PHILADELPHIA | Lowrise/General Developments Thread II

[PHLtoNYC]

Originally Posted by 3rd&Brown

Random observations from a data nerd.

I've mentioned before that I sometimes scan real estate transactions and google buyers names to see what they do. Yes, this is anecdotal, but I do it out of curiousity because I am generally interested in whether the growth in this area a sort of bubble based on constricted supply or is there transformational change happening in the local economy, which is my gut.

2. Fintech is a thing in this region that we need to acknowledge. And it is growing quickly. I forgot Paypal quietly opened an office in Philly a few years back. JP Morgan has been growing its presence in Wilmington for years. I've seen subtley over the years more and more of individuals involved in tech at JP Morgan have moved here. I assume this is more of an opt in thing than a mandate, and is happening through word of mouth among employees at JP Morgan. Like...OMG you can get a whole house here for $700k in an amazining school district, taxes are low, and you can hop on a train and be in NYC in 2 hours!

3. The Coinbase employee in my list was a hire from JP Morgan and is clearly working remote. I imagine this is happening more than we realize as any company involved in Fintech is probably poaching talent in this area which now has critical mass. Said differently, we have quickly developed a deep bench of talent in Fintech and local governments should be courting companies in emerging spaces to locate or open offices here (crypto etc). This might happen on its own organically if these companies continue to hire in the area.

On the data nerd / finance point...

According to a recent financial study (I know every study varies), Philadelphia is listed as an "Associate Centre" for the first time ever. If additional criteria are met / improved upon, Philadelphia would be the 11th American city to join the list of Global Financial Centers. Miami was the newest addition to the full index, and Dallas, Houston and a few other large cities are not listed at all.

A big deal for the Philadelphia area to be a strong player in education, medicine, life sciences, law, and a growing presence in finance.

The Global Financial Centres Index 34
https://www.longfinance.net/media/do...09.28_v1.0.pdf

[summersm343]

Construction Underway At 1314-32 Spring Garden Street In Callowhill









Read/view more here:
https://phillyyimby.com/2024/02/cons...nter-city.html

[summersm343]

Originally Posted by PHLtoNYC

On the data nerd / finance point...

According to a recent financial study (I know every study varies), Philadelphia is listed as an "Associate Centre" for the first time ever. If additional criteria are met / improved upon, Philadelphia would be the 11th American city to join the list of Global Financial Centers. Miami was the newest addition to the full index last year, and Dallas, Houston and a few other large cities are not listed at all.

A big deal for the Philadelphia area to be a strong player in education, medicine, life sciences, law, and a growing presence in finance.

The Global Financial Centres Index 34
https://www.longfinance.net/media/do...09.28_v1.0.pdf

Philadelphia has always been a big player in the finance world. Just not recognized and respected for it honestly.

[PHLtoNYC]

Originally Posted by summersm343

Philadelphia has always been a big player in the finance world. Just not recognized and respected for it honestly.

Yea, it's not news to anyone on here that people sleep on Philadelphia.

But all the more impressive if Philadelphia joins the ranks of "Global Finance Centres", along with New York, Chicago, Boston, etc.

[cardeza]

Originally Posted by PHL10

The City in general I guess. Certainly not not me specifically but the tax payers in general do and should get input in how tax money is spent.



Well, we both have our opinions I guess. I've been called worse on this board so I will gladly take being antiquated and out of touch.

as a taxpayer you have a right to get services when you need them such as trash pickup, pothole repair, police, fire, EMS, etc. Not sure how WFH is going to affect any of those things. The back of house people who do accounting, engineering, city planning and other white collar/computer based jobs are largely out of public view and do not interact with taxpaying citizens regularly. In addition, the city does not own enough office space to house all of its desk workers so there are significant leases out there for City office space- one could argue thats not cost effective considering where technology stands today. The primary beneficiaries of having city staff in full time would be center city food merchants- its not the taxpaying public or even SEPTA as this point since the City prepaid SEPTA for passes for its employees.

[summersm343]

Historical Commission approves 53 apartments above PEP Bowl in South Philly

The Philadelphia Historical Commission gave its seal of approval to a lightly updated 53-unit apartment proposal above the 1200 S. Broad St. site of Programs Employing People (PEP) and its beloved neighborhood bowling alley.

PEP provides programming and counseling for people with physical or developmental disabilities and has operated out of the two-story modernist structure for almost three decades. But in recent years, as it provided more of its services outside the building, its spatial needs have contracted, and repair costs have mounted in the increasingly vacant structure.

