PHILADELPHIA | Highrise Development Thread IX - Page 563

blorkishdork · #**11241** Posted **Apr 15, 2016, 6:08 PM**

Cro, Thanks for the information. That is really rough and doesn't make any sense. I was happy because I assumed this happened to all properties (vacant land and parking lots included). But if what you say is true, I think the city opened a huge can of worms. Many of the people buying abated property are part of this yuppy class, but many of the people are professionals which includes lawyers. This is really unfortunate, because many, including myself, are really OK with paying a few more hundred dollars (or whatever it is) in taxes. But it should be done properly and fairly which means across the board. This won't be a huge issue for me tho in the end, my house was a renovation and not new construction so the amount abated was already on the small side. Still just annoying and way now I'm starting to ramble.

Cro Burnham · #**11242** Posted **Apr 15, 2016, 6:31 PM**

Quote:

Originally Posted by blorkishdork

. . . . it should be done properly and fairly which means across the board. . . . .

I agree completely. One would like to assume that the powers that be have the best policy intentions, but it's pretty hard not to be skeptical particularly given the history and the new information that seem to be emerging about this latest move by OPA.

3rd&Brown · #**11243** Posted **Apr 15, 2016, 7:51 PM**

Quote:

Originally Posted by blorkishdork

Cro, Thanks for the information. That is really rough and doesn't make any sense. I was happy because I assumed this happened to all properties (vacant land and parking lots included). But if what you say is true, I think the city opened a huge can of worms. Many of the people buying abated property are part of this yuppy class, but many of the people are professionals which includes lawyers. This is really unfortunate, because many, including myself, are really OK with paying a few more hundred dollars (or whatever it is) in taxes. But it should be done properly and fairly which means across the board. This won't be a huge issue for me tho in the end, my house was a renovation and not new construction so the amount abated was already on the small side. Still just annoying and way now I'm starting to ramble.

Well hopefully parking lots, etc are next. Maybe they're doing it in waves.

I noticed this change for both of my properties. I hope there is more to follow. If they go through with it, could be transformative for many of our lots....

1487 · #**11244** Posted **Apr 15, 2016, 8:16 PM**

Go to page 126 to understand the OPA methodology. Certain areas were targeted for a closer look in terms of aligning land with improvement values. I dont think it applies to commercial properties which will be reassessed during FY17.

https://alpha.phila.gov/media/20160303074747/2017-to-2021-Five-Year-Plan-Final-Version1.pdf

summersm343 · #**11245** Posted **Apr 19, 2016, 4:31 AM**

Took a ton of photo updates today. Enjoy!

allovertown · #**11246** Posted **Apr 19, 2016, 11:42 AM**

Quote:

Originally Posted by summersm343

Took a ton of photo updates today. Enjoy!

Wow. It looks like someone really enjoyed the nice weather yesterday. Thanks for all the amazing updates.

shadowbat2 · #**11247** Posted **Apr 20, 2016, 7:47 AM**

Swiss insurer pays a premium price for 2.0 University Place

Quote:

Swiss insurer Zurich Insurance Group has acquired the 2.0 University Place office building near 41st and Market Streets for $420 a square foot - among the city's highest purchase prices ever for a commercial property.

Zurich paid $41.3 million Tuesday for the five-story building in a deal that also commits the company to completing up to $1.8 million in interior construction work, developer Scott Mazo said.

Mazo invested $31 million in the 98,000-square-foot eco-friendly office project at the largely untested western edge of Philadelphia's University City neighborhood. It remains one of just a few office buildings in the city with a Platinum rating by the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED) program, its highest ranking.

Read more at http://www.philly.com/philly/business/20...niversity_Place.html#HcWpkUe7WOoi7lEe.99

summersm343 · #**11248** Posted **Apr 20, 2016, 11:43 PM**

At Home in Philadelphia’s Center City

Great article from Urban Land Institute (ULI)

http://urbanland.uli.org/industry-sectors/residential/home-philadelphias-center-city/

summersm343 · #**11249** Posted **Apr 20, 2016, 11:46 PM**

Economic trends in Philly area mean solid apartment market, reports say

http://www.philly.com/philly/business/re...solid_apartment_market__reports_say.html

jjv007 · #**11250** Posted **Apr 20, 2016, 11:55 PM**

Quote:

Originally Posted by summersm343

At Home in Philadelphia’s Center City

Great article from Urban Land Institute (ULI)

http://urbanland.uli.org/industry-sectors/residential/home-philadelphias-center-city/

Is this the same one Building Philly shared?

