PHILADELPHIA | Highrise Development Thread IX

[jsbrook]

Originally Posted by Aaamazarite

I would be lying if I said I wasn't think of y'all on this forum when I wrote this:

http://www.ocfrealty.com/naked-philly/market-east/delorean-time-machine-walnut-street-wendys

This is so sad. The demolished structure looks SO much better. While it does't seem to facilitate as many problems as the Chestnut Street Wendy's, the building is so much worse. This one-story piece of dreck needs to be demo'd and replace with a small highrise.

[giantSwan]

I think waiting for Amazon to move to Philly is a lost cause. There's a small chance, but Phillys tech sector is really poor.

Rather then wait on a decision on Amazon (or any other company from adding an office in Philly), I believe Philly should be focused on creating the conditions to found and generate new companies from within its borders. What new companies are being created in Philadelphia to solidify its future? (that is where sustainable growth will come from)

[skyscraper]

Originally Posted by EastCoastAmerican

I picture a commercial that takes place as Amazon execs walk through 30th St.
"That's a great idea. I'll bring that up at my 1030 in New York," Exec #1.
"Thanks. I'm pitching it at my 930 meeting in DC," Exec #2.
"Good luck. See you at happy hour," Exec #1.

Our location between NY and DC is a tricky asset to leverage. On one hand, it makes sense, especially with a large development proposed for the 30th street area such as SY, to advertise this as something to take advantage of. But on the other hand, what it tells companies is that they don't need to be in Philadelphia because of what the city has to offer for itself. If it's so important that they have access to NY & DC, then they'll just locate in one or both of those cities, which is easy to do in the age of telecommuting. The message that they are hearing is that there is no other compelling reason to be in Philadelphia other than our proximity to other places - we're a halfway house. I think that's a large part of the reason that more companies don't come here. We need to have more of a reason for private companies to come here and stay here, regardless of proximity to other cities. The business environment needs to become less hostile to businesses, the taxes - all of the taxes - need to come down. And all of the arguments that have been expressed on this forum time and again.
The other thing is, if NOVA / DC / MD was such a slam dunk for Amazon, seems to me that they would have announced by now. Just speculation, I have no idea (and neither does anyone else) but I don't think it's settled yet.

[iheartphilly]

^
I think the Navy Yard has 7.5 million square foot of office space occupied. That's part of Philly. Imagine if that was not an option, then that 7.5 million square foot would net 6-12 mid-rise to highrise buildings in center city. So to say Philly isn't attracting new business doesn't make sense. Also, Comcast is expanding with CTC and a 3rd highrise is in the works. If Comcast can do it, why can't a new large corporation do it here too. Taxes can't be the reason. I think when taxes comes up as an argument to the lack of growth, the argument is overly simplified. Sure, we might see more growth if we were more tax friendly, but to say taxes prevents a small, medium or large business from establish a HQ or major operations here is not convincing. Our suburban counties are attractive options for many employers too, so we have competition with them as well. But, I think the type of growth we want has to do more with innovating and monetizing what we innovate. If Philly can start and/or continuing that now and into the future, I see the momentum will shift in our favor.

[eixample]

Originally Posted by Aaamazarite

I would be lying if I said I wasn't think of y'all on this forum when I wrote this:

http://www.ocfrealty.com/naked-philly/market-east/delorean-time-machine-walnut-street-wendys

Hey, how's that chocolate factory historical nomination going? Beautiful building, totally worth saving, right? ....

[skyscraper]

Originally Posted by iheartphilly

^
I think the Navy Yard has 7.5 million square foot of office space occupied. That's part of Philly. Imagine if that was not an option, then that 7.5 million square foot would net 6-12 mid-rise to highrise buildings in center city. So to say Philly isn't attracting new business doesn't make sense. Also, Comcast is expanding with CTC and a 3rd highrise is in the works. If Comcast can do it, why can't a new large corporation do it here too. Taxes can't be the reason. I think when taxes comes up as an argument to the lack of growth, the argument is overly simplified. Sure, we might see more growth if we were more tax friendly, but to say taxes prevents a small, medium or large business from establish a HQ or major operations here is not convincing. Our suburban counties are attractive options for many employers too, so we have competition with them as well. But, I think the type of growth we want has to do more with innovating and monetizing what we innovate. If Philly can start and/or continuing that now and into the future, I see the momentum will shift in our favor.

My point is, of the companies that *are* coming here, how many cite our proximity to NY&DC as the prime reason for doing so? I haven't heard many. clearly they have their reasons for doing so, and that's great. But we should be leveraging those qualities so that more companies will come here not for the proximity but for the city of Philadelphia and what it has to offer. Taxes are part of the reason, but not the entire reason, as you state. It's always a good place to start though, when looking for ways to incentivize people and companies to locate here.

[iheartphilly]

Originally Posted by skyscraper

My point is, of the companies that *are* coming here, how many cite our proximity to NY&DC as the prime reason for doing so? I haven't heard many. clearly they have their reasons for doing so, and that's great. But we should be leveraging those qualities so that more companies will come here not for the proximity but for the city of Philadelphia and what it has to offer. Taxes are part of the reason, but not the entire reason, as you state. It's always a good place to start though, when looking for ways to incentivize people and companies to locate here.

Yeah, I think the proximity selling point is from Philly's chamber of commerce. It's not their only selling point, but definitely one that gets repeated the most. I don't think they are doing justice by always highlighting it, but maybe they look at travel stats and think that's important to highlight. Who knows?

