PHILADELPHIA | Highrise Development Thread X

[PHL10]

Originally Posted by mcgrath618

NOOOOOO BUCKLEY FIELD

Haha! That was my first reaction as well. They built Buckley while I was there in the 90s. It had been a big surface parking lot if you can believe it.

[PHLtoNYC]

Moving my comment from low rise thread to here...

Regarding the Drexel project, first wow! The amount of development in U City is astounding, makes me want that red tower to start even more!

The previously announced Life Science building by Republic Properties is planned next to Myers Hall, wonder if they are waiting for Myers to go before starting? Anyone hear any updates about it, still listed on their website "active".

Lastly, I am happy to see Myers replaced with a playing field. A double win for Drexel and U City. I wonder if a new dorm building is in the works elsewhere?

[iamrobk]

Re: Gauthier, just IMO but the story here is her political naiveté. For all of the policy disagreements we may have with Clarke/etc., they tend to play things much smarter than Gauthier did here (which is also not to say that any of them are brilliant political tacticians; I think a lot of Council deserve more credit than they get, though). To be frank, she lost all her leverage once she actually went ahead with this bill. The smart play would have been to threaten this bill (or something similar) and force the developer into making whatever concessions she wanted. But she lost her leverage and ability to actually accomplish pretty much anything productive (and I'm using the word "productive" broadly here) once she actually went ahead with this bill.

[mcgrath618]

Originally Posted by iamrobk

Re: Gauthier, just IMO but the story here is her political naiveté. For all of the policy disagreements we may have with Clarke/etc., they tend to play things much smarter than Gauthier did here (which is also not to say that any of them are brilliant political tacticians; I think a lot of Council deserve more credit than they get, though). To be frank, she lost all her leverage once she actually went ahead with this bill. The smart play would have been to threaten this bill (or something similar) and force the developer into making whatever concessions she wanted. But she lost her leverage and ability to actually accomplish pretty much anything productive (and I'm using the word "productive" broadly here) once she actually went ahead with this bill.

https://en.m.wikipedia.org/wiki/Hanlon's_razor

[mcgrath618]

Originally Posted by PHLtoNYC

Moving my comment from low rise thread to here...

Regarding the Drexel project, first wow! The amount of development in U City is astounding, makes me want that red tower to start even more!

The previously announced Life Science building by Republic Properties is planned next to Myers Hall, wonder if they are waiting for Myers to go before starting? Anyone hear any updates about it, still listed on their website "active".

Lastly, I am happy to see Myers replaced with a playing field. A double win for Drexel and U City. I wonder if a new dorm building is in the works elsewhere?

Think you have your halls confused. Myers is at 33rd and Race. The Republic project was planned at 32nd and Arch.

[PHLtoNYC]

Originally Posted by mcgrath618

Think you have your halls confused. Myers is at 33rd and Race. The Republic project was planned at 32nd and Arch.

Oops, that's bad considering I'm a Drexel alum, lol. I was thinking of Caneris.
I'm even happier to see the actual Myers go, it's a waste of space and a recreation field at that spot is great.

[3rd&Brown]

Originally Posted by PHLtoNYC

Oops, that's bad considering I'm a Drexel alum, lol. I was thinking of Caneris.
I'm even happier to see the actual Myers go, it's a waste of space and a recreation field at that spot is great.

Drexel can always take some of this money it's getting from this development to buy and hold land further afield, in Manuta, Belmont, and/or even East Parkside.

It can have a buy and hold strategy...maybe keep as green space for now as a placeholder for development in the future.

[PurpleWhiteOut]

Originally Posted by 3rd&Brown

Drexel can always take some of this money it's getting from this development to buy and hold land further afield, in Manuta, Belmont, and/or even East Parkside.

It can have a buy and hold strategy...maybe keep as green space for now as a placeholder for development in the future.

