PHILADELPHIA | Highrise Development Thread IX

[shadowbat2]

Buried in the article above:

Coradino said the company is now seeking a partner to help build the first of three possible towers, starting with a mid-rise apartment house on the northeast corner of Ninth and Market.

[jsbrook]

Originally Posted by acenturi

Extensive Saffron analysis of the Gallery, with the usual negatives thrown in - but IMO, very well thought out.
http://www.philly.com/philly/home/The_Fashion_Outlets.html

I don't quite understand why they can't renovate the portion of the building that Health Partners occupies. Plenty of non-retail lobbies have large windows and are open to the street. And should a lessee really be able to prevent the property owner from renovations? In any case, you'd think they could buy out their lease or the PRA could exercise eminent domain. It's certainly been used in more frivolous cases. But they really don't need to be gone. They just need not to obstruct renovation plans.

[Jawnadelphia]

Originally Posted by shadowbat2

Buried in the article above:

Also, notice that East Market currently under construction isn't accounted for either (on the south side of Market). Would dramatically change things.

[summersm343]

build it!

[Austinlee]

Originally Posted by TallCoolOne

Also, notice that East Market currently under construction isn't accounted for either (on the south side of Market). Would dramatically change things.

Yummy. The Philly skyline can never have to much high quality infill. Philly already has such a dense, pedestrian scale, yet very vertical downtown. However extending uninterrupted linear streets of mid rise infill in every direction will grow the urban fabric to great benefit to the city.

[Outta here]

So then , a good looking 400+ footer in the Disney hole would make
this rendering complete . I saw a sketch-up of two high rise for that spot
a month or so back , but I can't remember who posted it ...... I think it
was Mappy , but I'm not sure .

[1487]

Originally Posted by jsbrook

I don't quite understand why they can't renovate the portion of the building that Health Partners occupies. Plenty of non-retail lobbies have large windows and are open to the street. And should a lessee really be able to prevent the property owner from renovations? In any case, you'd think they could buy out their lease or the PRA could exercise eminent domain. It's certainly been used in more frivolous cases. But they really don't need to be gone. They just need not to obstruct renovation plans.

How can PREIT use eminent domanin to takeover the office section of this complex? PREIT isn't the government and Im not sure that taking over this part of the complex counts as something that is being done for the good of the overall public? I wouldn't presume that all the issues/ restrictions have been worked out at this early stage. A lot can change when you are spending $300M on a project.

[1487]

Originally Posted by TallCoolOne

Also, notice that East Market currently under construction isn't accounted for either (on the south side of Market). Would dramatically change things.

What would be even better is if the brickstone apt tower actually came to fruition. Nothing has been said about this project in a year or so which is a shame. I think that was about 429'.

[jsbrook]

Originally Posted by 1487

How can PREIT use eminent domanin to takeover the office section of this complex? PREIT isn't the government and Im not sure that taking over this part of the complex counts as something that is being done for the good of the overall public? I wouldn't presume that all the issues/ restrictions have been worked out at this early stage. A lot can change when you are spending $300M on a project.

Not PREIT. The Philadelphia Redevelopment Authority. They have and have tried to exercise eminent domain in more dubious circumstances and then turned the land over to a private developer on the groups that the development was in the public good and important to the city. In one case, they tried to institute condemnation proceedings against an artist's property in Mantua to take the land and turn it over to a developer to build a supermarket. They failed. And, there, I think rightly so. I'm not sure why it's necessary here, though. Seems a different situation. I guess it would instead come down to what PREIT has authority to do as owner to property occupied by a lessee.

[hammersklavier]

Originally Posted by 1487

How can PREIT use eminent domanin to takeover the office section of this complex? PREIT isn't the government and Im not sure that taking over this part of the complex counts as something that is being done for the good of the overall public? I wouldn't presume that all the issues/ restrictions have been worked out at this early stage. A lot can change when you are spending $300M on a project.

PREIT owns the building. Eminent domain would be against them.

HPP just leases office space from them.

[Londonee]

Was anyone at least slightly alarmed by Inga's article?