[Aaamazarite]

3800 Market just started soliciting leases about a week-and-a-half ago.

19 stories



http://www.loopnet.com/Listing/3800-Market-St-Philadelphia-PA/13709995/

Also I'm told a big West Philly development may be announced in a few weeks.

[skyscraper]

Originally Posted by Aaamazarite

Also I'm told a big West Philly development may be announced in a few weeks.

west philly, as in, the 30th street area?

[Urbanthusiat]

Originally Posted by Aaamazarite

3800 Market just started soliciting leases about a week-and-a-half ago.

they’ve done this several times over the years. There’s nothing wrong with throwing a line out there and hoping to catch a fish. Now is a good time with the other tower finishing up, CIC moving in, and a few resi. projects starting nearby. But no bites in that spot yet.

Originally Posted by Aaamazarite

Also I'm told a big West Philly development may be announced in a few weeks.

Throwing fuel onto the speculation fire. Nice.

[Tatts]

"I think waiting for Amazon to move to Philly is a lost cause. There's a small chance, but Phillys tech sector is really poor."

That's so myopic. This is a 20-year plan for HQ2 to grow to full size. Are you seriously saying that nobody will move here in the next 2 decades to fill those jobs? That makes no sense. Seattle's tech sector wasn't built whole cloth with people who already lived there. We don't even know how much of this operation will be tech-centered; it could be largely marketing or finance.

Philly can more than handle that kind of growth.

And taxes? New York isn't exactly a low-tax state and they manage to keep and grow businesses. Taxes are a small part of the picture. Real estate costs are a huge consideration, yet, again, NYC keeps growing.

Walking to work this morning I passed two people sitting on a bench half a block from Rittenhouse Square and all I heard was a woman with a dog say to the guy at the other end of the bench "The biggest problem we have is New Yorkers coming here and slumming it." No context, so I don't know what she was talking about, but I got the sense that it was about the neighborhood.

[Aaamazarite]

Originally Posted by skyscraper

west philly, as in, the 30th street area?

Negative

they’ve done this several times over the years. There’s nothing wrong with throwing a line out there and hoping to catch a fish. Now is a good time with the other tower finishing up, CIC moving in, and a few resi. projects starting nearby. But no bites in that spot yet.

True, I just thought by talking about it I could will it into fruition

Throwing fuel onto the speculation fire. Nice.

Only the "in a few weeks" part is the speculation-- I just know that someone will soon be closing on a major property that's been under contract for a loooong time and I'm hoping the new owner (my source wouldn't tell me who) has been working on plans in the meantime.

[MAF1968]

This guy believes NoVa has it in the bag. Many other articles to support that HQ2 is headed here. We shall know soon enough.


https://delawarebusinessnow.com/2018/09/...let-has-the-edge-as-amazon-hq2-location/

[AbortedWalrus]

Originally Posted by Tatts

Walking to work this morning I passed two people sitting on a bench half a block from Rittenhouse Square and all I heard was a woman with a dog say to the guy at the other end of the bench "The biggest problem we have is New Yorkers coming here and slumming it." No context, so I don't know what she was talking about, but I got the sense that it was about the neighborhood.

My wife and I recently moved a few blocks deeper into Francisville, and we noticed that in the condo building across the street from us there were three units, but one was always vacant. We bumped into a neighbor that lived in the building and asked him if the unit was for sale and he said that it was owned by a couple from NYC who used it as a getaway for weekends and vacations. A two bed/two bath fairly large condo. I found it mildly amusing. I have to think they are New Yorkers who actually want to live here and just can't leave their jobs yet.

[iheartphilly]

^
Speculative investing cause Philly's real estate scene continues to be hot. New Yorkers are buying up NE Philly too and renting it out. Lifelong Philadelphians who live in the neighborhoods don't like it at all. Changes the character of the neighborhood but they got nowhere to go.

[Mr Saturn64]

Originally Posted by Aaamazarite

Only the "in a few weeks" part is the speculation-- I just know that someone will soon be closing on a major property that's been under contract for a loooong time and I'm hoping the new owner (my source wouldn't tell me who) has been working on plans in the meantime.

Major property, West Philly, not near 30th Street Station, under contract? I assume you can't tell us. Anyone else have any guesses?

[pwp]

Originally Posted by Mr Saturn64

Major property, West Philly, not near 30th Street Station, under contract? I assume you can't tell us. Anyone else have any guesses?

Provident Mutual?

[iamrobk]

Originally Posted by Mr Saturn64

Major property, West Philly, not near 30th Street Station, under contract? I assume you can't tell us. Anyone else have any guesses?

The first thing that came to mind for me was something related to uCity Square. Would fit the description of not being near 30th Street, but the "major property that's been under contract for a loooong time" description definitely makes it seem like Provident Mutual.

[Urbanthusiat]

Originally Posted by iamrobk

The first thing that came to mind for me was something related to uCity Square. Would fit the description of not being near 30th Street, but the "major property that's been under contract for a loooong time" description definitely makes it seem like Provident Mutual.

If it was Provident Mutual, why be secretive? We already know the plans for that property. I'm hoping it's 34th and Market. It might make sense for the Science Center to market 38th and Market if they are about to sell 34th and Market to a developer with specific plans.

[christof]

Originally Posted by skyscraper

west philly, as in, the 30th street area?

My guess, it is the property on the NW side of 38th and Chestnut. Chilis use to be there. Abners steaks is still there. Strip club is in the basement. That property.