PHILADELPHIA | Highrise Development Thread X

[SEFTA]

and...
Hotels are closing in San Francisco.
scary
"Closing Hotels and Bankrupt Malls: San Francisco Is on the Precipice of the Abyss"

Closing Hotels and Bankrupt Malls: San Francisco Is on the Precipice of the Abyss

[Redddog]

Originally Posted by DeltaNerd

We should spread out the hotels a bit more. Agreed U City probably can use more hotel growth. The stadiums, navy yard, Fishtown/nolibs can all support more hotels.

Absolutely. But I think the most stark deficit of hotel rooms exists in CC, where most of the tourism/business travelers experience issues finding rooms. Those areas you mention continue to eat more of CC's lunch but CC is still the main draw.

But right now, I'd rather put my parents up at boutique hotel in Fishtown than I would in a current place in CC (If I didn't have room).

[Redddog]

Originally Posted by SEFTA

and...
Hotels are closing in San Francisco.
scary
"Closing Hotels and Bankrupt Malls: San Francisco Is on the Precipice of the Abyss"

Closing Hotels and Bankrupt Malls: San Francisco Is on the Precipice of the Abyss

Yeah. SF is heading south big time rn. After years of being the most expensive rents in the country, people are bailing. It's happening to an extent in NYC (and even here). Rents. Landlords would rather have their storefronts sit empty than accept less per month.

This is what happens, ya greedy bastages.

[Broadcastthatboom]

The empty lot at 13th and Market would be perfect for a CC hotel high-rise, and considering its most recent proposal is an office building (which seems very unlikely to actually happen in the current climate) it would just make sense.

8th and Market could also support a mixed-use residential and hotel component. And if the 76ers arena actually gets built it seems like a no-brainer for success.

[PHL10]

Originally Posted by Redddog

Yeah. SF is heading south big time rn. After years of being the most expensive rents in the country, people are bailing. It's happening to an extent in NYC (and even here). Rents. Landlords would rather have their storefronts sit empty than accept less per month.

This is what happens, ya greedy bastages.

Besides cost of living craziness, it’s a fundamental/basic human need to feel secure. In the context of a city, that means that the government will protect its citizens and their property from harm and lawlessness. If the government is aloof in acknowledging and providing that need, no city will thrive. It seems we are electing a mayor who values those things so I’m still feeling pretty good about Philadelphia.

[cardeza]

Originally Posted by Broadcastthatboom

The empty lot at 13th and Market would be perfect for a CC hotel high-rise, and considering its most recent proposal is an office building (which seems very unlikely to actually happen in the current climate) it would just make sense.

8th and Market could also support a mixed-use residential and hotel component. And if the 76ers arena actually gets built it seems like a no-brainer for success.

IMHO one reason you are seeing fewer hotel projects is because the viable class B office buildings have mostly been converted to residential or hotel uses already. Ground up construction costs a fortune and the low hanging fruit from a conversion standpoint has been tackled already.

[PHLtoNYC]

Originally Posted by Redddog

Yeah. SF is heading south big time rn. After years of being the most expensive rents in the country, people are bailing. It's happening to an extent in NYC (and even here). Rents. Landlords would rather have their storefronts sit empty than accept less per month.

This is what happens, ya greedy bastages.

NYC, at least in Manhattan seems back to it's old self in that regard. Residential rents are thru the roof and vacancy remain low. And retail is definitely bouncing back quickly. Office vacancy is another story though.
But to be honest, I'm near my breaking point at the COL in Manhattan, I search Philly real estate everyday (potentially planning my return).

Originally Posted by Broadcastthatboom

The empty lot at 13th and Market would be perfect for a CC hotel high-rise, and considering its most recent proposal is an office building (which seems very unlikely to actually happen in the current climate) it would just make sense.

8th and Market could also support a mixed-use residential and hotel component. And if the 76ers arena actually gets built it seems like a no-brainer for success.

1. The Sheraton on Penn's campus and the Sheraton in CC need sprucing up, and another Autograph or Curio would do well in U City.

2. Rittenhouse Square needs another luxury hotel. The fire hole on Walnut Street or the parking lot at 20th & Walnut (although the view is partially blocked by the Rittenhouse Hotel).

