PHILADELPHIA | Highrise Development Thread IX

[summersm343]

Blighted Beury Building may be the next North Broad Street comeback tale

The long-blighted Beury Building at Broad Street and Erie Avenue could be reborn as an apartment house with downstairs shops and offices, under a revitalization plan now gathering steam.

Philadelphia-based Shift Capital is readying crews to rid the building of asbestos and other environmental hazards as it closes in on a package of redevelopment aid and low-income-housing tax credits to help pay for most of the $33 million project.

Planned for the 14-story building are 80 apartment units — 50 of them for low-income renters — atop 25,000 square feet of commercial space, including offices and ground-floor retail, said Shift Capital chief executive Brian Murray.

Read more here:
http://www.philly.com/philly/business/re...t-North-Broad-Street-comeback-story.html

[br323206]

Originally Posted by Londonee

I think largely b/c the plans (like 2035plan, etc) aren't actually, ya know, plans. They are common sense recommendations that come at great expense. In a nutshell these "plans" are a microcosm of the city's inertia - lotsa talk, little action.

Personally looking forward to the 2020 Penn's Landing Plan - which will say, after a million dollar expenditure paid to some multi-lateral crack squad of brilliant consultants - that we should probably do a little bit more to tie PL into the city.

That's not really true though. Comprehensive plans and other planning documents are important because they provide a framework for policy making and public input. They also illustrate that you've thought through what actions you want to take for the future when you apply for grants. Using Phila 2035 as a tool for going after grants is going to save the city more than it ever cost to create.

[summersm343]

WeWork offers a city wage tax workaround
Read more here:
http://www.philly.com/philly/business/te...-offers-a-city-wage-tax-work-around.html

Local companies make WeWork work for them
Read more here:
http://www.philly.com/philly/business/te...n-Tap-Pipeline-Piper-Wai-EthoSource.html

[summersm343]

Report: Mayor Kenney plans waterfront park on top of I-95

Mayor Kenney plans to announce $90 million in city funding for a planned waterfront park that will extend from the Delaware River on top of Interstate 95 and Columbus Boulevard in Center City, according to a report Monday by PlanPhilly.

The park, which is intended to create a friendly green space connecting the waterfront to the rest of Center City, would cost a total of $225 million with the additional funding coming from state and philanthropic sources, the website reported.

The project, which is still in the early design stage, would encompass 11 acres between Chestnut and Walnut Streets. An existing park, which includes the Irish Memorial, occupies part of the space over I-95, but stops before Columbus Boulevard and is 30 feet above the level of Penn's Landing.

The city expects that the park will spur $1.6 billion in private economic activity in the area and lead to 2,400 permanent jobs.

Hargreaves Associates, a landscape archiecture firm, was hired in 2013 to develop a strategy for making pedestrian access to the waterfront easier from Old City.

http://www.philly.com/philly/news/Report...front-park-over-capped-I-95.html?photo_4

[mja]

Originally Posted by summersm343

Blighted Beury Building may be the next North Broad Street comeback tale



Read more here:
http://www.philly.com/philly/business/re...t-North-Broad-Street-comeback-story.html

This needs to happen.

[1487]

^seems like they are heavily dependent on getting some tax credits and other financing from agencies. I'm always skeptical when that is the case.

[mcgrath618]

Originally Posted by summersm343

Report: Mayor Kenney plans waterfront park on top of I-95









http://www.philly.com/philly/news/Report...front-park-over-capped-I-95.html?photo_4

Hm, if the renderings are anything to go by, it seems some towers are planned with this project. If it's still early in design, there's still hope for something of some size. I think it'd be nice to have something more on the waterfront in the 400 ft range, but I'm not sure if that's a realistic desire.

[1487]

^I think those renderings are simply showing pipe dream private development that they hope will happen if this rooftop park happens. I'm dubious about the notion of relying on the state and private sources for over half the project cost. That seems like a pie in the sky dream at this point. We can't even get Philly's anemic companies to chip in to complete the first phase of the rail park. Where is comcast in all of this? They are making billions in profit and they are nowhere to be be found on most of the big civic projects.

[1487]

This should be interesting. I'm not sure why the article is attempting to shoot down the proposal before the actual announcement. It would be smarter to wait until the details are known. Today's inquirer business section talks about how WeWork space is underutilized in Philly vs other major cities.

[jsbrook]

Originally Posted by 1487

This should be interesting. I'm not sure why the article is attempting to shoot down the proposal before the actual announcement. It would be smarter to wait until the details are known. Today's inquirer business section talks about how WeWork space is underutilized in Philly vs other major cities.

I like the idea of tax break proposed for co-working arrangements. But it seems premature to say WeWork space is underutilized in Philly. The Walnut street location is pretty new, and the 1919 Market location was fitted out mere weeks ago and is filling up pretty well. The other Market Street location is the worst one. The building very little light, so they may always have trouble filling that one.

I like the Cap, pie in the sky or not. These renderings have been floating around for some time. Before the announced raising of funds.

