PHILADELPHIA | Highrise Development Thread IX

[Urbanthusiat]

Philadelphia Area Employment – August 2017 - https://www.bls.gov/regions/mid-atlantic/news-release/areaemployment_philadelphia.htm

Total nonfarm employment for the Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. Metropolitan Statistical Area stood at 2,904,300 in August 2017, up 51,500, or 1.8 percent, over the year, the U.S. Bureau of Labor Statistics reported today. During the same period, the national job count increased 1.5 percent. Sheila Watkins, the Bureau’s regional commissioner, noted that the Philadelphia area has not had an over-the-year employment decline in seven years.



Industry employment

In the greater Philadelphia metropolitan area, professional and business services had the largest employment gain from August 2016 to August 2017, adding 16,700 jobs. The Philadelphia area’s 3.6-percent growth in professional and business services employment exceeded the nationwide increase of 3.0 percent. (See chart 2.) The Montgomery County division added 13,400 jobs in this supersector.

The education and health services and the leisure and hospitality supersectors had the second and third-largest employment gains in the Philadelphia area. The education and health services supersector added 15,400 jobs locally since August 2016. The local rate of job growth, at 2.5 percent, exceeded the national rate of 2.1 percent. Leisure and hospitality gained 12,900 jobs locally; the 4.8-percent rate of local job growth was more than double the 2.0-percent rate for the nation.
 


Four other supersectors in the Philadelphia area gained more than 1,000 jobs since last August—mining, logging, and construction (+2,800); trade, transportation, and utilities (+2,400); financial activities (+2,300); and government (+1,700). The 1.1-percent rate of local employment growth in financial activities was slower than the 1.8-percent nationwide increase.

Other services was the only supersector in the Philadelphia area to lose more than 1,000 jobs since last August, down 1,200. The supersector’s local employment decreased 1.0 percent over the year, while national employment rose 1.6 percent.

[summersm343]

^^Beautiful

[summersm343]

The Curtis building nabs $173M loan to help finish apartments conversion

The developers behind the renovation of the historic Curtis building on Washington Square just nabbed a $173.25 million loan that will help bring construction of luxury apartments to the finish line.

JLL Capital Markets announced that it secured the multi-million dollar loan for developer and owner Keystone Property Group. Some of the funds will be used to pay off some debt, while $30 million will go toward the completion of the Curtis building’s 63 residential units and future office and retail space.

Keystone Property Group purchased the building at 6th and Walnut for $125 million in 2014. Soon after, the developer began renovations on the property, restoring the 12-story atrium and bringing on tenants like the restaurant P.J. Clarke’s.

The debut of the residential component, dubbed the Lyndon at the Curtis, has been pushed back by months. The 63 high-end luxury units are located on the upper floors of the 12-story building. Though it was expected to start leasing for late spring move-ins, it is now leasing for the fall.

Currently, prices range from $2,702 for a 899-square-foot one-bedroom apartment to $6,585 for a 1,681-square-foot three-bedroom unit.

In an interview with Curbed Philly earlier this year, Rich Gottlieb of Keystone Property Group said views from the apartments are just one of the perks. Residents will also have access to a long list of amenities like a clubroom, fitness center, private dining room, and a dog spa.

Gottlieb said residential component of the Curtis made sense for the neighborhood, where there is still room for rentals in a condo-heavy location. The hope is that the addition of restaurants, retail, office, and residential to Washington Square will help it become a 24/7 destination versus a nine-to-five hub, he said.

According to the Lyndon’s website, some of the first apartments will be move-in ready by late October.

https://philly.curbed.com/2017/10/10/164...lphia-construction-renovation-apartments

[1487]

is this PJ Clarke thing ever going to actually open?

[Urbanthusiat]

Philly is holding its head above water. Not the hottest, but better than average. Pittsburgh too. Great for us!

[El Duderino]

Originally Posted by Urbanthusiat

Philly is holding its head above water. Not the hottest, but better than average. Pittsburgh too. Great for us!

I hate getting into "Actually..." land, but the chart above shows that both Philly and Pittsburgh might be slightly above avg., at least according to the top chart. Either way, i hope they're both right at that 60 score mark

[Urbanthusiat]

Originally Posted by El Duderino

I hate getting into "Actually..." land, but the chart above shows that both Philly and Pittsburgh might be slightly above avg., at least according to the top chart. Either way, i hope they're both right at that 60 score mark

That's what the bottom chart is for! First one gives context, second confirms that we're actually above average instead of slightly below.

