, 11:04 PM
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I fear we're so excited to see something happen here that we'll just accept anything. I just see this at another attempt of giving us a Franklin Mills. Like that, this will fail.
Disagree 100%

Franklin Mills is a suburban mall in the middle of the suburban sprawl of the Upper Northeast on the border of Bucks County.

The Fashion Outlets of Philadelphia will be in the heart of Center City with direct Public Transportation and Highway access. In Center City: an increasingly wealthy and fast growing in population and popularity among millenials and others and one of the hottest downtowns in the country. The Gallery location is in between the largest tourist attractions in the entire region and one of the largest Conventions Centers on the East Coast.

Unlike Franklin Mills, this will have a TON of foot traffic and is much more easily accessible to the majority of the city and the metropolitan area. Likening this to Franklin Mills is completely off base.
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  #7598  
Old Posted May 29, 2015, 11:08 PM
Larry King Larry King is offline
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Disagree 100%

Franklin Mills is a suburban mall in the middle of the suburban sprawl of the Upper Northeast on the border of Bucks County.

The Fashion Outlets of Philadelphia will be in the heart of Center City with direct Public Transportation and Highway access. In Center City: an increasingly wealthy and fast growing in population and popularity among millenials and others and one of the hottest downtowns in the country. The Gallery location is in between the largest tourist attractions in the entire region and one of the largest Conventions Centers on the East Coast.

Unlike Franklin Mills, this will have a TON of foot traffic and is much more easily accessible to the majority of the city and the metropolitan area. Likening this to Franklin Mills is completely off base.
I'd liken it to the newish outlets in atlantic city. They're pretty nice IMO
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  #7599  
Old Posted May 29, 2015, 11:29 PM
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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.
Paid sick leave? :GASP:

It would surely destroy us just as it has all of Europe!
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  #7600  
Old Posted May 30, 2015, 6:35 AM
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cOme on

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Originally Posted by Castle View Post
Funny you mention these two, because I think in the near future they would make great partners to get the final Cira tower off the ground. The proposed site is located right on or next to Drexel's Innovation Neighborhood. Could you imagine a more striking "statement" tower for Drexel to have anchor its Innovation Neighborhood project than a 900'-1000' Cira tower? The building could house a conveniently-located hotel (right next to an East Coast rail hub, and both Center City and University City); some apartments/condos, and of course the office component, hopefully occupied by some tech firms and law firms. Heck, Drexel might even take a couple floors like Penn did in the FMC.

Together, Brandywine and Drexel have the cache and means to get this done. I'm holding out hope.

Hope?? C'mon sounds like someone in the know is trying to tell us something.
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