PHILADELPHIA | Highrise Development Thread IX

[hammersklavier]

Originally Posted by Philly Fan

With funding secured, Schuylkill River swing bridge construction could begin next summer

Unless I'm very much mistaken, this'll be a restoration of the swing bridge, including the swing mechanism (there's still a barge that goes up to the steam plant). Very very cool.

[cjPhilly]

Originally Posted by hammersklavier

Unless I'm very much mistaken, this'll be a restoration of the swing bridge, including the swing mechanism (there's still a barge that goes up to the steam plant). Very very cool.

My understanding is that they bridge itself will be removed and replaced with a lighter weight structure built to look similar to the existing. While it appears to be mounted on the same pivot, I imagine the equipment will be updated to match the new bridge's weight.

"Instead, Syrnick says they’ll use the existing substructures - the abutments, piers and approaches on both sides of the river - to support a new, lighter span that will cross the river at grade."

http://planphilly.com/articles/2015/11/0...dge-construction-could-begin-next-summer

[summersm343]

Office Space 90.3% Occupied in CBD

The occupancy rate in the Philadelphia central business district (CBD) rose to 90.3% in the third quarter of 2015, up from 88.4% in the second quarter, with net absorption of 179,064 square feet (SF) and an average asking rent of $27.77 per SF, according to Cushman & Wakefield's MarketBeat Office Snapshot Q3 2015, Philadelphia, PA-CBD. The suburban occupancy rate was 85% for the quarter, with 446,987 SF of absorption and average asking rents of $24.29.

A primary reason for the increased occupancy, however, was the continuing withdrawal of substantial inventory with the sale of the 607,000-square-foot One Franklin Plaza to PMC Property Group, which plans to redevelop it into 400,000 SF of apartments and 200,000 SF of multi-tenant office space, to be completed next year.

http://www.centercityphila.org/pressroom/ccnews110315.php

[summersm343]

Strong Retail Activity in Center City

Retail activity remained brisk in the third quarter in Center City, particularly along Chestnut Street, where Five Below opened a 13,000 square foot store at 1529 Chestnut, and Target Express signed two leases, one at 1900 Chestnut and another at 1112-1128 Chestnut Street, according to the CBRE Marketview Greater Philadelphia Retail, Q3 2015.

Available retail space in the Philadelphia region continued to shrink, dropping to 7.3% from the second quarter’s 8.7%.

The report noted that over the past year, nationally, restaurant and bar sales receipts exceeded sales at grocery stores for the first time on record.

http://www.centercityphila.org/pressroom/ccnews110315.php

[summersm343]

House Prices and Sales Volume on the Rise

House sales and prices continued robust growth in the third quarter of 2015, with price increases in every neighborhood, and a record-breaking number of million-dollar sales, according to Kevin C. Gillen, Senior Research Fellow with the Lindy Institute for Urban Innovation at Drexel University, in a report released on October 20. The median house price increased 2.5% to $142,000 during the quarter, and rose 7.05% over the same quarter last year.

Neighborhoods with the highest increases included Center City/Fairmount (Gillen’s geography), +3.0%; West Philadelphia, +3.3%; and South Philadelphia, +5.2%.

There were 4,655 arms-length city home sales in the quarter, up sharply from 4,198 in the previous quarter and the highest volume of any quarter since 2007, with 34 homes sold for $1 million or more, double the 16 in the previous quarter, and breaking the previous record of 25 in the third quarter of 2008.

http://www.centercityphila.org/pressroom/ccnews110315.php

[summersm343]

East Falls residents get first look at new plans for Rivage site

Now up to 6 floors from 5 floors.

Old rendering:



New design massing:



Article:
http://www.montgomerynews.com/articles/2...8f5d6e73602009451.txt?viewmode=fullstory

http://hiddencityphila.org/2015/11/still-waiting-on-east-falls-ridge-flats/

[shadowbat2]

Brandywine CEO: No plans now to redevelop Market East parking deck

Brandywine Realty Trust chief executive Jerry Sweeney says that there are no immediate plans to redevelop the multi-level garage in Center City's Market East area the company purchased earlier this year, and that it may add levels of parking to the structure.

Brandywine is completing engineering studies to see whether additional decks can be added to the five existing levels of parking in the structure at 618-34 Market St., between Sixth and Seventh Streets, Sweeney said in an interview.

Also being considered is replacement of at least some of the shops in the structure's ground floor with "more vibrant" retail, he said.

Read more at http://www.philly.com/philly/business/20...st_parking_deck.html#Ic35mdXgbLBuX1Xg.99

[PhilliesPhan]

This is kind of off-topic, but how does one access Cira Green? I'm an RA at my college, and I plan to host an event to Philly on November 14th. It's a 6.06 mile walking tour, which I have subdivided into 4 major routes (Penn-Cira Green; Cira Green-Rittenhouse Square via Schuylkill Banks; Rittenhouse Square-RTM via City Hall; and Independence Hall-Penn's Landing via Society Hill). At the end of each route is a resting spot. Cira Green is the first major resting stop. While I'm asking this question, do any of you have any suggestions on other stops I can add based on the route?

