PHILADELPHIA | Highrise Development Thread IX

[summersm343]

Goldenberg buys prime South Broad property

Article is locked behind subscription, and I cannot tell what the property includes and if it includes all of the Parking lots to the west, but this is the building at the Northwest corner of Broad and South.

I assume maybe we'll see another highrise here in the future. Goldenberg is developing 1213 Walnut in partnership with Hines, and Hines as given the green light to another future development in Philadelphia - could it be here?

http://www.bizjournals.com/philadelphia/...erg-buys-prime-south-broad-property.html

[Boku]

Originally Posted by summersm343

Goldenberg buys prime South Broad property

Article is locked behind subscription, and I cannot tell what the property includes and if it includes all of the Parking lots to the west, but this is the building at the Northwest corner of Broad and South.

I assume maybe we'll see another highrise here in the future. Goldenberg is developing 1213 Walnut in partnership with Hines, and Hines as given the green light to another future development in Philadelphia - could it be here?

http://www.bizjournals.com/philadelphia/...erg-buys-prime-south-broad-property.html

[apologies to hard-working journalists we constantly steal work from]

"Goldenberg Group has paid $10 million for a prime property along the Avenue of Arts that currently houses World Communications Charter School.

The Blue Bell, Pennsylvania developer bought 512-520 S. Broad St. from an affiliate of the charter school, which operates out of a 46,359-square-foot building on the site.

The building sits at the corner of South Broad and South Street, and has direct access to mass transit. The parcel totals 31,970 square feet, which is a little less than an acre in the heart of one of the city’s main thoroughfares.

It is currently zoned for mixed-use and would eventually be ripe for a new development. But Goldenberg isn’t saying at this point if that’s its intention.

'South Broad Street is a central artery in Philadelphia’s Commercial Business District, making it a good long-term investment,' said Seth Shapiro, chief operating officer at Goldenberg, in a statement. 'When the opportunity presented itself, we purchased the property from the World Communications Charter School, which currently has the option to lease it for several years.'

Shapiro wouldn’t comment beyond the statement. Goldenberg is currently developing an apartment building at 1213 Walnut St. in Center City.

More development activity has and continues to pop up along this part of South Broad Street.

Three of Dranoff Properties' completed developments are nearby, such as South Star Lofts, Symphony House and 777 South Broad, and another, SLS Lux Hotel & Residences, is also in the works. Not too far away, Pearl Properties is developing a hotel at Broad and Locust streets."

[Cro Burnham]

Originally Posted by Boku

"Goldenberg Group has paid $10 million for a prime property along the Avenue of Arts that currently houses World Communications Charter School."

O god, what I would give to have that smeary block of peanut-butter looking building demo'd. A rare instance where I'd say a parking lot would be an improvement over the hideous structure on site.

[Londonee]

Originally Posted by Boku

[apologies to hard-working journalists we constantly steal work from]

"Goldenberg Group has paid $10 million for a prime property along the Avenue of Arts that currently houses World Communications Charter School.

I'm a little skeptical of these guys in general as we're pushing nearly 2 decades of fruitless stewardship of the city's largest most visible parking lot - but any news on this tumble-weed blowing, street-killing eyesore of a building is good news to me.

It's built like a fortress, so I'd assume a redevelopment would include a demo.

[summersm343]

Originally Posted by Londonee

I'm a little skeptical of these guys in general as we're pushing nearly 2 decades of fruitless stewardship of the city's largest most visible parking lot - but any news on this tumble-weed blowing, street-killing eyesore of a building is good news to me.

It's built like a fortress, so I'd assume a redevelopment would include a demo.

It's not like they're doing nothing however, they are building a 26-story apartment building in 1213 Walnut...

I think Goldenberg is waiting for the right time to strike at 8th and Market. Clearly this corner deserves something big - I think they're aware of that.

[Redddog]

Originally Posted by summersm343

It's not like they're doing nothing however, they are building a 26-story apartment building in 1213 Walnut...

I think Goldenberg is waiting for the right time to strike at 8th and Market. Clearly this corner deserves something big - I think they're aware of that.

