PHILADELPHIA | Lowrise/General Developments Thread

[skyhigh07]

Originally Posted by Londonee

I live, work, and play in Center City, everyday. It feels about the same as it has for the last decade or so.

Really? I think I read somewhere that we’re coming out of a pandemic and cities haven’t been fairing particularly well over the last few years.

[summersm343]

Agree. I feel like Center City is just as vibrant as I can ever remember it.

The only streets that feel noticeably quieter are Market West and JFK Blvd. Everywhere else seems just as busy and vibrant in Center City.

[summersm343]

Historic Building Getting New Life, Additional Backyard Neighbor in Roxborough?

Current site of 7041 Ridge Avenue:





Site Plan of the project which will have 24 residential units in total:



Renderings of the project:





Read/view more here:
https://www.ocfrealty.com/naked-philly/m...ditional-backyard-neighbor-in-roxborough

[Londonee]

Originally Posted by allovertown

I'm in center city a lot less frequently because I rarely go into office, when I am it's still felt slightly less busy than usual. I went into the office last week on Wednesday and it was pretty crowded but it felt less busy than it usually would on a beautiful day in February that touched 70 degrees.

In my neighborhood though and around the Italian market area, I feel like it's busier than it's ever been before.

From a busy-ness standpoint, it's definitely quieter - especially in the M-F work window - but from a cleanliness / homeless standpoint - it's really about the same as it always has been.

Originally Posted by skyhigh07

Really? I think I read somewhere that we’re coming out of a pandemic and cities haven’t been fairing particularly well over the last few years.

Not according to all of our property values...

[Redddog]

I feel like it's pretty close to normal. It's become a pain in the ass to find a couple of seats at a bar in CC. That's my gage.

[PHLJD13]

Originally Posted by summersm343

Agree. I feel like Center City is just as vibrant as I can ever remember it.

The only streets that feel noticeably quieter are Market West and JFK Blvd. Everywhere else seems just as busy and vibrant in Center City.

THIS. I completely agree the "live/play" sections of Center City are in the home stretch. Thrilled to see it!

However, the "work" corridors of West Market and JFK, where my office is, are at maybe 60% of pre-pandemic on a good day. More concerning, the Suburban Station concourse is a ghost town during the hours it should be packed with commuters.

[thoughtcriminal]

Originally Posted by Redddog

I feel like it's pretty close to normal. It's become a pain in the ass to find a couple of seats at a bar in CC. That's my gage.

CC feels like it's coming back, but still has a little ways to go. However, I did ride the MFL about 2 weeks ago and it was packed. that is a leading indicator of how much things are getting back to normal. Also the regional rail seems to be getting more crowded, at least the line I ride. it's not to the point where I ever have to share a seat, but it's more crowded than it was a year ago, for sure.

[skyhigh07]

Originally Posted by Londonee

Not according to all of our property values...

No no. My tolerance for spin is low today. You know very well what I meant

[PHLtoNYC]

Updates on this project, and the adjacent large proposed project at 6th & Fairmount looks close to getting underway. Fairmount Manor is fenced off.

Construction Underway for Apartment Tower, Amazon Fresh at 5th & Spring Garden

https://www.ocfrealty.com/naked-philly/n...-tower-amazon-fresh-at-5th-spring-garden

[Nova08]

London-based Achilles Therapeutics picks Philadelphia for its first U.S. location
https://www.bizjournals.com/philadelphia...les-therapeutics-picks-philadelphia.html

As for selecting 401 N. Broad, it came down to how quickly the company could secure space and move in along with the flexibility to do a three-year lease and grow within the building.
...
At the end of the fourth quarter, 68 life sciences tenants totaling 2.7 million square feet were in the Philadelphia market looking for space, according to a CBRE report. Roughly 1.1 million square feet of new and converted space is under development and expected to be completed this year.

[PHLtoNYC]

^ Excellent news!

[skyhigh07]

https://phillyyimby.com/2022/03/more-progress-at-214-vine-street-in-old-city-center-city.html

Seems like 214 Vine has been redesigned sadly. Although, the new rendering doesn’t seem to match the massing and window placement of what’s actually being built there either.

[PHLtoNYC]

More game changing news.

Ensemble/Mosaic team brings in Canadian real estate firm in $1.5B Navy Yard play

https://www.bizjournals.com/philadelphia...c-brings-in-oxford-properties-group.html

"Oxford Properties Group, a global real estate firm based in Ontario, has entered into an agreement to own and develop three million square feet of life sciences space at the Philadelphia Navy Yard."

"The agreement involves Oxford investing in five properties owned by Ensemble as well as Ensemble/Mosaic’s future life sciences developments. The existing and future development is estimated to be valued at a combined $1.5 billion.
The existing buildings include: 300, 351 and 400 Rouse Blvd., and 4701 and 4751 League Island Blvd. Those buildings are fully leased to Iovance Biotherapeutics, Adaptimmune Therapeutics and WuXi Advanced Therapies."