Wherein Coradino and PREIT basically admit all those shiny renderings you guys are oggling over are completely full of shit? Because of structural (and infrastructural) reasons- the "opening up" of the Gallery onto Market Street may only be slightly more involved than building a new entrance/plaza?

[cafeguy]

Originally Posted by Londonee

Was anyone at least slightly alarmed by Inga's article?

Wherein Coradino and PREIT basically admit all those shiny renderings you guys are oggling over are completely full of shit? Because of structural (and infrastructural) reasons- the "opening up" of the Gallery onto Market Street may only be slightly more involved than building a new entrance/plaza?

Im not worried in the sense that this is going to be a crappy turn around. The other projects near by will end up being the most transformative to the area. What I'm worried about is how much the city and state are financing this thing without having confirmation on how they are going to make market east better. We are paying hundreds of millions to essentially just take an older designed mall and make it a newer designed mall. Not very "transformative" for the millions that will be paid.

[Cro Burnham]

Originally Posted by Londonee

Was anyone at least slightly alarmed by Inga's article?

Me.

[Philly Fan]

New York investor buys Public Ledger building

Center City's Public Ledger building was bought for $58 million by a New York investor who wants to revamp the historic high-rise at Sixth and Chestnut Streets and fill its bottom story with retailers.

Abdi Mahamedi, CEO of Carlyle Development Group, said he hoped the shops would attract high-end office users to the building's upper stories and enliven the surrounding streets.

"We want to make it an environment with cool tenants," Mahamedi said. "You cannot have cool tenants if you do not have cool retail."

[1487]

Originally Posted by cafeguy

Im not worried in the sense that this is going to be a crappy turn around. The other projects near by will end up being the most transformative to the area. What I'm worried about is how much the city and state are financing this thing without having confirmation on how they are going to make market east better. We are paying hundreds of millions to essentially just take an older designed mall and make it a newer designed mall. Not very "transformative" for the millions that will be paid.

its simply too early to know what the final product will or wont be. Making judgement calls based on renderings that likely have little in common with the finished product is pointless. There is no way that the real decisions about the final look have been made at this early stage.

[relnahe]

Originally Posted by Philly Fan

New York investor buys Public Ledger building

This is a perfect spot. I always thought it could really merge Old City Chestnut with East Chestnut with that block filled with retail on the southside.

[PhillySteaks]

Originally Posted by UrbanRevival

This isn't directly development-related, but I think this statistic reflects pretty positively on office demand for Philadelphia, which of course is fundamental in spurring new development. For Q2 2015, office demand in the Philly metro even outpaced New York and Chicago by raw numbers.



Hopefully, this is a start of a new, long-term trend.

https://www.virtualpressoffice.com/publi...therPageToDisableHistory=Y&menuName=News

Don't be fooled by the manipulation of data. Philadelphia in no way competes with NYC when it comes to office demand. Leasing brokers refer to the market as "Philadelphia" when generally it's the entire Philadelphia Metro area inclusive of south jersey, delaware, and the suburbs. New York on the other hand usually consists of Manhattan only. So not entirely apples to apples. Also, Manhattan had a weaker 2Q than usual which was mostly due to a few new buildings coming online, Philadelphia metro on the other hand had a strong 2Q (relative to historical norms). If you're interested in hard numbers private message me and I'd be happy to show you where you can pull statistical reports published by the brokers. The first line of NGKF's 2Q manhattan report has 2.0M SF of space leased for a YTD total of 14.3M SF. Makes me question how DTZ is calculating their figures.

[shadowbat2]

Someone mentioned the building at Broad and Arch....
067 by tehshadowbat, on Flickr

068 by tehshadowbat, on Flickr

069 by tehshadowbat, on Flickr

Someone mentioned the construction at Liberty Place....
032 by tehshadowbat, on Flickr

[1487]

I mentioned both of those buildings. Any idea what is happening at Liberty Place?

[Williard Mouse]

Liberty Place is constructing a state of the art sidewalk stage for the Black Hebrew Israelites.