Waiting for something like what?

[summersm343]

Originally Posted by Redddog

Waiting for something like what?

Waiting for demand to dictate a large mixed-use development.

I'm thinking 3-towers:
-One mixed-use office/hotel/retail tower facing 9th and market rising at least 800 FT
-One mixed-use office/apartment/retail tower facing 8th and market rising at least 600 FT
-One mixed-use apartment/retail tower facing 8th and Chestnut rising at least 400 FT

^^If we don't get something like this, I'll be disappointed

[Cro Burnham]

Originally Posted by summersm343

Waiting for demand to dictate a large mixed-use development.

I'm thinking 3-towers:
-One mixed-use office/hotel/retail tower facing 9th and market rising at least 800 FT
-One mixed-use office/apartment/retail tower facing 8th and market rising at least 600 FT
-One mixed-use apartment/retail tower facing 8th and Chestnut rising at least 400 FT

^^If we don't get something like this, I'll be disappointed

Goldenberg has never developed anything close to that scale. Hard to see how he'd pull it off. I think he's just speculating and waiting for a developer with deep pockets to take the property off his hands at the right time for the right price.

[Larry King]

Doesn't 8 and market have many owners? Probably a lot of moving parts there

[summersm343]

Originally Posted by Cro Burnham

Goldenberg has never developed anything close to that scale. Hard to see how he'd pull it off. I think he's just speculating and waiting for a developer with deep pockets to take the property off his hands at the right time for the right price.

They don't have to have experience in doing something like this. They could partner with somebody who has the experience - like Hines. Or they could split the property into 3, and develop one and sell off the other parcels.

[Jayfar]

Originally Posted by Larry King

Doesn't 8 and market have many owners? Probably a lot of moving parts there

I don't know about many, but PPA had/(has?) a stake in part of the 8th & Market lot and a legal dispute arose with them the last time Goldenberg proposed something there (anchored by a Target, IIRC). PHA was added to the mix by the Rendell administration to provide an additional piece of financing needed for DisneyQuest. Very similar to the initial PPA role in the lot in the 1900 block of Walnut, which a Goldenberg affiliate owned for a little while back in the 80s or 90s.

[Human Scale]

http://www.philly.com/philly/business/20...to_shake_up_Philly_s_club_scene.html?Sdc

Already posted in lowrise

[Outta here]

Originally Posted by summersm343

Waiting for demand to dictate a large mixed-use development.

I'm thinking 3-towers:
-One mixed-use office/hotel/retail tower facing 9th and market rising at least 800 FT
-One mixed-use office/apartment/retail tower facing 8th and market rising at least 600 FT
-One mixed-use apartment/retail tower facing 8th and Chestnut rising at least 400 FT

^^If we don't get something like this, I'll be disappointed

Stop it , summers . I know you are just trying to make me so happy , I'll run out in the middle of the street and piss my pants .

800' is out of the question . 600' made me think of the old Singer building in Manhattan ( just a nice complement to the Lit Bros.
building across the street ) .... but another fairy tale height . 400' would look good but even that might be a stretch . At this point ,
I would settle for something like the old Gimbels building ....... anything other than that GD , F---ed up , shit hole waste land that
has been nothing more than a blinding eye sore for decades ...... Hope I made myself clear .....

[summersm343]

Originally Posted by Human Scale

http://www.philly.com/philly/business/20...to_shake_up_Philly_s_club_scene.html?Sdc

Already posted in lowrise

1201 Vine - Mother-and-son real estate duo plans to shake up Philly's club scene

James and Micheline DeBerardine are transforming an aged office building near 12th and Vine Streets into what they say will be the city's biggest and most technically sophisticated dance venue.

The club, to be called NOTO - short for "Not of the Ordinary" - is part of the DeBerardines' plans for Vine Street just north of Chinatown, which also include 99 new apartments.

Promised at the dance venue are name-brand DJs from the Las Vegas-Amsterdam-Ibiza circuit, a speaker system built by Finnish soundsmiths, and VIP seating with flowing bottle-service champagne.

