PHILADELPHIA | Highrise Development Thread IX

[mcgrath618]

Originally Posted by summersm343

No, they haven’t.

My apologies, I think I'm confusing those developers with the Conshy projects again.

[skyscraper]

Originally Posted by mcgrath618

Unfortunately it is likely dead in the water. I think I heard the development firm declared bankruptcy.

FWIW the website for the developer is still featuring the project.
https://otpcorp.com/1301-market-street.html#

[UrbanRevival]

Nice little nugget out of today's business news. Tridiuum, a fast-growing health tech firm, has relocated from Wayne to Center City:

Digital Health Company Tridiuum Secures $9.5 Million in Series B Financing to Advance its Solution for Integrating Behavioral Health into Total Health

“The investment will further expand Tridiuum’s growing market share in digital integrated behavioral health and allow the company to expand its sales force, marketing efforts, and strategic product development,” said Tridiuum CEO Mark Redlus.

“The funding follows a period of marked growth, with customer revenue up 307 percent since 2015,” said Tridiuum CFO Ed Camarota. “And,” he noted, “the company has just moved into new, larger office space, tripling its footprint from 4,000 square feet in Wayne, Pa., to 12,000 square feet in Philadelphia’s Center City District (at 1650 Arch Street), to accommodate an expanding staff.

https://www.heraldcourier.com/news/busin...8fac0ef-5c2f-5d24-a2e2-78004270a965.html

Not quite a $1 billion dollar campus, but a consistent trickle will eventually lead to a flood, hopefully triggering a 1301 Market-caliber development.

[Nova08]

Originally Posted by UrbanRevival

Nice little nugget out of today's business news. Tridiuum, a fast-growing health tech firm, has relocated from Wayne to Center City:



https://www.heraldcourier.com/news/busin...8fac0ef-5c2f-5d24-a2e2-78004270a965.html

Not quite a $1 billion dollar campus, but a consistent trickle will eventually lead to a flood, hopefully triggering a 1301 Market-caliber development.

And add this...


With $25M in the bank, Guru plans another growth spurt
https://technical.ly/philly/2018/12/12/with-25m-in-the-bank-guru-plans-another-growth-spurt/

By the end of 2019, software maker Guru plans to add 75 staffers to its current headcount of 100, fueled by a $25-million Series B funding round announced Wednesday.

With Thrive Capital as lead investor — a New York-based VC firm founded by Josh Kushner, brother of President Donald Trump advisor (and son-in-law) Jared Kushner — and funding from previous backers Emergence Capital, FirstMark Capital, the Slack Fund and MSD Capital, the round will let the knowledge management company grow its engineering, sales and marketing teams.

“With this round we’ll be able grow all parts of the business,” Nucci told Technical.ly. “The round will let us make more investments into the product, continue to invest in artificial intelligence and the role it plays into our ability to provide value to our customers.”

But why now? The round comes comes just 15 months after Guru’s $9.3 million Series A led by Emergence Capital. Nucci, the long-haired serial entrepreneur and former Philly Startup Leaders president who cofounded Guru after selling his prior venture to Dell, said at the time that the funding round — which blew a then-sizeable $6.2M Series A round into RJMetrics out of the water — would set up the next two to three years of the company’s growth.

“The short answer is we got excited about partnering with [Thrive Capital],” the CEO said. “We were planning in doing the B round in the spring but we got to know them because they also invested in Slack. They showed a thoughtful and genuine interest in the space, they think this [knowledge management inside companies] is a real problem that needs solving. We were also able to talk to a number of startups they had invested in and got great feedback.”

The bet on Nucci and his crew — which includes cofounder and CTO Mitchell Stewart — follows the familiar theme of local companies getting their start with local backers, then luring outside dollars for the next stages of growth. It also adds a Center City-based company’s logo to the portfolio list of yet another big-time software-focused VC firm.

As Nucci tells it, raising the cash right now will let Guru factor the cash into its 2019 growth plan, as opposed to altering the game plan for next year once the funds are in.

“This lets us plan better and be more thoughtful,” Nucci said.

Odds are, you know a lot of Thrive Capital’s other portfolio companies by name. Maybe you’re an avid Slack user or trade stocks on Robinhood, or you get your eyewear from Warby Parker. You might want to be on the lookout for more investments out of Kushner’s firm: In October, it announced the closing of a $1-billion fund of new capital.

