PHILADELPHIA | Highrise Development Thread IX - Page 527

Larry King · #**10521** Posted **Feb 24, 2016, 12:37 PM**

Did developers over-estimate the non-student luxury market in w philly? maybe

summersm343 · #**10522** Posted **Feb 24, 2016, 1:25 PM**

Quote:

Originally Posted by Xiubee

Just curious, what's the source for these numbers?

From apartment analysts. These numbers are paid for.

summersm343 · #**10523** Posted **Feb 24, 2016, 1:27 PM**

Quote:

Originally Posted by Larry King

Did developers over-estimate the non-student luxury market in w philly? maybe

Uhh... How so? Every building is 95% leased, some more. That is very healthy. 95% is usually the target occupancy for large buildings. You usually don't want to be 100%, because if you are, you're not pushing rates on apartments to the top dollar achievable for the product.

What are you seeing exactly that makes you feel like developers over-estimated the market?

3601 Market and 3737 Chestnut? Those buildings just opened a few months ago. Buildings take usually a year to lease up, they just don't open at 100% occupancy.

Larry King · #**10524** Posted **Feb 24, 2016, 2:38 PM**

Yeah I'm talking about the buildings out in west philly. Who knows, I don't have a dog in the fight just was skeptical that they'd get center city rents out there

Chubbs Peterson · #**10525** Posted **Feb 24, 2016, 2:45 PM**

Quote:

Originally Posted by Larry King

Yeah I'm talking about the buildings out in west philly. Who knows, I don't have a dog in the fight just was skeptical that they'd get center city rents out there

3601 and 3737 are getting as high or higher than center city rents (select units) and are leasing up at like 10-15 units per month... in the leasing off-season

Boku · #**10526** Posted **Feb 24, 2016, 8:10 PM**

PREIT's CEO: Without Pa. funds, Gallery revamp 'won't be as dramatic'

Quote:

The revamped Gallery at Market East shopping mall "won't be as dramatic" as currently planned if the project is completed without $30 million in requested state aid, one of its developers said Wednesday.

Pennsylvania Real Estate Investment Trust's chief executive officer, Joseph Coradino, said that the company remains optimistic the funds will become available, but that it could downscale the project if they don't.

Read more at http://www.philly.com/philly/business/re...be_as_dramatic_.html#grTCMBJjkh3bLqAt.99

iheartphilly · #**10527** Posted **Feb 24, 2016, 8:15 PM**

Quote:

Originally Posted by Boku

PREIT's CEO: Without Pa. funds, Gallery revamp 'won't be as dramatic'

Read more at http://www.philly.com/philly/business/re...be_as_dramatic_.html#grTCMBJjkh3bLqAt.99

Wow, it's like saying we want to sell you a high end Mercedes sedan but won't offer all the luxurious bells and whistles. Really guys!

summersm343 · #**10528** Posted **Feb 24, 2016, 8:31 PM**

Quote:

Originally Posted by Boku

PREIT's CEO: Without Pa. funds, Gallery revamp 'won't be as dramatic'

Read more at http://www.philly.com/philly/business/re...be_as_dramatic_.html#grTCMBJjkh3bLqAt.99

PA lawmakers need to get their acts together. I think a lot of Philly developers are starting to put the pressure on the State senate to get the budget passed (PREIT, Dranoff)... these companies are trying to build things and create jobs and tax money for the state, and as usual the state senate is dragging their asses on the carpet.

summersm343 · #**10529** Posted **Feb 24, 2016, 8:33 PM**

Quote:

Originally Posted by Larry King

Yeah I'm talking about the buildings out in west philly. Who knows, I don't have a dog in the fight just was skeptical that they'd get center city rents out there

3737 Chestnut is leasing up faster than expected, and 3601 Market is leasing up at the pace they expected and both buildings are achieving rental rates equal to Center City luxury apartment towers.

This is a good sign for University City, and means will probably see a few more proposed luxury apartment towers in the area in the coming years should the economy hold strong.

