PHILADELPHIA | Highrise Development Thread X

[Inquizative]

Yeah, it's what you might of feared, they're cutting them down today. I believe 2 so far, with a large heavy duty wood chipper, the biggest I've ever seen. Whole tree trunks are being ground up into mulch in an instant. I've always hoped they figure a way to build and leave the trees, that comfortable shade that we need (especially these days of extreme heat) is now gone.

[mcgrath618]

Originally Posted by Clark Park

Update: site clearance has begun with excavation commencing; a few very large mature trees have been - I would guess these were 50-60 feet tall and at least 110-120 year old. A brief discussion about this project was brought up in a West Philadelphia Facebook page and it seems the New York real estate developer (Clarkmore Group LLC) has abandoned the original architectural design by Cecil Baker.

Good. The new design is much more appropriate for the area.

A wise man on here once said that Cecil Baker was the Nickelback of architects.

Also, it’s a Lowrise so we should probably be discussing this in the Lowrise thread.

[UrbanRevival]

Interesting general "big city downtown" related article in the NYTimes today speaking to the reliance on downtown office space for vibrancy/economic development. Philadelphia is notable (perhaps not surprisingly) for how little Center City relies on office space, especially compared other major metro downtowns like Boston, San Francisco, and Chicago.

There will continue to be a post-COVID identity search for all downtowns, but over the long-term, I think Philadelphia's much greater use diversity in its downtown (only 42% office) is very much a feather in its cap:

The Downtown Office District Was Vulnerable. Even Before Covid.

In some downtown business districts, 70 percent to 80 percent of all real estate is dedicated to office space, according to an Upshot analysis with CoStar, a company that tracks real estate down to the individual building. That means there are few residents to support restaurants at night or to keep lunch counters open if office workers stay away, and few reasons for visitors to spend time or money there on the weekend.

https://www.nytimes.com/interactive/...ore-covid.html

[mcgrath618]

Originally Posted by UrbanRevival

Interesting general "big city downtown" related article in the NYTimes today speaking to the reliance on downtown office space for vibrancy/economic development. Philadelphia is notable (perhaps not surprisingly) for how little Center City relies on office space, especially compared other major metro downtowns like Boston, San Francisco, and Chicago.

There will continue to be a post-COVID identity search for all downtowns, but over the long-term, I think Philadelphia's much greater use diversity in its downtown (only 42% office) is very much a feather in its cap:



https://www.nytimes.com/interactive/...ore-covid.html

MUCH of CC is residential. It’s the densest downtown outside of Manhattan.

[EastSideHBG]

Originally Posted by UrbanRevival

Interesting general "big city downtown" related article in the NYTimes today speaking to the reliance on downtown office space for vibrancy/economic development. Philadelphia is notable (perhaps not surprisingly) for how little Center City relies on office space, especially compared other major metro downtowns like Boston, San Francisco, and Chicago.

There will continue to be a post-COVID identity search for all downtowns, but over the long-term, I think Philadelphia's much greater use diversity in its downtown (only 42% office) is very much a feather in its cap:



https://www.nytimes.com/interactive/...ore-covid.html

This is what hit DC hard during the shutdowns and large parts of the core were ghost towns during COVID-19.

[Jayfar]

Originally Posted by UrbanRevival

Interesting general "big city downtown" related article in the NYTimes today speaking to the reliance on downtown office space for vibrancy/economic development. Philadelphia is notable (perhaps not surprisingly) for how little Center City relies on office space, especially compared other major metro downtowns like Boston, San Francisco, and Chicago.

There will continue to be a post-COVID identity search for all downtowns, but over the long-term, I think Philadelphia's much greater use diversity in its downtown (only 42% office) is very much a feather in its cap:



https://www.nytimes.com/interactive/...ore-covid.html

The Inky is on this story today as well, citing last week's PBJ article of Radian Group's planned exit from Center City.

