PHILADELPHIA | Lowrise/General Developments Thread II - Page 131

summersm343 · #**2601** Posted **Sep 12, 2023, 4:23 PM**

700 N Delaware Avenue updates from Rising Real Estate

https://www.facebook.com/risingrealestate

BroadandMarket · #**2602** Posted **Sep 13, 2023, 2:22 PM**

Going to the Philadelphia Art Commission today. These look awesome IMO. The Italian Market could really use something like this.

Redddog · #**2603** Posted **Sep 13, 2023, 3:33 PM**

Quote:

Originally Posted by BroadandMarket

Going to the Philadelphia Art Commission today. These look awesome IMO. The Italian Market could really use something like this.

I noticed they kept the gaping weed and trash filled hole out of these renderings.

PHLtoNYC · #**2604** Posted **Sep 13, 2023, 4:11 PM**

^ This is cute, but probably best to wait until after the proposed tower is built.
Most of that would have to come out to allow construction equipment through.

OT, but funny how renderings make the stretch look as busy as 5th Avenue.

jaysb · #**2605** Posted **Sep 13, 2023, 7:20 PM**

Lots of fences up on the north side of the Muni Services Building...I'm assuming that's the revamp of Paine Plaza? Great news if so, much quicker than expected!

Mr Saturn64 · #**2606** Posted **Sep 14, 2023, 12:56 AM**

Penn Museum to begin major renovations on Ancient Egypt and Nubia Galleries

https://www.thedp.com/article/2023/0...ies-renovation

PHLtoNYC · #**2607** Posted **Sep 14, 2023, 1:13 PM**

Besides the somewhat misleading headline (big city does not mean it must be over 1M people). There is some good news for Philadelphia in terms of decreasing poverty and increasing incomes.

Philadelphia’s poverty rate is improving, but it remains the poorest big city in America
https://www.inquirer.com/news/philad...-20230914.html

Philadelphia’s poverty rate is the lowest it has been in nearly two decades — but vast disparities exist between racial groups, with communities of color bearing the brunt of the city’s economic struggle.

And Philadelphia remains the poorest big city in the nation. But its 21.7% poverty rate is close to that of Houston, meaning that the city could shed its longtime and unwanted title in the coming years if trends continue.

Philadelphia’s poverty rate has been in decline since 2011, when it was 28.4%, and continued to drop at a steady pace, even through the pandemic. According to the estimates, the 21.7% rate in 2022 is down a percentage point from 2021.

The median household income in Philadelphia has also climbed steadily since the Great Recession. The estimate for 2022 was $56,500, a 7% increase from 2021 and 15% higher than the inflation-adjusted median income in 2005.

Philadelphia also continues to hold the stigma associated with being the poorest big city in the country, but Houston, the city with the next-highest level of poverty, has a rate only a percentage point lower, at 20.7%.

The gap between Philadelphia and Houston is well within each city’s margin of error (+/- 1.6 percentage points for Philadelphia, and +/- 0.9 percentage points for Houston), meaning that the poverty rates in Philadelphia and Houston could be considered statistically tied.

summersm343 · #**2608** Posted **Sep 14, 2023, 1:20 PM**

^^Love it! Good news all around. A 7% increase in the city’s median household income and a 1% decrease in the poverty rate effectively tying us with Houston? Leave it to the Inquirer to spin otherwise good news negatively. Unbelievable

PHLtoNYC · #**2609** Posted **Sep 14, 2023, 2:00 PM**

Quote:

Originally Posted by summersm343

^^Love it! Good news all around. A 7% increase in the city’s median household income and a 1% decrease in the poverty rate effectively tying us with Houston? Leave it to the Inquirer to spin otherwise good news negatively. Unbelievable

I think it is inevitable that Philadelphia's poverty rate will fall below Houston's within a few years (if current rates continue), but I'm sure the Inquirer will find a negative spin on that too.

But yes, when reading the article, the details show great signs of improvement for the city, and Philadelphia may soon lose that unfortunate title!

cardeza · #**2610** Posted **Sep 14, 2023, 3:16 PM**

Quote:

Originally Posted by jaysb

Lots of fences up on the north side of the Muni Services Building...I'm assuming that's the revamp of Paine Plaza? Great news if so, much quicker than expected!

That would be good news. They are also making some renovations to the East Portal of City Hall- have no idea what they are fixing in there but you can no longer exit to east market.

UrbanRevival · #**2611** Posted **Sep 14, 2023, 3:23 PM**

Quote:

Originally Posted by PHLtoNYC

I think it is inevitable that Philadelphia's poverty rate will fall below Houston's within a few years (if current rates continue), but I'm sure the Inquirer will find a negative spin on that too.

But yes, when reading the article, the details show great signs of improvement for the city, and Philadelphia may soon lose that unfortunate title!

Absolutely good news. And it wouldn't be Philly media without some type of negative jab about the city.

It's obvious that the city population continues to grow more financially stable. And the data nerd that I am, I've already been digging into the ACS numbers and found something else very fascinating that supports the income growth data:
Philadelphia is now more highly-educated than the national average.

Overall, 36.3% of Philadelphians have a college degree or higher, versus 35.7% nationally (that gap grows with lower age groups, too: 42.9% in Philly versus 40.5% nationally amongst 35-44 year olds; and 53% in Philly versus 39.8% nationally amongst 25-34 year olds).

