PHILADELPHIA | Highrise Development Thread IX

[Gonzo the Great]

Obviously a little off subject but my curiosity begs me to ask . What is the 53 story , God knows how tall ,
Market street Tower project proposed for 2040 Market street .....

[Philly-Drew]

Originally Posted by iheartphilly

Not talking about project work. I'm talking about contractor as a full-time employee doing day to day work. My point is if you are single and hired as a contractor, you do not get full benefits. It's a cost-saving strategy employed by companies so they don incur the full costs of a company employee. Specifically, the company's share of paying health care, dental care, and offering 401k benefits are not obligated when you are a contractor. Not a big deal, if you are married and can piggy back off the health benefits from your spouse and can do an IRA yourself to save for future retirement. But a big deal if you are single and not designated as a company employee.

I understand. My experience is that contractors typically bring home a better paycheck than the "full-timers". In such cases it helps offset some of the expenses you mention above.

And for contractors that want the perceived security of a full-time employee, the best bet is to grab solid experience working with such a company as Comcast, and use that as leverage to find a new full-time position.

I interface with many contractors that have no desire to become a full-time employee.

[kingtut]

The thing Philly does best is curing disease . Philly's future in is in University City and Temple University and oh yes at Jefferson . The worlds best geneticist are employed in this small area around Center City , God only knows how many PhD's and M.D.'s , its got to be one of the highest concentration of advanced degrees in the the world . I'm sure the second half of 17 and 2018 will be gang busters for the bio sciences and start ups . Along with the worlds leading Business Schools , the state and city governments must strongly support and fund the selling to the world that Philly has a great potential for investors to reap big returns . Great article from Philly Biz News .http://www.phillymag.com/business/2017/0...delphia-medical-technology/#more-3304369

[Guipos08]

^ great article

[Gonzo the Great]

Originally Posted by kingtut

The thing Philly does best is curing disease . Philly's future in is in University City and Temple University and oh yes at Jefferson . The worlds best geneticist are employed in this small area around Center City , God only knows how many PhD's and M.D.'s , its got to be one of the highest concentration of advanced degrees in the the world . I'm sure the second half of 17 and 2018 will be gang busters for the bio sciences and start ups . Along with the worlds leading Business Schools , the state and city governments must strongly support and fund the selling to the world that Philly has a great potential for investors to reap big returns . Great article from Philly Biz News .http://www.phillymag.com/business/2017/0...delphia-medical-technology/#more-3304369

And so we’re having a moment in Philadelphia. We’re out to an early lead in the race to become a hub for the next generation of medicine: synthetic biology that augments the human immune system to make it better than nature did. It’s a future in which medicine is less about gulping pills to mitigate symptoms than about using targeted gene and cell therapies that begin to approach cures for ailments as serious as blindness, hemophilia, AIDS and cancer. If we don’t fumble the opportunity, it’s also a future that the Philadelphia area can own. People speak hopefully of a regional economy blossoming around these innovations — an ecosystem, a magnet, the way Los Angeles is for entertainment, the way Washington is for lobbyists.

“I can make the argument that Philadelphia has the greatest concentration of foundational research in gene and cell therapy in the world,” says Spark CEO Jeffrey Marrazzo, a Philly native who convinced CHOP to make the company its first commercial spin-off.


Read more at http://www.phillymag.com/business/2017/0...-medical-technology/#OCZHJF7f0ex3VskT.99




Hard to believe but this article left me speechless .

[jsbrook]

Originally Posted by Gonzo the Great

Obviously a little off subject but my curiosity begs me to ask . What is the 53 story , God knows how tall ,
Market street Tower project proposed for 2040 Market street .....

None. There is an existing building at that location that's not being demolished. You might be thinking of this:

http://forum.skyscraperpage.com/showthread.php?t=219243

But not pegged to be 53 stories. Or perhaps one the Schuylkill Yards towers is what you're thinking of.

[summersm343]

Legislation brewing in Harrisburg to end Philadelphia's beverage tax

Read more here:
http://www.bizjournals.com/philadelphia/...-soda-tax-butkovitz-kenney-williams.html

[mcgrath618]

Originally Posted by summersm343

Legislation brewing in Harrisburg to end Philadelphia's beverage tax

Read more here:
http://www.bizjournals.com/philadelphia/...-soda-tax-butkovitz-kenney-williams.html

Wow, that was quick. What is it with Harrisburg being so anti-Philly?

[jsbrook]

Originally Posted by summersm343

Legislation brewing in Harrisburg to end Philadelphia's beverage tax

Read more here:
http://www.bizjournals.com/philadelphia/...-soda-tax-butkovitz-kenney-williams.html

Ugh! I have mixed feelings on the beverage tax, but Harrisburg interferes in our business far too much. If they are not looking to supersede legislation that's appropriately local, they are passing anti-business legislation to drive business out of the city, like the 'tech tax' because they are too stupid or lazy to fix the pension problems. Enough!

