PHILADELPHIA | Highrise Development Thread X

[skyhigh07]

Originally Posted by mcgrath618

PREIT now eyeing up to 7,000 apartments on its mall properties as it looks to rebuild value



The Gallery overbuild might actually happen!

Yup, especially if the arena gets nixed. Adelman said this would be PREIT’s plan B. They wouldn’t need any kind of special approval or provide concessions and could build by right. The Chinatown opposition groups wouldn’t have any bargaining chips or really much of a case. In fact, new residential high rises would probably gentrify the area faster than the arena ever could.

[reparcsyks]

Why can't we have both an arena and a couple new highrises?

[skyhigh07]

Originally Posted by reparcsyks

Why can't we have both an arena and a couple new highrises?

From what I’ve read, there doesn’t seem to be an option or plan to do both simultaneously as of now. That’d be an enormous project.

[mcgrath618]

Originally Posted by skyhigh07

From what I’ve read, there doesn’t seem to be an option or plan to do both simultaneously as of now. That’d be an enormous project.

I was pretty sure that in the initial Sixers' announcement that they'd announced their intent to also develop some apartments in the area.

[skyhigh07]

Originally Posted by mcgrath618

I was pretty sure that in the initial Sixers' announcement that they'd announced their intent to also develop some apartments in the area.

Haven’t seen any reports of them developing apartments in Center City, but they do have a few University City residential projects which include their new HQ in the pipeline.

[BroadandMarket]

Originally Posted by skyhigh07

Yup, especially if the arena gets nixed. Adelman said this would be PREIT’s plan B. They wouldn’t need any kind of special approval or provide concessions and could build by right. The Chinatown opposition groups wouldn’t have any bargaining chips or really much of a case. In fact, new residential high rises would probably gentrify the area faster than the arena ever could.

The opposition groups shouldn't even have a case now with the arena because it's not even in Chinatown...I assure you they will against any new development in that spot. I'm sure they're already mad at the new proposal that came out in the CDR today which is great infill for an ugly surface parking lot in Chinatown.

https://www.phila.gov/media/20230221...7-2023-CDR.pdf

[3rd&Brown]

Originally Posted by BroadandMarket

The opposition groups shouldn't even have a case now with the arena because it's not even in Chinatown...I assure you they will against any new development in that spot. I'm sure they're already mad at the new proposal that came out in the CDR today which is great infill for an ugly surface parking lot in Chinatown.

https://www.phila.gov/media/20230221...7-2023-CDR.pdf

yeah. let's see how they treat this one. i hope they go bat shit crazy. it'll be a diversion.

[TempleGuy1000]

I was under the impression it was Macerich who has a controlling interest of the mall now and not PREIT

[SEFTA]

Just a reminder


Fashion District -East Market

[El Duderino]

Originally Posted by SEFTA

Just a reminder

Though not a part of the mall, don't forget this one right next door, too:

[PHLtoNYC]

Originally Posted by mcgrath618

I was pretty sure that in the initial Sixers' announcement that they'd announced their intent to also develop some apartments in the area.

Like the blocks directly across the street.
I think Macerich owns most of that though?

[pwp]

Anyone know what Fishtown site this article is referencing?

https://www.bizjournals.com/philadel...ed-retail.html

[ok-ez]

Originally Posted by pwp

Anyone know what Fishtown site this article is referencing?

https://www.bizjournals.com/philadel...ed-retail.html

130 W. Girard Ave. in NL

[pwp]

Originally Posted by ok-ez

130 W. Girard Ave. in NL

Thank you

[TempleGuy1000]

It sucks both of those renderings for the gallery and lit brothers are almost 10 years old now. Of course we have seen tons and tons of other great projects completed, but Market East still needs a kick in the pants

[allovertown]

Originally Posted by TempleGuy1000

It sucks both of those renderings for the gallery and lit brothers are almost 10 years old now. Of course we have seen tons and tons of other great projects completed, but Market East still needs a kick in the pants

What ever happened with the Lit Brothers project? It wasn't a complicated overbuild either if I remember correctly, it just involved demolishing a portion of the complex, right?

I know Market East is a dump, but Lit brothers is one block from Independence Mall and two blocks from Washington Sq. It's definitely Market East... but it's less market east than a lot of Market East... at least on the edge of Market east. I'd rather live there than a lot of places in philly where construction is happening. Just feel like we're due to have some take another run at this, unless there's something I don't remember that scuttled this in a more significant way than just lacking funding.

[TempleGuy1000]

Originally Posted by allovertown

What ever happened with the Lit Brothers project? It wasn't a complicated overbuild either if I remember correctly, it just involved demolishing a portion of the complex, right?

I know Market East is a dump, but Lit brothers is one block from Independence Mall and two blocks from Washington Sq. It's definitely Market East... but it's less market east than a lot of Market East... at least on the edge of Market east. I'd rather live there than a lot of places in philly where construction is happening. Just feel like we're due to have some take another run at this, unless there's something I don't remember that scuttled this in a more significant way than just lacking funding.

Same. and I don't remember what happened either

[Jayfar]

Originally Posted by TempleGuy1000

I was under the impression it was Macerich who has a controlling interest of the mall now and not PREIT

They’re supposedly still 50/50, but with Macerich managing.

[McBane]

Is this announcement a threat or an actual idea? And if it a threat, why? I mean, an arena, I sorta get but apartments, what's wrong with that from a Chinatown perspective? Anyway, I also believe that some apartments will be built with the arena. The smart move is to allocate some number of units to the Chinatown Development Corp.

[iheartphilly]

It's misleading. 6 or 7k spread across its mall properties. Fashion District was not identify as one but could be but we don't know the number of apartments if the decide FD will add apartments or not. Also, if they do build apartments, they are so late to this game with so many new construction projects in progress now bringing apartments in the next few years. How many more units can be absorbed based on the last count of 10000 units coming to market. Can't say they are forward thinking but more reactive to their failing mall business model. At a stock price of 1.50 or so, this is a lifeline they are looking for to keep from eventually going belly up. Who knows how things will shake out. As far as Chinatown, I don't think they will be vocal if more apartments are planned and will come on line in the future. There's been a decent amount of units in Market East over the years with no fanfare so I don't think there will be any opposition if more residential unit are lined up on Market Street.