PHILADELPHIA | Highrise Development Thread IX

[jsbrook]

Originally Posted by Gonzo the Great

Just read this and was wondering , was Philly ever a consideration


DENVER — Oil and gas company BP says it will move headquarters staff from Houston to Denver because of the region's importance as an energy hub.

CEO David Lawler said Wednesday there are increasing business opportunities in the Rockies, where the company has about two-thirds of its oil and natural gas production and proven reserves.

I'd doubt it. 2/3s of BP's own operated oil and natural gas production and proved reserves is in the Rockies. That's the principle factor motivating the move (which still leaves a very large BP presence in Houston). Also, this concept of Philly as an energy hub doesn't necessarily seem to be materializing...

[allovertown]

Originally Posted by TallCoolOne

^^^ You were making a ton sense until the end. There is NO WAY in HELL the NBA allows the 76ers to move to Newark, period. The 76ers are regarded as a flagship NBA franchise--Wilt, Dr. J... etc, it's a franchise the NBA wants to see thrive in a big market under the 76ers name-- end of story.
Also, the north Jersey ABA/NBA scenario has been tried since the early 1970s, the Nets. The Nets were never relevant in the NYC sports market--it failed, and they moved to Brooklyn. The NBA doesn't want a third team in the NYC-market, especially if it came about by moving a historic team in a big-time market - Philadelphia.
However, building a brand new arena on Camden riverfront (although I would hate it- I could see), and of course, nothing changes with team name, history etc.

Agreed and even forgetting how historic the 6ers are aND everything like that, a move to Newark would absolutely never happen. The owners of the knicks and nets would need to approve the deal and they have absolutely zero incentive to do so. Besides as has been well established here, the WFC is still a great venue, the primary incentive of a new arena would be to increase value and revenue of Sixers. And moving out of the 4th largest media market in America that you currently have all to yourself to go be the third banana in NYC actively works against those incentives. Sixers will remain in the Philadelphia metro, that's a certainty, it's just where exactly they'll be in the metro that is the question.

[Parkway]

Originally Posted by allovertown

Agreed and even forgetting how historic the 6ers are aND everything like that, a move to Newark would absolutely never happen. The owners of the knicks and nets would need to approve the deal and they have absolutely zero incentive to do so. Besides as has been well established here, the WFC is still a great venue, the primary incentive of a new arena would be to increase value and revenue of Sixers. And moving out of the 4th largest media market in America that you currently have all to yourself to go be the third banana in NYC actively works against those incentives. Sixers will remain in the Philadelphia metro, that's a certainty, it's just where exactly they'll be in the metro that is the question.

Additionally, the NBA would then need to expand back into the Philadelphia market. The leagues have slowed down on expansion because it hurts the overall quality of play. I doubt the owners would approve what an expansion so another team can locate in New York.

[summersm343]

FreedomPay, a Radnor company, moving its HQ to Cira Centre South in Philadelphia

FreedomPay Inc., now based in Radnor, will relocate its headquarters to Philadelphia.

The company has leased 24,799 square feet in FMC Tower at Cira Centre South at 2929 Walnut St., a mixed-use building developed by Brandywine Realty Trust (NYSE: BDN). The financial technology company will move 150 of its employees to the tower.

“We have been a client of Brandywine for many years and have been tracking the FMC Tower project. Our decision to move into Philadelphia is a vote of confidence for the city itself and our desire to become an integral part of Philadelphia’s emerging tech presence,” said Tom Durovsik, founder and CEO at FreedomPay in a statement.

http://www.bizjournals.com/philadelphia/...-moving-its-hq-to-cira-centre-south.html

[skyscraper]

Originally Posted by Parkway

Additionally, the NBA would then need to expand back into the Philadelphia market. The leagues have slowed down on expansion because it hurts the overall quality of play. I doubt the owners would approve what an expansion so another team can locate in New York.

...or relocate another team from an underperforming market, like what happened in the 1960s. The Philadelphia Warriors moved from here to San Francisco, then the league moved the Syracuse Nationals here and renamed them the 76ers. Which begs the question, why didn't they just move the Nationals to the Bay Area and let us keep the Warriors? Look at them now!