[skyscraper]

Originally Posted by mcgrath618

Wow, that was quick. What is it with Harrisburg being so anti-Philly?

That was quick, and it is surprising not because this is anti-Philly, but because it is pro-Philly.

[mmikeyphilly]

Originally Posted by jsbrook

Ugh! I have mixed feelings on the beverage tax, but Harrisburg interferes in our business far too much. If they are not looking to supersede legislation that's appropriately local, they are passing anti-business legislation to drive business out of the city, like the 'tech tax' because they are too stupid or lazy to fix the pension problems. Enough!

I really hate to chime in again about the soda tax, etc. A lot of poor to lower middle income people drink sodas and (partial juices), if I remember they don't tax 100%juice. People who are already struggling with low incomes. But anyway, Already confusing. Well to get off the soda tax,
I was wondering with all of these condo developments with 10 year tax abatements could be reviewed? If a person or a couple is buying a new house, condo, etc. for over 300 thousand dollars, I would think that they can afford some kind of real estate tax. Albeit, the 10 year tax abatement draws new buyer and repeat buyers. I always said that the city offers the tax abatement, then 10 years later, they decide to start looking again for low real estate taxes. Tax them at a lower rate, and I don't think they'll mind paying the tax. Seriously. A little is better than no tax for the City. any thoughts?

[Independence1776]

Dear Forum,
A question from a long time lurker. If anyone has any knowledge in this area and the time to explain it to a lay person, it would be greatly appreciated.

**ASSUMING NO TAX ABATEMENT** With regard to any multi story, high-rise, for sale development, upon completion the developer puts the units up for sale. How and when are the taxes assessed and who pays.

1. The developer began with an unimproved lot, and now owns 500 units that will be assessed individually for different amounts based on size, floor, etc. Does the developer pay the annual real estate taxes on each unit until such time the unit is sold to a second party, at which time the second party is responsible for the taxes from that point on?

2. In the event a developer was unable to sell some of the units and ran out of money to pay the real estate taxes due on unsold units (carrying costs), would the city have and use the same recourse of a sheriff sale to recoup unpaid taxes that it would against any delinquent property owner?

3. Is there a commonly used ratio or term in the industry or in city planning to compare the property taxes generated for differing proposals on a specific development site on a per acre, or square foot basis?

4. If most unsold units are vacant, occupants are not generating any increased usage of any utilities or city services. In the event of a worst case scenario that property taxes on a unit went unpaid due to developer or private owner default, what actual cost does the city incur from that property? This is purely intended as a taxation question, not a supply/demand market question and please remember this is assuming there is no ten year tax abatement.

Thank You for any insight!

[Philly-Drew]

Originally Posted by mmikeyphilly

A lot of poor to lower middle income people drink sodas and (partial juices), if I remember they don't tax 100%juice. People who are already struggling with low incomes.

Yep, and like many other people they may smoke cigarettes and weed, look at —, drink booze, —, etc...

[Groundhog]

Originally Posted by Philly-Drew

Yep, and like many other people they may smoke cigarettes and weed, look at —, drink booze, —, etc...

The thing is it's not like many other people. They drink soda at a much higher rate than the average person. Same with smoking cigarettes, drinking (certain types of) booze and —. I haven't ever seen any market research data on — and weed by income level so I can't comment on those.

Different populations have different consumption habits. The PA Lottery is not allowed to target advertising at low income households or specific races because of this. Wine and Spirits stores are banned from opening new stores in zipcodes with low average household income because of this as well. Private companies? They typically do the exact opposite - and who can blame them? Their goal is to make money, not avoid those people most likely to be their customers. Is a city tax pushing against that business objective? Absolutely. Is it in the best interest of these low income people to drink less soda and smoke less? I think it's hard to argue that it isn't. While that assumes 100% fiscal responsibility on their part, which is not something that can be assumed on any population (see the housing bubble), it's the best solution short of restricting a company's free speech or their ability to target consumers, which are terrifying ideas, imho.

The tax is a sin tax that functions as a disincentive to partake in vices and disproportionately influences those who are usually least able to afford the health risks. It also goes towards some good things (although allocation could be argued better used elsewhere).

