PHILADELPHIA | Highrise Development Thread IX

[jsbrook]

Originally Posted by Larry King

Who cares what they think, only voice that matters is Clarke

So...a sufficiently large bribe?...

[Urbanthusiat]

A skyline rendering with CTC, 2100 Market, and 1911 Walnut from Building Ohikly.

[PhilliesPhan]

From 52nd Street in West Philly:

[jsbrook]

Originally Posted by PhilliesPhan

From 52nd Street in West Philly:

Nice pic of the towers. But those house in the foreground next to the L look like they belong in a Jersey beach town...

[TechTalkGuy]

Originally Posted by jsbrook

Nice pic of the towers. But those house in the foreground next to the L look like they belong in a Jersey beach town...

I agree, but you're not from the city are you?
It's pronounced "EL" as in the Market-Frankford Subway / ELevated Line.
I believe that SEPTA (SouthEastern Pennsylvania Transportation Authority) designated colors back in the 80's.

The Blue Line = Market-Frankford Line
The Orange Line = Broad Street Line / Broad-Ridge Spur
The Green Line = Subway Surface Line
The Red Line = PATCO High-Speed Line

[jsbrook]

^ Live in the city. Typo.

[1487]

center city office rents are approaching $30/sf the highest on record

https://sites.cushwakedigital.com/199/19...bd-americas-marketbeat-office-q32016.pdf

vacancy is expected to increase next year as the large tenants relocating start to vacate existing space and comcast moves people into CTC from other CC locations.

[Boku]

Logan Square neighborhood rezoning awaits Council approval

http://planphilly.com/articles/2016/11/2...borhood-rezoning-awaits-council-approval

Interesting nugget:

Indeed the remapping bill leaves out many of the parcels that are likely to excite the most interest in coming months and years.

“There are basically three parcels we agreed to not touch,” says Litwin. “There is development coming, but really big development. One is the Archdiocese on the Parkway. One is the triangle behind the Rodin museum. And the third is the future site of the potential future Comcast tower. We left it to the developers to get them rezoned.”

I'm picturing Caruso975 at the LSNA meetings, yelling at the board members that THIS IS NOT HAPPENING.

[summersm343]

'Core Philadelphia' Map I Created Today

I was quite bored today, so I created a map of what I would consider 'Philadelphia's Core' and the neighborhoods within in that are either here and developed, gentrifying/redeveloping, or not quite there yet. Let me know if you think I should change anything.

https://drive.google.com/open?id=11Lz1QFY1mNQGmpRo4_N--HvCQKU&usp=sharing

[summersm343]

Coworking giant WeWork to open 4th Philly branch at former Stock Exchange

WeWork is opening its fourth and largest Philadelphia coworking facility in the recently renovated 1900 Market St. office building in Center City.

The New York-based coworking giant plans to operate about 55,000 square feet of shared office space on the top floor of the eight-story building formerly known as the Stock Exchange, a spokeswoman said in an email Wednesday.

Read more here:
http://www.philly.com/philly/business/re...lly-branch-at-former-Stock-Exchange.html

[TechTalkGuy]

Originally Posted by summersm343

I was quite bored today, so I created a map of what I would consider 'Philadelphia's Core' and the neighborhoods within in that are either here and developed, gentrifying/redeveloping, or not quite there yet.
Let me know if you think I should change anything.

https://drive.google.com/open?id=11Lz1QFY1mNQGmpRo4_N--HvCQKU&usp=sharing

Hey, how did you do that?
That looks promising!

[Urbanthusiat]

WeWork seems to be very confident in Philadelphia. Anyone know how their other coworking spaces are doing?