Developer Spring Hill Services’ proposal for the property would keep the nonprofit and its publicly accessible bowling alley, which is a community fixture, on-site while adding housing and a two-story addition above the older building.

Spring Hill was the only developer who bid on the project whose plans did not include demolishing the structure and relocating PEP. The nonprofit’s leadership beseeched the commission to allow the project to move forward.

“We’re the only organization like this from Arch [Street] down to Oregon [Avenue], river to river,” said Michael Tucker, executive director of PEP. “We’re doing a 50-year lease with them to stay where we are. We serve thousands of people with developmental disabilities.”

The project’s architects updated the building materials of the two-story addition, with sandstone-colored metal panels added to echo the limestone below. Elements of design that would cast shadows along Broad and Carlisle Streets were removed, and windows were enlarged.

The property was nominated for historical designation last year by the Preservation Alliance of Greater Philadelphia, but the advocacy group made clear that they did not want their action to impair Spring Hill’s plans. They advocated that the Historical Commission consider the case with maximum flexibility.

That’s what the commission did Friday morning, voting unanimously to approve the project.

Read/view more here:
https://www.inquirer.com/real-estate...-20240209.html

[summersm343]

The name and facade for Stephen Starr’s next Rittenhouse restaurant are revealed in Historical Commission plan

Restaurateur Stephen Starr’s plans for the facade of the Italian restaurant he wants to build across from Rittenhouse Square are being evaluated by the city Historical Commission, whose staff has objected to some proposed changes.

Starr said last year that his company would take the three stories of the century-old Allison building, at 1805-09 Walnut St., the former site of a Barnes & Noble bookstore on the north side of the square.

On Tuesday, he told The Inquirer that the restaurant would be a “classic” trattoria serving three meals a day and would have a sizable sidewalk dining area. He estimated a January 2025 opening.

Asked if it would be an Italian version of Parc, Starr’s French-inspired restaurant on the east side of the square, Starr replied, “Yes. Kind of.” The new restaurant, twice the size of Parc, will occupy the ground and second floors of the building; the third floor would be used for storage and offices, he said.

The restaurant’s working name, attached to plans submitted by Stokes Architecture + Design, is Borromini, after the 17th-century Italian architect credited as a leading figure in the Roman Baroque style. Starr told The Inquirer that the name was not final.

Read/view more here:
https://www.inquirer.com/food/restau...-20240214.html

[Redddog]

Originally Posted by summersm343

The name and facade for Stephen Starr’s next Rittenhouse restaurant are revealed in Historical Commission plan





Read/view more here:
https://www.inquirer.com/food/restau...-20240214.html

This is gonna be homerun.

Please allocate a tiny fraction of the considerable earnings you will receive from this to at least, re-open the Old City Continental - the restaurant that started your empire (that is sitting in squalor on the most prominent corner in Old City).

lol.

[PurpleWhiteOut]

Originally Posted by Redddog

This is gonna be homerun.

Please allocate a tiny fraction of the considerable earnings you will receive from this to at least, re-open the Old City Continental - the restaurant that started your empire (that is sitting in squalor on the most prominent corner in Old City).

lol.

Honestly, it would be a good corner for redevelopment. A 1 story building there isn't the best use. I'm assuming Starr doesn't have anything to do with the actual property, and haven't seen any for lease signs so who knows what the landlord is doing

[BroadandMarket]

Originally Posted by PurpleWhiteOut

Honestly, it would be a good corner for redevelopment. A 1 story building there isn't the best use. I'm assuming Starr doesn't have anything to do with the actual property, and haven't seen any for lease signs so who knows what the landlord is doing

There's been rumors floating around for a while that Starr has been working with Parkway who owns a lot at 19 S 2nd St adjacent to two vacant buildings and Continental. The rumor was a hotel and steakhouse named Tun Tavern which would be a homage to the historical demolished Tun Tavern at Front and Sansom where the Marines were founded. This is all just word of mouth stuff in the neighborhood so I have no idea if there's a lot of truth to it. I do know that Parkway is developing parking lots more and more.

[Redddog]

Originally Posted by PurpleWhiteOut

Honestly, it would be a good corner for redevelopment. A 1 story building there isn't the best use

Totally agree. I think a long-term development would be great - he owns the adjoining property where his corporate offices are. I'm just saying...how about just opening up what was an anchor in Old City while you plan a much more expensive and drawn out process of redevelopment. It's sitting there blighted and crappy and has been for 4 years.

His message when he closed in 2020 was that covid made the concept "difficult to execute" and that he would be "reimagining the space for the new realities of public dining" or some $hit.

The front stoop has been a homeless crash pad ever since.

