PHILADELPHIA | Highrise Development Thread IX

[cardeza]

There is no thread for the 1 Dock street tower on top of the Sheraton?

[Jawnadelphia]

Originally Posted by cardeza

There is no thread for the 1 Dock street tower on top of the Sheraton?

There is but you need to look for it under Proposals - on the main page, it is not linked up to the Philly projects/proposals jawn.
http://forum.skyscraperpage.com/showthread.php?t=237383

[iheartphilly]

Originally Posted by brenster

I saw a video on Twitter tonight showing construction stuff being delivered at the Comcast 3 site. Anyone know anything?

What is the Twitter link?

[Kidphilly]

Originally Posted by summersm343

Also found this. Looks to be 12 floors tall. Unsure if this is the plan there or not.

300 N Columbus Blvd



https://www.flow.gives/

if anything like this this has zero curb activation whatsoever

[brenster]

[QUOTE=iheartphilly;8454908]What is the Twitter link?[/QUOTe

@phillychitchat

From yesterday.

[Redddog]

Originally Posted by Kidphilly

if anything like this this has zero curb activation whatsoever

Whaa?

[iheartphilly]

[QUOTE=brenster;8455257]

Originally Posted by iheartphilly

What is the Twitter link?[/QUOTe

@phillychitchat

From yesterday.

Thanks, I see what you mean now. Big trailers were placed on the empty lot on the corner of 19th and Cheery Sts.

Can you someone please check to see if anything was submit to L&I? Thanks.

[Jawnadelphia]

^^It's nothing. Those trailers were there for the entire construction process for CTC. I just walked by -- it looks like one may have been moved. The lot is still a parking lot, with at least one trailer in back.

[iheartphilly]

Originally Posted by Jawnadelphia

^^It's nothing. Those trailers were there for the entire construction process for CTC. I just walked by -- it looks like one may have been moved. The lot is still a parking lot, with at least one trailer in back.

ok, cool! thanks.

[Nova08]

Movie trailers?

I don't know how you need full on temporary office/room trailers for a building(s) that we haven't seen one rendering for.

**Never mind

[mcgrath618]

BNY Mellon Center on Market Street to sell for $451.6 million

A partnership involving Silverstein Properties Inc. of New York and the Arden Group of Philadelphia has a deal to pay $451.6 million for the Center City office tower at 1735 Market St. known as BNY Mellon Center.
The partnership, Silverstein/Arden 1735 Market Holdco LP, entered a sale agreement for the 54-story, 1.3-million-square-foot tower on Tuesday, seller Equity Commonwealth said in a regulatory disclosure.
The building’s per-square-foot price of about $350 would be the highest ever for a Center City office building, not counting the 2014 deal in which Comcast Corp. bought out the majority owner of its headquarters tower, said Ian Anderson, Philadelphia research director for commercial real estate firm CBRE.
The 1735 Market St. tower is the last remaining property in what had been a large portfolio of Philadelphia office buildings owned by the Chicago-based real estate trust controlled by investor Sam Zell.

http://www.philly.com/real-estate/commer...n-zell-equity-commonwealth-20190130.html

[mcgrath618]

Inside Philadelphia's $800 Million "New Neighborhood"

For years, I couldn’t help but notice that a large portion of Market Street in the heart of Center City felt dated and underutilized. Just a few blocks east is Old City, home of the Liberty Bell, Independence Hall and a solid selection of restaurants, bars and shops. To the west is City Hall and monstrous skyscrapers. To the north is Chinatown — home not only to some noodle spots that’ll change your life but also to the one million square foot Pennsylvania Convention Center. To the South is the bustling, gorgeous campus of Thomas Jefferson University Hospital.

But Market East (as it used to be called) seemed like a missed opportunity. Shouldn’t this be a bustling retail hub? Why is there no grocery store? Why does nobody seem to live or work around here? Is there any place to grab a beer and a burger? It’s in the heart of Center City for crying out loud...

...The development is an attractive spot for businesses. Last year, real estate company JLL named it the most affordable retail corridor in the country.

The residential spaces are equally impressive. The common areas inside The Girard and The Ludlow not only feature amenities like a pool, fitness areas, barbecue stations and ‘living walls’ of plants—but also coworking lounges with private conference rooms and printers. The retail features carefully selected Philly favorites like Iron Hill Brewery, Little Baby’s Ice Cream, City Fitness, MOM’s Organic Market and Wawa—a convenience store with an almost cult-like following in Philly.

At the moment, the project is halfway finished. Three more structures remain—a hotel, a residential building and another office building. But will it attract that coveted older millennial like myself to think about working and living in the region? At the very least, it’ll get me to think more about pulling my bike into the “new neighborhood” and grabbing a beer or a bite to eat.

I assume that this is known info but in case it's not, it looks like the three towers left in the East Market development are a hotel, another residential building and an office building.
Pretty good article too with a lot of good pictures.

[phishtown]

Link?

[mcgrath618]

Originally Posted by phishtown

Link?

