PHILADELPHIA | Lowrise/General Developments Thread

[blart]

Activity at the PECO power plant aka Delaware River Generation Station next to Penn Treaty Park. Windows being removed and gutting.

https://www.bizjournals.com/philadelphia...buys-former-peco-power-station-site.html

From Thurs, 9/24:

[frbrown]

Originally Posted by blart

Activity at the PECO power plant aka Delaware River Generation Station next to Penn Treaty Park. Windows being removed and gutting.

https://www.bizjournals.com/philadelphia...buys-former-peco-power-station-site.html

What is the plan for the building?

[Jayfar]

Originally Posted by frbrown

What is the plan for the building?

Clues in this piece from 2019: https://www.cpexecutive.com/post/qozs-can-make-a-great-deal-greater/

Excerpt:
Dubbed The Battery, the waterfront project bordering the trendy Fishtown neighborhood will feature hundreds of apartment units within the existing building, plus more units on two floors built atop the roof, coworking offices, maker space and an event venue.

“We found the best amenity we’ve been putting into our apartment complexes is our own coworking space, just for our residents,” Adler noted.

The project, involving both repurposing of the 1920s-era power plant and waterfront expansion, will benefit from historic tax credits as well as Pennsylvania’s Keystone Opportunity Zone (KOZ) program, which offers tax credits to attract investment into sites that are abandoned, unused or underutilized.

Also see this zoning permit from May: http://s3.amazonaws.com/eclipse-docs-pdfs/zoning/00239937.pdf

APPROVED DEVELOPMENT
FOR THE ADDITION OF INTERNAL FLOORS AT THE 3RD, 4TH AND 5TH FLOOR FOR USE AS BUSINESS AND PROFESSIONAL OFFICE. NO CHANGE IN THE BUILDING FOOTPRINT, HEIGHT OR AREA. SIZE AND LOCATION PER APPROVED PLAN.

APPROVED USE(S) Office - Business and Professional

[PHLtoNYC]

Originally Posted by PurpleWhiteOut

I know that OCF article is down on that one story building reuse, and yeah it's short and not a looker, but I personally like to see office space and retail over single family homes. Big parcels won't be around forever, and non residential space is important for the staying power of the neighborhood over time. Live/work is better than a bedroom community and it will be hard to build office space when all the industrial parcels are gone.

Also I LOVEthe Corinthian project. MM partners does great work. I lived around there for a bit and it's near a context insensitive project where a stone church used to be at 869 Corinthian. Glad to see it can be done

is 18k SF large enough to accommodate a Trader Joes? I would like to see some legit retail branch off the main roadways like Frankford Ave and Front Street.

[PurpleWhiteOut]

The one on Arch St is apparently 16k sqft, so it definitely could.

[summersm343]

Wissahickon Transportation Center: July 1 SEPTA Presentation to Art Commission

On July 1, 2020, Sowinski Sullivan and McCormick Taylor presented the latest Wissahickon Transportation Center designs on behalf of SEPTA.

This submission is considered 30% completion of conceptual design. SEPTA plans to start construction in the middle or end of 2021 with the project taking 18-24 months to complete.

Highlights of the questions and concerns raised at the meeting include:

• Pedestrian and cyclist circulation and safety
• Proposed bike path access and security
• Architectural characteristics and design features reflective of the lower Northwest neighborhoods
• No enclosed waiting area to protect riders in inclement weather
• No designated drop-off/pick-up area for passengers (referred to as “Kiss and Ride”)
• Connection and ADA accessibility of the transportation center to the train station
• Location of the site in the 100-year floodplain and stormwater management

The Art Commission decided not to approve the conceptual design as presented. The Commission requested that SEPTA work to improve the design with guidance from an Art Commission subcommittee and consideration of community feedback. SEPTA will present design updates at the September 2 Art Commission meeting.

Link to full PDF Presentation here:
http://wissahickon.us/wp-content/uploads/2020/07/WTC-SEPTA-art-commission-submission.pdf

Link to article here:
http://wissahickon.us/2020/07/23/wissahi...-1-septa-presentation-to-art-commission/

[summersm343]

Surface Lot Going to the “Wood” Shed at 5th & Wood

Current site:


Rendering 1:


Rendering 2:

As such, we noticed an upcoming project at 502 Wood St. when perusing the website for the Historical Commission. Yes, even when you’re looking to replace a surface parking lot in a historic district, you still need a blessing from the Historical Commission. And that’s what a development group is seeking for their plan for a six-story building with 50 units and ground-floor parking. JKRP Architects did the design work, and you can find some renderings below.

Read more here:
http://www.ocfrealty.com/naked-philly/old-city/surface-lot-going-wood-shed-5th-wood

[eixample]

Summers, those renderings don't come through to me for the Wood Street project and the link doesn't work. May just be me on my mobile.

Regarding the Wissahickon Transportation Center post, why does SEPTA need to get the approval of the city's Art Commission for a bus transfer station? SEPTA is a state agency and it is a bus station.

[Jayfar]

Originally Posted by summersm343

Surface Lot Going to the “Wood” Shed at 5th & Wood

Current site:


Rendering 1:


Rendering 2:




Read more here:
http://www.ocfrealty.com/naked-philly/old-city/surface-lot-going-wood-shed-5th-wood

Originally Posted by eixample

Summers, those renderings don't come through to me for the Wood Street project and the link doesn't work. May just be me on my mobile.

Looks like the whole OCF Realty website is down at the moment. Ocfrealty.com redirects to configheaven.com.

EDIT: A few hours later, the OCF website is fixed and the links now work.

[El Duderino]

https://www.phila.gov/media/20200915163525/502-Wood-St.pdf

direct link to the historical commission document for the wood st project above. uninspiring!

