PHILADELPHIA | Highrise Development Thread IX

[summersm343]

Without More Job Growth, Philly's Multifamily Market Doesn't Have Much Room Left

Read more at: https://www.bisnow.com/philadelphia/news/multifamily/center-city-overbuilding-job-growth-76753

[summersm343]

Inside Vanguard’s Philadelphia Innovation Studio

Read more here: http://www.phillymag.com/business/2017/0...anguards-philadelphia-innovation-studio/

[summersm343]

Elon Musk promises NY-Philly-DC hyperloop

If this happens, coupled with a highspeed Amtrak NEC, it could be a boon for Philadelphia.

http://www.philly.com/philly/news/elon-musk-hyperloop-philly-newyork-dc-20170720.html

[1487]

Originally Posted by Sgalla04

I reverse commute via SEPTA and own a car, which remains parked at a SEPTA parking lot year round (10 min. drive to work from the station). I choose not to drive directly to work because of the horrible traffic and knowing I can work on the train instead of limiting myself to only listening to music and/or road rage.

I haven't needed a car the past 3 years and have no regrets. I've only driven and parked overnight in the city on 3 occasions since moving to Center City. Either take SEPTA to other areas on the weekend or drive my car to the mountains, shore, etc. after work.

I don't drive to work. Just pointing out facts. And living in CC without a car is easier than it is in much of the city. Unfortunately many cannot afford to live in CC. I think people would be shocked by the number of middle class people that do not use public transportation in Philly. I know many- especially those who grew up here and USED to be reliant on public trans. It's seen as a sign of adulthood and success to no longer be reliant on SEPTA for many. As noted, in my area only a minority of adults use public transportation. I am likely only adult on my street that commutes via SEPTA. Of course many on my street are retired, but either way they are car dependent.

[1487]

Originally Posted by summersm343

Without More Job Growth, Philly's Multifamily Market Doesn't Have Much Room Left

Read more at: https://www.bisnow.com/philadelphia/news/multifamily/center-city-overbuilding-job-growth-76753

I hate articles (and headlines) like that without any numbers to back anything up. No jobs numbers were mentioned so there was no basis to establish whether too many apts are being built in relation to recent job growth.

[3rd&Brown]

Originally Posted by 1487

I hate articles (and headlines) like that without any numbers to back anything up. No jobs numbers were mentioned so there was no basis to establish whether too many apts are being built in relation to recent job growth.

Timing is suspicious, particularly 2 days after another study is published saying we need 38K new apartments by 2030 to accommodate population growth.

It was likely planted by the insiders in the local Real Estate industry to cool outside interest (i.e. from investors who don't know the city well) who might come and add more supply to the pipeline, putting price pressure on existing stock.

[Nova08]

Originally Posted by 3rd&Brown

Timing is suspicious, particularly 2 days after another study is published saying we need 38K new apartments by 2030 to accommodate population growth.

It was likely planted by the insiders in the local Real Estate industry to cool outside interest (i.e. from investors who don't know the city well) who might come and add more supply to the pipeline, putting price pressure on existing stock.

I feel like we see more and more of these types outlooks from opposite ends of the spectrum. One paints a great outlook and then shortly after another one comes out that paints a tough picture with a bleak outlook.

Frankly, Philly just sort of chugs along in the middle. Not as progressive and expansive on the jobs front but growing modestly enough that the city isn't regressing.

[1487]

Originally Posted by 3rd&Brown

Timing is suspicious, particularly 2 days after another study is published saying we need 38K new apartments by 2030 to accommodate population growth.

It was likely planted by the insiders in the local Real Estate industry to cool outside interest (i.e. from investors who don't know the city well) who might come and add more supply to the pipeline, putting price pressure on existing stock.

also, they were trying to gin up interest in a ticketed event. So I don't take it too seriously. The article said the # of apts in pipeline pales in comparison to DC and NYC and DC only has about 700k people. So when you use common sense it's hard to see the "proof" of this oversupply based on job growth.

[Londonee]

Originally Posted by 3rd&Brown

Timing is suspicious, particularly 2 days after another study is published saying we need 38K new apartments by 2030 to accommodate population growth.

It was likely planted by the insiders in the local Real Estate industry to cool outside interest (i.e. from investors who don't know the city well) who might come and add more supply to the pipeline, putting price pressure on existing stock.

I was thinking the same exact thing. The city is very provincial and doesn't want global developers peeing in its pond. It's pretty crazy how few national/international developers build in Philly - it's almost all local guys/companies - even the larger ones like Brandywine/LPT.

[Knight Hospitaller]

Originally Posted by Nova08

Frankly, Philly just sort of chugs along in the middle.

That's how I've described this town for years. No booms, no busts, just motoring along.

[summersm343]

Brandywine Realty moving HQ to city

Brandywine Realty Trust is relocating its headquarters to FMC Tower at Cira Centre South in Philadelphia from suburban Radnor, Pa.

The real estate investment trust will occupy 46,000 square feet on floors 16 and 17 at the new office building that houses FMC’s headquarters, the University of Pennsylvania and other tenants. The building is now 97 percent occupied and Brandywine plans to move this fall.