[summersm343]

Can we not talk about these hypothetical team moving situations anymore? Let's talk about it if/when it happens.

76ers are not moving to Newark. NYC market already has two NBA teams. Maybe they move to Camden, but any incentives NJ offers - you can bet Comcast will match - as they own Wells Fargo Center and don't want them to move.

I don't want any stadiums in Center City or UCity at this point. Too much potential for vibrant development of residential, office, hotel, retail, etc. A stadium solely for an NBA team would stay empty the majority of the year. Plus, stadiums need parking - don't want parking garages built killing even more valuable land in Center City and UCity. Let these areas continue to build up, and keep the stadiums in the Sports Complex in South Philly. Furthermore, the highways would need serious restructuring if a stadium was built in CC/UC. 76, 676 and 95 already get jammed every single day as it is. Could you imagine at least 10,000 people now trying to get off an exit to go to a game? No thanks.

What City Council should do, is rezone the entire area around the stadiums, allowing for dense mixed-use development, so we can build a mixed-use neighborhood around the stadiums of residential, hotel, office, shopping and nightlife.

[Philly Fan]

Originally Posted by summersm343

What City Council should do, is rezone the entire area around the stadiums, allowing for dense mixed-use development, so we can build a mixed-use neighborhood around the stadiums of residential, hotel, office, shopping and nightlife.

A la Houston's Summit/Compaq Center (before it became a mega-church) and Greenway Plaza.

And I fully agree with what you said about the undesirability of a sports complex in either Center City or University City.

[summersm343]

Originally Posted by Philly Fan

A la Houston's Summit/Compaq Center (before it became a mega-church) and Greenway Plaza.

And I fully agree with what you said about the undesirability of a sports complex in either Center City or University City.

Exactly. Or something like the "South Park/Beach" area around AT&T park in San Francisco.

https://www.google.com/maps/@37.7789445,...qARiAi_BH9wJC3D2s9Zlg!2e0!7i13312!8i6656

https://www.google.com/maps/place/San+Fr...f076adff!8m2!3d37.7749295!4d-122.4194155

Or like Fenway around Fenway Park in Boston:

https://www.google.com/maps/@42.3447142,...SmElXPiis-9ZaHRdbwi1w!2e0!7i13312!8i6656

https://www.google.com/maps/place/Boston...40162e8a0!8m2!3d42.3600825!4d-71.0588801

Or Capital Waterfront/Navy Yard surrounding Nationals Park in Washington DC:

https://www.google.com/maps/@38.8764234,...Ilx0t26Uq1MhYbIXeNn6Q!2e0!7i13312!8i6656

https://www.google.com/maps/place/Washin...2d4885d2a!8m2!3d38.9071923!4d-77.0368707

The fact this isn't happening already is what continues to give me serious doubt about our City government. They continue to hold the city back from it's full potential with it's lack of vision. It would be a truly Philadelphian thing to do to move a stadium to Center City or University City, building parking garages, and kill the positive swing of development in these areas. All to try to be like Madison Square Garden in Manhattan. Forget about that! Manhattanites hate MSG. We should be modeling ourselves after things happening in San Francisco, Boston and DC, not NYC. We should be building mixed-use development around the Stadiums in the Sports Complex, not look to move the stadiums to Center City where development is happening.

[summersm343]

Sports Complex Potential

Map of the potential of the Sports Complex I created. This would be a good start:

https://drive.google.com/open?id=1hWi3KGNMYib88Z_kL-UpcVO8TlQ&usp=sharing

Within this plan, there are:

-A new light rail line running along the Waterfront along Columbus Blvd, to Pattison Ave, to Penrose/Moyamensing Ave, to Oregon Ave.
-Existing Streets of 10th, 11th, Pattison, Broad and Hartranft Streets would stay. 16 new streets would be created or extended.
-A Philadelphia Sports Museum
-A location for a replacement of Wells Fargo Center
-Two plots for an expansion of Xfinity Live! for more restaurants/bars and shops
-Philly Live! Casino and Hotel
-Relocation of the Eagles Training/Practice Complex to the Navy Yard
-A green path/trail/park running from Packer Ave to Broad Street, acting as a barrier to the new Sports Complex developments and the lowrise residential neighborhood.
-66 plots for mixed-use development ranging from lowrise rowhomes/townhomes, to 40 story skyscrapers. Most projects would have 2-5 levels of parking be it above ground or buried underground. Projects would range from residential condo and apartments, to hotels, to office buildings. Most projects would include ground floor retail.

