PHILADELPHIA | Lowrise/General Developments Thread

[summersm343]

A Completed 1357 Ridge Avenue for those who've never seen it:



https://www.ocfrealty.com/naked-philly/w...avenue-break-ground-near-divine-lorraine

[PHLtoNYC]

^ Homes look nice, but definitely underwhelming for that site. Would a variance be needed for a more substantial project?

[PHLtoNYC]

Dbt Labs raises $222M Series D, catapulting valuation to $4.2B

https://www.bizjournals.com/philadelphia...raises-222m-series-d-valuation-4-4b.html

"Dbt Labs raised a $222 million Series D round, raising the Philadelphia data analytics startup’s valuation to $4.2 billion."

"The latest raise comes less than a year after dbt Labs raised a $150 million Series C, which lifted its valuation to $1.5 billion. The firm, founded as Fishtown Analytics, has raised a total of $414.4 million since launching in 2016. Dbt Labs is now Greater Philadelphia's second-highest valued startup, behind Gopuff. The digital delivery startup last raised a $1.5 billion convertible note that could lift its valuation to up to $40 billion. Gopuff was last valued at $15 billion."

[McBane]

Originally Posted by PurpleWhiteOut

Lol, no I don't. That's quite a strong reaction to me not liking white brick lol. I'm just not a fan and I think it's overdone at this point imo

Fair enough!

[3rd&Brown]

Originally Posted by PHLtoNYC

Dbt Labs raises $222M Series D, catapulting valuation to $4.2B

https://www.bizjournals.com/philadelphia...raises-222m-series-d-valuation-4-4b.html

"Dbt Labs raised a $222 million Series D round, raising the Philadelphia data analytics startup’s valuation to $4.2 billion."

"The latest raise comes less than a year after dbt Labs raised a $150 million Series C, which lifted its valuation to $1.5 billion. The firm, founded as Fishtown Analytics, has raised a total of $414.4 million since launching in 2016. Dbt Labs is now Greater Philadelphia's second-highest valued startup, behind Gopuff. The digital delivery startup last raised a $1.5 billion convertible note that could lift its valuation to up to $40 billion. Gopuff was last valued at $15 billion."

Good to see.

Hopefully a lot of that GoPuff money stays in Philadelphia. I have a degree or two of separation from a number of folks at GoPuff so I see a lot of updates on people's statuses related to the news there on LinkedIn). New hires, etc. It appears they're bringing a lot of people in house now from Uber...but most of them live (and work) in SF. A lot of their new marketing people are in NYC.

I wouldn't expect otherwise in a field where you need a lot of tech talent, but I would hope overtime the HQ here would have a more robust presence. Or that more people within GoPuff migrate here after they're hired.

[PhilliesPhan]

Permits were just issued for 909-17 N 26th Street, a project I haven't heard about in a very long time!

ZP-2022-000463
Feb 25, 2022
909-17 N 26TH ST PARCEL A, Philadelphia, PA 19130
For the erection of an attached structure (maximum height not to exceed 65 feet)

As a reminder, here is the most recent rendering of the project:

http://www.rising.realestate/49-units-proposed-at-border-of-brewerytown-and-fairmount/

Once this project and the one at 27th and Girard get going, there will be a seamless transition between Fairmount and Brewerytown.

[PHLtoNYC]

4 Possible Scenarios for Philadelphia’s Economy

https://www.pewtrusts.org/en/research-an...kveV36UtV-5uQhZk6AKWSmKjVIoMgllnf1YwInE8

I saw this article from Pew on a friend's FB page. I figured worth sharing in general, but also because he brought up a great point when he shared the article.

A paraphrased version of his post...

Pew has been quietly moving jobs to DC for years. Why not expand operations in Philadelphia rather than DC? Pew doesn't provide many jobs, but it's the principle, and they in theory are part of the economic problem they consistently talk about.

[PHLtoNYC]

Originally Posted by 3rd&Brown

Good to see.

Hopefully a lot of that GoPuff money stays in Philadelphia. I have a degree or two of separation from a number of folks at GoPuff so I see a lot of updates on people's statuses related to the news there on LinkedIn). New hires, etc. It appears they're bringing a lot of people in house now from Uber...but most of them live (and work) in SF. A lot of their new marketing people are in NYC.

I wouldn't expect otherwise in a field where you need a lot of tech talent, but I would hope overtime the HQ here would have a more robust presence. Or that more people within GoPuff migrate here after they're hired.

In your view, is there a reason to have marketing and tech teams based in SF or NYC anymore (at least for a Philly based company)? Would having all that in Philadelphia really be difficult? Have any tech or marketing companies regretted a relocation to Philadelphia?

[3rd&Brown]

Originally Posted by PHLtoNYC

In your view, is there a reason to have marketing and tech teams based in SF or NYC anymore (at least for a Philly based company)? Would having all that in Philadelphia really be difficult? Have any tech or marketing companies regretted a relocation to Philadelphia?

No, it wouldn't be difficult but they're obviously letting people live where they want. I would say atm, the talent in these specific disciplines isn't deep yet in tech in Philly in the way that it is in life sciences. So it's more a matter if any of that talent will migrate here over time. Personally, from a career development perspective, I think it's always important (if you're ambitious) to be where the boss is...so it could happen.