[Jayfar]

Originally Posted by eixample

Regarding the Wissahickon Transportation Center post, why does SEPTA need to get the approval of the city's Art Commission for a bus transfer station? SEPTA is a state agency and it is a bus station.

https://www.phila.gov/departments/philadelphia-art-commission/

As part of the Department of Planning and Development, the Art Commission is Philadelphia’s design review board. It ensures that development in Philadelphia is beautiful, orderly, and appropriate so that the City is a desirable place to live, visit, and do business.

As part of its duties, the commission reviews the designs of:

All construction projects located on City property or funded with City money.
Anything constructed or installed on or over the public right-of-way.
All public art to be acquired by the City or placed on public property.

The commission was created in 1911 as the Philadelphia Art Jury. It became the Philadelphia Art Commission with the adoption of the Home Rule Charter in 1952. After more than 100 years, the Art Commission’s mission is much the same as when it was founded.

[PurpleWhiteOut]

Lol there's absolutely 0% chance that Wood project passes the Historical Commission.

[PHLtoNYC]

Originally Posted by summersm343

Surface Lot Going to the “Wood” Shed at 5th & Wood

Current site:


Rendering 1:


Rendering 2:




Read more here:
http://www.ocfrealty.com/naked-philly/old-city/surface-lot-going-wood-shed-5th-wood

Awful project on every level.

The only truly stunning proposal in Philadelphia is getting derailed by the Society Hill nimby association. I am referring to the original 15 story hotel proposal at 3rd and Walnut. Its now 8 stories and still attractive, but cost engineering is already showing with the updated proposal, which was still met with opposition.

This pile of crap on Wood Street is worse than any apartment building proposal I see in the suburbs. Actually embarrassing that a project like this is even considered "in" Center City Philadelphia.

[Justin7]

I wonder if this is actually intentionally terrible as something of a starting negotiating position with the historical commission.

[iheartphilly]

Hyatt Centric Center City photos from article:

https://www.bizjournals.com/philadelphia..._testVariant=cx_8&cx_artPos=7#g/472086/1

A++ for awesome job inside the hotel with design, layout, and furnishing.

[PHLtoNYC]

Originally Posted by iheartphilly

Hyatt Centric Center City photos from article:

https://www.bizjournals.com/philadelphia..._testVariant=cx_8&cx_artPos=7#g/472086/1

A++ for awesome job inside the hotel with design, layout, and furnishing.

Inside is stunning, and a new restaurant will be nice.

Outside if hideous minus the entrance. Maybe a chance at re-cladding in a decade.

Also amazing this project cost $81M. An example of the outrageous construction costs in Philadelphia, second to only New York, yet a lesser return.

One of the reasons why most new buildings in Chicago and DC look better than here is because construction costs are significantly lower and returns are equal or greater.

[3rd&Brown]

Originally Posted by PHLtoNYC

Inside is stunning, and a new restaurant will be nice.

Outside if hideous minus the entrance. Maybe a chance at re-cladding in a decade.

Also amazing this project cost $81M. An example of the outrageous construction costs in Philadelphia, second to only New York, yet a lesser return.

One of the reasons why most new buildings in Chicago and DC look better than here is because construction costs are significantly lower and returns are equal or greater.

Is this assessment based on anything other than your opinion? $81MM for a 332 room hotel in the heart of Rittenhouse Square sounds quite reasonable to me.

That's $240K per room. Assuming a rate of $250 a night and 80% occupancy, each one of those rooms will generate $73K a year. That's a 3.5 year ROI.

Do you think this hotel would cost anywhere near $81M in NYC? Probably more like $200 million.

[3rd&Brown]

I'll answer my own question.

The Moxy East Village is a 311 room hotel that was recently completed in the East Village/LES (garbage location by NY standards). I'd argue it's positioning is similar to that of the Hyatt Centric.

The site cost $127MM and the construction was at least $70MM from what I can read, though probably more. That brings the cost to $197MM.

Their room rate is comparable to Philadelphia.

There's a reason why RE investors are flocking to Philadelphia. It's because its not quite the ripoff you've been lead to believe it is.

[summersm343]

October CDR Submissions

1705 N. American Street
-Can't remember if this has been to CDR before or not, but we've seen renderings before. Really nice project.
-Located in Norris Square neighborhood
-6-story mixed-use project with 179 residential units, and ground floor commercial/retail
PDF Here:
https://www.phila.gov/media/20200930094216/1705-N-American_CDR-Presentation_200811_reduced.pdf

1650 W. Girard Avenue
-Located in Francisville neighborhood
-7-story mixed-use project with 192 residential units, and ground floor commercial/retail
PDF here:
https://www.phila.gov/media/20200930094229/2020-09-09-1600-50-W-Girard-CDR-Package_Update.pdf

1700 N Howard Street
-Don't think this has been to CDR yet either, but we've seen renderings of this
-Located in Norris Square neighborhood
-6-story mixed-use project with 110 residential units, and ground floor commercial/retail
PDF here:
https://www.phila.gov/media/202009300945...rd-CDR-FINAL-REV1_received-9-17-2020.pdf

1622 Point Breeze Avenue
-Located in Point Breeze neighborhood
-4-story apartment building with 69 residential units
PDF here:
https://www.phila.gov/media/20200930094443/2020.08.18_1622-Point-Breeze-Ave_CDR.pdf

1030 N. American Street
-Located in Northern Liberties neighborhood
-Replacing one part of Liberties Walk
-8-story mixed-use project with 76 residential units and ground floor retail/commercial
PDF here:
https://www.phila.gov/media/20200930094548/2020_08_04-1030-N-American-CDR.pdf

[mcgrath618]

Wow, that Girard Ave project blows everything else built on that corridor out of the water. It’s honestly one of the first good projects on that strip I’ve seen.