While it’s hard to put funding round numbers into perfect context, but Guru’s Series B round trumps Slack’s 2011 Series B raise: The San Francisco company raised just $11 million in its 2011 raise. Locally, this is — by our count — the biggest Series B round raise in the Philly area since Zonoff’s 2014 raise of $31 million. Guru’s numbers also topped Ambler, Pa.-based Phenom People’s Series B raise of $22 million.

[City Wide]

Originally Posted by cardeza

Commuter rail is probably the most expensive way to move people via mass transit for a host of reasons. RR is not akin to a subway and is totally incapable of providing the type of service subways provide at similar cost. A subway needs less labor, offers superior reliability, has totally dedicated tracks with no conflicts and shorter lines which allow trains to cycle between terminal points relatively frequently. On top of that the sub/EL travel through more densely populated areas where constant ridership is more feasible. The reality of RR is that during the day most suburban stations are absolutely dead. The stations are flooded with activity at rush hour and demand is minimal off peak. If you ride a RR train mid-day with current service levels you will find trains that are 75% empty- and I'm talking about in CC- it probably gets worse as the trains move out of CC towards their destinations.

concerning off peak headway---isn't it a chicken or the egg problem? With once a hour service SEPTA is limiting themselves to a very limited market. But I'm guessing SEPTA would say that their studies don't indicate a need for more service.
Up until last year I took the train once a month in from Paoli during the week on off peak hours and was surprised that by the end of the trip most seats were full, regardless of when I took the train, morning or afternoon.
Does SEPTA still have a labor storage? In the past they couldn't train engineers fast enough, because those engineers would be hired away by other agencies who were paying more

[eixample]

Originally Posted by cardeza

Commuter rail is probably the most expensive way to move people via mass transit for a host of reasons. RR is not akin to a subway and is totally incapable of providing the type of service subways provide at similar cost. A subway needs less labor, offers superior reliability, has totally dedicated tracks with no conflicts and shorter lines which allow trains to cycle between terminal points relatively frequently. On top of that the sub/EL travel through more densely populated areas where constant ridership is more feasible. The reality of RR is that during the day most suburban stations are absolutely dead. The stations are flooded with activity at rush hour and demand is minimal off peak. If you ride a RR train mid-day with current service levels you will find trains that are 75% empty- and I'm talking about in CC- it probably gets worse as the trains move out of CC towards their destinations.

The high labor cost for regional rail is because we employ conductors to take tickets and adjust the stairs up and down depending on if the train is at a low level or high level platform. If we build all high level platforms (something SEPTA is doing albeit very slowly) and fully commit to a tap-in, tap-out or proof of payment ticketing system, then we can eliminate the conductor position entirely and run trains with only one employee, the engineer, at a far cheaper price. We could run more trains (3 or 4 an hour) and still charge less since the economics would be completely different. Leanly staffed trains is the way regional rail is run in big European cities and could be profoundly more effective as regional transportation compared to what we have now.

[skyscraper]

Originally Posted by eixample

The high labor cost for regional rail is because we employ conductors to take tickets and adjust the stairs up and down depending on if the train is at a low level or high level platform. If we build all high level platforms (something SEPTA is doing albeit very slowly) and fully commit to a tap-in, tap-out or proof of payment ticketing system, then we can eliminate the conductor position entirely and run trains with only one employee, the engineer, at a far cheaper price. We could run more trains (3 or 4 an hour) and still charge less since the economics would be completely different. Leanly staffed trains is the way regional rail is run in big European cities and could be profoundly more effective as regional transportation compared to what we have now.

I agree it's one way to cut costs, but probably not enough to make the difference. and what do you think the transit workers union is going to say about this?
side note: doesn't this whole discussion belong in the transportation thread?

[Gonzo the Great]

Originally Posted by eixample

The high labor cost for regional rail is because we employ conductors to take tickets and adjust the stairs up and down depending on if the train is at a low level or high level platform. If we build all high level platforms (something SEPTA is doing albeit very slowly) and fully commit to a tap-in, tap-out or proof of payment ticketing system, then we can eliminate the conductor position entirely and run trains with only one employee, the engineer, at a far cheaper price. We could run more trains (3 or 4 an hour) and still charge less since the economics would be completely different. Leanly staffed trains is the way regional rail is run in big European cities and could be profoundly more effective as regional transportation compared to what we have now.

Well then , lets go one step further than the europeans and computerize the entire train . Eliminate the conductor too .
Let robots schedule and control all maintenance . Layoff all the employees ( a week before Christmas ) and give all the
executives 25 million dollar bonuses ( like Sears just did ) . Then maybe in some weird spin off debacle , the effect of
all that can eliminate your job too .