This would likely be a 50+ year build-out, starting with the properties along Pattison Ave and branching out from there.

[summersm343]

Cambridge Innovation Center signs big lease in University City

Cambridge Innovation Center has signed onto 127,000 square feet at UCity Square in Philadelphia.

Known as CIC, the Boston-based company will occupy space at 3675 Market St. in University City. It operates in a similar fashion as a co-working space and incubator, providing flexible space to entrepreneurial startups and other companies. Since its founding in 1999, companies that have been housed in CIC space have raised more than $2.5 billion and added an estimated 40,000 jobs to the economy, according to the company's website.

As part of the arrangement with CIC, the University City Science Center will relocate and expand its headquarters into 50,000 square feet at 3675 Market. The Science Center will also triple the size of Quorum, a so-called “entrepreneur’s clubhouse” within the Science Center that provides meetings, events, and programming for UCity Square as well as build a larger FirstHand Lab that will expand its STEAM education classes.

The Science Center has received $2.5 million from the state’s Redevelopment Assistance Capital Program to help finance the Science Center’s administrative offices, programs and facilities, including the expanded Quorum space.

The 14-story building at 3675 Market totals 345,000 square feet and is half pre-leased. It is scheduled to be completed by the second quarter of 2018. It being developed by a partnership among the Science Center, Wexford Science and Ventas.

http://www.bizjournals.com/philadelphia/...nnovation-center-signs-big-lease-in.html

[Philamigo]

I think the "FMC" sign on the top of their building is a little too big.

Just my opinion.

[frbrown]

I thought so at first as well. But after walking past it for a few weeks I wholeheartedly agree with what mmikeyphilly said in the FMC thread:

Originally Posted by mmikeyphilly

Some people might disagree. But I think the FMC signage will become very iconic. Similar to the PSFS sign. It will be a landmark building, for sure.

[1487]

Originally Posted by summersm343

Cambridge Innovation Center signs big lease in University City



http://www.bizjournals.com/philadelphia/...nnovation-center-signs-big-lease-in.html

Today's inquirer had nothing about this lease or the radnor relocation. Unbelievable that the business section didn't consider either newsworthy.

[skyscraper]

Originally Posted by frbrown

I thought so at first as well. But after walking past it for a few weeks I wholeheartedly agree with what mmikeyphilly said in the FMC thread:

I am going to disagree that the FMC sign will be as iconic as the PSFS sign. The reason the PSFS sign is iconic is that at the time, very few companies abbreviated their names like that and put that abbreviation on the top of an iconic building. FMC's sign is ok, not great but not terrible, and certainly does not make history the way PSFS did.

[PhilliesPhan]

Originally Posted by frbrown

I thought so at first as well. But after walking past it for a few weeks I wholeheartedly agree with what mmikeyphilly said in the FMC thread:

mmikeyphilly's comment was one of the few SSP comments that really stopped me in my tracks and required me to think. When the FMC lettering actually went up and illuminated the night sky, there was no question in my mind that those words turned out to be true! I do believe that the FMC lettering will be iconic. Currently, FMC is the brightest building outside of anything on Temple's campus (Temple's campus is literally the brightest node in Philadelphia). Since I take the Media/Elwyn Line from Temple University, I see the bright lettering before entering the Commuter Tunnel, upon exiting Suburban Station, and from Southwest Philly. It's also a very prominent tower from Delco, especially on PA 352 and West Chester Pike. The visibility of this tower is mind-blowing!

The FMC lettering will be a beacon of light letting people know that they are in University City for years to come. Even when Schuylkill Yards gets built out, the lettering will still be iconic (unless the tallest SY building and/or the Transit Tower in the 30th Street Station District Plan have lettering).