[El Duderino]

i suppose i should have like actually taken the time to look at one of the two things you provided haha. thanks for the correction and let's just get Amazon now, please ������

[kingtut]

Originally Posted by Urbanthusiat

Philly is holding its head above water. Not the hottest, but better than average. Pittsburgh too. Great for us!

Also it's better to be heading toward the peak , pos. slope, rather than at peak or on the neg . slope .

[volguus zildrohar]

East Market is lit.

[Boku]

PIDC interviewing 3 teams for 500 S. Broad site development

Developer interest in a two-parcel site along South Broad Street ran high, but just three development teams have given formal presentations to the Philadelphia Industrial Development Corp., which is whittling down who it will select to develop the property.

Dranoff Properties, Goldenberg Group and LCOR were the three groups invited to provide extensive details on what they envisioned for the properties that combined total nearly 40,000 square feet. One property is at 500-508 S. Broad St. and totals 25,620 square feet. The other site is at 508-510 S. Broad St. and totals 13,980 square feet. Many refer to the site simply as 500 S. Broad.

PIDC over the summer sent out a request for qualifications as part of a process to potentially sell the property and have it developed. PIDC does not have an official shortlist yet, said Jessica Calter, spokeswoman for PIDC. Its selection committee is interviewing the firms that submitted proposals and a shortlist for the RFP process will be determined after the completion of those interviews, she said. No date was provided.

At this time, the city operates a health center in a 3-story, 55,800-square-foot building that straddles the combined properties. The center is in the process of moving those services to other locations and the relocation is expected to be complete by the second quarter of 2018, making way for the property to be developed.

LCOR, based in Berwyn, has teamed up with BLT Architects to design a multifamily development project with retail space that looks to activate not only South Broad but Lombard Street, said Peter DiLullo, who is senior vice president of investments at the company.

“South Broad has a lot of proposed, great projects and it’s bridging South Philadelphia with City Hall,” he said. “We feel it’s an upscale area that could attract not only millennials but Empty Nesters. This area is not too unlike Rittenhouse Square.”

LCOR recently teamed up with Brandywine Realty Trust on the development of 1919 Market St., an apartment complex that has a retail component. LCOR's financial partner on projects is the California State Teachers’ Retirement System and it focuses on developing core multifamily properties with an eye toward holding onto them for a long period.

Goldenberg Group was another developer who was invited to give a presentation to PIDC. It already has a vested interest in that part of South Broad.

In August 2016, Goldenberg paid $10 million for the 46,359-square-foot building that housed the World Communications Charter School at 512-520 S. Broad St. The parcel totals 31,970 square feet and is adjacent to 500 S. Broad and combined would create a city block.

“Acquiring the adjacent site gives us a whole other level of opportunity,” said Seth Shapiro, chief operating officer of the Blue Bell, Pa., development company. “Blocks should be planned as a whole to create meaningful spaces.”

Goldenberg plans a mixed-use development on the site though Shapiro declined to elaborate. It is attracted to the Avenue of the Arts and its potential and the opportunity to develop something of scale that provides some vibrancy to the corridor, Shapiro said.

Goldenberg, which is active in building retail centers, recently developed a high-end apartment building at 1213 Walnut St. in Center City and has also completed projects that cater to students at Temple University.

Dranoff Properties has been one of the most active developers along South Broad Street and a pioneer along the corridor. The developer built South Star Lofts, Symphony House and 777 South Broad, and has a high-end condo project in the planning stages at South Broad and Spruce streets. Through a spokeswoman, Dranoff declined to comment on 500 S. Broad.

Any project that clears the next hurdle may get held up or even get redesigned depending on the outcome of an effort by the Preservation Alliance for Greater Philadelphia to have the health center building designated as a historical structure.

In its nomination form, the preservation group noted that the health center building was completed in 1960 and “embodies key characteristics and unique features reflective of mid-20th century Modernist design. The architects, Newcomb Montgomery and Robert Bishop, were prominent practitioners in the 1950s and early 1960s, devoting much of their work to socially conscious projects and design in and around Philadelphia.”

It is scheduled to come before the Historical Commission Oct. 13.

https://www.bizjournals.com/philadelphia...0sbroad-dranoff-goldenberg-lcor-cre.html

[1487]

they need not give dranoff any more property on this stretch. Let him finish what he already has proposed.