[1487]

Good news on jobs front. I wouldnt expect any coverage of this by CCD.

https://beta.phila.gov/press-releases/ma...highest-october-job-numbers-in-25-years/

[Milksteak]

Originally Posted by 1487

Good news on jobs front. I wouldnt expect any coverage of this by CCD.

https://beta.phila.gov/press-releases/ma...highest-october-job-numbers-in-25-years/

Good news, I would love to know the breakdown of where the jobs came from:

Regional relocation
National relocation
International relocation
Growing business within existing location
New location opening due to business growth
New business start up

[PhilliesPhan]

Originally Posted by summersm343

'Core Philadelphia' Map I Created Today

I was quite bored today, so I created a map of what I would consider 'Philadelphia's Core' and the neighborhoods within in that are either here and developed, gentrifying/redeveloping, or not quite there yet. Let me know if you think I should change anything.

https://drive.google.com/open?id=11Lz1QFY1mNQGmpRo4_N--HvCQKU&usp=sharing

Your map is very accurate! The only thing that I would add, speaking as a Temple student, is that most students consider Gratz Street to really the westernmost boundary of Templetown. Even with this, I've noticed development up to 20th Street (although it will be years before a lot of students move out there). As long as Cecil B. Moore and Susquehanna Avenues continue to add retail (North Broad would be nice, too) to become the northern and southern commercial spines, Templetown will remain a viable neighborhood for semesters to come. Other than that, great map!

One other thing that I will say, is that I believe Belmont/Haverford North and East Parkside are this city's next hottest neighborhoods. This will especially be true once Schuylkill Yards and uCity Square begin construction since development in Mantua will likely kick into full-gear. I'm a little late to participate in the development of Grays Ferry and Mantua, but I will begin to purchase lots in those neighborhoods as soon as I graduate from Temple next year, start my company, and attract capital (which I'm working on now).

[hammersklavier]

We interrupt this thread for a very important announcement:

YOUR 10-3 TEMPLE OWLS ARE NOW AAC CONFERENCE CHAMPIONS!!!

HOOT HOOT motherfuckers

[summersm343]

^^Gotta love it! Temple and Villanova showing up big in the college sports world. Temple basketball is doing pretty well so far as well.

[PhilliesPhan]

Originally Posted by hammersklavier

We interrupt this thread for a very important announcement:

YOUR 10-3 TEMPLE OWLS ARE NOW AAC CONFERENCE CHAMPIONS!!!

HOOT HOOT motherfuckers

HOOT HOOT!!! It was so exciting watching them play at the Linc all throughout this season. I couldn't be prouder of my Owls!

Well, we know at least 1 Philly team is playing good football at the Linc!

[summersm343]

Some apartment building updates

Most buildings are doing very well, and floating between 92% and 98% leased.

The only buildings struggling are 3601 Market (69% leased), Tower Place (87% leased), and The Granary (86% leased) and Dockside (84% leased). Tower Place may be due to location. The Granary - I believe - is fully being affected by the I-676 bridge replacement and it's difficulty to reach Center City. 3601 Market (similar to EVO), suffers from a few conditions, including missing it's construction end-date, limiting rentals to undergrads in a student market, location, and high asking rents. Dockside 100% suffers from location. It's not walkable to anything, and really only appeals to an older demographic looking to keep one or two cars.

Some surprising building lease-up numbers include 3737 Chestnut (96%), 1919 Market (70%), The Collins (30%) and the Dalian (35%). 3737 Chestnut crushed it's lease up numbers. The other 3 are well on their way to crushing their lease-ups. Collins and Dalian have only been leasing for 3 months. They're adding about 10% occupancy a month. They should be at full lease-up in 10 months (target lease-up is 13 months).

So all in all, while a few buildings seem to struggle here and there, overall, buildings are meeting or surpassing their lease up expectations. This is not really having an affect on already existing buildings either. There may be a temporary saturation in the market while all of these buildings finishing up get leased up, but I expect things to go back to normal next year once these units are absorbed.

[pwp]

Bridges over 676

Not sure if this has been shared on here yet, but noticed it earlier today:

http://www.bridgesover676.com/