Philly’s Center City office district holding firm but could see more departures post COVID-19 | Inquirer.com

Excerpt:
Radian Group Inc.’s decision to move its corporate headquarters from Center City to a much smaller space in Wayne could be sign of trouble for Philadelphia’s downtown.

The mortgage insurer, which employs 600 in the Philadelphia region, said it learned during the coronavirus pandemic that employees performed well without coming to the office every day and that the continued flexibility of remote work “best positions us for growth.”

The move by Radian into 55,000 square feet from 150,000 square feet, first reported by the Philadelphia Business Journal Friday, is concerning, said Rose Penny, Greater Philadelphia market research director for the commercial real estate firm Colliers.

“In addition to leaving a major hole in Philadelphia’s [central business district], it potentially signals a trend that other tenants will be significantly shrinking their office spaces,” Penny said Tuesday.

[snip]

[mcgrath618]

I think cities like San Fran and Austin which have built themselves up around office space in the tech industry will be much harder hit than Philadelphia will be (though evidently we won’t be immune to companies downsizing space or leaving).

[summersm343]

Originally Posted by Jayfar

The Inky is on this story today as well, citing last week's PBJ article of Radian Group's planned exit from Center City.

Philly’s Center City office district holding firm but could see more departures post COVID-19 | Inquirer.com

[snip][/INDENT]

A major hole?? Haha... talk about hyperbole. We're talking about 150K sq ft.... and they were already downsizing to 55K sq ft! They have maybe 300 employees in Center City.

While I obviously don't want to see them go... at least they're staying in the metro area. Plus, odds are that anyone for works for them that lives in the city will stay here since they're going to mostly remote work anyways.

[summersm343]

Second CDR Submission is up for July!!

It's all 4 projects we just learned about in the Northern Liberties/SoNo area.

https://www.phila.gov/departments/ph...blic-meetings/

[Jayfar]

Originally Posted by summersm343

A major hole?? Haha... talk about hyperbole. We're talking about 150K sq ft.... and they were already downsizing to 55K sq ft! They have maybe 300 employees in Center City.

While I obviously don't want to see them go... at least they're staying in the metro area. Plus, odds are that anyone for works for them that lives in the city will stay here since they're going to mostly remote work anyways.

To be precise and recalling from my paraphrasing elsewhere of PBJ, contrary to Inky, it was 173,405 square feet across 6 floors at former Centre Square, with about 6 years remaining on lease. Radian needs to find someone to sublet the space they are vacating. They're taking 54K sq feet in Wayne, which itself is a sublet (of former Tivo space, if memory serves).

[Clark Park]

Originally Posted by Inquizative

Yeah, it's what you might of feared, they're cutting them down today. I believe 2 so far, with a large heavy duty wood chipper, the biggest I've ever seen. Whole tree trunks are being ground up into mulch in an instant. I've always hoped they figure a way to build and leave the trees, that comfortable shade that we need (especially these days of extreme heat) is now gone.

Latest news ... every one of the trees were cut down. The property is now a big open empty lot. I thought a few trees on the very perimeter might have been saved, but that was not to be. There are small mountains of chipped wood. If you look at the stumps of the largest trees the number of rings are astounding (I am no dendrochronologist though)... I think a few of those trees must have been 150 years old. The original Italianate mansion on that property - demolished over 10 years ago - was built in 1860.

[summersm343]

Originally Posted by Jayfar

To be precise and recalling from my paraphrasing elsewhere of PBJ, contrary to Inky, it was 173,405 square feet across 6 floors at former Centre Square, with about 6 years remaining on lease. Radian needs to find someone to sublet the space they are vacating. They're taking 54K sq feet in Wayne, which itself is a sublet (of former Tivo space, if memory serves).

I hear ya... and I agree it stinks. I would rather them stay in Center City. HOWEVER, 173K square feet is really next to nothing in the grand scheme of things. That will easily be re-leased, even if among multiple tenants.