[New2Fishtown]

Originally Posted by 1487

they need not give dranoff any more property on this stretch. Let him finish what he already has proposed.

On that note, they should also remind Goldenberg they've got a whole block to work with around, uh, 8th and Market last time I checked? Feels like in this city, it'll go to them (because they own the adjacent site) or to Dranoff (because precedent). Goldenberg did get its act together with 1213, but Hines was the driving force there. We shall see.

[Philly Fan]

Originally Posted by New2Fishtown

Goldenberg did get its act together with 1213, but Hines was the driving force there. We shall see.

Goldenberg has stated that it doesn't view the Hines partnership for 1213 to be a one-off, so perhaps that driving force will continue to be an influence in other Goldenberg projects of that type.

[summersm343]

Originally Posted by 1487

they need not give dranoff any more property on this stretch. Let him finish what he already has proposed.

Gotta agree 100% here. With Dranoff sitting on an empty lot and not getting SLS off of the ground, and another project in the pipeline at Broad and Pine... he doesn't need to be holding onto another lot.

Originally Posted by New2Fishtown

On that note, they should also remind Goldenberg they've got a whole block to work with around, uh, 8th and Market last time I checked? Feels like in this city, it'll go to them (because they own the adjacent site) or to Dranoff (because precedent). Goldenberg did get its act together with 1213, but Hines was the driving force there. We shall see.

I would be happy seeing it go to LCOR or Goldenberg actually.

I know Goldenberg is much maligned on this forum for whatever reason, but I think they're doing surprisingly good work so far in the city.

1213 Walnut is a very nice project. Remember too, that Hines publicly stated they will partner with Goldenberg on any Philadelphia project going forward, and they're very bullish on Philly. This bodes well for future Goldenberg projects in Philly. Yes, they're holding on to 8th and Market, but they have publicly stated they will start to develop the lot in 3 years. I'm okay waiting for the right project here.

Remember too, that Goldenberg is building a very nice complex of highrises up by Temple. They completed the 14-story View at Montgomery in 2014, and are now moving forward with View II which will be an 18-story and 12-story development.

I'm confident either LCOR or Goldenberg will do great work with this site.

[kingtut]

Holy sh*t Philly ranked 3rd.in nation by U.S. Chamber of Commerce for tech start ups .
https://www.uschamber.com/sites/default/files/itm_2017.pdf

[Knight Hospitaller]

^ I need a drink. That's really something.

[UrbanRevival]

Originally Posted by kingtut

Holy sh*t Philly ranked 3rd.in nation by U.S. Chamber of Commerce for tech start ups .
https://www.uschamber.com/sites/default/files/itm_2017.pdf

Fantastic news. And piggy-backing on that report, Brookings released a report yesterday relative to the top urban US universities for research commercialization (the crux of the report is that urban universities themselves are generally better at research commercialization), and Philly has 2 in the Top 10 (Penn at #4 and Temple at #7), and 4 in the Top 25 (Jefferson at #12 and Drexel at #25).

It's worth noting that only New York City had the same number of universities within the Top 25, and Boston had 3.

Anyone who suggests that the Philly isn't full of incredible economic capacity and potential is lying.

https://www.brookings.edu/wp-content/upl...wntown_universities_scott_andes_full.pdf

[skyscraper]

Originally Posted by kingtut

Holy sh*t Philly ranked 3rd.in nation by U.S. Chamber of Commerce for tech start ups .
https://www.uschamber.com/sites/default/files/itm_2017.pdf

cc: Bezsos, Jeff

[iheartphilly]

Originally Posted by UrbanRevival

Fantastic news. And piggy-backing on that report, Brookings released a report yesterday relative to the top urban US universities for research commercialization (the crux of the report is that urban universities themselves are generally better at research commercialization), and Philly has 2 in the Top 10 (Penn at #4 and Temple at #7), and 4 in the Top 25 (Jefferson at #12 and Drexel at #25).

It's worth noting that only New York City had the same number of universities within the Top 25, and Boston had 3.

Anyone who suggests that the Philly isn't full of incredible economic capacity and potential is lying.

https://www.brookings.edu/wp-content/upl...wntown_universities_scott_andes_full.pdf

Temple ranked lower than UPenn, but had better numbers. Does anyone know where we fit in terms of tech innovations that could be a selling point to Amazon? I mean it would make sense that we do well in healthcare technology or innovation that leads to patents, etc. But, how does it fit with Amazon?