PHILADELPHIA | Highrise Development Thread IX

[Cro Burnham]

Seems unlikely that the EPA would sign on at premium rents to anchor a glitzy new skyscraper. I'd imagine they would look for a rehab or something less ostentatious, maybe one of those PMC deals like 2400 Market or One Franklin Plaza. Though I could see PMC not being able to adhere to GSA standards of one type or another.

[Jayfar]

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

Here's a non-paywalled article at philly dot com:

Goldenberg Group buys charter school building on S. Broad Street | Philly.com

Goldenberg operations chief Seth Shapiro said in a statement on Tuesday that the property was purchased as a long-term investment and that the charter school has an option to continue leasing the building "for several years."

Now another wrinkle not mentioned in the current article is that the SRC had already voted recently to terminate World Communications Charter School. However, as part of that process, the school has another hearing with the SRC, which is set for next Monday. See older article excerpt below:

--quote--

By Mensah M. Dean, Staff Writer
POSTED: July 03, 2016
The School Reform Commission on Friday voted to begin the process of shutting down one of the oldest charter schools in the city, and gave its blessing for another charter to add high school grades.

Citing years of low test scores, a declining graduation rate, and a host of other academic and administrative deficiencies, the commission voted, 4-1, to revoke its operating agreement with World Communications Charter in Center City.

The next step for World Communications is an Aug. 15 hearing, then another SRC vote. The school, which has 556 students in sixth through 12th grades, was among the first four charters to open in Philadelphia, in the fall of 1997.

--end quote--

SRC takes step to close World Communications Charter | Philly.com

[summersm343]

^^Huh... well then. If it closes then that certainly opens this parcel up for redevelopment sooner rather than later.

[isThatAHippo]

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.

Originally Posted by summersm343

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

The article mentions that the EPA want to reduce the total amount of square footage they lease from ~308,000 to 222,000. They're willing to pay $38/sf on a 20 year lease and want to be located in either Center City or University City.

[TechTalkGuy]

A development on Broad and South sounds promising and meets my own vision of the direction that Philadelphia should take to grow the skyline.
Right now, this is one development, but it is my hope that (like Liberty Place did for Center City), the potential is exactly what the city needs.

There seems to be more interest in Philadelphia than most other cities around the country.
Could this be the proximity to NYC?
I don't know the answer to be honest.

As for the charter school, University City is being redeveloped, so there ARE opportunities available (but just moving locations is not enough to improve their students' test scores, they need better teachers).

Thoughts?

[br323206]

Originally Posted by TechTalkGuy

A development on Broad and South sounds promising and meets my own vision of the direction that Philadelphia should take to grow the skyline.
Right now, this is one development, but it is my hope that (like Liberty Place did for Center City), the potential is exactly what the city needs.

There seems to be more interest in Philadelphia than most other cities around the country.
Could this be the proximity to NYC?
I don't know the answer to be honest.

As for the charter school, University City is being redeveloped, so there ARE opportunities available (but just moving locations is not enough to improve their students' test scores, they need better teachers).

Thoughts?

Our location is certainly advantageous but we also benefit from the current "back to urban" movement among millennials and baby boomers. The fact of the matter is that we have excellent bones. We're walkable, dense, vibrant, have a great public transit system, etc. It also doesn't hurt that our cost of living is better than our neighbors offering similar amenities.

[Milksteak]

Originally Posted by br323206

Our location is certainly advantageous but we also benefit from the current "back to urban" movement among millennials and baby boomers. The fact of the matter is that we have excellent bones. We're walkable, dense, vibrant, have a great public transit system, etc. It also doesn't hurt that our cost of living is better than our neighbors offering similar amenities.

We also have a ton of room to expand. The mass exodus to the suburbs left giant pockets of abandoned houses and factories...some spots in North Philly are huge grassy lots. This gives developers room to expand without having to pay a fortune for development, and in turn it keeps our costs lower. NYC, Boston and DC don't have that advantage, NYC is packed to the brim and DC has a height restriction. Couple that with our history and transit system, and it makes sense why Philly is seeing a resurgence.

[pwp]

Originally Posted by TechTalkGuy

This is what I've managed to gather on this development:

Notice a banner on Delaware Ave just south of Washington yesterday announcing (if my memory is correct) "Liberty on the Waterfront... luxury living". Not sure what this is?

[1487]

apparently goldenberg is planning another development near temple next to the View. There is a locked story on the PBJ site.