Center City's office vacancy rate right now is about 13% which is less than Manhattan, Boston, San Francisco and the Philly PA suburbs.

[Redddog]

Originally Posted by Clark Park

Latest news ... every one of the trees were cut down. The property is now a big open empty lot. I thought a few trees on the very perimeter might have been saved, but that was not to be. There are small mountains of chipped wood. If you look at the stumps of the largest trees the number of rings are astounding (I am no dendrochronologist though)... I think a few of those trees must have been 150 years old. The original Italianate mansion on that property - demolished over 10 years ago - was built in 1860.

You snap any pics, amateur dendrochronologist?

[PhilliesPhan]

Looks like that stupid surface parking lot along 2nd Street in Old City is about to bite the dust! Could this possibly be a highrise proposal, or is it more likely to be a midrise?


ZP-2021-005812
Jul 8, 2021
36-38 S 2ND ST, Philadelphia, PA 19106-2802
PARKWAY CORPORATION, POSEL ENTERPRISES 1, 1

For a lot adjustment to create one (1) parcel from two (2) OPA accounts (36-38 S. 2nd Street and 40-42 S. 2nd Street), as shown on the attached plans. For the erection of a structure with sixty-six (66) dwelling units, twenty-eight (28) bicycle spaces, eighteen (18) accessory off-site vehicle parking spaces, and ground floor commercial spaces, as shown on the attached plans.

[summersm343]

Originally Posted by PhilliesPhan

Looks like that stupid surface parking lot along 2nd Street in Old City is about to bite the dust! Could this possibly be a highrise proposal, or is it more likely to be a midrise?


ZP-2021-005812
Jul 8, 2021
36-38 S 2ND ST, Philadelphia, PA 19106-2802
PARKWAY CORPORATION, POSEL ENTERPRISES 1, 1

For a lot adjustment to create one (1) parcel from two (2) OPA accounts (36-38 S. 2nd Street and 40-42 S. 2nd Street), as shown on the attached plans. For the erection of a structure with sixty-six (66) dwelling units, twenty-eight (28) bicycle spaces, eighteen (18) accessory off-site vehicle parking spaces, and ground floor commercial spaces, as shown on the attached plans.

66 units I doubt would be a highrise. Maybe 6-8 floors. Still, this is a great development! Finally this lot bites the dust. There's a few stubborn parking lots hanging on in Old City and there should be NONE! Glad to see this one go.

[iamrobk]

Originally Posted by summersm343

Center City's office vacancy rate right now is about 13% which is less than Manhattan, Boston, San Francisco and the Philly PA suburbs.

Even considering that proportionally, we have a lot less downtown office space than other cities, that's still a wild statistic (in a good way).

[City Wide]

Originally Posted by Clark Park

Latest news ... every one of the trees were cut down. The property is now a big open empty lot. I thought a few trees on the very perimeter might have been saved, but that was not to be. There are small mountains of chipped wood. If you look at the stumps of the largest trees the number of rings are astounding (I am no dendrochronologist though)... I think a few of those trees must have been 150 years old. The original Italianate mansion on that property - demolished over 10 years ago - was built in 1860.

For future posts re this building, try to post in the lowrise section.

[GtownFriend]

Left to right its all under construction..

Philadelphia Skyline from South St Bridge by Ryan Albertson, on Flickr

[JohnIII]

Originally Posted by GtownFriend

Left to right its all under construction..

Philadelphia Skyline from South St Bridge by Ryan Albertson, on Flickr

This is the view from the South Street which I marvel at every day; notice how the condo at 19th and Walnut is prominent. I wonder if the condo at 19 and Chestnut will appear behind it but taller or if it will start to cover Liberty One

This city is growing so much; I love it; I love.

[700 Level]

Originally Posted by GtownFriend

Left to right its all under construction..

Philadelphia Skyline from South St Bridge by Ryan Albertson, on Flickr

Fantastic picture of arguably the best skyline angle. The projects behind each of those cranes are having a nice impact, too!