PHILADELPHIA | Highrise Development Thread X

[Mayormccheese]

Originally Posted by hammersklavier

Reading the article made it clear that the focus was not on the development plan at all; the mall's current owner (Macerich) only merited a brief mention at the end; lengthy discussion about Mosaic Development Partners, who does good work but...why? They're not arena designers. It seemed like the article was meant to appease somebody to be honest.

Not to mention the No Public Money promise is a promise I have never, ever seen a sports team owner keep, and the site they chose, could they have made it more infrastructurally more difficult if they tried? There's literally a train station in the basement there! Tokyo Dome is definitely some ways away from Suidobashi station, by contrast, I see it with my own two eyes every time I come home via Shinjuku...

SoFi stadium was privately financed

[mcgrath618]

[TempleGuy1000]

Originally Posted by mcgrath618

This has long been a popular shot of the skyline. I always thought it wasn't the most faltering angle since it basically puts the pre-war skyline south of JFK/Market out of view. However, with all the new buildings, this angle has turned into one of the most interesting views of the modern skyline.

[PHLtoNYC]

Originally Posted by TempleGuy1000

This has long been a popular shot of the skyline. I always thought it wasn't the most faltering angle since it basically puts the pre-war skyline south of JFK/Market out of view. However, with all the new buildings, this angle has turned into one of the most interesting views of the modern skyline.

It has a nice flow of height and prominence from this angle, and the new buildings near West Market fill the gaps nicely.

The angle from Amtrak trains adjacent to the Girard Bridge is another great angle, its slightly more East giving a better vantage point.

I wish the new Edgewater 2 was a more attractive prominent building though,

[Groundhog]

Originally Posted by TempleGuy1000

This has long been a popular shot of the skyline. I always thought it wasn't the most faltering angle since it basically puts the pre-war skyline south of JFK/Market out of view. However, with all the new buildings, this angle has turned into one of the most interesting views of the modern skyline.

The sharp black outline on the Riverview buildings makes it almost look like it's a mock up and they were pasted in. Great shot!

[EastSideHBG]

Originally Posted by Groundhog

The sharp black outline on the Riverview buildings makes it almost look like it's a mock up and they were pasted in. Great shot!

I was going to say something similar also, neat stuff.

[McBane]

Yes, those new black towers do look like a photoshop rendering! Great view but not my favorite - Commerce Sq Towers are featured too prominently; definitely my least favorite Philly 'scrapers (doesn't help that there are two of them).

On the 10 story proposal at 2204 Walnut: Love what they're going to do to the base! Truly spectacular and a huge upgrade over its current state. The addition though is not good. The materials and the setback mar the project. If they could have used the same design/materials for the base and ran it up to the 10th floor without any setback, this could have been a stunning building.

[DeltaNerd]

I can't wait for 3151 Market Street and 3025 John F. Kennedy Boulevard to be done along with the 3001 John F. Kennedy Boulevard eventually. That will really change the skyline.

[Skang]

Guys any Thought on a third Comcast building in the near future ?

[TonyTone]

Originally Posted by Skang

Guys any Thought on a third Comcast building in the near future ?

I went to google to see if we have any new renderings and I saw the YIMBY Article about the design process of the CITC.

https://phillyyimby.com/2021/03/designin...-tallest-skyscraper-in-philadelphia.html

Then in the comment section I saw this

Most people don’t realize this, but the Comcast Technology Center is actually 1,150 feet tall (1,149 feet and six inches, but it’s alright to round up). The roof is at about 950 feet tall. When they added the 60th floor to the design, they added that extra height, but the media never found out. I had a chance to see the official blueprints, and that’s the definitive authority.

Can anyone verify this?

Also here are the renderings from 2018

https://www.bizjournals.com/philadelphia...third-philly-highrise-timber-towers.html

Also a 2015 article about Comcast buying the block for the third tower

https://www.bizjournals.com/philadelphia...st-skyscraper-possibly-in-the-works.html

[thoughtcriminal]

Originally Posted by TonyTone

I went to google to see if we have any new renderings and I saw the YIMBY Article about the design process of the CITC.

https://phillyyimby.com/2021/03/designin...-tallest-skyscraper-in-philadelphia.html

Then in the comment section I saw this



Can anyone verify this?

