PHILADELPHIA | Lowrise/General Developments Thread

[Urbanthusiat]

This isn't related to Philly but I just felt like sharing. I'm in London sitting on the top of Primrose hill and from here I counted 89 cranes (and I probably missed some because it was a quick count just scanning the horizon)! It's crazy, I have to imagine there are a ton that aren't even visible from where I am. Ridiculous.

[summersm343]

^^Yep that's probably about NYC level. NYC might even have more. Most world cities are probably the same right now like Dubai and Shanghai.

[jjv007]

I think if Philly fully applies itself it can reach a level where there's at least 30 or so consistently. Certain things would need to happen to create that environment though.

[iheartphilly]

Originally Posted by jjv007

I think if Philly fully applies itself it can reach a level where there's at least 30 or so consistently. Certain things would need to happen to create that environment though.

More white collar office jobs in the service industry like banking/financial, headquarters of multi-national companies to name a few big ones. The rest will follow.

[jsbrook]

Originally Posted by iheartphilly

More white collar office jobs in the service industry like banking/financial, headquarters of multi-national companies to name a few big ones. The rest will follow.

Amen. Cough, Vanguard. Needn't be banking, though. Lots of pharma companies in the burbs. There are some sizable companies it would be great to get in the city. Can't wait for our Chicago moment, which tax reform and business reform can help inspire. McDonalds and a lot of other companies are now relocating from the burbs to downtown Chicago. Then there's GE's relocation from suburban Connecticut to Boston.

[1487]

Originally Posted by iheartphilly

More white collar office jobs in the service industry like banking/financial, headquarters of multi-national companies to name a few big ones. The rest will follow.

Phily has 1.6M people and is the fifth largest city in the country by population. Cities like London and NYC have 8M and are the largest cities in their respective countries by far. Both are financial centers for the entire world, it's not realistic to compare skyscraper construction to those cities. I was in Chicago recently and I may have seen 10-15 cranes during my visit and I saw quite a bit of the skyline from the El and from a river boat tour.

[iheartphilly]

Originally Posted by 1487

Phily has 1.6M people and is the fifth largest city in the country by population. Cities like London and NYC have 8M and are the largest cities in their respective countries by far. Both are financial centers for the entire world, it's not realistic to compare skyscraper construction to those cities. I was in Chicago recently and I may have seen 10-15 cranes during my visit and I saw quite a bit of the skyline from the El and from a river boat tour.

I know that...but to gain a half a dozen or more new high-rises is not a pipe dream. A lot of the back end jobs in financials (e.g., clearinghouses for transaction, electronic bookkeeping, etc.) can be done in an office tower. One or two major company headquarters with substantial headquarter staff would net 1 or so high-rise. Some of the back end jobs do not have to be in trophy towers, either so rent would be cheaper than NYC or even Chicago. Downtown Philly has numerous surface lots for potential high-rises.

It's hard to wrap our heads around that when Philly has a poverty rate of 26% [corrected previous wrong %] . People don't like that statistic and it probably stuns some of our growth.

[tsarstruck]

Originally Posted by iheartphilly

It's hard to wrap our heads around that when Philly has a poverty rate of over 60%. People don't like that statistic and it probably stuns some of our growth.

They probably don't like that statistic because it's wrong. Philly's poverty rate is 26%.

[iheartphilly]

Originally Posted by tsarstruck

They probably don't like that statistic because it's wrong. Philly's poverty rate is 26%.

Thanks for correction. Still one of the highest in the top 10 largest cities.

[1487]

Originally Posted by tsarstruck

They probably don't like that statistic because it's wrong. Philly's poverty rate is 26%.

yeah NYC's is only a little lower so I don't really think that fact really has much bearing on how robust the CBD might be in any city. Even though the educational attainment in the city proper might not be what we would like it to be everyone knows that a substantial portion of the workforce lives in the burbs and its easy to get to CC jobs with our transit network. I don't see many companies making a relocation decision focused only on City demographics.

[Knight Hospitaller]

Now we know where Five Below is going: Lits

http://www.philly.com/philly/business/Fi...-Bros-building-as-new-anchor-tenant.html

I don't know about the rest of you, but I'd forgotten about that bit of empty former Mellon space. I was thinking more of the former Sunoco and FMC space over at the "other" Mellon Bank Center.

[PhilliesPhan]

Redfin report: Sale prices up, inventory down in Philadelphia

http://www.philly.com/philly/blogs/phila...s-up-inventory-down-in-Philadelphia.html

Looks like the residential construction boom may not be over just yet!

[1487]

Originally Posted by Knight Hospitaller

Now we know where Five Below is going: Lits

http://www.philly.com/philly/business/Fi...-Bros-building-as-new-anchor-tenant.html

I don't know about the rest of you, but I'd forgotten about that bit of empty former Mellon space. I was thinking more of the former Sunoco and FMC space over at the "other" Mellon Bank Center.

good news for market east. And the fact that they are talking about adding 150 jobs at the new location is great as well. I guess there will be a 5 below in 701 Market.

[Knight Hospitaller]

^ That makes two big moves in a row to large and low floor plates.

