PHILADELPHIA | Lowrise/General Developments Thread II

[summersm343]

417 Callowhill Street





Read/view more here:
https://www.ocfrealty.com/naked-phil...s-in-old-city/

[El Duderino]

Big news: Philly is putting out an RFP for the Logan Triangle (cue the triumphant horns):

Decades in the Making: Philadelphia Issues RFP for the Logan Triangle
Naked Philly
October 30, 2023

https://www.ocfrealty.com/naked-phil...ogan-triangle/

[PHLtoNYC]

For those wondering, no reason given. If they committed to opening a store, then open a damn store (also looking at Amazon grocery on Spring Garden).

Target cancels new University City location at former International House
https://www.inquirer.com/real-estate...-20231031.html

“We routinely assess our current projects, and have made the decision to no longer pursue a store in this location. We continue to operate 10 stores in Philadelphia,” wrote Target spokesperson Jim Joice in an email.

[Knight Hospitaller]

Amazon and Target seem to throw money around aimlessly. Almost a government business model.

[Redddog]

Originally Posted by Knight Hospitaller

Amazon and Target seem to throw money around aimlessly. Almost a government business model.

I don't blame them for pulling this store - Urban Targets are, for lack of a better term, targets for looting and theft. And if this location - a place where well heeled rich parents take their kids to load up on dorm room supplies - can't make it, the word is out on Target and Philly.

These stores will be a thing of yore in a few years.

[UrbanRevival]

Originally Posted by Redddog

I don't blame them for pulling this store - Urban Targets are, for lack of a better term, targets for looting and theft. And if this location - a place where well heeled rich parents take their kids to load up on dorm room supplies - can't make it, the word is out on Target and Philly.

These stores will be a thing of yore in a few years.

It's really not accurate to place blame on Philly, or any city at all. It's clearly a business model issue--that much is obvious at this point.

Target vastly over-estimated their profitability on its rapid urban expansion. Period, end of story. They can blame "social disorder" all they want; it's a nice deflection from the fact that they made poor business choices and over-extended themselves.

Crime isn’t the full story: What else is affecting retailers in urban areas, in 4 charts

Target is closing nine stores in four metropolitan areas: the San Francisco Bay Area, Portland, Seattle, and New York. The big box retailer cited in its announcement organized retail crime and theft creating an “unsustainable business performance.”

But Target is not alone, and it’s not just theft making it hard for retailers: other pressures triggered by the Covid-19 pandemic, like the migration of high earners out of major cities, the rise of e-commerce and a continued worker shortage, have changed business conditions in urban cores, according to CNN’s analysis of economic data.

Even before the pandemic, closures of brick-and-mortar stores were increasing: 2019 saw more retail store closures than 2020 , according to data from Coresight Research. 2022 was the first year without a net loss in the number of stores since 2016.

https://www.cnn.com/2023/10/12/busin...ance.%E2%80%9D

[ColdJay64]

Originally Posted by Redddog

I don't blame them for pulling this store - Urban Targets are, for lack of a better term, targets for looting and theft. And if this location - a place where well heeled rich parents take their kids to load up on dorm room supplies - can't make it, the word is out on Target and Philly.

These stores will be a thing of yore in a few years.

I respect and often agree with your takes but that's a bit much. This location didn't fail - it never opened. Target is never not aware of their store performance, so I'm not sure what "the word is out on Target and Philly" even means.

[3rd&Brown]

Originally Posted by Redddog

I don't blame them for pulling this store - Urban Targets are, for lack of a better term, targets for looting and theft. And if this location - a place where well heeled rich parents take their kids to load up on dorm room supplies - can't make it, the word is out on Target and Philly.

These stores will be a thing of yore in a few years.

Exageration much? It didn't even open and this location would have been literally on Penn's Campus which probably has the best security situation in the entire city.

TBH. Urban Targets are hit or miss. Some of the larger ones like NoLibs are great...I'm there weekly. But some of the smaller ones never figured out their assortments or angle and simply probably haven't generated the revenue they were hoping for.

Further, some of ya'll have gotten super negative recently. Like do you just sit around and watch Fox News all weekend?

[PurpleWhiteOut]

They won't have a problem filling that retail location anyway, so I wouldn't worry about it

[Londonee]

Originally Posted by Redddog

I don't blame them for pulling this store - Urban Targets are, for lack of a better term, targets for looting and theft. And if this location - a place where well heeled rich parents take their kids to load up on dorm room supplies - can't make it, the word is out on Target and Philly.

These stores will be a thing of yore in a few years.

FWIW, this is an eye-rolling take.

Anyways, not sure if I saw this here - but Vuori is taking over the Scotch and Soda space. And Alo is apparently expected to open in mid-november. #yogapantsforever

[Londonee]

Originally Posted by 3rd&Brown

Further, some of ya'll have gotten super negative recently. Like do you just sit around and watch Fox News all weekend?