One question: when they say the 60th floor was added, was the original floor count 58 or 59? Because if they added just the one floor, there is no way that pushes the height up 29 feet. 2 floors, possibly, but not just one.
Also, I find it hard to believe that the media would not have found out something like this. Did the person who posted this post a photo of the blueprint they say they saw? If not, I call bullshit. I've never heard this claim before, and I followed closely from Day 1. Too many people involved for someone not to have leaked it. And why would it even need to be leaked? at 1,150 feet, you'd think they'd shout that from the rooftops, so to speak.
1,121 feet is about the same height as the John Hancock Center in Chicago, which is incredible company to be in. But to be at 1,150 feet, you're within 100 feet of the Empire State Building. They would have made a big deal about that.
All speculation of course, but it doesn't make sense to me.

[Skang]

Well well well , I looked up the architect And the tower is on their website

[thoughtcriminal]

Originally Posted by Skang

Well well well , I looked up the architect And the tower is on their website

Yes I just did too, and Foster + Partners themselves maintain the building is 1,121 feet tall.
I think that's pretty definitive.

[Skang]

I’m talking about the timber tower , supposedly the third Comcast building , I don’t know how realistic this is hickokcole.com
Any thoughts ?

[thoughtcriminal]

Originally Posted by Skang

I’m talking about the timber tower , supposedly the third Comcast building , I don’t know how realistic this is hickokcole.com
Any thoughts ?

I am almost certain that the timber tower was a speculative proposal, used only as an example to illustrate the possibilities of timber technology. I don't believe that particular proposal was ever a bona fide proposal to build.
But there has been a lot of speculation that they do want to build a third tower. Comcast of course plays it very close to the vest, but I would suspect that they would wait until the office market figures itself out a bit (like, what is the long term prospect of people working from home, and what does that mean for the office sector) before building again. I would think that they would build a multipurpose tower again, to hedge against the office market. Probably with a residential portion this time instead of a hotel.
Again, all speculation. I have no inside info, just summarizing the chatter I have heard that most people here have probably heard also.

[JPatrick]

Originally Posted by thoughtcriminal

Yes I just did too, and Foster + Partners themselves maintain the building is 1,121 feet tall.
I think that's pretty definitive.

If you go to the architect’s site and look up the Philadelphia 4 Seasons Hotel instead of Comcast Technology Center, the height is quoted as 1,201 feet.

[thoughtcriminal]

Originally Posted by JPatrick

If you go to the architect’s site and look up the Philadelphia 4 Seasons Hotel instead of Comcast Technology Center, the height is quoted as 1,201 feet.

It also says it's 341 meters, which is closer to 1,121 feet (1,119).

[summersm343]

What downturn? Bidding wars remain the norm for Philadelphia homebuyers, report finds

Even as the housing market cools nationally, buyers looking for homes in the Philadelphia region are more likely to face competition than almost anywhere else in the U.S., a new report finds.

According to an analysis by real estate firm Redfin Corp. (NASDAQ: RDFN), 66% of the offers on homes listed in Greater Philadelphia by Redfin real estate agents encountered competition in June. That's a year-over-year dip of just one percentage point — a stark contrast to the rest of the nation, which is seeing a steep drop-off in bidding wars.

The report found that the rate of offers encountering competition nationally dropped below 50% for the first time since the start of the Covid-19 pandemic, coming in at 49.9% in June. That's a far cry from the bidding-war rate of nearly 70% in January, the peak of competitiveness in the U.S. since Redfin began tracking it in April 2020. Redfin deemed an offer part of a bidding war if it received at least one competing bid.

Rising mortgage rates coupled with high home prices have begun to ward off potential buyers. It's made them less inclined to compete for homes in a housing market that is already seeing affordability hit record lows. This is the fifth straight month that the percentage of bidding wars has declined nationally, and it was down 15 percentage points from 65% last June.