But my comment is more specifically related to the the amount of capital that is going to get thrown around once they go public. It would be nice if more of the top brass and new executives lived here to spend that money in our local economy (and pay PA taxes against it). Philly only needs say, 3-5 blockbuster IPOs following Spark to put real money into the local scene.

[TempleGuy1000]

Originally Posted by 3rd&Brown

No, it wouldn't be difficult but they're obviously letting people live where they want. I would say atm, the talent in these specific disciplines isn't deep yet in tech in Philly in the way that it is in life sciences. So it's more a matter if any of that talent will migrate here over time. Personally, from a career development perspective, I think it's always important (if you're ambitious) to be where the boss is...so it could happen.

Part of the problem is that we use to have a higher percentage of the tech industry than we do now. Or at least, we had the opportunity to hold a lot bigger piece of the tech pie than we ended up taking. We are almost 40 years removed since anyone has mentioned the word 'Philicon Valley'.. Frankly, a bit of blame is deserved all around. Regional stakeholders letting companies leave for tax incentives elsewhere. Universities sticking to close to their bread and butter and not investing in their science/tech depts. enough to compete with the nation's best compsci programs. A general lack of regional awareness and how to harness the intellectual power as a whole. Idiots like John Street/Darrell Clarke who made/make companies want to flee Philadelphia as fast as possible.

IMO, one of the biggest concrete examples of "we aren't doing something right" is the fact that the FAANG companies sign millions and millions of sq ft of tech office space in cities and areas all around Philadelphia, but NEVER IN Philly. Hell, big tech signs far more office space in Pittsburgh than it does Philadelphia.

Our startup scene has saw some major wins lately (good for the guys at Linode), but as pointed out, that really doesn't mean much if the companies aren't committing to a lot of office space or bigger head counts locally.

[chimpskibot]

Originally Posted by TempleGuy1000

Part of the problem is that we use to have a higher percentage of the tech industry than we do now. Or at least, we had the opportunity to hold a lot bigger piece of the tech pie than we ended up taking. We are almost 40 years removed since anyone has mentioned the word 'Philicon Valley'.. Frankly, a bit of blame is deserved all around. Regional stakeholders letting companies leave for tax incentives elsewhere. Universities sticking to close to their bread and butter and not investing in their science/tech depts. enough to compete with the nation's best compsci programs. A general lack of regional awareness and how to harness the intellectual power as a whole. Idiots like John Street/Darrell Clarke who made/make companies want to flee Philadelphia as fast as possible.

IMO, one of the biggest concert examples of "we aren't doing something right" is the fact that the FAANG companies sign millions and millions of sq ft of tech office space in cities and areas all around Philadelphia, but NEVER IN Philly. Hell, big tech signs far more office space in Pittsburgh than it does Philadelphia.

Our startup scene has saw some major wins lately (good for the guys at Linode), but as pointed out, that really doesn't mean much if the companies aren't committing to a lot of office space or bigger head counts locally.

While Philly doesnt have a strong FAANG presence, I dont think it is that much of a detriment to the city. The Philly area has a ton of Fintech, private-equity management, bio-pharma Tech and other startup companies within the city that are not really talked about and they are all expanding/growing. Many of these companies see the talent in the city and are actively planning on expanding into the city with satellite locations. I can think of a few in the pharmaceutical SaaS realm. I also think that while tech is a boon for many cities it can drastically change the calculus for other business growth and displace low-to-medium salaried individuals who are essential to the vibrancy of Philly. Philly is really poised for growth from many fronts and I think that it is much healthier than putting all our eggs into tech, or bio-tech or finance.

[TempleGuy1000]

Originally Posted by chimpskibot

While Philly doesnt have a strong FAANG presence, I dont think it is that much of a detriment to the city. The Philly area has a ton of Fintech, private-equity management, bio-pharma Tech and other startup companies within the city that are not really talked about and they are all expanding/growing. Many of these companies see the talent in the city and are actively planning on expanding into the city with satellite locations. I can think of a few in the pharmaceutical SaaS realm. I also think that while tech is a boon for many cities it can drastically change the calculus for other business growth and displace low-to-medium salaried individuals who are essential to the vibrancy of Philly. Philly is really poised for growth from many fronts and I think that it is much healthier than putting all our eggs into tech, or bio-tech or finance.

I agree with pretty much everything you said, but I still believe having a few more truly institutional type companies around with skin in the game would go a long way to helping sustain the current momentum.

[PHLtoNYC]

Originally Posted by TempleGuy1000

I agree with pretty much everything you said, but I still believe having a few more truly institutional type companies around with skin in the game would go a long way to helping sustain the current momentum.

It would definitely help in retaining young talent.
Thousands of students attend city & area universities, and having some level of FAANG presence will certainly help post-graduate retention rates.

Side note I find it annoying that Elon Musk donates many millions to U Penn and praises the University, but chose Austin for Tesla operations expansion. Philadelphia doesn't have the quite the tech muster of Austin, but certainly educates those in the field, and can steal talent from NYC and DC. This storyline is common with a lot of big wigs.