[UrbanRevival]

Originally Posted by 3rd&Brown

Further, some of ya'll have gotten super negative recently. Like do you just sit around and watch Fox News all weekend?

I think people just need to get used to more global uncertainty as the new norm for the foreseeable future.

We're all still trying to understand how our society and our economy are being altered with the ubiquity of the Interwebs turning "The Matrix" into reality, a recent major pandemic, political volatility, climate volitility, and new rise in international conflicts, etc. and we don't know how how they'll continue to evolve and impact so many things. So I get that it's easy to fall into pit of gloom and existential crisis these days.

According to Heraclitus, the only constant is change. Societal shifts are inevitable. Uncertainty often breeds negativity, but it should be looked as an opportunity for reinvention and a moment to reassess. We can't lose faith in adaptation and resilience--it's the human way.

[skyhigh07]

It’s really hard to pinpoint why they canceled since they were pretty vague as to their explanation. Since we don’t know, there’s no reason to resume the typical Negadelphian pearl clutching over this. Target actually released a list a month ago of stores they’re closing specifically over security reasons, but Philadelphia wasn’t on it..

Also looks like they’ve been having some significant financial issues lately.
https://seekingalpha.com/article/463...headwinds-grow

[Redddog]

Holy $hit. Lol.

Maybe a touch extreme but these were literally the reasons that company gave when they closed the Chestnut and 11th street store.

My take was an extrapolation of Target's stated path forward as it relates to certain stores. To me, the location and demographic that Target in UC was to serve would have made that a homerun. The fact that they saw it otherwise looked like a harbinger of where they see their brand headed in urban locations.

I'm just an internet jockey. I don't know crap.

They just seem very WaWa-ian in their Philly B&M trajectory.

[jaysb]

I heard a podcast a number of years ago about Target (maybe How I Built This?)
Their initial gameplan/road to success was building stores within X number yards from a highway. Urban stores just aren't their core competency, too bad but life will go on.


Just a shame they try to deflect their poor business decisions on retail theft as the author here dismantles:
https://popular.info/p/target-says-i...medium=reader2

[summersm343]

Yeah... the negativity towards the city lately is truly hilarious. I'm sure it's all because of crime... and while crime is up, it's certainly on a positive trajectory downward with a new mayor and new police commissioner incoming.... with only a matter of time until we have a new DA at this point. The negative viewpoints towards the city seem to be mainly from suburbanites or people who don't get out much.

This really is a beautiful city we live in. Does it have it's problems? Sure. Show me a city that doesn't.... but the city just looks breathtakingly gorgeous this fall. Get out and enjoy it!

[summersm343]

PS - not sure how many times it needs to be stated, but a lot of new developments, new stores, etc. are being delayed and held up due to an increased difficulty in obtaining financing. That, plus an already difficult retail environment are contributing to a lot of this. Theft can be applied to some store locations in some areas, sure... but to use it as a blanket excuse for every store in every part of the city is just ignorant.

[summersm343]

40 Units Almost Complete Near 676 On Ramp at 8th & Callowhill

In the past:


Today:


Read/view more here:
https://www.ocfrealty.com/naked-phil...th-callowhill/

[summersm343]

Construction Nears Completion At The Luxe Phase I At 1705 North American Street In Norris Square

Philadelphia YIMBY’s recent site visit has noted that construction work is nearing completion at The Luxe Phase I, a six-story, 96-unit mixed-use rental development underway at 1705 North American Street in Norris Square. Listed under a full address of 1705-41 North American Street and alternatively branded as The Luxe Fishtown (the developer site labels the neighborhood as Fishtown West), the project stands on a through-block lot that spans from North American Street to the west and North Philip Street to the east. Designed by the Atrium Design Group and Stantec, the project will span 95,000 square feet and feature around 9,900 square feet of ground-floor retail, an extensive amenity suite, a roof deck, and a garage with space for 44 cars and 72 bicycles. Units will range from studios to three-bedrooms. Permits list Turn Key Realty as the contractor and specify a construction cost of $15 million.

Read/view more here:
https://phillyyimby.com/2023/10/cons...is-square.html

[summersm343]

Construction Tops Out At The Luxe Phase II At 1775 North American Street In Norris Square

A recent site visit by Philadelphia YIMBY has observed that construction has topped out at The Luxe Phase II, a five-story, 110-unit mixed-use building underway at 1775 North American Street in Norris Square. The property spans a through-block lot bound by North American Street to the west and North 2nd Street to the east, with an L-shaped bend of North Philip Street and West Montgomery Avenue delineating the property’s southeast boundary. Designed by HDO Architecture, the building will span 110,772 square feet and will include ground-floor retail, elevator service, parking for 60 cars and 39 bicycles, and a roof deck with an outdoor pool. Permits list Tester Construction Group as the contractor and indicate a construction cost of $15.95 million.

Read/view more here:
https://phillyyimby.com/2023/10/cons...is-square.html