[summersm343]

Philadelphia to offer free rent at co-working spaces to lure suburban companies

Read more here:
http://www.bizjournals.com/philadelphia/...suburban-companies-coworking-wework.html

[New2Fishtown]

Originally Posted by 1487

^I think those renderings are simply showing pipe dream private development that they hope will happen if this rooftop park happens. I'm dubious about the notion of relying on the state and private sources for over half the project cost. That seems like a pie in the sky dream at this point. We can't even get Philly's anemic companies to chip in to complete the first phase of the rail park. Where is comcast in all of this? They are making billions in profit and they are nowhere to be be found on most of the big civic projects.

State funds will be critical in that the park's construction would likely hinge on and be coordinated with reconstruction of that section of I-95 (and before anyone whines, the debate about whether to make that investment has sailed, and there is no getting back to a just-tear-it-down decision at this point). It would be a huge win if the city was able to convince PennDOT that it should integrate this design into its rehabilitation of the roadway, potentially shifting would would otherwise have to be paid for by the city into the state highway budget. To the philanthropic point, I'd agree that outside of William Penn, it's incredibly frustrating that giving to parks is near zilch around here. Diane von Furstenberg is almost singlehandedly financing one of the most bonkers waterfront parks I've ever seen in the Hudson River (and she gave a lot to make the High Line happen as well). It'd be nice to see some of our mega wealthy residents from in and near the city make such commitments to game-changing projects.

Overall, i'm pleasantly surprised that Kenney is doing what you're supposed to do with a Master Plan: regard it as a framework for investment and decision-making moving forward and take the necessary incremental steps to implement. Other mayors might have wanted to leave their own mark or to downplay the accomplishments of other administrations. Great to see him work from the playbook of the existing plan, one that's had significant dollars poured into it already in terms of feasibility studies and what not. Curious to hear where the $90M will come from, and whether he can rally adequate support for it, but it's super encouraging.

[Gonzo the Great]

Originally Posted by 1487

^I think those renderings are simply showing pipe dream private development that they hope will happen if this rooftop park happens. I'm dubious about the notion of relying on the state and private sources for over half the project cost. That seems like a pie in the sky dream at this point. We can't even get Philly's anemic companies to chip in to complete the first phase of the rail park. Where is comcast in all of this? They are making billions in profit and they are nowhere to be be found on most of the big civic projects.

Yes , it may well be a pipe dream . Covering I 95 has been a topic of discussion for years . BUT if it ever comes to pass , I would love to
see that ugly mistake covered from South St. up to the BFG . Now that would make a connection between the river and center city

[Knight Hospitaller]

Re: Capping I-95.

I think, as New2Fishtown suggested, that this is a "strike whilst the iron is hot" moment. I belong to the groups that set up the Irish and Scottish monuments along Front Street - which sit on an existing cap over the highway. The impending need to reconstruct some of the existing capping of I-95 came up with respect to the Scottish monument (necessitating that it it will need to be temporarily relocated, if I recall correctly). I think the mayor is trying to accomplish something when part of the area is already set to be torn up and disrupted.

[Philly-Drew]

Originally Posted by 1487

^I think those renderings are simply showing pipe dream .................... That seems like a pie in the sky dream at this point......

Agreed! Another mayor, another pipe dream for capping 95 at/near Penn's Landing.

For those of you that can remember back a few mayors, you know what I'm talking about.

[Knight Hospitaller]

As much as I - full disclosure - detest Kenney, I don't think this is a pipe dream. Half to two-thirds of I-95 between Chestnut and Walnut is ALREADY capped. It's my understanding that the existing cap is due for replacement. That means that he's trying to expand upon something that is going to happen anyway. He can probably finagle some extra highway money to extend the cap over the highway portion the rest of the way to Walnut. Most of the money that needs to be raised is probably for extending the cap over Delaware Ave/Columbus Blvd and the existing parking lots and "Great Plaza." If there's going to be construction over the highway no matter what, now's a good a time as any to attempt realizing part of the vision for that area. Like the Vine Street Expressway project going on right now, we may not get as much capping as we like, but we may get at least some expansion of it.

[New2Fishtown]

Originally Posted by Philly-Drew

Agreed! Another mayor, another pipe dream for capping 95 at/near Penn's Landing.

For those of you that can remember back a few mayors, you know what I'm talking about.

The difference is that this "pipe dream" was studied extensively:
http://www.delawareriverwaterfront.com/planning/penn-s-landing/penn-s-landing-feasibility-study

http://planphilly.com/articles/2014/04/2...ding-investment-would-return-1-6-billion

The full report documents appear to have been removed, but this has been fleshed out twice over in the past ten years: first in the master planning phase, where they looked close enough to understand the most cost effective and plausible place for any park to go would specifically be between Walnut and Chestnut (rather than generically hoping/dreaming to bury the highway or cover multiple blocks) and then again in the detailed study described and summarized in the links above. This is not Kenney putting his own spin on a long-desired improvement; this is him doubling down on what's been studied prior to his involvement and saying, "maybe we actually have the competency/political will/funding climate/partnerships necessary to make a quarter billion dollar project happen." I don't imagine this will be an easy ball to move forward, but without someone prominent lobbying to continue the efforts initiated by the master plan, nothing will ever happen, so i applaud him for it. We as a city and state have certainly spent more on less useful and transformative things in the past, and in the grand scheme of things, this is a less than astronomical project to champion.