I'm not saying raze 3 structures and rebuild an amazing 3 story concept that transforms Old City (though I would not mind that one teeny bit), but how about open the bar and have a bite or two offered while you wait for the monster new concept to fall into place?

[Redddog]

Originally Posted by BroadandMarket

There's been rumors floating around for a while that Starr has been working with Parkway who owns a lot at 19 S 2nd St adjacent to two vacant buildings and Continental. The rumor was a hotel and steakhouse named Tun Tavern which would be a homage to the historical demolished Tun Tavern at Front and Sansom where the Marines were founded. This is all just word of mouth stuff in the neighborhood so I have no idea if there's a lot of truth to it. I do know that Parkway is developing parking lots more and more.

Oh dam! That would be KILLER!

I am in the 'hood and have not heard that. But yeah, that lot is screaming "develop me!" There are a ton of vacant businesses that were bars that sit vacant. Bootleggers is huge and essentially closed. The Gaslight was a huge room and was re-opened as a BYOB hookah brunch place. I have no idea how that place makes rent.

[Broadcastthatboom]

Originally Posted by Redddog

Oh dam! That would be KILLER!

I am in the 'hood and have not heard that. But yeah, that lot is screaming "develop me!" There are a ton of vacant businesses that were bars that sit vacant. Bootleggers is huge and essentially closed. The Gaslight was a huge room and was re-opened as a BYOB hookah brunch place. I have no idea how that place makes rent.

Hopefully Old City in that area can see some new developments once the I-95 Park Cap is done

[Groundhog]

Any thoughts on who might be in the market to buy University of the Sciences (is it too far west for Penn/Drexel?) or speculation on what it might become?

https://www.westphillylocal.com/2024...sation-begins/

[Redddog]

Originally Posted by Broadcastthatboom

Hopefully Old City in that area can see some new developments once the I-95 Park Cap is done

You would think.

I also think that Old City represents enough of a draw on it's own to spur development of vacancies. The Society Hill Hotel is a major development but that's about all that's going on. There is clearly a lack of interest in investment in this neighborhood at the moment. What kills me is not only when we lose a business to closure but that the replacement is a long-term business that is a massive downgrade. The Wine shop on Market is now a gambling machine/smoke shop. Another storefront across the street from that is a smoke shop. The Gaslight is now a BYOB brunch/hookah place. Drinkers is sitting empty as is Bootleggers. Commonwealth is now a bubble tea place. Sassafrass Market had a fire and is now closed for good. Same with the Little Lion.

I think Starr has an opportunity here to once again revitalize Old City with one property. Hope he does.

[BroadandMarket]

Originally Posted by Redddog

You would think.

I also think that Old City represents enough of a draw on it's own to spur development of vacancies. The Society Hill Hotel is a major development but that's about all that's going on. There is clearly a lack of interest in investment in this neighborhood at the moment. What kills me is not only when we lose a business to closure but that the replacement is a long-term business that is a massive downgrade. The Wine shop on Market is now a gambling machine/smoke shop. Another storefront across the street from that is a smoke shop. The Gaslight is now a BYOB brunch/hookah place. Drinkers is sitting empty as is Bootleggers. Commonwealth is now a bubble tea place. Sassafrass Market had a fire and is now closed for good. Same with the Little Lion.

I think Starr has an opportunity here to once again revitalize Old City with one property. Hope he does.

Bootleggers is empty? It's packed every Thursday, Friday and Saturday with college kids. I agree Drinkers and Gaslight are big losses because that section of Market has minimal foot traffic now at night. But like there's still so many businesses in Old City, probably one of the highest density of businesses in the city outside of 13th or 18th.

Buffalo Billiards, Glory, Rotten Ralph's, Royal Boucherie, Mei Mei, JJ Bootleggers, Forsythia, Amada, Han Dynasty, Khyber, Sassafras, Marg Pizza, 48 Record Bar, Nick's, Vista Peru, Cuba Libre, Revolution House, Plough, Bok Chon, Eggcelent, Malooga, Insomnia Cookies, Viva Pizza, Little Susie's, Karma, Anima, Mochinut, Eatwell, Spasso, La Famiglia, Lucha Cartel, European Republic, Cannoli King, Mac's Tavern, Oh Brother, Blue Martini, Big Ass Slices, Campos, Sonny's, Sto's, Fork, Franklin Fountain, Kick Axe, Shane's Confectory, Angelo Pizza, National Mechanics, Las Bugambilias, Hangry Joe's, Menagerie, Ogawa Sushi, Turkish Cafe, Cafe Square One, Bubble Tea Room and 3J's Cafe.