I think this definitely supports the evidence of a lot of demographic "churn" going on. The population of college-educated educated individuals grew in the city by ~20,000 in the past year according to ACS, versus a decline of ~28,000 of individuals with a HS Degree or less. The number of households earning less than $25,000 annually also decreased by about 8,000, despite the number of households growing in the city by ~34,000 overall.

jaysb · #**2612** Posted **Sep 14, 2023, 5:37 PM**

Quote:

Originally Posted by UrbanRevival

Absolutely good news. And it wouldn't be Philly media without some type of negative jab about the city.

It's obvious that the city population continues to grow more financially stable. And the data nerd that I am, I've already been digging into the ACS numbers and found something else very fascinating that supports the income growth data:
Philadelphia is now more highly-educated than the national average.

Overall, 36.3% of Philadelphians have a college degree or higher, versus 35.7% nationally (that gap grows with lower age groups, too: 42.9% in Philly versus 40.5% nationally amongst 35-44 year olds; and 53% in Philly versus 39.8% nationally amongst 25-34 year olds).

I think this definitely supports the evidence of a lot of demographic "churn" going on. The population of college-educated educated individuals grew in the city by ~20,000 in the past year according to ACS, versus a decline of ~28,000 of individuals with a HS Degree or less. The number of households earning less than $25,000 annually also decreased by about 8,000, despite the number of households growing in the city by ~34,000 overall.

Awesome data, I really appreciate this. Feel free to share these anytime!

My HQ is in Houston (perfectly fine yet boring city, imo) so I will have a bit to jab them on...

el don · #**2613** Posted **Sep 14, 2023, 6:20 PM**

So since 2005 the inflation adjusted median income is 15% higher. Meanwhile since 2005 the cumulative price change is 57.21%. Which means the US dollar has lost 36% of it's value since 2005.... Sounds like a shit sandwich.

Holt · #**2614** Posted **Sep 14, 2023, 6:32 PM**

This is cool - Per OCF, Ash Hotels has bought the Alexander Inn in the gayborhood.

They had previously tried to convert an old factory in Old City but I think the pandemic ruined those plans.

This team makes amazing hotels, I've been to their spaces in Providence and Baltimore. Really excited to see what they do.

Also, cool that the zoning document mentions they might also be renovating another nearby building as long term apartments?

Justin7 · #**2615** Posted **Sep 15, 2023, 1:57 PM**

Quote:

Originally Posted by el don

So since 2005 the inflation adjusted median income is 15% higher. Meanwhile since 2005 the cumulative price change is 57.21%. Which means the US dollar has lost 36% of it's value since 2005.... Sounds like a shit sandwich.

Is this trolling? You're comparing inflation adjusted income to... inflation?

BroadandMarket · #**2616** Posted **Sep 15, 2023, 2:09 PM**

Quote:

Originally Posted by Holt

This is cool - Per OCF, Ash Hotels has bought the Alexander Inn in the gayborhood.

They had previously tried to convert an old factory in Old City but I think the pandemic ruined those plans.

This team makes amazing hotels, I've been to their spaces in Providence and Baltimore. Really excited to see what they do.

Also, cool that the zoning document mentions they might also be renovating another nearby building as long term apartments?

Wow that's awesome. I've been to the Peter and Paul hotel in New Orleans they did and it's incredible. Probably the coolest adaptive reuse for a church I've ever seen. Maybe they can get their hands on Church of the Assumption on Spring Garden before it's too late.

Radio5 · #**2617** Posted **Sep 15, 2023, 2:27 PM**

Quote:

Originally Posted by Holt

This is cool - Per OCF, Ash Hotels has bought the Alexander Inn in the gayborhood.

They had previously tried to convert an old factory in Old City but I think the pandemic ruined those plans.

This team makes amazing hotels, I've been to their spaces in Providence and Baltimore. Really excited to see what they do.

Also, cool that the zoning document mentions they might also be renovating another nearby building as long term apartments?

Whoooa. These guys are the best of the best when it comes to boutique hotel design. Very exciting if this is true.

el don · #**2618** Posted **Sep 15, 2023, 4:11 PM**

Quote:

Originally Posted by Justin7

Is this trolling? You're comparing inflation adjusted income to... inflation?

Wage growth vs Inflation is what I meant to compare. My point was it doesn't matter that wages went up 15% when things on average are 57% more expensive in 17 years. If anything, that means people are falling even more behind. Obviously not a Philly only thing.

BroadandMarket · #**2619** Posted **Sep 15, 2023, 4:15 PM**

https://www5.septa.org/bulletins/con...fhJsVuxUVy8hTQ

Please let this just work seamlessly like it does in NYC. Then finish adding real time train arrival and clean up the El and I feel like Septa would be totally adequate haha. Last I saw they'd be done in the fall but I wouldn't hold my breath. 2nd Street and 15th did not have them as of last night. Also even once they get the real time arrival signs on the platform, I'd love to see them at the top of the stairs so like if you get off the El at 15th, you should be able to see when the next BSL trains are coming so you know if you have to hustle or not.

https://www.inquirer.com/transportat...-20230623.html

Justin7 · #**2620** Posted **Sep 15, 2023, 5:06 PM**

Quote:

Originally Posted by el don

Wage growth vs Inflation is what I meant to compare. My point was it doesn't matter that wages went up 15% when things on average are 57% more expensive in 17 years. If anything, that means people are falling even more behind. Obviously not a Philly only thing.

Wages did not go up 15%. They went up 15% while adjusting for inflation. This means purchasing power has increased 15% in real terms. That's the end of the equation. What you're failing to understand is that that 15% already accounts for the rise in prices (aka inflation).

You need to compare non-adjusted wages to prices. The non-adjusted median wage in 2005 was $32,573 in 2005, according to the article.