PHILADELPHIA | Highrise Development Thread IX

[1487]

Originally Posted by Boku

I asked the same question in the FMC thread. They tweeted out a video that claimed their "new corporate home" was the FMC tower (you can see it here https://twitter.com/BrandywineREIT). They also use a 30th St. District rendering as their header photo, which I found interesting. They seem pretty serious about that and Schuylkill Yards.

wow, I'm surprised no one in the business press picked up this story. I don't know how many employees they have at their HQ but it's a big deal in my book to have them in Philly. With 46k sf I'd think that's at least 150-200 people.

[1487]

this is interesting. I didn't know the PCC was against the big tax reform bill.

http://www.phillymag.com/business/2017/0...x-reform-levy-sweeney-plan/#more-3274480

[PhilliesPhan]

Originally Posted by 1487

this is interesting. I didn't know the PCC was against the big tax reform bill.

http://www.phillymag.com/business/2017/0...x-reform-levy-sweeney-plan/#more-3274480

"The Chamber of Commerce for Greater Philadelphia is the premier advocate of the region’s business community, representing members in 11 counties across three states with one voice."

My guess is that the suburban counties know that the city would be poised for an amazing expansion of business activity once this bill passes. They can see that businesses across the country are relocating from their former suburban HQs to new locations in a multitude of cities. The young talent that many businesses desire, along with major universities that act as incubators for innovation, are usually located in cities, and this especially applies to Philadelphia. The only thing that keeps many of these businesses in the suburbs is the wage tax; if this law were to pass, then the "wage tax" excuse loses for a suburban location much of its credibility. This will also mean that companies may ditch their suburban office parks for space in Center City/University City, especially with all of the proposed new supply via Schuylkill Yards, uCity Sqaure, and the multiple proposed office buildings in Center City. The suburban counties will lose a portion of their tax base, and are trying to do what they can to preserve the status quo.

[Parkway]

Originally Posted by 1487

this is interesting. I didn't know the PCC was against the big tax reform bill.

http://www.phillymag.com/business/2017/0...x-reform-levy-sweeney-plan/#more-3274480

The story through the grapevine is that the suburban interests in the PCC don't really want the city to be more competitive because it will devalue their holdings in places like Neshaminy and Fort Washington.

Edit: PhillesPhan beat me to it with a more detailed explanation.

[Boku]

PMC's Schuylkill-side towers come before city commission in step forward for project

http://www.philly.com/philly/business/re...ers-planning-commission-supermarket.html

PMC Property Group is moving forward with its plan for a pair of residential towers along the Schuylkill’s eastern bank near Arch Street, with legislation to permit the proposal about to come before the Philadelphia Planning Commission.

The commission is scheduled to consider a bill Tuesday that would extend through 2020 a previously passed — and since lapsed — zoning change allowing the towers at the site. It also would permit above-ground parking to be built there, which PMC says is necessary because the site’s location on a flood plain makes an underground garage unfeasible.

PMC’s proposal calls for 32- and 28-story towers with 321 and 291 units, with space for retail tenants that are to include a large supermarket.

[Knight Hospitaller]

^^ I think Summers made a thread for this. I'm not sure underground parking is "infeasible," since Dranoff pulled it off at One Riverside. I'm sure it's more complicated/expensive than PMC would like, however.

[PhilliesPhan]

In regards to the current boom cycle: it has been exciting to watch!

I care much less about 400+ foot skyscrapers as I do about reconstructing our urban form. The most exciting thing to happen during this boom has been the sheer amount of infill development occurring in the neighborhoods outside of Center City. Neighborhoods that people would have never considered candidates for revitalization, such as Brewerytown and parts of Kensington, will help pave the way for neighborhoods like Strawberry Mansion and Norris Square become revitalized when the next boom cycle occurs. We have witnesses Francisville (especially along Ridge Avenue) go from looking decrepit to almost being completely developed. Northern Liberties has also reached this point, and Fishtown is quickly approaching the same fate. In terms of SEPTA, the largest gains in terms of ridership came from stations that people would have avoided 10 (maybe even 5) years ago: Cecil B. Moore, Susquehanna-Dauphin, Berks, 46th Street, etc.