This might have been viable in the urban renewal era, but land in these neighborhoods are zoned for either single family or small multifamily buildings and in today's climate it isn't likeely to get rezoned for institutional use. Belmont and East Parkside I see as the next neighborhoods to explode with these lab towers going up because they have beautiful bones, with East Parkside Avenue being one of the most beautiful streets in the city imo.

Typically so far, University City employee housing has been absorbed primarily by graduate hospital, with a majority of health employees being near the South St Bridge, but with lab space moving farther into university City on Market, I think the neighborhoods immediately north will see more interest other than student rentals

[3rd&Brown]

Originally Posted by PurpleWhiteOut

This might have been viable in the urban renewal era, but land in these neighborhoods are zoned for either single family or small multifamily buildings and in today's climate it isn't likeely to get rezoned for institutional use. Belmont and East Parkside I see as the next neighborhoods to explode with these lab towers going up because they have beautiful bones, with East Parkside Avenue being one of the most beautiful streets in the city imo.

Typically so far, University City employee housing has been absorbed primarily by graduate hospital, with a majority of health employees being near the South St Bridge, but with lab space moving farther into university City on Market, I think the neighborhoods immediately north will see more interest other than student rentals

I would assume Drexel could easily change zoning.

It's a weird assertion that employees from University City primarily live in Graduate Hospital when housing prices have exploded in West Philly all the way out to 52nd Street. A little over a decade ago few people wanted to venture past 38th or 40th.

[DIESELPOLO]

Originally Posted by summersm343

Well, not saying this will all happen at once... however, we're a major city and major metropolitan area. We should be able to build up both the Navy Yard and the "Stadium District" simultaneously. Start with the areas along Pattison Ave. between Xfinity Live and Broad Street, and Citizens Bank Park and Broad Street and build out from there.

I fully understand a lot of other cities have one stadium close to neighborhoods or Downtown, and that's why it's been a little bit easier to build up districts around them... however, we do have a huge asset in having 3 stadiums and 4 major sports teams all within a couple blocks of each other. On top of that, Philly Live! Casino, easy access to I-95, I-76, public transit via the Broad Street Line, and close access to the Airport and the Port. Also a short walk to the soon to be newly rehabbed FDR Park?? We should be able to pretty easily build up this area with a concerted effort.

Some highrises - some midrises - some lowrises. Doesn't need to be all offices either...

Imagine a mix of residential buildings, hotels and office space.
Imagine retail and shops - could even build an outdoor type mall or Outlet Mall.
Imagine restaurants, clubs, bars, sports betting venues.
Build one or two smaller concert venues.
Build the Fusion Arena.
What ever happened to that Philadelphia Wax Museum? Build it here.
What ever happened to the Philadelphia Sports Museum? Build it here.
What about the Simeone foundation Automotive Museum? Move it here and give it a proper museum and venue for it's impressive collection rather than be tucked away in some far flung industrial area of the city.

There's a ton of possibilities to make it an awesome district and area of the city and tourist destination year-round.

The stadium district + Navy Yard = Mission Bay neighborhood in SF to me. Mission Bay = on landfill, next to baseball stadium, very connected to transit, and on flat land (read: open to many urban planning possibilities). They've put UCSF (a university), biolabs / life sciences buildings, Uber headquarters, hospitals, apartments, police station, an arena (NBA), and are building several new trophy parks. So it really can be done.

All these buildings are brand new and have very modern architecture – modern architecture done well, imo. With all the newness, it does feel a little vanilla, but with the influx of people, interesting shops/restaurants, and parks with foliage starting to blossom and become overgrown, it definitely is starting to feel like a legitimate place.

[summersm343]

VA plans to close its hospital in University City in massive restructuring

The U.S. Department of Veterans Affairs has proposed closing its hospitals in West Philadelphia and Coatesville due to population shifts and the fact that more care is being provided outside hospitals.

In its recommendations dated March 14, part of a national review, the agency did not provide a timeline for the closures, and indicated that the West Philadelphia facility could be replaced by a newer hospital.

The VA also plans to close its medical center, abbreviated as VAMC, in University City, but will replace it if it cannot establish a “strategic collaboration” with the University of Pennsylvania to assume many of the services provided there. Penn already has close ties with the VA medical center next door.