A shuffling of a couple of tenants at FMC Tower opened up an opportunity for Brandywine, the company said in a conference call today on its second-quarter results. An existing tenant is expanding into a vacant floor at FMC and another existing tenant exercised its right to give back space and Brandywine said it will backfill that space.

The company been maintaining its headquarters at 555 E. Lancaster Ave. It has a total of 363 employees and a third of those will work from its new space at the FMC Tower. Jerry Sweeney, CEO of Brandywine, wasn't available for comment.

Brandywine has maintained an office in Cira Centre since the office tower was constructed but it always kept its home base and executive offices in Radnor. However, rumors about Brandywine relocating its headquarters to Philadelphia have circulated on and off for years and picked up steam four years ago when it bought One and Two Commerce Square from Thomas Properties Group. That’s when the real estate company solidified its position as the lead landlord of Center City trophy space.

Speculation about a move picked up again last year when it was announced Brandywine would be the master developer of 10 acres owned by Drexel University in a project called Schuylkill Yards. That will involve building over the next 20 years a mix of commercial, office, educational, research, residential, and other facilities, as well as green spaces and at build out total 5 million square feet and cost an estimated $3.5 billion. The company received its zoning approvals for the first phase of Schuylkill Yards.

Brandywine’ will maintain some space in Radnor as a satellite office for its suburban operations. The company said in the conference call that it had leased out its space in Radnor but didn't disclose the name of the tenant. Brandywine will also maintain property leasing offices at Logan Square, Commerce Square and Cira Centre.

https://www.bizjournals.com/philadelphia/news/2017/07/21/brandywine-realty-moving-hq-to-city.html

[1487]

^good

[summersm343]

Philly’s skyline has room to grow compared to rest of U.S., report finds

Read more here:
https://philly.curbed.com/2017/7/24/15999992/philadelphia-skyline-construction-stats-comparison

[summersm343]

FMC Tower nearly 100 percent leased with Brandywine on board

Read more here:
https://philly.curbed.com/2017/7/24/1601...ywine-realty-trust-lease-university-city

[Gonzo the Great]

Originally Posted by summersm343

Philly’s skyline has room to grow compared to rest of U.S., report finds

Read more here:
https://philly.curbed.com/2017/7/24/15999992/philadelphia-skyline-construction-stats-comparison

Very impressive and informative article . I went one step further and read about a neat idea built into the new Wanda Vista super tall in
Chicago . Looks like they built a " blow thru " floor at the 83rd. floor to allow wind currents to pass through this 94 story super tall .
Was there ever a design for something like that for the Transit Terminal Tower , which I believe is ( in it's current design ) some 15 feet
taller than Wanda Vista . The whole idea of upper wind currents at those heights must have been discussed by someone ..... Right .

[summersm343]

East Coast rail future laid out, but is far from paid for

Read more here:
http://www.philly.com/philly/business/tr...-trump-infrastructure-bill-20170724.html

[City Wide]

Originally Posted by Gonzo the Great

Very impressive and informative article . I went one step further and read about a neat idea built into the new Wanda Vista super tall in
Chicago . Looks like they built a " blow thru " floor at the 83rd. floor to allow wind currents to pass through this 94 story super tall .
Was there ever a design for something like that for the Transit Terminal Tower , which I believe is ( in it's current design ) some 15 feet
taller than Wanda Vista . The whole idea of upper wind currents at those heights must have been discussed by someone ..... Right .

Hate to rain on your parade, but the 'Transit Terminal Tower' is still very much just a dream; its not part of phase 1, which takes the plans out well into the 2020's, so its extremely doubtful if any work is being done on that specific building. But if there is a developer who wants to build, I'm sure the time table would change. Its going to be a long wait before building over active train tracks makes sense.

The blow through floor is only needed because the building is so skinny. Buildings that are residents vs office building or hotels, are built so there's less movement. This isn't for safety but for comfort. Apparently someone working in an office is willing to put up with more building movement then someone paying big bucks to live up in the clouds.

[Gonzo the Great]

Originally Posted by City Wide

Hate to rain on your parade, but the 'Transit Terminal Tower' is still very much just a dream; its not part of phase 1, which takes the plans out well into the 2020's, so its extremely doubtful if any work is being done on that specific building. But if there is a developer who wants to build, I'm sure the time table would change. Its going to be a long wait before building over active train tracks makes sense.

The blow through floor is only needed because the building is so skinny. Buildings that are residents vs office building or hotels, are built so there's less movement. This isn't for safety but for comfort. Apparently someone working in an office is willing to put up with more building movement then someone paying big bucks to live up in the clouds.

[summersm343]

Delaware Waterfront Park project starts with highway ramp demolition

Read more here:
http://www.philly.com/philly/columnists/...95-cap-penns-landing-ramps-20170725.html

[McBane]

Good news but....I don't like this:

Once the ramps are down, Forkin said, the site will be planted with grass and turned into a park. Over the winter, he said, the waterfront corporation will consult with neighbors about interim designs for the park.

Is there really such a thing as an "interim" park? Neighbors get very attached to these sorts of things and the moment a viable development proposal comes along, suddenly the community thinks they are entitled for it to remain a park forever. Wasn't there that triangle at 4th and Christian/Passyunk that had a similar story? If the city is smart about it, they will make sure to emphasize that this is a temporary park only and eventually will give way to a development.