3. Society Hill needs a nice hotel, specifically 3rd & Walnut. The Edition Brand (under Marriott) is a perfect fit for the area.

4. Agree, Market East could easily support a major hotel, Virgin, Citizen M, JW Marriott, etc. Broad Street near the Kimmel Center too.

5. The African American Museum moving to the Parkway is great, but the former Family Court Building would have made an awesome hotel conversion.

[Justin7]

Originally Posted by SEFTA

and...
Hotels are closing in San Francisco.
scary
"Closing Hotels and Bankrupt Malls: San Francisco Is on the Precipice of the Abyss"

Closing Hotels and Bankrupt Malls: San Francisco Is on the Precipice of the Abyss

That's a far right propaganda site, dude. Could we maybe not?

[3rd&Brown]

Originally Posted by Redddog

Absolutely. But I think the most stark deficit of hotel rooms exists in CC, where most of the tourism/business travelers experience issues finding rooms. Those areas you mention continue to eat more of CC's lunch but CC is still the main draw.

But right now, I'd rather put my parents up at boutique hotel in Fishtown than I would in a current place in CC (If I didn't have room).

I wouldn't be surprised if the Market East folks (NREI?) who are now doing 2nd Street between Callowhill and Spring Garden put a hotel on one of those lots. They already own the lot just north of the current demo site on the NW corner of 2nd & Callowhill. I think its the building with PPG Paints. The last I heard, which was over a year ago btw, the only building they didn't own on that stretch was the DeSimone Building.

[PhilliesPhan]

Originally Posted by PHLtoNYC

1. The Sheraton on Penn's campus and the Sheraton in CC need sprucing up, and another Autograph or Curio would do well in U City.

2. Rittenhouse Square needs another luxury hotel. The fire hole on Walnut Street or the parking lot at 20th & Walnut (although the view is partially blocked by the Rittenhouse Hotel).

3. Society Hill needs a nice hotel, specifically 3rd & Walnut. The Edition Brand (under Marriott) is a perfect fit for the area.

4. Agree, Market East could easily support a major hotel, Virgin, Citizen M, JW Marriott, etc. Broad Street near the Kimmel Center too.

5. The African American Museum moving to the Parkway is great, but the former Family Court Building would have made an awesome hotel conversion.

I bet the area surrounding Temple could support a new hotel as well. Aside from AirBNBs, the only place to stay in the area is the Conwell House. With its huge residential student population and the fact that it's a R1 (very high research) school, I could see a hotel working at either Broad and Jefferson (the shuttered church on the SE corner), the 1500 block of North Broad (the site of the Art Deco church that caught on fire back in 2018), Broad and Oxford (the shuttered Rite Aid), or Broad and Cecil B. Moore (if Temple were willing to demolish 1700 North Broad, which is too short for such a major intersection).

[Redddog]

My dream scenario for the dis hole is that they build a massive, old school looking hotel like the Plaza or similar. Have lux ground floor retail, a large venue on the 2nd floor and the rest hotel rooms and maybe some condos.

That would check some major boxes and provide a cornerstone to Market East forever.

[ScreamShatter]

Originally Posted by PhilliesPhan

I bet the area surrounding Temple could support a new hotel as well. Aside from AirBNBs, the only place to stay in the area is the Conwell House. With its huge residential student population and the fact that it's a R1 (very high research) school, I could see a hotel working at either Broad and Jefferson (the shuttered church on the SE corner), the 1500 block of North Broad (the site of the Art Deco church that caught on fire back in 2018), Broad and Oxford (the shuttered Rite Aid), or Broad and Cecil B. Moore (if Temple were willing to demolish 1700 North Broad, which is too short for such a major intersection).

In general, there should be another hotel north of center city. Family Court building was a good step. Temple area, NoLibs/Fishtown, SoNo, or even around Sugarhouse would all potentially be good places.

[DeltaNerd]

Was there a plan at one point to have a Marriot Courtyard at Broad and Erie?

[PurpleWhiteOut]

Originally Posted by DeltaNerd

Was there a plan at one point to have a Marriot Courtyard at Broad and Erie?

Yes, the conversion+addition of the Beaury building is currently happening. Also surprised there isn't one closer to TU main campus though.