Heh... my bad. Midterms are killing me
https://convene.com/catalyst/philadelphias-800-million-new-neighborhood/

[summersm343]

Originally Posted by mcgrath618

Inside Philadelphia's $800 Million "New Neighborhood"

I assume that this is known info but in case it's not, it looks like the three towers left in the East Market development are a hotel, another residential building and an office building.
Pretty good article too with a lot of good pictures.

The hotel is just the renovation of the Stephen Girard highrise on 12th Street. There are two more ground-up towers left - both will sit on Chestnut Street once the garage is demo'd.

It's long been said that an office building and residential building would occupy these two sites, but we'll see!

[summersm343]

P-100466-Master-V1-041 by University of Pennsylvania, on Flickr

[UrbanRevival]

Surprised none of these types stories have been posted lately. I think this is exactly the type of outside growth everyone is hoping for, as opposed to the "chair shuffling" that folks tend to discount (i.e., jobs only coming to the city from the suburbs). Definitely seems to indicate the Philly the business environment becoming more sophisticated and attractive to broader audience.

Betterment finds a second home

Digital advice firms are investing heavily in expanding both their human advisor rosters and their physical footprints. Betterment is the latest to expand beyond its roots, deciding on Philadelphia as its second home outside of New York.

The hybrid robo advice firm, which now manages $15 billion in assets for 400,000 clients, will open its offices in the city of brotherly love by the end of February, according to the company. Betterment also plans to hire 20 new team members by the end of the year.

“We saw this as a great opportunity to take advantage of growing not only in team size, but geographically. We want to be able to tap into new talent pools like the one found in Philly,” said Jon Stein, Betterment CEO, in an email. Betterment currently has 240 employees, according to the company.

The firm scouted several other cities for a second home, including Denver, Austin, Portland, Seattle, San Francisco, Los Angeles, Phoenix and Salt Lake City.

“Philly was an obvious choice for us,” says a spokeswoman at the firm. “Aside from closeness, it's a city that has great schools and excellent, educated workforce. There's a diverse population there of people that we can hire to work in various fields including engineering and customer experience. An added bonus is the cost of living there.”

https://www.financial-planning.com/news/betterment-opens-new-office-in-philadelphia

Dallas-Based Valuation Firm BBG Expands to Philadelphia

PHILADELPHIA, PA—Dallas, TX-based BBG, an independent national commercial real estate valuation, advisory and assessment firm, is opening an office in Philadelphia, further expanding its presence in the Northeast. The Philadelphia office, at 1650 Market St, Suite 3634, marks BBG’s second office in the Northeast and its 31st office nationwide.

...

Along with its New York City office, BBG says the Philadelphia office gives it a strong presence in the Northeast, a region that ranks among the most active markets in the country.

The commercial real estate sector in the greater Philadelphia metropolitan area is the third largest regional economy in the Northeast. Recently, activity in this area has been buoyed by a healthy economy and strong investment in most commercial property types, particularly the office building and industrial sectors.

https://www.globest.com/2019/01/25/dalla...to-philadelphia/?slreturn=20190031202245

[iheartphilly]

^
To be fair, I think past discussions were about moving headquarters or a very large division of a business from suburbs or outside of the area to Philly. But nonetheless, moves like this help the city raise its profile because is shows the business community at large that other companies want to establish an outpost here for economic reasons and that Philly is an attractive place to do business not just for the business per se but its potential pool of employees with the sought after skill set. Here's another recent outpost:

TBG Philadelphia moves in to new space (https://www.bizjournals.com/philadelphia/cotm/detail/1685/The-Bachrach-Group-LTD)

The Bachrach Group, LTD (bachrachgroup.com)., a workforce solutions company headquartered in NYC, celebrated the grand opening of their brand new office in Philadelphia, located at 1800 JFK Blvd. TBG first entered the greater Philadelphia marketplace in 2016. TBG provides all levels of staffing to organizations throughout the Mid Atlantic. TBG specializes in recruiting for Accounting, Construction, Financial Services, Hospitality, HR, Legal, Manufacturing, Medical, Office Support, Real Estate, Sales and Marketing, Sports, and Technology.

[Tatts]

Well, to be real for a moment, Betterment is 20 people and BBG is one suite--part of a floor. And neither will ever be big employers; it's not the nature of either business. Betterment's hook is robo financial advice--automating in order to keep costs down by NOT hiring people.

[eixample]

Originally Posted by Tatts

Well, to be real for a moment, Betterment is 20 people and BBG is one suite--part of a floor. And neither will ever be big employers; it's not the nature of either business. Betterment's hook is robo financial advice--automating in order to keep costs down by NOT hiring people.

Slow and steady wins the race, as they say. Also, a trickle of small office moves creates at least the perception of momentum in the city and other corporate decision makers will take note since people are by nature followers and move in herds.

One of the big problems for the city of Philadelphia is that we have a very low share of the total number of our region's jobs within the city limits. Compared to our peer cities we are one of the worst. (I don't know the statistics but the difference is stark when you compare us to a city like Boston.) Our region isn't doing bad overall, so if we can just get more of the smaller in-region offices to move to the city then that that alone would be huge for the city's job market. (I'm not forgetting the tax situation in the city, believe me....)

One last thing, I think robo financial advising is a big area of growth in the future. Management fees are way too high for what you get and Vanguard and others have moved towards robo advising recently.