[jsbrook]

Originally Posted by mmikeyphilly

I really hate to chime in again about the soda tax, etc. A lot of poor to lower middle income people drink sodas and (partial juices), if I remember they don't tax 100%juice. People who are already struggling with low incomes. But anyway, Already confusing. Well to get off the soda tax,
I was wondering with all of these condo developments with 10 year tax abatements could be reviewed? If a person or a couple is buying a new house, condo, etc. for over 300 thousand dollars, I would think that they can afford some kind of real estate tax. Albeit, the 10 year tax abatement draws new buyer and repeat buyers. I always said that the city offers the tax abatement, then 10 years later, they decide to start looking again for low real estate taxes. Tax them at a lower rate, and I don't think they'll mind paying the tax. Seriously. A little is better than no tax for the City. any thoughts?

Lots of complexities there. I don't think there is a 'right' answer. It's very hard to say how much of a driver the abatement is and what the impact would be from a lesser but still existing abatement/reduction in tax. Until and unless we actually do it. Personally, I don't think its worth the risk of testing the waters. Philly is still fragile and has only begun to see nice uptick in construction, population, etc... in recent years/the last decade. As long as the properties are selling when the abatement ends -- and they seem to be -- I would leave things as they are for now. I think we can reassess after another decade of solid growth.

[Gonzo the Great]

3. Pennsylvania: $926,051 per year

The earnings gap between the richest and everyone else starts widening in states like Pennsylvania, where the average income for the 99 percent isn’t that much different from elsewhere but the average earnings of the top 1 percent reach nearly $1 million per year.

Entry-level for top 1 percent: $360,343/year
Average earnings of bottom 99 percent: $45,781/year
Top 1 percent’s share of income in the state: 16.7 percent


Found this list both interesting and surprising in some cases .

52 PHOTOS
What the Richest 1 Percent Earns in Every State
SEE GALLERY

[Kfmcshan]

Pa. Supreme Court orders new look at Philly casino project

In a decision likely to further delay the opening of a second casino in the city, the Pennsylvania Supreme Court on Tuesday ordered — regulators to take another look at Stadium LLC’s application to build a hotel and casino complex in South Philadelphia.

The court, in a unanimous opinion, said the state Gaming Control Board had not sufficiently examined whether Stadium LLC’s proposal had breached state rules limiting investor ownership in multiple casinos. The ruling marked the second time in 15 months that the state’s highest court sent the issue back to casino regulators.

The company plans to build a $450 million complex at a Holiday Inn site at Ninth Street and Packer Avenue in the city’s stadium district, with a 2,600-car garage, a 200-room hotel, 2,000-plus slot machines, more than 100 table games, and other features.

Read more: http://www.philly.com/philly/business/to...k-at-philly-casino-project-20170620.html

[3rd&Brown]

Originally Posted by mmikeyphilly

I really hate to chime in again about the soda tax, etc. A lot of poor to lower middle income people drink sodas and (partial juices), if I remember they don't tax 100%juice. People who are already struggling with low incomes. But anyway, Already confusing. Well to get off the soda tax,
I was wondering with all of these condo developments with 10 year tax abatements could be reviewed? If a person or a couple is buying a new house, condo, etc. for over 300 thousand dollars, I would think that they can afford some kind of real estate tax. Albeit, the 10 year tax abatement draws new buyer and repeat buyers. I always said that the city offers the tax abatement, then 10 years later, they decide to start looking again for low real estate taxes. Tax them at a lower rate, and I don't think they'll mind paying the tax. Seriously. A little is better than no tax for the City. any thoughts?

The same can be said about cigarettes.

The point isn't just to raise money for programs, but to actually get people to change their behavior. Philly has an obesity problem, which costs the city money. Sweetened Beverages account for a big proportion of hidden calories that obese people consume.

Cigarette taxes weren't levied solely to raise money. They were levied to get people to quit smoking.

It worked.

[Londonee]

Originally Posted by Kfmcshan

Pa. Supreme Court orders new look at Philly casino project


Read more: http://www.philly.com/philly/business/to...k-at-philly-casino-project-20170620.html

Isn't Goldenberg (8th and Market site) behind this lawsuit? I'm assuming the reason we haven't seen/heard an alternate proposal for the city's parking lot equivalent of the white whale is that he's still holding out hope for his Casino project?

In that respect I'm kind of bummed that the Supreme Court upheld this ruling - stalling the casino further and lengthening our long running local nightmare to 20+years... Let's just get this going already!

[Larry King]

Originally Posted by Londonee

Isn't Goldenberg (8th and Market site) behind this lawsuit? I'm assuming the reason we haven't seen/heard an alternate proposal for the city's parking lot equivalent of the white whale is that he's still holding out hope for his Casino project?

In that respect I'm kind of bummed that the Supreme Court upheld this ruling - stalling the casino further and lengthening our long running local nightmare to 20+years... Let's just get this going already!

Manoukian is extremely shady and I'm glad they're forced to take a hard look at him. Need to determine how much he actually owns, or if there's other tactics he's using to profit w/o actually taking ownership