[ILovePhilly]

Yes, brightest indeed! Although the PECO building is also extremely bright and honestly, not to sound like an old curmudgeon, but both the FMC and PECO building need to tone it down, imo. I live better than half a mile from either building and they are like overly bright night lights I can't turn off, reflecting off every shiny surface in my apartment throughout the night. At least the FMC is static but the PECO advertisements move!! Something about the FMC and PECO are very bothersome whereas the Comcast and Mellon bank buildings are almost as bright without the same impact. It's a pretty curmudgeonly thing to say but I wish they would turn down the brightness!

Originally Posted by PhilliesPhan

mmikeyphilly's comment was one of the few SSP comments that really stopped me in my tracks and required me to think. When the FMC lettering actually went up and illuminated the night sky, there was no question in my mind that those words turned out to be true! I do believe that the FMC lettering will be iconic. Currently, FMC is the brightest building outside of anything on Temple's campus (Temple's campus is literally the brightest node in Philadelphia). Since I take the Media/Elwyn Line from Temple University, I see the bright lettering before entering the Commuter Tunnel, upon exiting Suburban Station, and from Southwest Philly. It's also a very prominent tower from Delco, especially on PA 352 and West Chester Pike. The visibility of this tower is mind-blowing!

The FMC lettering will be a beacon of light letting people know that they are in University City for years to come. Even when Schuylkill Yards gets built out, the lettering will still be iconic (unless the tallest SY building and/or the Transit Tower in the 30th Street Station District Plan have lettering).

[Philadelcago]

Originally Posted by ILovePhilly

Yes, brightest indeed! Although the PECO building is also extremely bright and honestly, not to sound like an old curmudgeon, but both the FMC and PECO building need to tone it down, imo. I live better than half a mile from either building and they are like overly bright night lights I can't turn off, reflecting off every shiny surface in my apartment throughout the night. At least the FMC is static but the PECO advertisements move!! Something about the FMC and PECO are very bothersome whereas the Comcast and Mellon bank buildings are almost as bright without the same impact. It's a pretty curmudgeonly thing to say but I wish they would turn down the brightness!

I wonder what it's like for the residents at Evo

[jsbrook]

http://www.philly.com/philly/blogs/phila...hest-in-nation-last-month.html?mobi=true

A lot of local developers also seem to think there's an oversupply of luxury rental units that will take some time to absorb, particularly with the new ones that will be coming online in the next couple years. Perhaps there is some truth to it. I believe 2116 Chestnut was nearly fully occupied in Summer of 2016 and is now struggling a bit as far as vacancies. I guess we'll see. Personally, I think a supply-induced drop in rent isn't the worst thing in the world, and it will all sort itself out with a relatively brief respite in building.

[summersm343]

Originally Posted by jsbrook

http://www.philly.com/philly/blogs/phila...hest-in-nation-last-month.html?mobi=true

A lot of local developers also seem to think there's an oversupply of luxury rental units that will take some time to absorb, particularly with the new ones that will be coming online in the next couple years. Perhaps there is some truth to it. I believe 2116 Chestnut was nearly fully occupied in Summer of 2016 and is now struggling a bit as far as vacancies. I guess we'll see. Personally, I think a supply-induced drop in rent isn't the worst thing in the world, and it will all sort itself out with a relatively brief respite in building.

When you have a dozen buildings all finishing at the same time, it's going to cause a bit of an oversupply for a little. It will all get absorbed and sorted out by next summer. Rents dropped between November and December, because they do every single year in Philadelphia, this is nothing new. Rents are the lowest in Philly between December and February. They go back up again in March. The same thing happens every year.

2116 Chestnut is not struggling with vacancies... as of this past Monday, it's 97% leased. How is that struggling?

[Larry King]

I don't know if enough apartments are being built here to result in a big decrease in price... Maybe stagnation. Brooklyn lux apartments on the other hand looks like they're gonna get slaughtered. I feel like the for-sale market is stronger here than given credit for, surprised more condo projects aren't launching