“Establishing a strategic collaboration between the University of Pennsylvania and the Philadelphia VAMC, while maintaining capacity to provide all Philadelphia VAMC’s current services, will strengthen care quality and the academic and research missions,” the report said.

Penn said that its physicians have provided services to military veterans at the facility since 1948.

”We are incredibly proud of this partnership and are reviewing the recommendations in the VA report released this week to determine how we can best support the VA,“ Penn said in a statement.

Read more here:
https://www.inquirer.com/business/health/va-hospital-philadelphia-coatesville-close-20220316.html

[summersm343]

^^I posted this here because it has major development implications. I initially thought this was very bad news, BUT after reading the article I think this could actually be really great, will likely lead to a complete redevelopment of the site by Penn, and would likely retain the jobs and services here, advance the structures and services to the modern day, and be a more efficient and effective medical center for veterans.

[Redddog]

Originally Posted by summersm343

^^I posted this here because it has major development implications. I initially thought this was very bad news, BUT after reading the article I think this could actually be really great, will likely lead to a complete redevelopment of the site by Penn, and would likely retain the jobs and services here, advance the structures and services to the modern day, and be a more efficient and effective medical center for veterans.

Right? like all there doing is combining efforts with an institution that has a TON of resources.

[cardeza]

Originally Posted by 3rd&Brown

I would assume Drexel could easily change zoning.

It's a weird assertion that employees from University City primarily live in Graduate Hospital when housing prices have exploded in West Philly all the way out to 52nd Street. A little over a decade ago few people wanted to venture past 38th or 40th.

a lot of people ventured past and lived past those points. I think you mean higher income, city newcomers didnt venture past those points.

[summersm343]

Former Veterans Affairs chief concerned about proposal to close VA hospital in Philadelphia

A Philadelphia-area physician who led the Department of Veterans Affairs under the Trump Administration expressed concern Thursday after the department proposed a $2 trillion overhaul of the VA health care system that includes a recommendation to close the 145-bed VA hospital in West Philadelphia.

"I think this process at looking at the current structure of the VA, and what its future needs are, is a healthy process that needs to occur," said Shulkin, noting he initiated the process for such a review when he was secretary of the Department of Veteran Affairs five years ago. "Every health system needs to undergo a similar process when planning for the future and evaluating assets and market conditions, and the VA is no different — but this should be done in a way that recognizes the assets you want to maintain, and identifies assets that may not have significant value."

On Monday, the VA submitted its recommendations to modernize and realign the VA health care system to the Asset and Infrastructure Review Commission.

Its proposed $2 trillion infrastructure overhaul plan calls for closing 35 aging and underutilized hospitals in 21 states, and building 14 new hospitals and 140 outpatient care clinics around the country. The VA said its plans call for creating a health care network "with the right facilities, in the right places, to provide the right care for all veterans," including underserved and at-risk veteran populations.

The restructuring plan still has a long way to go before it is enacted. It will require Congressional approval and that of an independent commission of veterans advocates. The Asset and Infrastructure Review Commission is expected to hold hearings on the proposal next year.

The VA is recommending closing the Corporal Michael J. Crescenz VA Medical Center in West Philadelphia, which along with its acute care beds has a 135-bed nursing home, and the 302-bed VA Coatesville Medical Center in Chester County. The Philadelphia VA hospital also operates community-based outpatient clinics in Horsham, and at Fort Dix and in Camden in New Jersey.

The two VA hospitals combined have about 4,000 employees — approximately 2,800 at the Philadelphia center and 1,200 in Coatesville.

"I always believed the Philadelphia market was underserved, not over-bedded," he said. "New York City has three VA hospitals, Chicago has three. Philadelphia really only has one. The Coatesville medical center really is for behavioral health, and there are none in South Jersey."

