PHILADELPHIA | Highrise Development Thread IX

[McBane]

Interesting. But unless this is a spec office, how are the chances for this getting built any higher than 1301 Market, that office tower on Broad and Spring Garden, or Schuylkill Yards?

My other concern is a lack of amenities in the immediate vicinity. If employees are leaving their cars at home and taking the subway to this building, where can they walk to on their lunch breaks or after work besides a couple of overpriced douchy sports bars? Think of the places you might pick up lunch from or the errands you might run on your lunch break. From that perspective, there's nothing there. Even assuming one of the retail spots will go to a typical employee-focused breakfast/lunch place, I'd still feel pretty isolated working there.

That being said, I like the idea and the ambition. To build that critical mass, you have to start somewhere....

[mcgrath618]

I’m personally just happy that it’s named Pattinson
While I don’t think this qualifies as a high rise, I do really like this project.

[summersm343]

This is great! Would be a fantastic addition to the Sports Complex, and finally a step forward in urbanizing this area, and building up this sea of parking lots.

Build this, then an apartment building, then a hotel. The casino going up not too far away. Add in the planned Philly Sports Museum to this complex and we're starting to get a nice little area.

Think an outlet mall would do well here also? Similar to that in Atlantic City?

[summersm343]

Originally Posted by McBane

Interesting. But unless this is a spec office, how are the chances for this getting built any higher than 1301 Market, that office tower on Broad and Spring Garden, or Schuylkill Yards?

My other concern is a lack of amenities in the immediate vicinity. If employees are leaving their cars at home and taking the subway to this building, where can they walk to on their lunch breaks or after work besides a couple of overpriced douchy sports bars? Think of the places you might pick up lunch from or the errands you might run on your lunch break. From that perspective, there's nothing there. Even assuming one of the retail spots will go to a typical employee-focused breakfast/lunch place, I'd still feel pretty isolated working there.

That being said, I like the idea and the ambition. To build that critical mass, you have to start somewhere....

This building, and 1301 Market will attract totally different tenants. There are tenants who want to be in the middle of downtown, and those who don't.

This would compete more with the Navy Yard, but still. This is a tower, the Navy Yard is an office park. There would be plenty of amenities here for those who choose to leave their car and take the subway in, including several restaurants in Xfinity Live, as well as a Shake Shack and "several other tenants" yet to be named taking place of the now closed McFadden's in the ground floor of Citizen's Bank Park.

[Vince_]

This is great building for a desolate area (wish there were apartments too) but the orientation is flat out dumb. It should be right at the East corner of Broad and Pattison. This building will block the skyline view from the new bar at the Wells Fargo Center. Comcast Spectacor can't be that dumb right?

[summersm343]

Originally Posted by Urbanthusiat

Looks solid. Having trouble understanding the orientation here though. I'm guessing that this is a photo looking south east, where XFinity would be behind the trees to the left? Or is this looking Northwest with Xfinity out of shot to the right?

I believe this is looking Northwest, with Xfinity Live out of shot to the right, like you stated.

[summersm343]

Originally Posted by Vince_

This is great building for a desolate area (wish there were apartments too) but the orientation is flat out dumb. It should be right at the East corner of Broad and Pattison. This building will block the skyline view from the new bar at the Wells Fargo Center. Comcast Spectacor can't be that dumb right?

I'm ok with this location. Can't not build something just because it blocks the view of something else. Put a new restaurant/bar at the top floor of this building and there are your views back.

Plus, hopefully in 10 years, a lot of this area will be built up.

Put an apartment complex at the corner of Broad and Pattison, put a hotel in between this and Xfinity Live, put an Outlet Mall and shops immediately behind all of this, and put the Philly Sports Museum just south of Xfinity Live... then we're on to something.

[skyscraper]

[QUOTE=McBane;8464534]Interesting. But unless this is a spec office, how are the chances for this getting built any higher than 1301 Market, that office tower on Broad and Spring Garden, or Schuylkill Yards?
It's much smaller scale, so wouldn't need either one tenant that requires a huge amount of space, or lots of small-medium size tenants. they could probably do it with just 1-3 small-med size tenants.

[skyscraper]

I didn't read the article to see who the architect is, but I hope it's SOM. SOM designed the old Spectrum, which was on this site, so it would be interesting that the same firm design the building that replaced their previous building.

[summersm343]

Originally Posted by skyscraper

I didn't read the article to see who the architect is, but I hope it's SOM. SOM designed the old Spectrum, which was on this site, so it would be interesting that the same firm design the building that replaced their previous building.

BLTa is the architect. Who else would it be in Philly? Lol.

