PHILADELPHIA | Highrise Development Thread IX

[ePlanningPhila]

Originally Posted by hammersklavier

The last I heard about Gallery 2.0 leasings, Primark is taking space in the old Gimbels building and Bloomie's is interested in the space below the old movie theater. This is, though, only hearsay from Summers.

What I think we can say with a fair degree of certainty, though, is that if the Bloomies outlet and Nordstrom Rack over by 17th & Chestnut are performing well, then they'll probably both be wanting full-line stores in the city. And redevelopment of Market East is probably their best chance of making that happen while the going's good.

That makes sense to me. That old Burlington site was HUGE. My first time in there several years ago and I could not believe it was 3 floors and took up such a large floor plate. Was that space always a Burlington? Also what is the old movie theater site you are referring too? I mean I remember being a kid when Strawbridges was still at the Gallery and it was quite a nice area. I know once Strawbridges closed it went downhill quickly. But it would be safe to say what was Strawbridges and Bloomingdale's are quite similar to caliber of store.

[hammersklavier]

Originally Posted by ePlanningPhila

That makes sense to me. That old Burlington site was HUGE. My first time in there several years ago and I could not believe it was 3 floors and took up such a large floor plate. Was that space always a Burlington? Also what is the old movie theater site you are referring too? I mean I remember being a kid when Strawbridges was still at the Gallery and it was quite a nice area. I know once Strawbridges closed it went downhill quickly. But it would be safe to say what was Strawbridges and Bloomingdale's are quite similar to caliber of store.

BCF spent most of its life as a JC Penney's IIRC. The lifts for that floorplate go down into what was the Pay/Half. But BCF only took up 116k sf of space, which is about the right side for a full-line Bloomie's.

Oh my bad, I was referring to the movie theater that is rumored to be taking up the 3rd floor of that parcel.

[jsbrook]

Bloomingdales would work well, I think, below the new AMC in the "Fashion District." If they are concerned about this location, they could always move the Macy's to there and put Bloomingdales where Macy's is since it is closer to Rittenhouse and Walnut Street shopping. But none of it is THAT far from each other, and the Fashion District is right by the Convention Center, tourism, a burgeoning swath of hotels, and what they want to become the entertainment district. If there are enough residents and visitors with the right level of disposable income, I think it would work at this location. It would be a huge coup for this project and ground it as an anchor tenant. Definitely in need of some more up-market tenants.

I also think people will walk or Lyft the extra three blocks for a real, solid department store regardless of where they live in the city. Especially if there are worthwhile things around it. More convenient and less hassle than going to KOP. The only question is if there's enough people at the appropriate income bracket to make it profitable for them.

[Jayfar]

Originally Posted by Jayfar

I could see them buying CVS Health. CVS market capitalization is only around 74 billion, a fraction of AMZN's $483 billion market cap. Besides the retail locations, that would also give them the prescription benefits management subsidiary, CVS Caremark. If they want to go for it, now would be a good time, while we have Trump's permissive regulatory climate.

Jefferson's CEO Stephen K. Klasko thinks the Aetna CVS merger could push Amazon to acquire Rite Aid:

The deal could even prompt Amazon to make a play for Rite Aid, since the e-commerce giant has talked about getting into pharma. There are even rumors that insurer Humana is in talks with Walmart, he said.

Klasko: CVS-Aetna Merger Could Be an Opening for Amazon | PhillyMag.com

[Parkway]

The world is a trash fire and we are all prisoners on this rock until merciful death comes to free us. Go Birds.

[MikeNigh]

Crane is being removed -

[jjv007]

COMCAST DROPS BID FOR 21st CENTURY FOX ASSETS

https://www.cnbc.com/2017/12/11/comcast-drops-bid-for-fox-assets-leaving-disney-as-sole-suitor.html

[Capsule F]

[Nova08]

I was in center city the other night and noticed some things

1.) They are working on the street side store front windows from the Gallery between 9th and 10th. Looked like a lot of windows and store entrances are completed.

2.) I love the street scape on the north end of Market between 8th and 9t in front of C21. Much cleaner. Some trees might have been lost, but the sidewalk feels much bigger than it really is.

3.) It appears they are doing sidewalk work directly in front of the Lits building. Which by the way, I love the holiday lighting on that building.

4.) Noticed that the East Market digital signs finally have a few other advertisers than simply self-advertising their own apartments

5.) The floor to ceiling wrap around advertisement on the street level of 500 Walnut needs to go. Come on, looks tacky as hell. And how many buyers are they attracting by that.

[Gonzo the Great]

[QUOTE=Capsule F;8017556]


That is a great shot , thanks for posting ...... but It makes me wish 1199 was four floors higher .

[sayitaintso]

The prediction markets will know hours to gays before the official announcement is made. Someone on the inside will put down a huge bet on the winner and make some nice scratch. Keep your eyes on this site as it will tell you before its official.

http://www.paddypower.com/bet?action=go_...20build%20their%20Second%20Headquarters?

[Redddog]

Originally Posted by sayitaintso

The prediction markets will know hours to gays before the official announcement is made. Someone on the inside will put down a huge bet on the winner and make some nice scratch. Keep your eyes on this site as it will tell you before its official.

http://www.paddypower.com/bet?action=go_...20build%20their%20Second%20Headquarters?

We have the same odds as Rochester, NY?

That site is crazy.

[allovertown]

Originally Posted by Redddog

We have the same odds as Rochester, NY?

That site is crazy.

Betting markets don't set odds based on what is most likely. They set odds in large part based on how people are betting. Notice how high dublin is when no one else really considers them a major contender. It's because this site is Irish and a lot of people are likely betting on dublin.

