PHILADELPHIA | Highrise Development Thread IX

[MichaelScottsOffice]

https://usa.streetsblog.org/2018/03/06/p...kenney-may-slow-down-progress-even-more/

[Capsule F]

Originally Posted by DocAwesome

Ever since the NBCU purchase, I see our employees in Philly go to NYC more than the reverse. By a lot.

The question is, is there a net loss of employees at the headquarters because of this or are the employees being replaced by equal growth? I find it hard to believe that any non-content related departments are relocating to NYC.

[TechTalkGuy]

Pennsylvania is a frontrunner for new Apple campus, says Bloomberg.

While we are awaiting Amazon to decide their fate, it seems that Apple is seriously considering Philadelphia for their next campus.

[iheartphilly]

Having both Apple and Amazon plant their flags in Philly would be an extraordinary thing. That's a piece of the combined 1.636 Trillion market cap of the companies in our backyard. We won't be the laughing stock if someone wanted to coin us the term as "Silicon Valley 2-Philly style." I bet you will see a ripple effect of other tech companies that want to do business with either company move closer to them.

[DocAwesome]

Originally Posted by Capsule F

The question is, is there a net loss of employees at the headquarters because of this or are the employees being replaced by equal growth? I find it hard to believe that any non-content related departments are relocating to NYC.

I wouldn't know, likely not. Most of it is m&a related. Suprised they aren't coming down here more.

[Nova08]

Originally Posted by TechTalkGuy

Pennsylvania is a frontrunner for new Apple campus, says Bloomberg.

While we are awaiting Amazon to decide their fate, it seems that Apple is seriously considering Philadelphia for their next campus.

It would certainly be good, but potentially not what landing Amazon would be. There is a lot less hype around this Apple office as it will initially house customer support jobs and not an innovative product development. Who knows what it evolves into.

This was mentioned back when the Apple news broke...Apple isn't exactly known for their urbanism. They'd probably build an anti-urban office park next to Vanguard. I'd want Apple in Malvern over not having them at all, but I wouldn't expect them to be in Center City.

[summersm343]

Amazon is the perfect fit for Schuylkill Yards.

Apple is the perfect fit for the Navy Yard.

[TechTalkGuy]

Imagine an Apple campus at Penn’s Landing.
We don’t expect a skyscraper from them, so that is a logical idea.

Thoughts?

[Mr Saturn64]

Originally Posted by Nova08

It would certainly be good, but potentially not what landing Amazon would be. There is a lot less hype around this Apple office as it will initially house customer support jobs and not an innovative product development. Who knows what it evolves into.

This was mentioned back when the Apple news broke...Apple isn't exactly known for their urbanism. They'd probably build an anti-urban office park next to Vanguard. I'd want Apple in Malvern over not having them at all, but I wouldn't expect them to be in Center City.

Maybe it's just me, but I feel like the Navy Yard doesn't really have the same "urban" feel like anywhere else in the city. It's obviously nothing like Vanguard. I find the Navy Yard to be the perfect place for Apple.

That would be so dope though. Amazon with a thousand footer in University City, and Apple with a whole campus down there.

[jsbrook]

Originally Posted by TechTalkGuy

Imagine an Apple campus at Penn’s Landing.
We don’t expect a skyscraper from them, so that is a logical idea.

Thoughts?

Where specifically? There is some space next to the forthcoming 11 acre park. Not sure if it's enough to accommodate them. Could be.

[skyscraper]

I wonder if, in their pitch to Apple (and Amazon for that matter) that if they locate in the Navy Yard, whether the city would extend the BSL there as an enticement? Obviously theyve been talking about it for years, and have conducted two studies in recent years that concluded it was possible and feasible.

[Nova08]

Originally Posted by skyscraper

I wonder if, in their pitch to Apple (and Amazon for that matter) that if they locate in the Navy Yard, whether the city would extend the BSL there as an enticement? Obviously theyve been talking about it for years, and have conducted two studies in recent years that concluded it was possible and feasible.

Pretty sure Septa wants it to happen with or with out Apple. It's more about financing it. Septa has a lot going on for how underfunded it is, they will need money to complete these big projects

Maintenance:
Installing PTC, rebuilding bridges, restringing overhead wire on the West Trenton line
Vehicle aquisition:
New electric loco's, new push/pull cars, new trolley's
New/Revamped lines
Extension to Wawa, maybe to West Chester
Rebuild the trolley system
Extension to KOP
Extension to Navy Yard

[skyscraper]

Originally Posted by Nova08

Pretty sure Septa wants it to happen with or with out Apple. It's more about financing it. Septa has a lot going on for how underfunded it is, they will need money to complete these big projects

Maintenance:
Installing PTC, rebuilding bridges, restringing overhead wire on the West Trenton line
Vehicle aquisition:
New electric loco's, new push/pull cars, new trolley's
New/Revamped lines
Extension to Wawa, maybe to West Chester
Rebuild the trolley system
Extension to KOP
Extension to Navy Yard

They definitely want it to happen with or without apple or amazon, I guess what I was wondering whether they would re-prioritize their pet projects based on whether either (or both(!)) would locate in the Navy Yard, would this extension get moved to the head of the financing line.