[iamrobk]

Not sure if this was posted (I don't remember seeing it, anyway), but the Laurel has sold about a quarter of its units, and they expect to start laying the foundation next month.

https://philly.curbed.com/2019/2/6/18213360/rittenhouse-laurel-development-apartment-check-in-sold

So given there are 60 condos, I guess they've sold 15. If they start at $2.4m, let's just be conservative and assume an average selling price of $2.5m, means they've gotten $37.5m in sales so far. I'm sure the construction costs will far exceed that (probably at least double?), but seems like a great start given that it's 2 years out.

[mcgrath618]

Originally Posted by iamrobk

Not sure if this was posted (I don't remember seeing it, anyway), but the Laurel has sold about a quarter of its units, and they expect to start laying the foundation next month.

https://philly.curbed.com/2019/2/6/18213360/rittenhouse-laurel-development-apartment-check-in-sold

So given there are 60 condos, I guess they've sold 15. If they start at $2.4m, let's just be conservative and assume an average selling price of $2.5m, means they've gotten $37.5m in sales so far. I'm sure the construction costs will far exceed that (probably at least double?), but seems like a great start given that it's 2 years out.

Yea it was posted in the Laurel's thread:
http://forum.skyscraperpage.com/showthread.php?t=205052
Honestly, with the way this thing is selling, I really don't think that the market in Philadelphia is "leveling out." I still think we're in a sort of mini housing boom.

[summersm343]

Pattison Place

Youtube video:
https://www.youtube.com/watch?time_continue=84&v=SEHLFrfwJCM

Aerial view on the tower how it sites on the site:



https://www.phillyvoice.com/pattison-pla...ffice-tower-sports-complex-south-philly/

[jsbrook]

Originally Posted by iamrobk

Not sure if this was posted (I don't remember seeing it, anyway), but the Laurel has sold about a quarter of its units, and they expect to start laying the foundation next month.

https://philly.curbed.com/2019/2/6/18213360/rittenhouse-laurel-development-apartment-check-in-sold

So given there are 60 condos, I guess they've sold 15. If they start at $2.4m, let's just be conservative and assume an average selling price of $2.5m, means they've gotten $37.5m in sales so far. I'm sure the construction costs will far exceed that (probably at least double?), but seems like a great start given that it's 2 years out.

The average price is more like $3 million or more. $2.4 million is for the smallest two bedrooms just above the amenity floor with partially obscured views. There's only maybe three of those. There's actually one for around $2 million with the worst views at around 1,700 square feet. Southern Land does not have that kind of money ($37.5MM) on hand, though. Upfront deposits were between 10 and 20% depending on commitment date and specials. The rest will be paid on delivery and out-of-pocket costs paid for any material customization being provided to certain buyers at the time materials are ordered.

[jsbrook]

Originally Posted by mcgrath618

Yea it was posted in the Laurel's thread:
http://forum.skyscraperpage.com/showthread.php?t=205052
Honestly, with the way this thing is selling, I really don't think that the market in Philadelphia is "leveling out." I still think we're in a sort of mini housing boom.

We're leveling out. But the luxury condo market remains underserved. There is not enough inventory to meet demand. Hence, good sales early.

[summersm343]

Here's a leasing brochure for the site:

http://cordishleasing.com/-/media/files/mixed-use-districts/xl_leasingbrochure.pdf

Looks great! Move than hotel tower one slot over to the east (next to Xfinity Live), since this office building is planned there, and this development is a home run.

[skyscraper]

Originally Posted by summersm343

BLTa is the architect. Who else would it be in Philly? Lol.

they could have gone with a firm from outside philly, you know...

[Jayfar]

Originally Posted by summersm343

BLTa is the architect. Who else would it be in Philly? Lol.

Well, there's always that guy Cecil. He's designed a building or two.

[summersm343]

Here's the planned office building and hotel. Image is too big to post here.

http://cordishleasing.com/-/media/images/mixed-use-districts/xfinitylive/xl_plc_aerial_1260x700.jpg

[iamrobk]

Originally Posted by jsbrook

The average price is more like $3 million or more. $2.4 million is for the smallest two bedrooms just above the amenity floor with partially obscured views. There's only maybe three of those. There's actually one for around $2 million with the worst views at around 1,700 square feet. Southern Land does not have that kind of money ($37.5MM) on hand, though. Upfront deposits were between 10 and 20% depending on commitment date and specials. The rest will be paid on delivery and out-of-pocket costs paid for any material customization being provided to certain buyers at the time materials are ordered.

Oh yeah, I know. But just having it committed under contract is important for securing financing/etc. (which I'm sure you're well aware of).