[Jayfar]

Originally Posted by skyscraper

I agree it's one way to cut costs, but probably not enough to make the difference. and what do you think the transit workers union is going to say about this?
side note: doesn't this whole discussion belong in the transportation thread?

Minor nit, the TWU has nothing to do with regional rail; the unions involved are Sheet Metal, Air, Rail and Transportation Workers (conductors) and Brotherhood of Locomotive Engineers and Trainmen (engineers). Also the Federal Railroad Administration would also have a thing or two to say about it.

[cardeza]

Originally Posted by City Wide

concerning off peak headway---isn't it a chicken or the egg problem? With once a hour service SEPTA is limiting themselves to a very limited market. But I'm guessing SEPTA would say that their studies don't indicate a need for more service.
Up until last year I took the train once a month in from Paoli during the week on off peak hours and was surprised that by the end of the trip most seats were full, regardless of when I took the train, morning or afternoon.
Does SEPTA still have a labor storage? In the past they couldn't train engineers fast enough, because those engineers would be hired away by other agencies who were paying more

You will not see a mass transit agency boost service and expenses in the HOPE of attracting more people to sparsely used lines. Most suburbs are bedroom communities in which the residents leave for employment daily. There is no logical argument that supports the idea that there is constant to and fro movement from these towns that would merit significant increase in midday service- especially considering the expense of adding crews and cars to RR.

[cardeza]

Originally Posted by eixample

The high labor cost for regional rail is because we employ conductors to take tickets and adjust the stairs up and down depending on if the train is at a low level or high level platform. If we build all high level platforms (something SEPTA is doing albeit very slowly) and fully commit to a tap-in, tap-out or proof of payment ticketing system, then we can eliminate the conductor position entirely and run trains with only one employee, the engineer, at a far cheaper price. We could run more trains (3 or 4 an hour) and still charge less since the economics would be completely different. Leanly staffed trains is the way regional rail is run in big European cities and could be profoundly more effective as regional transportation compared to what we have now.

Regulations require at least one conductor. Adding high level platforms and ramps to all the stations that lack them will cost hundreds of millions. So you can invest $500M (made up figure) with the primary goal being laying off conductors but the question would be what is the payback timeline on that? 20 years? Maybe more?

[Parkway]

Originally Posted by cardeza

Regulations require at least one conductor. Adding high level platforms and ramps to all the stations that lack them will cost hundreds of millions. So you can invest $500M (made up figure) with the primary goal being laying off conductors but the question would be what is the payback timeline on that? 20 years? Maybe more?

My argument here is that you wouldn't lay-off the conductors, you would use them to run additional trains on other lines. However, this would require entire lines to be high-level. You could keep a low level or two at lightly used station with an announcement that you can only get off from a certain car. However, this would only work with lightly used stations (like Eddington) or else the overcrowding and time spend moving passengers would create dwell times that significantly eat into the time savings of using high-level platforms.

[McBane]

Originally Posted by cardeza

You will not see a mass transit agency boost service and expenses in the HOPE of attracting more people to sparsely used lines. Most suburbs are bedroom communities in which the residents leave for employment daily. There is no logical argument that supports the idea that there is constant to and fro movement from these towns that would merit significant increase in midday service- especially considering the expense of adding crews and cars to RR.

True and I could be biased, but the Norristown line runs through some pretty dense areas - East Falls, Manayunk, Roxborough, Conshy, and Norristown - whose main connection to the city is godawful 76. Plus, those communities (except Norristown) are loaded with young professionals who work and play in the city (A recent census report showed 75% of Manyunk's population are Millennial). I could see that line being utilized more on weeknights and weekends. The Paoli line, also runs through some of the region's more densely populated suburbs and which also rely on 76 to get to the city. And the Airport line - every 30 minutes is not all convenient. Not sure any of the other lines are viable candidates for increased service.

[Parkway]

Originally Posted by McBane

True and I could be biased, but the Norristown line runs through some pretty dense areas - East Falls, Manayunk, Roxborough, Conshy, and Norristown - whose main connection to the city is godawful 76. Plus, those communities (except Norristown) are loaded with young professionals who work and play in the city (A recent census report showed 75% of Manyunk's population are Millennial). I could see that line being utilized more on weeknights and weekends. The Paoli line, also runs through some of the region's more densely populated suburbs and which also rely on 76 to get to the city. And the Airport line - every 30 minutes is not all convenient. Not sure any of the other lines are viable candidates for increased service.

