PHILADELPHIA | Highrise Development Thread IX - Page 407

tsarstruck · #**8121** Posted **Jul 17, 2015, 7:17 PM**

Things a a-brewing for the 32nd & Market Firestone plot, plans are to strike that weird stretch of Lancaster Ave:

Quote:

Authorizing the revision of lines and grades on a portion of City Plan No. 44 by striking from the City Plan and vacating a certain triangularly-shaped portion of Lancaster Avenue located at the northerly side of Market Street and the easterly side of Thirty-Second Street, under certain terms and conditions.

https://phila.legistar.com/LegislationDe...70EF1B472&Options=ID|Text|&Search=150601

summersm343 · #**8122** Posted **Jul 17, 2015, 8:51 PM**

Quote:

Originally Posted by McBane

Let's talk about development......

I know right. I'm getting a little tired of the page after page of nonsensical paragraph long ranting posts on every single Philadelphia thread on this forum. I'm going to start deleting nonsense posts that don't contribute anything so the rest of us don't have to scroll through 5 pages to find information about actual developments. This isn't Philly.com

summersm343 · #**8123** Posted **Jul 17, 2015, 8:51 PM**

Quote:

Originally Posted by tsarstruck

Things a a-brewing for the 32nd & Market Firestone plot, plans are to strike that weird stretch of Lancaster Ave:

https://phila.legistar.com/LegislationDe...70EF1B472&Options=ID|Text|&Search=150601

Expect something in the 25 floor range here.

jjv007 · #**8124** Posted **Jul 18, 2015, 12:36 AM**

Exclusive photos of the One Liberty Observation Deck...

http://philly.curbed.com/archives/2015/0...tm_medium=email&utm_source=Curbed+Philly

Guipos08 · #**8125** Posted **Jul 18, 2015, 12:51 AM**

^ pretty cool, looking forward to the fall opening.

Philly-Drew · #**8126** Posted **Jul 18, 2015, 4:02 AM**

Quote:

Originally Posted by jjv007

Exclusive photos of the One Liberty Observation Deck...

http://philly.curbed.com/archives/2015/0...tm_medium=email&utm_source=Curbed+Philly

Absolutely awesome pics of the observation deck. Should be fun!

cafeguy · #**8127** Posted **Jul 18, 2015, 12:49 PM**

Quote:

Originally Posted by jjv007

Exclusive photos of the One Liberty Observation Deck...

http://philly.curbed.com/archives/2015/0...tm_medium=email&utm_source=Curbed+Philly

I wish they could open for the pope visit. That would be a BIG opening weekend for them!

cafeguy · #**8128** Posted **Jul 18, 2015, 1:17 PM**

AHHHHHHHHHHHHHHHHHHHHHHHHH
*school girl scream*

http://www.philly.com/philly/business/20150718_Oddity_s_new_start.html

Urbanity · #**8129** Posted **Jul 18, 2015, 1:35 PM**

Quote:

Originally Posted by cafeguy

AHHHHHHHHHHHHHHHHHHHHHHHHH
*school girl scream*

http://www.philly.com/philly/business/20150718_Oddity_s_new_start.html

[img]http://media.philly.com/images/600*450/20150718-Hale-Building.jpg[img]
source: philly.com

The Hale is one of my favs. It's spent the last 30 years in dirty Dollar Store purgatory. So happy to hear Brickstone plans to bring it back to life, and with respect to the specialness of the architecture.

Philly Fan · #**8130** Posted **Jul 18, 2015, 1:41 PM**

2116 Chestnut high-rise being sold for $160M

Quote:

The for-sale market in Philadelphia, especially in Center City and adjacent neighborhoods, experienced its best second quarter in nearly a decade this year, and the luxury rental apartment remains hot.

William Rich of Delta Associates, of Washington, which tracks the rental market, said the apartment vacancy rate in the city fell to 1.6 percent in the second quarter from 5 percent a year earlier. This occurred even while competition in the market, especially in Center City, continued to increase, Rich said.

MikeNigh · #**8131** Posted **Jul 18, 2015, 1:54 PM**

Quote:

Originally Posted by Philly Fan

2116 Chestnut high-rise being sold for $160M

Is this good or bad? Seems cheap considering the granary sold for $120M and was built for $66M. I guess it's still making a profit over it's $100M construction.

summersm343 · #**8132** Posted **Jul 18, 2015, 3:18 PM**

Quote:

Originally Posted by MikeNigh

Is this good or bad? Seems cheap considering the granary sold for $120M and was built for $66M. I guess it's still making a profit over it's $100M construction.

The Granary is no small building. It has 229 units and sold for a profit of $54 mill for the developers and $120 mill in total or $524k per unit.

2116 Chestnut has 321 units. It sold for $160mill for a profit of $60 mill to the developer, and a total of $498k per unit.

Believe it or not, The Granary is just a better quality build. Better finishes, equal in amenities, and that's probably why they were able to fetch a higher sales price on it.