Aside from the new infill development, we have had two iconic skyscrapers constructed: FMC Tower, which extended the skyscraper canyon over the Schuylkill, and we gained our first supertall with the construction of CTC. I would also consider The Alexander to be somewhat iconic, and it definitely extended the skyline north over the VSE. One Riverside and the Roberts Center extended our skyline south (who would have ever thought that would happen?). Finally, we have had (and will continue to have) iconic renovations. The Divine Lorraine is the best example of this. Moving forward, the Beury Building and Metropolitan Opera House will round this off in the upcoming months.

Out of all of the booms that I have been following across the country, none have been as comprehensive as the one I have been witnessing here at home!

[mcgrath618]

Originally Posted by 1487

this is interesting. I didn't know the PCC was against the big tax reform bill.

http://www.phillymag.com/business/2017/0...x-reform-levy-sweeney-plan/#more-3274480

That bill needs to pass if we want to sustain this boom any longer, or at least keep our companies in the city.

[jjv007]

I don't have an obsession with 400+ foot towers either. As you all said, that's a rather arbitrary standard. But even otherwise, we had what, like 17 cranes going up at our peak, highrise or otherwise? That's decent, but some of y'all (1487, cough cough) seem to think that we're busting at the seams and can do no wrong as a city. I've been closely following urban patterns across the country and Philly has some work to do. We can take pride in our city but it only serves to continue mediocrity to deny shortcomings. And you'd be lying if you tried to refute that this forum has grown increasingly quiet over the past year or so in terms of legitimate projects moving forward. And PhilliesPhan as much as I love your enthusiasm, to believe our boom to be the nation's most comprehensive is simply ludicrous lol.

[Larry King]

Originally Posted by Knight Hospitaller

^^ I think Summers made a thread for this. I'm not sure underground parking is "infeasible," since Dranoff pulled it off at One Riverside. I'm sure it's more complicated/expensive than PMC would like, however.

That site is constantly flooding, I think underground parking would be a disaster there.

[1487]

Originally Posted by mcgrath618

That bill needs to pass if we want to sustain this boom any longer, or at least keep our companies in the city.

I wouldn't say that, but I would say it should be helpful in increasing growth and office space absorption.

[1487]

Originally Posted by jjv007

I don't have an obsession with 400+ foot towers either. As you all said, that's a rather arbitrary standard. But even otherwise, we had what, like 17 cranes going up at our peak, highrise or otherwise? That's decent, but some of y'all (1487, cough cough) seem to think that we're busting at the seams and can do no wrong as a city. I've been closely following urban patterns across the country and Philly has some work to do. We can take pride in our city but it only serves to continue mediocrity to deny shortcomings. And you'd be lying if you tried to refute that this forum has grown increasingly quiet over the past year or so in terms of legitimate projects moving forward. And PhilliesPhan as much as I love your enthusiasm, to believe our boom to be the nation's most comprehensive is simply ludicrous lol.

I can speak for myself. When the hell did I ever say we can't use more growth or accommodate more construction? Never. Anyone with eyes knows we had more cranes up a year ago then we do now and the pace of groundbreakings has stalled. BUt the reasons for that are complicated (and in some cases unknown) so it's a but absurd to infer that the reason for stalled projects can be directly tied to taxes or urban shortcomings. It could be that some of the stalled proposals were weak from the beginning and now we are seeing that the developers really never had financing lined up. Until we know the specifics on why certain projects like 1910 Chestnut aren't moving we can't say if 2017 is going to be a slow or average year. Potentially 4-5 major projects should break ground before end of summer- but we won't know until the announcements are made.

[City Wide]

Originally Posted by iheartphilly

Unless 1301 market, Comcast 3, or the 30th St Station starts by this summer, we are going to have a long and boring summer about nothing to discuss...

there's always taxes to talk about! Can't wait--------

[SEFTA]

I can understand the need for parking above ground for this site. I am generally against it. It's the execution of it. It can be integrated... even iconic. Get a good architect!

[jsbrook]

Originally Posted by PhilliesPhan

"The Chamber of Commerce for Greater Philadelphia is the premier advocate of the region’s business community, representing members in 11 counties across three states with one voice."