The pair paid $6 million for the 60,000-square-foot office building at 1209 Vine St. in February, according to records filed with the city. Plans call for a 1,000-person capacity club with offices on the building's upper levels.

The family later decided to buy the vacant lot next door to build a 16-story apartment building with a high-tech automated parking system. That plan will be presented to the Philadelphia Chinatown Development Corp. on Tuesday, said Sarah Yeung, the group's planning director.

Anticipated in the building are two ground-floor restaurant spaces, one to be run by Philadelphia chef Sylva Senat of Dos Tacos, James DeBerardine said. Food at NOTO also will come from Senat's kitchen, he said.

http://www.philly.com/philly/business/re...hake_up_Philly_s_club_scene.html?photo_3

[summersm343]

New thread - 1201 Vine - 16 floors - 221 FT

http://forum.skyscraperpage.com/showthread.php?p=7525699#post7525699

[3rd&Brown]

Originally Posted by summersm343

Waiting for demand to dictate a large mixed-use development.

I'm thinking 3-towers:
-One mixed-use office/hotel/retail tower facing 9th and market rising at least 800 FT
-One mixed-use office/apartment/retail tower facing 8th and market rising at least 600 FT
-One mixed-use apartment/retail tower facing 8th and Chestnut rising at least 400 FT

^^If we don't get something like this, I'll be disappointed

They're waiting for OPM.

I have no idea how they roped Hines into the deal on the 1200 block of Walnut, but hopefully Hines will save the day on South Broad as well.

[Londonee]

Originally Posted by summersm343

It's not like they're doing nothing however, they are building a 26-story apartment building in 1213 Walnut...

I think Goldenberg is waiting for the right time to strike at 8th and Market. Clearly this corner deserves something big - I think they're aware of that.

Sure, but let's be honest, the property at 1213 is mostly being developed because of the involvement and investment of a massive global real estate conglomerate (Hines) and not some strip mall developer from the main line.

Originally Posted by Jayfar

I don't know about many, but PPA had/(has?) a stake in part of the 8th & Market lot and a legal dispute arose with them the last time Goldenberg proposed something there (anchored by a Target, IIRC). PHA was added to the mix by the Rendell administration to provide an additional piece of financing needed for DisneyQuest. Very similar to the initial PPA role in the lot in the 1900 block of Walnut, which a Goldenberg affiliate owned for a little while back in the 80s or 90s.

I could be wrong, but I thought the ownership issues were clarified out of conditional necessity to have a clean casino bid a few years ago.

I know I kill Coradino for his clockwork quarterly updates on the (lack of) progress at the gallery for the last 8 years - "see we're not failures, we do stuff, we drive dodge stratuses!" - but wouldn't it be nice to get an update from Goldenberg on their intentions here?

[summersm343]

Originally Posted by Londonee

Sure, but let's be honest, the property at 1213 is mostly being developed because of the involvement and investment of a massive global real estate conglomerate (Hines) and not some strip mall developer from the main line.

100% correct, but have to at least give Goldenberg some credit for understanding that this is out of their scope, and for bringing in a major real estate developer as a partner. Since Hines seems to be so bullish on Philadelphia now, maybe Goldenberg can bring them in to the Broad and South development - and eventually, 8th and Market.

[1487]

Can someone open this up?

http://www.bizjournals.com/philadelphia/...treet-epa-search-new-offices-philly.html

I had no idea they had 300k sf in that building. Big lease. If they leave and Aramark leaves you have a new 700k sf tower right there. I dont think there are any existing blocks of space either could take right now. 1650 is a great location however.

[summersm343]

Originally Posted by 1487

Can someone open this up?

http://www.bizjournals.com/philadelphia/...treet-epa-search-new-offices-philly.html

I had no idea they had 300k sf in that building. Big lease. If they leave and Aramark leaves you have a new 700k sf tower right there. I dont think there are any existing blocks of space either could take right now. 1650 is a great location however.

Yeah that's enough to fill most of a new 700-800 foot mixed-use tower.