DIESELPOLO · #**8133** Posted **Jul 18, 2015, 7:52 PM**

Quote:

Originally Posted by Philly Fan

Don't underestimate the number and percentage of city dwellers with similar incomes who are empty-nesters and/or migrated from the suburbs, and share similar tastes in shopping with their suburban counterparts. Not to mention the changing and increasingly more positive attitudes of ALL area residents--including those in the suburbs--towards Center City. And my point is that I wouldn't count out a full-blown Center City Bloomie's too soon, especially since--as pointed out above--they're apparently looking for space for such a store:

Bloomingdale’s Is Officially Looking for Space in Center City

And I'm in one of those "well off familes" that live relatively near and frequently shop at Willow Grove Mall. It is NOT a cut above average suburban Philly malls such as Montgomery, Plymouth Meeting, Springfield, Cherry Hill, Moorestown, etc. Among the larger suburban malls, I'd only classify KOP as "a cut above."

KOP is in the echelon of malls like Short Hills (North Jersey), Bal Harbour (Miami), and Northpark (Dallas). So, yes, sometimes I compare other Philly malls to it, but not really. Of the regional malls 'for the people' I think a lot of them will be more strategic in their relative positioning.

PREIT reinterprets the positioning of their properties fairly well, but other mall operators I'd imagine will continue this march toward re-evaluating their property's existential shopping proposition.

Willow Grove, to be clear, is still one of the highest grossing malls in the state, and in my opinion, it is one strategically located next to a regional rail line. It also possesses ample acreage that it could help it evolve into a campus-like layout (e.g. sidewalks, a central green, a lake, hotel, etc.). Furthermore, older properties like the Granite Run mall are, ahem, running toward a more mixed-use future with the proposal of apartments on its sprawling parking lots.

I think KOP has definitely established itself as the place for those who want to Shop (capital 'S'), but Center City and suburban malls can certainly appeal to those who want to consume but not contend with the freeway maze and the juggernaut shopping experience that is KOP.

PHL1 · #**8134** Posted **Jul 18, 2015, 8:54 PM**

Hi All. Looking forward to contributing to the thread. Been watching for a couple of years now and really enjoy the development info. Thanks to all!

Plokoon11 · #**8135** Posted **Jul 18, 2015, 9:01 PM**

Welcome PH1! Its always nice to see new posters!

jjv007 · #**8136** Posted **Jul 18, 2015, 9:44 PM**

Quote:

Originally Posted by cafeguy

I wish they could open for the pope visit. That would be a BIG opening weekend for them!

True, but at least it'll be open for the DNC and the pope visitors still have City Hall.

GarCastle · #**8137** Posted **Jul 18, 2015, 11:06 PM**

Quote:

Originally Posted by DIESELPOLO

I think KOP has definitely established itself as the place for those who want to Shop (capital 'S'), but Center City and suburban malls can certainly appeal to those who want to consume but not contend with the freeway maze and the juggernaut shopping experience that is KOP.

Isn't Mall shopping down significantly over the recent years? I guess I just cannot picture people driving from Philly out to KOP Mall any longer. Mall days are numbered. I had some guy with an unmarked truck dropping off an Amazon package on a SUNDAY. With online retailers doing that, I cannot see how store fronts are going to survive much longer. Especially when free shipping and no tax comes into the mix.

I live right near the Willow Grove mall and whenever I'm there it's tweens and/or parents getting their toddlers out of the house. That's usually why I'm there, to get the kids out of the house even for an hour (not for the tweens LOL).

Cheers,
G.

iheartphilly · #**8138** Posted **Jul 19, 2015, 1:03 AM**

Quote:

Originally Posted by GarCastle

Isn't Mall shopping down significantly over the recent years? I guess I just cannot picture people driving from Philly out to KOP Mall any longer. Mall days are numbered. I had some guy with an unmarked truck dropping off an Amazon package on a SUNDAY. With online retailers doing that, I cannot see how store fronts are going to survive much longer. Especially when free shipping and no tax comes into the mix.

I live right near the Willow Grove mall and whenever I'm there it's tweens and/or parents getting their toddlers out of the house. That's usually why I'm there, to get the kids out of the house even for an hour (not for the tweens LOL).

Cheers,
G.

The surrounding counties still drive to KOP to shop. I think they did 1 billion in sales in 2014. And, with the current expansion, I think they will top 1 billion in the next few years. Shopping is a culture and having to try on a garment and see how it looks and feel is still embedded in folks and cannot be replicated from online clothes shopping. That's not to say that online shopping isn't a robust business for certain line of clothing, but it won't replace the brick and mortar experience.

My estimation is that it will be around for a long times since online shopping can't evoke the same emotional feeling as shopping in a store.

And, I'm aware for comparison that Nexflix killed video/movie rentals like Blockbuster, etc. But, to me it is not an exact 1:1.

Kidphilly · #**8139** Posted **Jul 19, 2015, 1:49 PM**

I looked at the Marina view proposal and it says dead. Driving donw 95 would make me think this thing is rising as we speak

Cro Burnham · #**8140** Posted **Jul 19, 2015, 2:37 PM**

Quote:

Originally Posted by Kidphilly

I looked at the Marina view proposal and it says dead. Driving donw 95 would make me think this thing is rising as we speak

Different developer, different design, different name; apartments (not condos).