In most scenarios they prefer an equal number of bets on each side, this way they have no risk and just make money off the cut they take off the top. Philly being low is simply an indication that not a lot of people are betting on it.

[sayitaintso]

Originally Posted by allovertown

Betting markets don't set odds based on what is most likely. They set odds in large part based on how people are betting. Notice how high dublin is when no one else really considers them a major contender. It's because this site is Irish and a lot of people are likely betting on dublin.

In most scenarios they prefer an equal number of bets on each side, this way they have no risk and just make money off the cut they take off the top. Philly being low is simply an indication that not a lot of people are betting on it.

I agree to a certain extent. Once the short list is in and Dublin Rochester etc are eliminated it will be probably be the most reliable source. In the days leading up to the announcement it will be the oracle of apollo

[GtownFriend]

This is a wicked shot!
Early morning shot of Philadelphia along Lancaster by Krtz07, on Flickr

[summersm343]

One Riverside rings up $123M in sales this year

Between May and December, 59 of One Riverside’s 68 condominiums closed for a total of $123 million.

Based on a review of property records and interviews, the new owners are overwhelmingly from Philadelphia and the Main Line with a very small number from New York or New Jersey who have children attending schools in Philadelphia and bought a pied-à-terre to stay in while visiting. These residents are also at the top of their professions and, if they don’t hold high power positions, they are in the upper echelons of the city and region’s social scene.

They are sports, divorce and medical malpractice attorneys. There is a former dentist who is an inventor, the founder of a well-regarded nonprofit, the head of a regional construction company, the owner of a string of car dealerships and a CFO of a communications company. There are also professors and heads of departments from universities and health care institutions in University City as well as physicians, surgeons and CEOs of local companies.

“It’s quintessential Philadelphia,” said Janet Margolies, who works for Berkshire Hathaway HomeServices selling properties around Rittenhouse Square and bought a condo at One Riverside, which is located at 225 S. 25th St. along the banks of the Schuylkill River.

Margolies wasn’t in the market to buy but ended up doing so after studying the project. “As I understood this site, how the river bends and how protected this site is, I saw it as an opportunity to live on a lower floor and still have light and views, which is an unusual opportunity,” she said.

It was admittedly a big move for Margolies but after buying a 2,150-square-foot condo at One Riverside, she hasn’t looked back. “We brought our bathing suits to the closing,” she said.

About 25 percent of the buyers have combined units and the average size is between 2,200 square feet and 2,600 square feet. Sale prices have been more than $1,050 a square foot – about $50 more than originally expected. At the high end, there have been sales at or hovering around $4 million and $3 million. More than a dozen are a tad above or below $2.5 million and nearly 25 transactions range below $2 million.

“We couldn’t get outsiders from Philadelphia to pay those numbers, but what we are seeing more and more are Philadelphians who have the ability and willingness to pay for luxury condominiums,” said Mike McCann, a real estate agent with Berkshire Hathaway HomeServices, who oversees a team selling high-end real estate in Philadelphia. “There have been so many Philadelphians who were willing to step up and move there.”

The success of One Riverside isn’t a fluke, said Carl Dranoff of Dranoff Properties, which developed it. After completing Symphony House and undertaking unsold condos at 10 Rittenhouse and Two Liberty Place, projects that were taken back by the lender, Dranoff feels he has a playbook that was successfully deployed at One Riverside.

https://www.bizjournals.com/philadelphia...de-rings-up-123m-in-sales-this-year.html

[Boku]

Aramark building to trumpet a new name on top: Jefferson

http://www.philly.com/philly/business/re...market-street-philadelphia-20171215.html

Thomas Jefferson University and its affiliated hospital network plan to take Aramark’s place as the anchor tenant of the food-service giant’s namesake East Market Street tower. The move aims consolidate Jefferson’s corporate functions under a single roof while boosting its regional profile.

Administrative offices for Thomas Jefferson University and Jefferson Health will occupy about 230,000 square feet over 14 floors of the 32-story 1101 Market St. building, which will be renamed Jefferson Tower, it said in a release Friday. The 16-year lease also gives Jefferson, as the university and health network are collectively known, a glowing marquee sign atop the Center City high rise and the option to expand by another six floors, it said.

Relocating into that space over several years beginning late 2019 will include such functions as finance services, human resources, and marketing, which are housed at locations throughout the city, Jefferson said.

[Nova08]

Originally Posted by Boku

Aramark building to trumpet a new name on top: Jefferson

http://www.philly.com/philly/business/re...market-street-philadelphia-20171215.html

That's pretty good. Where are all of these groups located currently?

[iheartphilly]

Originally Posted by Nova08

That's pretty good. Where are all of these groups located currently?

I wish the landlord would re-skin the building after landing Jefferson as the major tenant. It's probably one of the most dated looking buildings in the area. And if they only do the entrance on 11th and market, it will look weird to keep the rest of the exterior of the building "as is". This is a chance for the building to blend in and also stand out with the revival of the area. Could attract other tenants as well if the building looks newer...

[Milksteak]

Originally Posted by iheartphilly

I wish the landlord would re-skin the building after landing Jefferson as the major tenant. It's probably one of the most dated looking buildings in the area. And if they only do the entrance on 11th and market, it will look weird to keep the rest of the exterior of the building "as is". This is a chance for the building to blend in and also stand out with the revival of the area. Could attract other tenants as well if the building looks newer...

Agreed, it's a prominent building and in the forefront of the skyline looking in from almost every angle in the east...and it currently screams "pre-internet age 80's corporate".

Happy to hear Jefferson is taking it over though.