PhilliesPhan · #**11251** Posted **Apr 21, 2016, 3:09 PM**

From Brandywine Property Trust's Instagram:

rduffy5 · #**11252** Posted **Apr 21, 2016, 5:44 PM**

Long time lurker, first time poster.

Just saw this on my twitter feed: http://www.philly.com/philly/business/20...l_units_at_site.html#ICKttsWCRrbYSrJc.99

I guess this confirms the increased apartment demand article posted! East Market will really be something. Sounds like another 22 story tower!

Anybody know when it will really be done?

TempleGuy1000 · #**11253** Posted **Apr 21, 2016, 6:24 PM**

Quote:

Originally Posted by rduffy5

Anybody know when it will really be done?

That is a good question.

there is an individual thread for this development

http://forum.skyscraperpage.com/showthread.php?t=209361

Accessible from here: http://forum.skyscraperpage.com/tags.php?tag=philadelphia

jjv007 · #**11254** Posted **Apr 21, 2016, 10:21 PM**

Quote:

Originally Posted by rduffy5

Long time lurker, first time poster.

Just saw this on my twitter feed: http://www.philly.com/philly/business/20...l_units_at_site.html#ICKttsWCRrbYSrJc.99

I guess this confirms the increased apartment demand article posted! East Market will really be something. Sounds like another 22 story tower!

Anybody know when it will really be done?

Welcome!

philatonian · #**11255** Posted **Apr 22, 2016, 1:49 AM**

I was recently playing around with some rent comparison website and saw the average rent in Philadelphia is now higher than Chicago, albeit just slightly. Still, the fact that we're even in line with Second City means things like this can easily happen. Good for Philly, bad for the rent on my magically cheap Center City trinity.

summersm343 · #**11256** Posted **Apr 22, 2016, 1:58 AM**

Quote:

Originally Posted by rduffy5

Long time lurker, first time poster.

Just saw this on my twitter feed: http://www.philly.com/philly/business/20...l_units_at_site.html#ICKttsWCRrbYSrJc.99

I guess this confirms the increased apartment demand article posted! East Market will really be something. Sounds like another 22 story tower!

Anybody know when it will really be done?

Welcome to the forum!!

Tlphila · #**11257** Posted **Apr 22, 2016, 2:50 PM**

Quote:

Originally Posted by rduffy5

Long time lurker, first time poster.

Just saw this on my twitter feed: http://www.philly.com/philly/business/20...l_units_at_site.html#ICKttsWCRrbYSrJc.99

I guess this confirms the increased apartment demand article posted! East Market will really be something. Sounds like another 22 story tower!

Anybody know when it will really be done?

Welcome

summersm343 · #**11258** Posted **Apr 22, 2016, 8:18 PM**

Divine Lorraine Update: Residential Units Could be Ready by End of Year

Quote:

It's been awhile since we last checked in on progress at the historic Divine Lorraine hotel, so it comes with great excitement to say that the residential units could be ready by the end of this year. The retail and restaurant space is expected to follow after.

As we reported before, Blumenfeld said that the Divine Lorraine will include two restaurants, one on the first floor with the grand lobby and reception area, and the second in the annex building that connects to the hotel via an underground passage. One restaurant will be similar to the Spotted Pig in New York City's West Village, Blumenfeld said. There will also be a speakeasy in the basement.

Blumenfeld said that the restoration of the 10-story building began on the ninth floor, followed by the 10th floor. They're both nearly finished, though windows still need to be installed. In total, there will be 126 apartments and 120,000 square feet of retail.

If all goes to plan, the entirety of the historic building will be complete in March 2017.

http://philly.curbed.com/2016/4/21/11474212/divine-lorraine-apartments-timeline

summersm343 · #**11259** Posted **Apr 22, 2016, 8:21 PM**

Finding the form with Cecil Baker

Great article on Cecil Baker

http://planphilly.com/articles/2016/04/22/finding-the-form-with-cecil-baker

Skyscraper.Phanatic · #**11260** Posted **Apr 22, 2016, 10:02 PM**

Divine Lorraine Update:
i hope the restaurant there is not like the spotted pig in NYC. Wehhhh toooo expensive!