Here is what the walking tour looks like for a better description of what I am talking about: https://www.google.com/maps/d/edit?mid=zBfpmBSfecNE.kuUaldMAiz6M

[summersm343]

Originally Posted by shadowbat2

Brandywine CEO: No plans now to redevelop Market East parking deck

I think we'll see FMC tower, 2100 Market and maybe even Cira II before a tower is built here. I think this was just a land grab by Brandywine in case the Market East area continues to improve, build up, and become more desirable. Until then, they'll operate the parking garage. Honestly, I would rather see the 800 block of Market developed before something happens here anyways.

[Plokoon11]

So hearing about who the mayor is after election and how that may concern the fture of the city what are your opinions?

[hammersklavier]

Originally Posted by Plokoon11

So hearing about who the mayor is after election and how that may concern the fture of the city what are your opinions?

It would take a high level of Mayoral incompetency to derail this city. A much higher level than Council incompetency (and dammit if Council isn't trying to be as incompetent as humanly possible).

[shadowbat2]

One Liberty Observation deck entrance as viewed from the mall:
882 by tehshadowbat, on Flickr

[Philly Kid]

http://www.phillymag.com/property/2015/11/04/the-latham-hotel-closed/

Has anyone heard about this? Apparently the Latham is set to close on November 9th at which point the units will be converted to luxury condos.

Also of note, the ground floor restaurant "Urban Enoteca" will close and make way for a "financial services" company. The thought of losing a retail/restaurant pad for another bank really upsets me. Apparently there is another carve out of the ground floor space that can be used for commercial.

[Larry King]

...

[cafeguy]

Originally Posted by PhilliesPhan

This is kind of off-topic, but how does one access Cira Green? I'm an RA at my college, and I plan to host an event to Philly on November 14th. It's a 6.06 mile walking tour, which I have subdivided into 4 major routes (Penn-Cira Green; Cira Green-Rittenhouse Square via Schuylkill Banks; Rittenhouse Square-RTM via City Hall; and Independence Hall-Penn's Landing via Society Hill). At the end of each route is a resting spot. Cira Green is the first major resting stop. While I'm asking this question, do any of you have any suggestions on other stops I can add based on the route?

Here is what the walking tour looks like for a better description of what I am talking about: https://www.google.com/maps/d/edit?mid=zBfpmBSfecNE.kuUaldMAiz6M

Cool tour! You should integrate more of the "tiny streets" into it. But from what I know, cira green was never meant to be public. It looks great, but I believe it is private and always will be. I could be wrong though.

[br323206]

Originally Posted by cafeguy

Cool tour! You should integrate more of the "tiny streets" into it. But from what I know, cira green was never meant to be public. It looks great, but I believe it is private and always will be. I could be wrong though.

No, Cira Green will be open to the public. I believe it will be accessible by an elevator in the parking garage.

[wondertwinalpha]

Not sure if this has been posted yet or not, but the sign for the Market Place Design Center is up with a completion of winter 2017.

[Knight Hospitaller]

^^^ You should definitely post to this link: http://forum.skyscraperpage.com/showthread.php?t=214804. I've only ever seen massing studies, so I suppose renderings should be available soon?

[Kidphilly]

Originally Posted by PhilliesPhan

This is kind of off-topic, but how does one access Cira Green? I'm an RA at my college, and I plan to host an event to Philly on November 14th. It's a 6.06 mile walking tour, which I have subdivided into 4 major routes (Penn-Cira Green; Cira Green-Rittenhouse Square via Schuylkill Banks; Rittenhouse Square-RTM via City Hall; and Independence Hall-Penn's Landing via Society Hill). At the end of each route is a resting spot. Cira Green is the first major resting stop. While I'm asking this question, do any of you have any suggestions on other stops I can add based on the route?

Here is what the walking tour looks like for a better description of what I am talking about: https://www.google.com/maps/d/edit?mid=zBfpmBSfecNE.kuUaldMAiz6M

maybe the Spruce Street park on the other side of the river if you cant access Cira green

[DKNewYork]

Originally Posted by Philly Kid

http://www.phillymag.com/property/2015/11/04/the-latham-hotel-closed/

Has anyone heard about this? Apparently the Latham is set to close on November 9th at which point the units will be converted to luxury condos.

Also of note, the ground floor restaurant "Urban Enoteca" will close and make way for a "financial services" company. The thought of losing a retail/restaurant pad for another bank really upsets me. Apparently there is another carve out of the ground floor space that can be used for commercial.

It's true. I stayed at the Latham this past weekend and the bartender told me. I understood that Sunday is the last day. The 53 employees got two weeks notice. The building is to be gutted and converted to high-end condos. Too bad. It is a nice medium priced hotel.

FYI I am a regular reader of the Philly page but havent been to the city in about 18 years. The city looks great. Lots of construction and much of it is seems high quality.