PHILADELPHIA | Highrise Development Thread IX

[MichaelScottsOffice]

^they must have big plans indeed

[Boku]

Originally Posted by Urbanthusiat

Sale of PPA's 8th & Chestnut lot hints at future development



More: https://www.bizjournals.com/philadelphia...ppa-8th-chestnut-market-east-casino.html

This is the lot we were teased with a conceptual rendering for a while back showing a huge tower. Looks like things are moving forward, slowly but surely.

The $24.18 million sale price, which equates to a staggering $803 per square foot, combined with Goldenberg Group's control of the neighboring surface parking lot at 800 Market St., leaves open the possibility that another major development could be coming to the last undeveloped site along East Market.

[allovertown]

Originally Posted by MichaelScottsOffice

^they must have big plans indeed

Seriously big plans. You don't spend 800 a square foot for a parking lot. Very excited to find out the plans here.

[Milksteak]

Originally Posted by allovertown

Seriously big plans. You don't spend 800 a square foot for a parking lot. Very excited to find out the plans here.

Especially since they own the Disney hole too, that is a HUGE plot of land. I assume this is zoned cmx5, does anybody know how tall they could technically build here? I just want to dream.....

[Kfmcshan]

200 Race St

160-164 N 2nd Street Associates (“160-164”) is proposing to develop a 19-story mixed use development. This application for Review in Concept is for the restoration and renovation of the three story building at 152 North 2nd Street. 160-164 is proposing to build a combination of a 117- room hotel on floors two (2) – nine (9) and twenty-four (24) condominium homes on floors ten (10) – nineteen (19) of the building.

The building will also have, on the first floor, a hotel lobby, reception, visitor lounge and an additional 2,000 square feet of commercial retail use that is available for lease. There will be an underground garage with automated controls for 26-29 cars. 160-164 proposes a special “Amenities Floor” on the 7th floor with outdoor terrace. All of the information about materials and floor plans are described in the attached application.

From a packet provided to the Historical Committee

http://www.phila.gov/historical/meetingsandevents/Applications/152-64_N2ndSt_IC-lowres.pdf

[Knight Hospitaller]

^Fugly. Although not as good as I’d hoped, they would do well to take a page from Pearl’s overbuild book at the Beacon.

[mcgrath618]

Originally Posted by Knight Hospitaller

^Fugly. Although not as good as I’d hoped, they would do well to take a page from Pearl’s overbuild book at the Beacon.

I actually think that it is very sharp looking. Reminds me of developments along the High Line in NYC.

[Urbanthusiat]

I actually think that's super interesting looking, and a nice complement to the Bridge. Another tower that looks like something you'd find in London. It actually reminds me a bit of the infamous "Walkie Talkie" building.

[iheartphilly]

Originally Posted by Kfmcshan

200 Race St



From a packet provided to the Historical Committee

http://www.phila.gov/historical/meetingsandevents/Applications/152-64_N2ndSt_IC-lowres.pdf

Great find on the proposed development. The shape of the building is very interesting. I don't hate. Assume the amenities will be superb with the hotel beneath the condos. Also, automated parking so I also assume this is of the higher end price range for condos (e.g., 900k and above for 2 bedrooms at least...)

[Capsule F]

https://chicago.curbed.com/2018/6/18/17467948/walgreens-old-post-office-development

Walgreens will bring 1,800 workers to Chicago’s Old Post Office

The company is expected to announce a winner some time this year and, although Chicago made Amazon’s 20-city short list, the Walgreens move is a clear indication that the iconic building straddling Congress Parkway is coming back life with or without help from the Seattle-based e-commerce giant.

Playing field may have gotten a little better for us.

[iamrobk]

Originally Posted by Capsule F

https://chicago.curbed.com/2018/6/18/17467948/walgreens-old-post-office-development

Walgreens will bring 1,800 workers to Chicago’s Old Post Office

The company is expected to announce a winner some time this year and, although Chicago made Amazon’s 20-city short list, the Walgreens move is a clear indication that the iconic building straddling Congress Parkway is coming back life with or without help from the Seattle-based e-commerce giant.

Playing field may have gotten a little better for us.

Eh, Walgreens is only taking 1 floor and per that article Chicago pitched 10 different sites to Amazon anyway. I wouldn't read much into this either way.

[Capsule F]

Originally Posted by iamrobk

Eh, Walgreens is only taking 1 floor and per that article Chicago pitched 10 different sites to Amazon anyway. I wouldn't read much into this either way.