My guess is that the suburban counties know that the city would be poised for an amazing expansion of business activity once this bill passes. They can see that businesses across the country are relocating from their former suburban HQs to new locations in a multitude of cities. The young talent that many businesses desire, along with major universities that act as incubators for innovation, are usually located in cities, and this especially applies to Philadelphia. The only thing that keeps many of these businesses in the suburbs is the wage tax; if this law were to pass, then the "wage tax" excuse loses for a suburban location much of its credibility. This will also mean that companies may ditch their suburban office parks for space in Center City/University City, especially with all of the proposed new supply via Schuylkill Yards, uCity Sqaure, and the multiple proposed office buildings in Center City. The suburban counties will lose a portion of their tax base, and are trying to do what they can to preserve the status quo.

Yep. Except the Chamber is supposed to be looking out for the interests of Philly and not the suburbs. I am at least heartened that John Taylor thinks their opposition is inconsequential and will not be successful.

[Parkway]

Originally Posted by jsbrook

Yep. Except the Chamber is supposed to be looking out for the interests of Philly and not the suburbs. I am at least heartened that John Taylor thinks their opposition is inconsequential and will not be successful.

The key is "for Greater Philadelphia" the suburbs put money into it so they get a seat at the table.

[1487]

Originally Posted by jsbrook

Yep. Except the Chamber is supposed to be looking out for the interests of Philly and not the suburbs. I am at least heartened that John Taylor thinks their opposition is inconsequential and will not be successful.

i think the chamber theoretically is supposed to represent the entire region but historically they only mobilize on anti-Philly issues. Supporting this would put them in a position where they would be publically embracing something that is pro-business that really had little to with them. They have complained about Philly taxes for years but it turns out they only want relief on their terms, not anyone elses. Also, considering there are more office buildings and total office space in the burbs than the city it's definitely feasible that suburban office owners are against anything that could lead to higher vacancy in the burbs. Aside from Conshy and Radnor the burbs generally have higher vacancy than CC right now. The perception could be that they will only decline further if this legislation passes and movement back to the city accelerates.

[1487]

more city job growth- this company moved here with 30 employees 2 years ago and now has 80. Acquired another company and will now have 110- presumably in CC.

http://www.bizjournals.com/philadelphia/...-acquires-pharmametrics-health-care.html

[wondertwinalpha]

http://www.ocfrealty.com/naked-philly/logan-square/hanover-north-broad-hitting-its-stride

This one has made quite a difference filling in the open space on N. Broad. Whether you like the design or not we need more of this.

[PhilliesPhan]

Originally Posted by jjv007

I don't have an obsession with 400+ foot towers either. As you all said, that's a rather arbitrary standard. But even otherwise, we had what, like 17 cranes going up at our peak, highrise or otherwise? That's decent, but some of y'all (1487, cough cough) seem to think that we're busting at the seams and can do no wrong as a city. I've been closely following urban patterns across the country and Philly has some work to do. We can take pride in our city but it only serves to continue mediocrity to deny shortcomings. And you'd be lying if you tried to refute that this forum has grown increasingly quiet over the past year or so in terms of legitimate projects moving forward. And PhilliesPhan as much as I love your enthusiasm, to believe our boom to be the nation's most comprehensive is simply ludicrous lol.

I admit that I was being a little overzealous, but it comes from the excitement of seeing this city come back! This city has changed from the time that I was a little boy in the 2000s, and definitely a lot more for those who have been in the city (and alive) longer than I have.

Two weeks ago, my mom and grandma came to see my first apartment in the Cecil B. Moore/Templetown neighborhood. We were going to see my aunt's new house in Jersey afterwards, but my grandmother--originally from New York and very unfamiliar with Philly--wanted to see how bad Kensington is. Not wanting to sound like a know-it-all, I let my mom decide where to go. She had me when she was 18 in 1995, and thus used to spend time hanging out and clubbing in the city. As we passed through Fairmount and NoLibs, she went on about how bad those neighborhoods were back in the 90s. She looked so confused driving through South and East Kensington (even Fishtown at one point), as much of the landscape was developed and looked nice! I eventually had to tell her to drive up Frankford and make a left onto Somerset, and then drive up Kensington Avenue to E Street