That's just restaurants and bars between Front and 3rd, Market to Chestnut. Yes there's still a bunch of vacancies but that just might be the reality when you have an insane amount of retail spaces, most of them old not desirable 12 foot wide spaces. The Penn's Landing park will do wonders, especially Front street which is really ugly right now with all of the mature trees chopped down. The most shocking vacancy is 2nd Story Brewing, that's begging to be a Dogfish Head outpost. They would print money.

Sassafras Market to my knowledge wants to reopen and I've seen water/smoke remedy signs out front. Little Lion was an awesome spot, those assholes who committed arson ruined it and the building next door which had to be demolished. Such a shame.

[philly_account12]

Didn't see this inquirer article posted here yet. 1022-1030 N 2nd St. No tenants signed but hope to break ground next year.

The Post Brothers development group are planning a new office building across from the Piazza and next to Liberties Walk in Northern Liberties.

“We’re talking to big defense or pharmaceutical companies that have offices in the region and employ a lot of [younger] engineers,” said Michael Pestronk, CEO and cofounder of Post Brothers. “Their impression is that this is the neighborhood where a lot of those employees want to live, so they want to be here too.”

I thought this next quote was really interesting.

But many employers and building owners think that workers will be much more likely to go to an office job regularly if they can walk there, and the companies Post Brothers have been negotiating with are interested in opening satellite locations for younger workers in and around some of Philadelphia’s most popular neighborhoods.

Do you think we might see a push from developers to include office space in mixed use neighborhoods? Or is the current office development environment so poor that projects that make sense like this still don't get off the ground?

[PurpleWhiteOut]

Originally Posted by philly_account12

Didn't see this inquirer article posted here yet. 1022-1030 N 2nd St. No tenants signed but hope to break ground next year.



I thought this next quote was really interesting.



Do you think we might see a push from developers to include office space in mixed use neighborhoods? Or is the current office development environment so poor that projects that make sense like this still don't get off the ground?

It's a great idea, and would add a lot of health to the neighborhood. In a way, what's old is new again, since in the past many neighborhoods were anchored by a major employer (like factories). I think it would be beneficial to spread some jobs out geographically, especially to neighborhoods that are still easy to reach by transit

[Mark in Mount Airy]

Originally Posted by cardeza

as a taxpayer you have a right to get services when you need them such as trash pickup, pothole repair, police, fire, EMS, etc. Not sure how WFH is going to affect any of those things. The back of house people who do accounting, engineering, city planning and other white collar/computer based jobs are largely out of public view and do not interact with taxpaying citizens regularly. In addition, the city does not own enough office space to house all of its desk workers so there are significant leases out there for City office space- one could argue thats not cost effective considering where technology stands today. The primary beneficiaries of having city staff in full time would be center city food merchants- its not the taxpaying public or even SEPTA as this point since the City prepaid SEPTA for passes for its employees.

My one experience with white collar city employees since COVID hit has been disastrous for me and the owners of the other new 18 condo units in our building. All were sold during an 18 month period (July 2021 to maybe December 2022) and the records in Recorder of Deeds, Office of Property Assessment and the Department of Revenue for these units have never been accurate. It took nearly 9 months alone for my deed change to be recorded. Further, the new online account portal for the City Tax Center has never worked from me, and their email intake of cases and follow-up is abysmal. Tell me "work from home" has nothing to do with it. I would prefer if all of this city white collar work was subcontracted to a private data company which could then be held accountable.

[cardeza]

Originally Posted by Mark in Mount Airy

My one experience with white collar city employees since COVID hit has been disastrous for me and the owners of the other new 18 condo units in our building. All were sold during an 18 month period (July 2021 to maybe December 2022) and the records in Recorder of Deeds, Office of Property Assessment and the Department of Revenue for these units have never been accurate. It took nearly 9 months alone for my deed change to be recorded. Further, the new online account portal for the City Tax Center has never worked from me, and their email intake of cases and follow-up is abysmal. Tell me "work from home" has nothing to do with it. I would prefer if all of this city white collar work was subcontracted to a private data company which could then be held accountable.

I cant tell you anything about it. Could be related- could not be. If any job requires access to computers or systems that can only be used in a building they should be there. If your tools are a cell phone, outlook and networked files- you dont need to be there. Its that simple. Its absurd for people to act like every aspect of the city operated perfectly until March 2020. If only that were the case. If I had that many issues with something important I would be taking it to someone on Council or the IG- you would be more likely to get meaningful answers/results vs airing it out to people who have no authority to delve into what happened.