I would nominate Norristown and Paoli for the reasons you mentioned, the Chestnut Hills for similar reasons, Trenton because it already see strong bi-directional weekend traffic, and maybe Fox Chase. All of this would make it easy to boost frequency on the Airport Line.

Now that I think about it there are only a few services that probably wouldn't see increased usage from shorter headways: West Trenton past Somerton, Doylestown after Lansdale, and Warminster (not really possible).

[cardeza]

Originally Posted by McBane

True and I could be biased, but the Norristown line runs through some pretty dense areas - East Falls, Manayunk, Roxborough, Conshy, and Norristown - whose main connection to the city is godawful 76. Plus, those communities (except Norristown) are loaded with young professionals who work and play in the city (A recent census report showed 75% of Manyunk's population are Millennial). I could see that line being utilized more on weeknights and weekends. The Paoli line, also runs through some of the region's more densely populated suburbs and which also rely on 76 to get to the city. And the Airport line - every 30 minutes is not all convenient. Not sure any of the other lines are viable candidates for increased service.

I think the every 30 minute service for the airport line is pretty solid. Not every city has that sort of rail connection. They use short trains for that run, so its an indicator that there aren't enough riders to justify greater frequency or longer trains.

[Parkway]

Originally Posted by cardeza

I think the every 30 minute service for the airport line is pretty solid. Not every city has that sort of rail connection. They use short trains for that run, so its an indicator that there aren't enough riders to justify greater frequency or longer trains.

Not trying to be harsh but it's pretty far from solid. Every other city that has this type of connection has more frequent service than we do. For example, Denver's newly opened A Train has 15 minute head ways, Baltimore is every 15 to 20 minutes, and Cleveland is every 15 minutes.

The lower ridership has a lot to do with the head ways, an arriving traveler might spring for a cab rather than wait 25 minutes for the next train. Overall, convenience drives ridership on public transport and frequency is a big part of that convenience.

[Capsule F]

Originally Posted by Parkway

Not trying to be harsh but it's pretty far from solid. Every other city that has this type of connection has more frequent service than we do. For example, Denver's newly opened A Train has 15 minute head ways, Baltimore is every 15 to 20 minutes, and Cleveland is every 15 minutes.

The lower ridership has a lot to do with the head ways, an arriving traveler might spring for a cab rather than wait 25 minutes for the next train. Overall, convenience drives ridership on public transport and frequency is a big part of that convenience.

Disagree, I find it pretty convenient.

Baltimore and Cleveland probably lose a lot of money on the train, Denver just finally got their act together finishing their train. Even then the airport is a 40 minute ride away, not exactly convenient.

[iheartphilly]

^
Denver needed it. The highways are getting more and more congested out there due to the explosion in new housing developments and an influx of people working in the weed industry.

[McBane]

Originally Posted by Parkway

I would nominate Norristown and Paoli for the reasons you mentioned, the Chestnut Hills for similar reasons, Trenton because it already see strong bi-directional weekend traffic, and maybe Fox Chase. All of this would make it easy to boost frequency on the Airport Line.

Now that I think about it there are only a few services that probably wouldn't see increased usage from shorter headways: West Trenton past Somerton, Doylestown after Lansdale, and Warminster (not really possible).

Totally forgot about the CH lines! Those are probably the most obvious candidates for increased service and not coincidentally, those trains run entirely within city limits. Moreso than perhaps any other train line, those CH East and West should really be operating and priced like a metro line. At least Rox/Man has the 62, 27, and 9 bus lines...

[Boku]

Yikes.

Philadelphia's biggest commercial real estate stories of the year

https://www.bizjournals.com/philadelphia...hias-biggest-commercial-real-estate.html

When looking back at the top real estate stories from 2017, I listed HQ2 as No. 1 and for this year’s list, Amazon’s search for a second headquarters gets to that position again.

There’s a sense of relief the high-stakes gambit is over but there should be a self-analysis to determine what Philadelphia and the region learned from that exercise, what were our strengths and weaknesses and where do we go from here to stay competitive as companies consider locations to expand or move. At a recent Philadelphia Business Journal event, Anne Fadullon, director of Philadelphia’s Planning and Development Department, said when Amazon officials came to visit the city after submitting a response to its RFP, they revealed Philadelphia wasn’t even on the company’s radar. It sounded as if Amazon officials hardly knew the city existed.

While that may be an exaggeration, the sentiment is the same. If Philadelphia isn’t top-of-mind to Amazon officials conducting a nationwide search, how many other companies share a similar view of the city and region? It was good to hear that once they got here for a visit, Amazon officials were impressed but still, that disconnect is a problem.