Hmmm… I mean, it sounds like they have a lot of gusto and enthusiasm but it doesn’t seem like they’re a big league developer per se. It’ll be interesting to see what they deliver.
https://www.bizjournals.com/philadelphia...loper-vacant-rittenhouse-properties.html
New York developer plans luxury tower on vacant Rittenhouse Square parcels
A New York developer bought three vacant parcels in the heart of Philadelphia's Walnut Street retail corridor and plans to build a luxury high-rise residential tower.
Brooklyn-based Brookliv has acquired the properties at 1706, 1708 and 1710 Walnut St., a block away from Rittenhouse Square. The parcels, currently rubble, are in Center City's commercial mixed-use district zoned CMX-5.
Brookliv CEO Ari Weber told the Business Journal that assembling the trio of vacant lots means the company could build a tower, most likely for apartments, with 30 or more stories and 250,000 square feet of space.
“It’s going to be the nicest building,” Weber said. “It’s going to be what Philly deserves. Beautiful, luxury, high-end.”
Brookliv has developed small-scale projects in New York, Weber said, but none like what he is proposing for Walnut Street. The development would be Brookliv’s first in Philadelphia.
Property records show the purchase price of the parcels totals $12.5 million. In December 2021, Grande Capital LLC paid $4 million each for the parcels at 1708 and 1710 Walnut, according to property records. Last month, 1706 Walnut Street Property Holdings paid $4.5 million to McDonald’s Corp. for the third parcel, property records show. Weber, who announced the purchase on Instagram, said both buyers are associated with Brookliv.
“The third piece was the prize,” Weber said. “This was the winner.”
The three buildings that formerly occupied the parcels burned during protests following George Floyd’s murder in 2020 and were later demolished. Since the buildings had different owners, any prospective buyers needed to negotiate separate deals to acquire the entire vacant area.
More than a year ago, Weber said he received a call about the properties from a childhood friend who now lives in Philadelphia. Weber, a self-proclaimed “Brooklyn guy,” wasn’t planning to expand outside New York but said he immediately recognized the opportunity.
“I’m a guts guy. … I saw the property, it made sense,” Weber said. “I felt it. I felt that energy. I felt it was a good place. I liked it, in a way, better than New York City, believe it or not.”
The purchase comes at a time when construction projects face some uncertainty. New York-based Durst Organization, for example, recently paused construction on a 26-story apartment tower along the Delaware River waterfront, citing challenging economic conditions.
Weber, 31, said he is “in love” with New York but was drawn to Philadelphia’s energy. Data on moving trends showed Philadelphia as a popular destination for people leaving New York, and Weber began to understand why. Specifically near Rittenhouse Square, the steady flow of people walking by high-end shops and restaurants reminded him of Brooklyn. Tiffany & Co., J. Crew and Lululemon are on the same block as the property he bought.
“I had no idea about Walnut Street. … I walked down the block, I was like, ‘Holy. This is just powerful,’” Weber said. “There’s a certain energy walking down the street. It’s high-end, it’s good, it’s classy. It’s a clean neighborhood. It’s good. You feel safe. In real estate, it’s all about location.”
Now that Brookliv owns all three properties, Weber said he can start planning what his company could build. He said he’s received calls from local developers interested in partnering on a project and from hotel companies interested in running a hotel in the potential tower.
Corie Moskow, executive director of the nonprofit marketing organization Rittenhouse Row, said the 1700 block of Walnut Street has been an important home to upscale retail. The vacant lots have been an eyesore as the corridor works its way back from the effects of the pandemic.
“As the neighborhood pushes forward, the hole serves as a symbol of where we were,” Moskow said in an email. “... My hope is that the developer can transform this instead, into a symbol of moving forward. New construction is a beacon of progress.”
While Weber is listening to outside pitches, he said the development would likely incorporate retail on the first floor or first couple floors and residential apartments above. Weber said he wants to solidify plans within the next few months and could begin construction in the next eight to 12 months.
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