As to the development piece, the DRWC master plan calculated what could physically fit into the spaces that would become accessible and available as a result of the creation of this park (most notably, the parcel between Chestnut, Market, Delaware River, and Delaware Ave, made larger by the demolition of the redundant scissor ramps), as well as a redevelopment of the seaport museum site, and putting residential buildings on portions of what is now Spruce Street Harbor Park. The proposal for the park itself doesn't include any of these would-be development projects; it merely makes their development more attractive to private investors.

[summersm343]

Delaware River waterfront getting more developer attention

The first phase of Liberty on the River, a vast master planned community of 10 highrise towers fronting the Delaware River, was expected to move forward this spring but has now been pushed to a fall ground breaking.

“I was a little overly optimistic,” said Jeffrey Kozero of K4 Associates, a real estate firm based in Rockville, Md., that owns the 18-acre property.

That hasn’t lessened Kozero’s optimism about building a $1.2 billion community consisting of 10 buildings on the river between Washington Avenue and Reed Street. The initial phase would involve constructing a 280-unit apartment building with 15,000 square feet of retail and Kozero is bullish not only on the Delaware River waterfront but a multifamily market that some have worried is getting over built.

“All indications and research show we should be successful,” Kozero said. “The millennials need a place to live and we’re right between two bridges with direct access. Our site has a lot going for it and I feel we can really make a market. It’s the right place at the right time.”

Kozero has company in that regard. Liberty on the River joins a growing list of mixed-use projects along the Delaware that are in the works in what could potentially be the next frontier of development activity in Philadelphia and have the Delaware waterfront finally come into its own.

“It’s rewarding,” said Joseph A. Forkin, vice president for operations and development at the Delaware River Waterfront Corp. about the activity underway. “A big principal of the master plan was to make strategic investment in public infrastructure such as parks, trails and activating and connecting streets. You invest in that and show the development community that it’s a place that is worth investment. Hopefully, that leverages private investment in the area and people take notice. You’re starting to see that and some of it is very, very real.”

Other development plans are being formulated and could bring more than 1,000 new apartments to the waterfront. Buccini Pollin Group of Wilmington is in the very early planning stages of a project that would have upwards of 500 apartments fronting the Delaware River. Jefferson Apartment Group in partnership with Haverford Properties is putting the finishing touches on a plan for 550 apartments and retail on Festival Pier.

“Festival Pier is the closest large, scale residential project to breaking ground,” said Ian Litwin, a planner with the Philadelphia Planning Commission who oversees the Central Delaware River.

Bart Blatstein said he continues to work with the planning commission on a master plan for a site once been eyed by Foxwoods for a casino. A residential component will be on the back half of the parcel while commercial, including a Wawa, will go on the front. “It will be a self-contained walkable community,” he said.

Many of these proposed projects are catching up to the those who saw the potential in the river including Core Realty, Fringe Arts, U.S. Construction, PMC Property Group and Jeffrey M. Brown, who is nearing completion of the Bridge at 2nd and Race streets.

There are also some projects that have been approved and with interest in the waterfront increasing, have been put up for sale. For example, Shovel Ready Projects is marketing Pier 35 1/2, a site at 709-717 Penn St. where Trump had once planned a grand tower that never came to fruition. It is currently approved for 41 townhouses though its zoning would allow for a bigger, denser development. Shovel Ready is also looking to sell Penn Treaty Park, a project designed with 19 townhouses. A parcel at Liberty on the River that has been set aside for senior housing is also on the market since that’s not K4’s speciality, Kozero said. CBRE Inc. is marketing the site.

http://www.bizjournals.com/philadelphia/...r-waterfront-getting-more-developer.html

[Kfmcshan]

Is a Hotel Coming to Area Between SugarHouse and Penn Treaty Park?
Spirit News recently obtained a rendering of what appears to be a hotel built on the land between the SugarHouse Casino and Penn Treaty Park. Our source, who spoke with us under the condition of anonymity, told Spirit News that the proposed hotel would be 24 floors in height.

Our source told Spirit News that they believed the rendering to be current because of the manner in which it was obtained, though we were unable to confirm whether the rendering is being actively considered, or whether it was an old plan that has resurfaced.

Read More at Spirit News

Anyone have any other info on this?

[Philly-Drew]

Originally Posted by Knight Hospitaller

As much as I - full disclosure - detest Kenney, I don't think this is a pipe dream.

I sure hope you're right! I can't help but to feel, "been there, done that." Looking back, we've seen mayoral plans for capping 95 come and go.


I'm not a negadelphi, but a realistadelphian.