[summersm343]

New student housing complex to go up near Temple University

Can anyone read it?

http://www.bizjournals.com/philadelphia/...sity-student-housing-goldenberg-cre.html

[iheartphilly]

Originally Posted by summersm343

New student housing complex to go up near Temple University

Can anyone read it?

http://www.bizjournals.com/philadelphia/...sity-student-housing-goldenberg-cre.html

here you go:

bizjournals.com
Goldenberg Group working on new student housing project near Temple University. - Philadelphia Business Journal
Natalie Kostelni

The View at Montgomery is the first phase of development at the site.

Goldenberg Group

The developer of the View at Montgomery is planning a companion building.

The View at Montgomery is the first phase of development at the site.

Goldenberg Group

Goldenberg Group is working on the next phase of development at the site that was once the home of the John Wanamaker Middle School in North Philadelphia.

The developer has plans to develop another student housing complex on the property that preliminarily would involve constructing a building with 857 student housing beds along with roughly 15,000 square feet of retail space, and room for a community center and other amenities.

The View at Montgomery is the first phase of development at the site.

Goldenberg Group

The project would be a companion to the View at Montgomery, which is a $100 million mixed-use development at the site of the former Wanamaker School. That project consists of a 14-story, 320,000 square foot building with 832 beds in 238 residences along with 11,000 square feet of first-floor retail. It opened in 2014 and caters to Temple University students.

“Our redevelopment of the former Wanamaker [Middle] School site into a student housing project at Temple University was planned as a multi-phased development,” said Kevin Trapper, senior vice President at Goldenberg, in a statement. “Building on the overwhelming success of the View at Montgomery, we’re now in the conceptual planning stage for the next phase of the project and we’re still refining the program, design and the elements for an anticipated completion by fall of 2019.”

Goldenberg, based in Blue Bell, Pennsylvania, bought the former school in the 1100 block of Cecil B. Moore Avenue in 2008 for $10.75 million. It had originally wanted to convert the school into residential use but those plans were nixed when environmental issues were reportedly insurmountable. As a result, the property was razed to make way for new construction.

Natalie Kostelni covers real estate and economic development.

[summersm343]

^^Thank you! Fall 2019 completion means we'll be seeing renderings soon. Looks like this building should be around 15 or 16 floors as it looks to be a little bigger than the View at Montgomery.

[1487]

^so it would probably be about the same height as whats there. IF delivery isnt until 2019 I guess they hope to break ground in second half of next year.

[summersm343]

Originally Posted by 1487

^so it would probably be about the same height as whats there. IF delivery isnt until 2019 I guess they hope to break ground in second half of next year.

Yeah, maybe just a floor or two taller than what is there, which is great density for Templetown.

[TechTalkGuy]

Sounds rather boring, until I saw this:

[Larry King]

Toll to demo a big chunk of jewelers row for a condo tower... Kind of sad, surprised that the row isn't historically protected

[christof]

So who has the design?

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

[summersm343]

Toll Bros. seeks to build 16-story residential building on Jewelers' Row

A subsidiary of homebuilding giant Toll Bros. wants to tear down a big chunk of Philadelphia Jewelers' Row to build a 16-story residential building on the street of diamond merchants, watch shops and gold sellers.

Toll Washington Square LP has applied for a demolition permit covering 701-710 Sansom St., a five-property strip on the row's southeast corner, Karen Guss, a spokeswoman for the Philadelphia Department of Licenses and Inspections, said Thursday.

The subsidiary of the Horsham-based company was granted a zoning permit Wednesday for an 80-unit building with ground-floor commercial space that would replace the jewelry stores, Guss said. The company was previously granted a permit consolidating the five properties, she said.

Demolition can begin any time after Aug. 26 - 21 days after the permit application was filed - if the permit is granted, Guss said. L&I inspectors are scheduled to begin reviewing the application by Sept. 1, she said.

Michael Duff, marketing director for Toll's City Living urban-development arm, did not return phone calls seeking additional details about the development plan.

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

[summersm343]

Originally Posted by Larry King

Toll to demo a big chunk of jewelers row for a condo tower... Kind of sad, surprised that the row isn't historically protected

Yeah, not sure how I feel about this. Would prefer they keep Jeweler's Row intact and build a condo building on one of the many surface parking lots in the area like at 8th and Walnut or 8th and Chestnut. Looks like they're seeking to demolish 700-710 Chestnut, which is 5 buildings in total.

[Knight Hospitaller]

701 is a large, lovely building. It'd be a shame for that to come down. I'm a bit confused, because 710 is on the opposite side of Sansom. Maybe it's 700-710, or 701-711?