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Originally Posted by 1487
The Brickstone projects on Chestnut have totally stalled. The properties next to the Collins as well as the Hale building project which others have noted stalled many, many months ago. Anyone have any idea what is going on? Both locations look like hell currently. Chestnut east of broad continues to struggle to fill in retail gaps. Now the old liquor store is vacant with no signs of a new tenant.
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The project just east of the Collins and the Hale are both office projects, and neither will move forward without a signed lease from an office tenant. I'd heard of a tenant signed at the Hale, hence the initial flurry of activity, but I imagine they must've walked away or they must be deadlocked in negotiations. I don't think Brickstone is in a position to build either one speculatively, or at least they don't feel like doing so as that exposes them to a lot of risk. I guess the plus side is that both projects will be relatively speedy if and when they do sign office tenants.
The thing that amazes me is the seeming lack of any interest in the huge retail spaces still available at the collins on the 2nd floor. the visibility and co-tenancy are fantastic, the demand for big box retailers is supposedly high, and yet...