1487 · #**10530** Posted **Feb 24, 2016, 8:34 PM**

Quote:

Originally Posted by summersm343

PA lawmakers need to get their acts together. I think a lot of Philly developers are starting to put the pressure on the State senate to get the budget passed (PREIT, Dranoff)... these companies are trying to build things and create jobs and tax money for the state, and as usual the state senate is dragging their asses on the carpet.

when you consider Philly is getting far more commercial and residential development than 95% of the state this is not surprising. They aren't in a rush to pass a budget that will open up the coffers for a bunch of Philly hi rises. Not to many parts of the state have numerous $100M+ proposals on the table ready to go.

summersm343 · #**10531** Posted **Feb 24, 2016, 8:38 PM**

Quote:

Originally Posted by 1487

when you consider Philly is getting far more commercial and residential development than 95% of the state this is not surprising. They aren't in a rush to pass a budget that will open up the coffers for a bunch of Philly hi rises. Not to many parts of the state have numerous $100M+ proposals on the table ready to go.

The state should be bending over backwards for Philadelphia right now, since the Philly area, and to a lesser extent Pittsburgh, and Lehigh Valley are the only areas keeping the state economic engine moving. As usual though, they're playing kiss-ass to their rural do-nothing constituents.

Larry King · #**10532** Posted **Feb 24, 2016, 8:57 PM**

I'd be ok with breaking Philly, montgomery, chester, bucks and delaware counties into our own state. Do we need the rest for anything?

boxbot · #**10533** Posted **Feb 24, 2016, 9:37 PM**

Quote:

Originally Posted by Larry King

I'd be ok with breaking Philly, montgomery, chester, bucks and delaware counties into our own state. Do we need the rest for anything?

Depends. Will we still be governed by President Trump in this scenario?

summersm343 · #**10534** Posted **Feb 24, 2016, 9:38 PM**

Quote:

Originally Posted by Larry King

I'd be ok with breaking Philly, montgomery, chester, bucks and delaware counties into our own state. Do we need the rest for anything?

Add Berks County since it is technically a part of the Philadelphia CSA, and I agree. Let's do it. Maybe we can join Delaware.

summersm343 · #**10535** Posted **Feb 24, 2016, 9:40 PM**

Joynture to open coworking space at former home of Pearl Art & Craft

Quote:

New York City-based coworking-space operator Joynture is opening a 23,000-square-foot location in April at the former South Street home of Pearl Art & Craft.

The 417 South St. space will consist of about 40 private offices and 60 open desks, Joynture said in a release Thursday.

The Philadelphia space follows Joynture's first location in New York's Financial District, it said. A location also is planned this year in Lahore, Pakistan, according to its website.

Read more at http://www.philly.com/philly/business/re...arl_Art___Craft.html#C1I1QOt58CWwchow.99

summersm343 · #**10536** Posted **Feb 25, 2016, 2:15 AM**

A few months old, but a good pic nonetheless

Better View of Center City by Terry Robinson, on Flickr

jjv007 · #**10537** Posted **Feb 25, 2016, 2:37 AM**

These last few pics have been awesome! Only thing that would make this pic even better is if we can get more skyscraper density to the LEFT of City Hall.

iheartphilly · #**10538** Posted **Feb 25, 2016, 2:52 AM**

Quote:

Originally Posted by summersm343

A few months old, but a good pic nonetheless

Better View of Center City by Terry Robinson, on Flickr

On the lower right hand corner of this image, anyone know if the Art Museum is under construction for the Gehry plans?

Outta here · #**10539** Posted **Feb 25, 2016, 3:05 PM**

Quote:

Originally Posted by jjv007

These last few pics have been awesome! Only thing that would make this pic even better is if we can get more skyscraper density to the LEFT of City Hall.

Agreed one gazillion percent . However , that is never going to happen .
BUT , something that can , could or should happen is an up to-date fly over aerial view of where
the city currently is and where it is going . The last aerial I have seen is from back in '14 and if
I remember correctly , neither FMC or CITC were in that frame work .

.............. PS ; summers , fantastic shot , thanks for sharing

summersm343 · #**10540** Posted **Feb 25, 2016, 3:11 PM**

Historical approval process delays start of former Family Court conversion

The article is locked under subscriber content, but you get the idea.

http://www.bizjournals.com/philadelphia/...otel-peebles-historical-delays-vine.html