"This is the first time Oxford has invested in Philadelphia and, with it, brings to 10 the number of life sciences markets it is involved across North America. The company already has a presence in Boston, Seattle and last week entered San Diego with a $464 million acquisition of a 13-building life sciences portfolio. In the last 12 months, it made $2 billion in life sciences related acquisitions across North America."

"The company has a strategy to build a life sciences portfolio and finds Philadelphia and the Navy Yard part of what is becoming a leading life sciences and innovation hub."

“We’re very bullish on the greater Philadelphia area as it relates to life sciences and as it relates to the future of the city,” said Chad Remis, executive vice president at Oxford, in an interview.
Oxford comes to Philadelphia based on similar reasons other developers and investors have put Philadelphia in their crosshairs including its educational and research institutions, National Institutes of Health and venture capital funding and talent. Added to that is the sheer demand for life sciences space, lack of supply, low vacancy rates and rising rents. “The Navy Yard and Philadelphia are the center for cell and gene therapy,” Remis said. “We believe in Cellicon Valley. We would like this to be our first but not our last investment in Philadelphia.”"

[PHLtoNYC]

Originally Posted by skyhigh07

https://phillyyimby.com/2022/03/more-progress-at-214-vine-street-in-old-city-center-city.html

Seems like 214 Vine has been redesigned sadly. Although, the new rendering doesn’t seem to match the massing and window placement of what’s actually being built there either.

Yea, that is disappointing, and neither render matches real life. I wonder when the developer switched the design?

I might be tough with this comment, but if that is a pile of junk unlike either render, they should have to start over.

[skyhigh07]

Originally Posted by PHLtoNYC

Yea, that is disappointing, and neither render matches real life. I wonder when the developer switched the design?

I might be tough with this comment, but if that is a pile of junk unlike either render, they should have to start over.

What’s odd is that it’s within the Old City Historic District. Wouldn’t the changes have to be presented to the PHC? I didn’t see anything about it in the meeting minutes.

[summersm343]

Update on 6th & Fairmount redevelopment project

Current view of site:



Current view of site:



Rendering of redevelopment:



Aerial massing rendering of redevelopment:



Read/view more here:
https://www.ocfrealty.com/naked-philly/n...-tower-amazon-fresh-at-5th-spring-garden

[summersm343]

Washington Avenue will vary between 3 and 5 lanes under latest redesign

Washington Avenue will be put on a mixed road diet with the number of lanes varying by section and get new traffic-calming changes when it is repaved later this year, city officials announced Tuesday. This latest configuration comes after nine years of analysis and contentious debate over safety and convenience on the South Philadelphia corridor.

Four blocks of the avenue will retain the existing five-lane configuration, eight blocks will slim down to four lanes, and 10 blocks will narrow to three lanes.

Protected bicycle lanes will be installed on 18 of the blocks; business owners will get marked loading zones and vehicle parking outside of travel lanes, officials said, to reduce double-parking and congestion.

The plan will be discussed with the public at 6:30 p.m. tonight at the Christian Street YMCA, 1724 Christian St., Philadelphia, Pa. 19146.

Read more here:
https://www.inquirer.com/transportation/...nt-gentrification-planning-20220301.html

[PurpleWhiteOut]

Originally Posted by skyhigh07

What’s odd is that it’s within the Old City Historic District. Wouldn’t the changes have to be presented to the PHC? I didn’t see anything about it in the meeting minutes.

This was my thought as well and I was just about to post the same thing lol. I would think this would have to be approved.

Re 401 N Broad gaining Achilles Therapeutics: that's really interesting because I didn't know 401 N Broad had useable space. I thought the whole building was taken up by telecom and data exchanges. A more mixed use could enliven that area more. Maybe as North Broad is developing, the property owner is realizing they can get more money with more active uses?

Re Navy Yard: that's great news and even more exciting that they're bullish on Philly, maybe they'll expand into UC too

[Mayormccheese]

Originally Posted by PurpleWhiteOut

This was my thought as well and I was just about to post the same thing lol. I would think this would have to be approved.

Re 401 N Broad gaining Achilles Therapeutics: that's really interesting because I didn't know 401 N Broad had useable space. I thought the whole building was taken up by telecom and data exchanges. A more mixed use could enliven that area more. Maybe as North Broad is developing, the property owner is realizing they can get more money with more active uses?

Re Navy Yard: that's great news and even more exciting that they're bullish on Philly, maybe they'll expand into UC too

Has there been any movement on expanding the rail park?

[Busy Bee]

Originally Posted by summersm343

Chechnya?