Tampa; Riverside, California; and Phoenix saw the smallest rates of competition in June as some of the markets that have been the hottest since the start of the pandemic begin to slow.

But even as the chaotic bidding wars that characterized much of the past two and a half years begin to wane nationally, the Philadelphia market is an outlier. There were only two metros — both in New England — that had a higher rate of competition than Philadelphia in June. Boston saw nearly 72% of home offers face competition, while bidding wars were encountered by almost 78% of offers in Providence, Rhode Island.

Home prices in the Philadelphia area continue to rise, as well, with the median increasing 9.2% year over year in June to $355,000, according to Bright MLS data. Though many expect the consistent rise to temper as demand slows, the high rate of competition in the Philadelphia area indicates that slowdown isn't here yet.

Because of the consistent competition, the Philadelphia area is also seeing a relatively small percentage of homebuyers backing out of sales while home sale cancellations rise across the U.S.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...cx_testVariant=cx_8&cx_artPos=8#cxrecs_s

[summersm343]

'Flight to quality': Center City and suburban office markets start to show more signs of life

The Center City and suburban office markets are showing signs of stabilizing after a pandemic shock as more companies lease space in trophy buildings and use the opportunity to redesign their new offices to meet the moment of hybrid work.

After a lull in leasing activity for the last two years, companies are starting to make long-term decisions on their space needs and, while they are reducing the amount of space they occupy, they are creating a higher quality environment to lure employees back to the office, said Les Haggett, an office broker with CBRE Inc.

“Philadelphia is following a national trend to flight to quality,” he said. “We’re starting to see companies commit to longer term leases and a smaller footprint. Where it was short term leases in 2020 and 2021, it’s long term now which only makes sense since it’s expensive to commit to higher quality space.”

This flight to quality is manifesting itself in several ways throughout the market. It has meant a divergence between the occupancy rate among trophy and Class A buildings versus lesser quality buildings.

Throughout the metropolitan area, the vacancy of trophy and Class A is 19.4% compared with 21.7% for Class B and C, according to CBRE data. In Center City, the vacancy rate for trophy and Class A buildings is 15.8% compared with 17% for Class B and C buildings.

It’s also revealing itself in different submarkets. Radnor, Conshohocken, Bala Cynwyd and King of Prussia are experiencing more robust deal activity compared with such areas as Horsham, Blue Bell, Plymouth Meeting and Bucks County, where leasing activity remains tepid. The Horsham/Willow Grove submarket has a vacancy rate of 35.5% compared with the Main Line submarket, which stands at 7.7%, according to CBRE Inc.

While data point to an office market still influx, the deals that are getting done show some signs that it’s beginning to find its footing. Leasing activity during the first half of this year outpaced the first half of last year, according to CBRE research. The vacancy rate in Philadelphia's Central Business District nudged down a tad to 17.2% in the second quarter from 17.3% and absorption also slightly improved, according to Newmark second quarter data.

However, both the suburbs and Center City continue to see sublease space come on the market as tenants make long-range decisions to lease less but nicer space.

Jeff Mack, a broker with Newmark, believes a desire by tenants to be in trophy spaces will mean an uptick in the construction of new office buildings and predicts multiple buildings will get kicked off this year as a result. Based on his work with corporate clients, Mack is also seeing a heightened interest in biophilic design, which incorporates natural elements such as wood, water and daylight to enhance connections to nature. Such design can improve productivity and well being, which have come to the forefront during the pandemic.

Landlords who opt out to fund new amenities will begin to consider alternative uses for their buildings. In the suburbs, some office buildings are being converted to industrial or medical use. In Center City, a few landlords are evaluating whether their buildings are ripe for a multifamily or life sciences conversion.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...d-suburban-office-markets-improving.html

[Mr Saturn64]

Originally Posted by Skang

Guys any Thought on a third Comcast building in the near future ?

My cousin works for Comcast in Comcast Tech and I asked her about it at a recent family gathering. She told me that it has definitely been proposed before, but Comcast is having difficulty getting people back into the office post-pandemic. From what I heard, the tower was supposed to be somewhere in the 750-800 foot range. This is second-degree hearsay, so don't take it too seriously.