Under the VA's proposal, the department would seek to establish a "strategic collaboration" with the University of Pennsylvania Health System, under which Penn Medicine would assume many of the services provided at the Philadelphia VA hospital that borders the Penn campus. Penn Medicine physicians already provide services to veterans there.

If a collaboration with Penn Medicine does not occur, the VA proposal states a replacement would be built "in the vicinity of Philadelphia" for the medical center on Woodland Avenue that opened in 1948.

"My strongest feeling [about the overhaul proposal] is VA facilities need to be updated," he said. "They are generally older medical centers. The general role for hospitals in the private sector is they need to be rebuilt every 10 to 15 years to be contemporary. VA hospitals have fallen far, far below those standards."

Article behind paywall here:
https://www.bizjournals.com/philadelphia...cx_testVariant=cx_8&cx_artPos=0#cxrecs_s

[summersm343]

Originally Posted by mcgrath618

NOOOOOO BUCKLEY FIELD

I loved playing football there

Sooo, I heard a rumor today the Buckley Field, Buckley Green and Buckley Tennis Courts will all be moved to where Myers Hall is, and all three sites are going to be developed with new buildings. No idea how accurate that is, but guess we'll see

[El Duderino]

Originally Posted by summersm343

Sooo, I heard a rumor today the Buckley Field, Buckley Green and Buckley Tennis Courts will all be moved to where Myers Hall is, and all three sites are going to be developed with new buildings. No idea how accurate that is, but guess we'll see

that myers hall parcel is huge, so it could definitely handle having all that stuff in one location. and given fry’s track record, i wouldn’t be surprised at all if he wanted to redevelop even more. it’s pretty incredible how real estate development has been such a major part of drexel’s value proposition to students (among many other things) recently.

[mcgrath618]

Re: Myers...

...the article announcing the new Drexel lab project said as much.

[summersm343]

April CDR Submissions are up!

No highrises and nothing too exciting this time. Mostly everything we already know about except for a new mixed-use apartment building on Ridge Ave in Roxborough.

https://www.phila.gov/departments/philadelphia-city-planning-commission/public-meetings/

[summersm343]

Inside Philly’s $8B year: Startups are raising more VC earlier and women founders see more funding

We already know that Philadelphia had its best year ever for venture capital in 2021, following an uncertain year in 2020.
But a new report from the Philadelphia Alliance for Capital and Technology, aka PACT, gives us a closer look into where that capital went.

At year’s end, companies in the Philadelphia region had raised $8 billion in investments across 395 deals, PitchBook data found. The region, which includes Camden and Wilmington, has been on a steady incline in VC dollars since a dot-com era boom in 2000. Totals for the year often landed around $1 billion until 2019, which hit more than $2 billion. But 2021 showed extreme growth beyond the norm.

This PACT report shows just under $8 billion in venture capital raised across 411 deals. It also notes that one Philly company — Callowhill’s Gopuff — was responsible for nearly half of that money, due to its $3.65 billion across multiple rounds (Series G and H), the report says.

“The sheer size of Gopuff’s fundraising and the scaling of the operations has positively demonstrated that you can build a global company out of Philadelphia,” said Dean Miller, PACT’s president and CEO. in a statement. “Philadelphia has been a center for biotech and healthcare entrepreneurs, and more recently, it has been an enterprise tech powerhouse. The region has not had many name-brand consumer successes, but Gopuff is changing that and spawning several other startups.”

Second in raises was “ugly” produce delivery company Misfits Market, for raising a two-part Series C last year, for a total of $425 million. Life sciences companies Nikang Therapeutics followed at $200 million in funding and Century Therapeutics came after with $160 million. dbt Labs came next with $150 million; the local SaaS company’s $222 million Series D won’t be counted until next year’s roundup.

HealthVerity, DuckDuckGo, Phenom, Aro Biotherapeutics, Sepax Technologies, Interius BioTherapeutics and Crossbeam rounded out the list of massive raises — $75 million and above — in 2021. (Worth noting: DuckDuckGo said it raised $100 million in 2020.)

Read/view more here:
https://technical.ly/startups/philly-vc-report-pact/