[Philly-Drew]

Originally Posted by 1487

....... I don't see many companies making a relocation decision focused only on City demographics.

If the talent base continues to grow in Center City, I can see it for sure.

[Human Scale]

From Philadelphia Temple mailing list:

A new video produced for the Philadelphia Pennsylvania Temple explores the inspiration behind the architectural details of this exquisite building, which pays homage to both American and Church history. The temple was dedicated on Sunday, September 18.

YOUTUBE VIDEO:
https://www.youtube.com/watch?v=PtlT9-ujW6Q

[jjv007]

Originally Posted by 1487

Phily has 1.6M people and is the fifth largest city in the country by population. Cities like London and NYC have 8M and are the largest cities in their respective countries by far. Both are financial centers for the entire world, it's not realistic to compare skyscraper construction to those cities. I was in Chicago recently and I may have seen 10-15 cranes during my visit and I saw quite a bit of the skyline from the El and from a river boat tour.

You said the same thing a couple months ago and were corrected by a Chicagoan. Chicago has around 50 cranes around the city at least. I love Philly but spreading misinformation based on your "eyeball estimates" is unnecessary. Cranes aren't always the most obvious things in the world. Heck, a casual visitor might only notice four or five if he was in Philly (not the actual number obviously).

[1487]

Originally Posted by jjv007

You said the same thing a couple months ago and were corrected by a Chicagoan. Chicago has around 50 cranes around the city at least. I love Philly but spreading misinformation based on your "eyeball estimates" is unnecessary. Cranes aren't always the most obvious things in the world. Heck, a casual visitor might only notice four or five if he was in Philly (not the actual number obviously).

First of all I am telling you what I saw- I am not spreading misinformation. I didn't see what was going on north of Chicago's CBD so there were probably many cranes I didn't see. Or it could be many projects under construction are not at the stage where a tower crane is necessary. But based on how big chicago's skyline is relative to Philly I didn't see a commensurate # of cranes- so I wasn't corrected because I was only reporting what I noticed and I saw quite a bit of downtown chicago, especially from the vantage point of the EL from from Midway to the Loop. I wasn't knocking chicago or indicating there are LESS hi rises under construction vs Philly. The point is NYC is far bigger than Philly and is the nation's financial center so I don't really think its realistic to visit NYC (or London or Hong Kong) and then come back and say Philly is really struggling because we don't have 90 cranes up right now.

[jjv007]

Originally Posted by 1487

First of all I am telling you what I saw- I am not spreading misinformation. I didn't see what was going on north of Chicago's CBD so there were probably many cranes I didn't see. Or it could be many projects under construction are not at the stage where a tower crane is necessary. But based on how big chicago's skyline is relative to Philly I didn't see a commensurate # of cranes- so I wasn't corrected because I was only reporting what I noticed and I saw quite a bit of downtown chicago, especially from the vantage point of the EL from from Midway to the Loop. I wasn't knocking chicago or indicating there are LESS hi rises under construction vs Philly. The point is NYC is far bigger than Philly and is the nation's financial center so I don't really think its realistic to visit NYC (or London or Hong Kong) and then come back and say Philly is really struggling because we don't have 90 cranes up right now.

Fair point, it's not realistic for Philly to be comparing to NYC or London atm. Still, I think it has opportunity to do far better and I say that optimistically for the future, not bashing its current state.

[summersm343]

Long-awaited Pa. grant for Gallery could mean progress for major revamp

Progress on remaking the Gallery at Market East into an outlet-shopping mecca could be about to hit its stride.

Gov. Wolf's office is expected to award a $10 million redevelopment grant for the project Thursday, according to a state official who asked not to be identified ahead of the formal announcement.

Pennsylvania Real Estate Investment Trust of Philadelphia, which owns the property in a venture with Santa Monica-based mall operator Macerich, had been awaiting word on its request for up to $30 million in state aid for the $325 million-plus project.

PREIT chief executive Joseph Coradino has said the Redevelopment Assistance Capital Program (RACP) funds are needed to fully realize the transformation of the Center City mall into what will be called Fashion Outlets of Philadelphia.

Plans call for filling the 1.5 million square feet with outlet shops of upscale brands such as Gucci and Prada, along with typical mall tenants such as H&M. The developers also have said restaurants will play a big role in the project.

When City Council approved the Gallery's redevelopment and $55 million in aid for the project in June 2015, construction was expected to begin the following month, with completion anticipated in summer 2017.

But delays kept work from starting until the beginning of this year, when the Gallery's east end closed for demolition efforts. The project is "on track for a planned 2018 opening," Coradino said in a July earnings call with analysts, although a Macerich executive said in February that completion could come as late as early 2019.

Conshohocken-based investment firm Boenning & Scattergood said in a June research note that no announcements about tenants at the revamped Gallery were likely until state officials revealed whether PREIT and Macerich would receive the $30 million in RACP funds.

Coradino said in February that the result "won't be as dramatic" as originally planned without the state aid.

http://www.philly.com/philly/business/re...ery-fashion-outlets-of-philadelphia.html