[TempleGuy1000]

Originally Posted by PHLtoNYC

It would definitely help in retaining young talent.
Thousands of students attend city & area universities, and having some level of FAANG presence will certainly help post-graduate retention rates.

Yes, those companies are consistently ranked as some of the most sought after and highly admired companies in the world. Sometimes name recognition is an important factor.

Side note I find it odd that Elon Musk donates 10s of millions to U Penn and praises the University, but chose Austin for Tesla operations expansion. Philadelphia doesn't have the quite the tech muster of Austin, but certainly educates those in the field, and can steal talent from NYC and DC.

Musk obviously leans hard into the fake 'libertarian' persona. It's estimated that he personally saved billions of dollars in capital gains taxes by moving from California to Texas.

This storyline is common with a lot of big company leaders. They donate to their area Alma Maters but ignore expanding their empires into the region.

I would say that the super wealthy Wharton grads in particular don't feel any need to support the region once they get their degree. Obviously some of them have contributed a ton of money to different things, but given the who's who list of people who attend Penn's Wharton School, you would think there would be more support.

The city should just cut a deal with Bill Cosby. Tell him he can come to July 4th celebrations or something if he funds city wide street cleaning for a decade lol..

[allovertown]

Originally Posted by PHLtoNYC

It would definitely help in retaining young talent.
Thousands of students attend city & area universities, and having some level of FAANG presence will certainly help post-graduate retention rates.

Side note I find it annoying that Elon Musk donates many millions to U Penn and praises the University, but chose Austin for Tesla operations expansion. Philadelphia doesn't have the quite the tech muster of Austin, but certainly educates those in the field, and can steal talent from NYC and DC. This storyline is common with a lot of big wigs.

Musk is a craven dipshit. The idea he would move tesla operations here is pure fantasy. The move was a money grab. Nothing else factored into the decision.

[Philly Fan]

Originally Posted by PHLtoNYC

Side note I find it annoying that Elon Musk donates many millions to U Penn and praises the University

Just curious, do you have any links or specific sources for Musk donating large sums of money to Penn? I'm a longstanding alum who follows Penn news fairly closely, and I've never heard anything about that--as opposed to, say, the Perelman family, the Lauder family, etc.

[iheartphilly]

https://www.google.com/maps/place/N+10th...c428383bd!8m2!3d39.9525639!4d-75.1565003

two things on this FD building:

1) the brick looks nice, but why two different color bricks? I like the brink on the City Winery side.
2) the would actually look really nice if they ran the brick the entire way up for the building, but I guess that's wishful thinking.

[Clark Park]

A lot of serious excavation work going on at a project tentatively called 2442 Baltimore in University City, West Philly. I can't find any up to date renders, just ones posted a few years ago. Anyone out there have any current info on this project?

[PHLtoNYC]

Originally Posted by TempleGuy1000

Yes, those companies are consistently ranked as some of the most sought after and highly admired companies in the world. Sometimes name recognition is an important factor.

Musk obviously leans hard into the fake 'libertarian' persona. It's estimated that he personally saved billions of dollars in capital gains taxes by moving from California to Texas.

I would say that the super wealthy Wharton grads in particular don't feel any need to support the region once they get their degree. Obviously some of them have contributed a ton of money to different things, but given the who's who list of people who attend Penn's Wharton School, you would think there would be more support.

The city should just cut a deal with Bill Cosby. Tell him he can come to July 4th celebrations or something if he funds city wide street cleaning for a decade lol..

Yup, same reason people flock to NYC for JP Morgan, Goldman, etc., So some presence of big tech in Philadelphia would go a long way, since I'm sure many young people enjoy living in Philadelphia over DC or NYC, but are forced to move for career growth in those fields.

And yea, Penn knows how to work their alumni for major money, but I wish the philanthropic efforts would overflow into the city more than just for Penn's endowment. No idea how that would be accomplished, wishful thinking... But yes to bill cosby

Originally Posted by allovertown

Musk is a craven dipshit. The idea he would move tesla operations here is pure fantasy. The move was a money grab. Nothing else factored into the decision.

Yea, as the case with most big companies but I can wish

Originally Posted by Philly Fan

Just curious, do you have any links or specific sources for Musk donating large sums of money to Penn? I'm a longstanding alum who follows Penn news fairly closely, and I've never heard anything about that--as opposed to, say, the Perelman family, the Lauder family, etc.

$50M and submarine.

https://alumnispotlight.com/2021/01/20/e...-submarine-and-more-to-alma-mater-upenn/

[summersm343]

Originally Posted by Clark Park

A lot of serious excavation work going on at a project tentatively called 2442 Baltimore in University City, West Philly. I can't find any up to date renders, just ones posted a few years ago. Anyone out there have any current info on this project?

That's great to hear! Finally! Also, I would call this neighborhood solidly Spruce Hill or maybe Woodland Terrace (which I would just consider a sub-neighborhood of Spruce Hill).... but anyways, enough of the nitpicking.

This is the most recent design I believe:



https://www.ocfrealty.com/naked-philly/west-philly/groundbreaking-soon-finally-43rd-baltimore