Building is huge no doubt, however I think its fair to say that it was the premier and preferred site in the Chicago metro, I feel comfortable reading a lot into it.

[iamrobk]

Originally Posted by Capsule F

Building is huge no doubt, however I think its fair to say that it was the premier and preferred site in the Chicago metro, I feel comfortable reading a lot into it.

I haven't really followed the Chicago bid much (tbh I never really thought it was going there...as I've always said, I think it's East Coast), but fair enough if so.

[McBane]

8th and Chestnut - Good news to see these lots consolidated. However, what has Goldenberg Group done that makes anyone think they are capable of doing anything on the scale that this giant lot deserves? Their portfolio is mostly suburban shopping centers and their urban work consists of the View (Temple), the Ayer conversion, a small project in G-Ho, and 1213 Walnut (which I like). But nothing that suggests it's prepared to take on such a massive project. Maybe they sell it, but to whom? Brandywine has a ton on their plate; Liberty seems focused on Comcast; PMC - not convinced they could pull it off and still skeptical of the quality of their work. Dranoff? Blatstein? Too small. Would love to see a reputable company from outside the region come in and scoop this up.

200 Race - Interesting concept. And bold. I can't even decide if I like it or not. But does it stand a chance? I'm nearly certain that the zoning does not allow this and no way the Old City nimby's would support a project of this size.

Walgreens - My only take on this is good on Chicago. It seems that they've been able to attract a lot of regional companies from the suburbs into the city core. Philly should take note and not put all their eggs in the Amazon basket. Maybe a little more focus on making it easier to do business in the city and less time spent on making Philly a progressive utopia.

[mcgrath618]

I made a thread for 200 Race, and my computer (or the forum?) made everything lower case. This wouldn't be a problem if I hadn't forgotten to make "Race St" capitalized again. Oh well.

[Mr Saturn64]

Originally Posted by MichaelScottsOffice

^they must have big plans indeed

Being realistic, what can we expect from this? I can dream of a supertall, but that probably isn't happening?

[mcgrath618]

Originally Posted by Mr Saturn64

Being realistic, what can we expect from this? I can dream of a supertall, but that probably isn't happening?

Let's weigh everything out here, in no particular order:
1. This is the last available lot on one of the hottest streets in Philadelphia, on what is currently the hottest block of said street (as far as development goes)
2. It's the only point in the city at which the MFL, BSL, Regional Rail, and PATCO all meet.
3. It has multiple bus routes with stops on that corner
4. It's a very large lot. Probably a bit larger than the CTC's footprint.
5. Goldstien is already paying huge sums of taxes on the property, so to pay for the rest on an upcharge of 800/sq ft is a good sign that they seriously have plans here
6. Philadelphia has not only an apartment shortage (I believe I read that on Philly.com), but a hotel shortage as well (I KNOW I read that on Philly.com). A mixed use supertall like the CTC with office on the bottom and hotels on the top would suit this need.

Anything on this lot shorter than 700' would be a disappointment and an misuse of the property.

[SEFTA]

Originally Posted by mcgrath618

Anything on this lot shorter than 700' would be a disappointment and an misuse of the property.

Agreed

[McBane]

This lot is larger than the Comcast 2 one. Definitely. And if Comcast wasn't so focused on their giant floor plates, they could fit two towers in that space instead of one extra wide building. On 8th and Market, there is room for at least two, but probably three towers, depending on their size, configuration, and width.

My take is that unless we're getting a supertall here, I want at least two buildings here. And while I care less about height that coverage, at least one should be 500 feet plus.

And to really get max height, you need an office component. Residential and hotel buildings will only net you so much, unless you're in Rittenhouse Square - and this is not Rittenhouse. My fear is that we get a second coming of East Market. A great project, no doubt. But this lot deserves more than a pair of 200 footers.

EDIT: Just to clarify, Goldenberg bought the small parking lot between Chestnut and Rastead? If that's the case, then this parking lot can support an additional building, meaning the entire lot that Godenberg owns should net at least three towers and possibly four.

[Londonee]

If I had to guess, I'd say that this is going to be a massive entertainment and retail podium (not too dissimilar from their Casino proposal) of 3-4 stories: maybe large retail space for something like a Bloomingdales, a House of Blues type venue, maybe tourist entertainment option like a Philly/History themed Madame Tussauds, large footprint chain restaurant like a PF Changs or Bahama Breeze and finally a massive parking garage - all topped with a mixed use Hotel/Residential tower component. Maybe 500-600'?