PHILADELPHIA | Edgewater II | 260 FT | 22 FLOORS - Page 3

1487 · #41 Posted **Feb 24, 2016, 1:25 PM**

I was hoping someone was posting new info on this. Guess not.

McBane · #42 Posted **Feb 24, 2016, 2:07 PM**

At this point you have to wonder about this project's viability; or rather the owner's commitment to actually building something here. Taking a look at Summer's post in the main thread, it seems that new/converted apartment buildings are cash cows. This was first proposed in 2013 which is probably about the time that the Granary was under construction and that building is now 95% leased if I recall.

Now it's possible this building missed the apartment boom. If we're not close to saturation yet, then surely when all these other, more serious/advanced proposals become reality, it may be too late for this project to make financial sense. If they had just moved forward with this in 2013, or even when the property was sold in mid 2014, it would probably be completed and mostly leased by now.

summersm343 · #43 Posted **Feb 24, 2016, 8:28 PM**

As of 12/15/15 this was "still in the pipeline." Otherwise, I haven't heard much.

summersm343 · #44 Posted **Feb 24, 2016, 8:29 PM**

Quote:

Originally Posted by McBane

At this point you have to wonder about this project's viability; or rather the owner's commitment to actually building something here. Taking a look at Summer's post in the main thread, it seems that new/converted apartment buildings are cash cows. This was first proposed in 2013 which is probably about the time that the Granary was under construction and that building is now 95% leased if I recall.

Now it's possible this building missed the apartment boom. If we're not close to saturation yet, then surely when all these other, more serious/advanced proposals become reality, it may be too late for this project to make financial sense. If they had just moved forward with this in 2013, or even when the property was sold in mid 2014, it would probably be completed and mostly leased by now.

We're not close to saturation at all with the apartment market. All analysts are predicting maybe by 2020 we could reach saturation if job growth doesn't increase or we don't hit another economic bubble.

summersm343 · #45 Posted **Sep 11, 2017, 5:51 PM**

Welp... no information on this project in a while. Going to close this thread for now. I will reopen it if more information surfaces.