[iheartphilly]

Originally Posted by skyscraper

They definitely want it to happen with or without apple or amazon, I guess what I was wondering whether they would re-prioritize their pet projects based on whether either (or both(!)) would locate in the Navy Yard, would this extension get moved to the head of the financing line.

Why can't the landlord of the Navy Yard throw in half the amount to finance it. They will be the primary beneficiary of the extension. And, I think it was their intentions to fully build out Navy Yard with a residential component and more office buildings. Seems to be a good selling point to me.

[skyscraper]

Originally Posted by iheartphilly

Why can't the landlord of the Navy Yard throw in half the amount to finance it. They will be the primary beneficiary of the extension. And, I think it was their intentions to fully build out Navy Yard with a residential component and more office buildings. Seems to be a good selling point to me.

They can, septa would just have to float bonds. then anyone who wanted to could buy them.

[iheartphilly]

Originally Posted by skyscraper

They can, septa would just have to float bonds. then anyone who wanted to could buy them.

Good point, but Septa is on the hook for the coupon rate and ultimately the repayment of the full value of the bonds to the bondholders.

I was suggesting that PDIC finance or invest with their own money by giving it to Septa to get the construction of the extension going. They could structure a financial deal with Septa to cover half of the cost of the extension in which Septa wouldn't have to pay PDIC back for the cost that PDIC covers in the extension.

[Parkway]

Originally Posted by Nova08

Pretty sure Septa wants it to happen with or with out Apple. It's more about financing it. Septa has a lot going on for how underfunded it is, they will need money to complete these big projects

Maintenance:
Installing PTC, rebuilding bridges, restringing overhead wire on the West Trenton line
Vehicle aquisition:
New electric loco's, new push/pull cars, new trolley's
New/Revamped lines
Extension to Wawa, maybe to West Chester
Rebuild the trolley system

Everything here is either completed, in progress, or planned with funding from ACT 89. Right now it looks like they are pushing KOP Rail for federal funds. As others have pointed out the feds probably won't fund two projects in a short period of time so it comes down to getting the city and state to figure out where to get the money.

[mcgrath618]

Originally Posted by Nova08

Pretty sure Septa wants it to happen with or with out Apple. It's more about financing it. Septa has a lot going on for how underfunded it is, they will need money to complete these big projects

Maintenance:
Installing PTC, rebuilding bridges, restringing overhead wire on the West Trenton line
Vehicle aquisition:
New electric loco's, new push/pull cars, new trolley's
New/Revamped lines
Extension to Wawa, maybe to West Chester
Rebuild the trolley system
Extension to KOP
Extension to Navy Yard

That "maybe to West Chester" has always bugged me. Why can't SEPTA just make up their minds? The track has been kept in great condition by that tourist line, all they'd have to do is electrify it.

[Parkway]

Originally Posted by mcgrath618

That "maybe to West Chester" has always bugged me. Why can't SEPTA just make up their minds? The track has been kept in great condition by that tourist line, all they'd have to do is electrify it.

I wouldn't say that track is in great condition. It's old stick rail and I'd be shocked if it was maintained to anything higher than class 1. You also need to build new stations that are ADA compliant. Electrification from scratch is about $1.5 million a mile, supports are already there so we can go with $1 million, that covers substation replacement, plus wire and labor. It's 9.5 track miles from Wawa to West Chester. Assuming they bring back 4 stations, Glen Mills, Cheyney, Westtown, and West Chester it's a $50 million project before any needed track work. That money also doesn't provide any increase in parking at the stations so ridership won't be great (maybe 200-300) for all that money.

[mcgrath618]

Originally Posted by Parkway

I wouldn't say that track is in great condition. It's old stick rail and I'd be shocked if it was maintained to anything higher than class 1. You also need to build new stations that are ADA compliant. Electrification from scratch is about $1.5 million a mile, supports are already there so we can go with $1 million, that covers substation replacement, plus wire and labor. It's 9.5 track miles from Wawa to West Chester. Assuming they bring back 4 stations, Glen Mills, Cheyney, Westtown, and West Chester it's a $50 million project before any needed track work. That money also doesn't provide any increase in parking at the stations so ridership won't be great (maybe 200-300) for all that money.

While you have a point with electrification, SEPTA vouched to only rebuild Wawa station, and not Lenni or the other station (whose name escapes me (fun fact: the picture on the wikipedia page for the station has me in it).
Tangents aside, they only rebuilt one out of three (four if you count Williams School). They would probably only rebuild Wawa and maybe Glen Mills.