[thoughtcriminal]

Originally Posted by PurpleWhiteOut

Yes, the conversion+addition of the Beaury building is currently happening.

They should apply for historic building protection for the Boner 4Ever graffitti.

[skyhigh07]

Originally Posted by thoughtcriminal

They should apply for historic building protection for the Boner 4Ever graffitti.

I think the market for stupid irony is saturated. Also I know a sexual assault victim who doesn’t think it’s particularly edgy or cool. Everyone gauche these days

[PHLtoNYC]

Originally Posted by PhilliesPhan

I bet the area surrounding Temple could support a new hotel as well. Aside from AirBNBs, the only place to stay in the area is the Conwell House. With its huge residential student population and the fact that it's a R1 (very high research) school, I could see a hotel working at either Broad and Jefferson (the shuttered church on the SE corner), the 1500 block of North Broad (the site of the Art Deco church that caught on fire back in 2018), Broad and Oxford (the shuttered Rite Aid), or Broad and Cecil B. Moore (if Temple were willing to demolish 1700 North Broad, which is too short for such a major intersection).

There was a Moxy Hotel planned at 1314 N Broad in 2019. I'm guessing that proposal is no longer though.

[summersm343]

Philadelphia region passes Research Triangle in new ranking of top markets for life sciences talent

The Philadelphia region climbed two spots, to sixth place from eighth, in a national ranking of the top U.S. markets for life sciences research talent.

The analysis, conducted by commercial real estate services and investment firm CBRE, found that growth in the number of U.S. life sciences researchers remains consistently strong despite the country's turbulent economic times during the last two decades.

According to the report, the number of life sciences researchers in the U.S. increased by 87% over the past 20 years, compared with 14% for all occupations.

“Philadelphia posted one of the most notable year-over-year improvements in the rankings,” said Matthew Knowles of CBRE. “The market’s impressive performance is not surprising, given the influx of new companies that over the past few years have been paired with the strong base of existing talent."

Over the past decade, the region has added about four dozen companies involved in cell and gene therapy, including publicly traded firms Century Therapeutics, Carisma Therapeutics and Passage Bio.

Knowles said he expects the Philadelphia region’s life sciences research talent to continue to grow with the 4,000 annual relevant degree completions and research being conducted at area universities.

The Philadelphia market's No. 6 ranking moves it one spot ahead of the Raleigh-Durham metro area, home of the Research Triangle, and just behind San Diego. The Boston/Cambridge region is No. 1 in the rankings.

Article behind paywall here:
https://www.bizjournals.com/philadel...ladelphia.html

[summersm343]

One uCity Square now 90% leased after adding a pair of new life sciences tenants

One uCity Square, a $300 million life sciences building in University City, is now more than 90% leased less than six months after it opened in January.

Engineering and scientific consulting firm Exponent moved into 32,000 square feet earlier this month, taking up a full floor in the new building at 25 N. 38th St. after previously occupying 20,000 square feet at 3440 Market St.

Massachusetts-based Charles River Laboratories is also taking a half-floor at One uCity Square, which has a total of 400,000 square feet of space across 13 floors.

“It’s pretty incredible,” said Pete Cramer, vice president of development for Wexford Science & Technology, which developed the property in partnership with Ventas Inc. and the University City Science Center. “I think it’s a testament to the market. We started this building on spec without any leases. … Seeing that progression of velocity and leasing building after building is why we love this market.”

Cramer said the leasing pace is faster than it was at 3675 Market St., which opened in 2018 and is also part of the uCity Square campus.

Exponent, which is based in California, signed a 10-year lease at One uCity through 2033. The company currently has 70 consultants and plans to add about 10 to 15 positions each year until it reaches 100 employees in the new space, Philadelphia Office Director Ryan Siskey said.

Exponent spent the last 10 years at 3440 Market St., where its space included 4,000 square feet of labs. It will have 6,500 square feet of lab space at One uCity Square.

Charles River Laboratories, helps pharmaceutical and biotechnology companies test drugs, is leasing 16,236 square feet in the building with plans to move in by the fall. While it has locations in Horsham, Malvern and Wayne, this is the company’s first space in Philadelphia.

Exponent and Charles River Laboratories join Century Therapeutics and Integral Molecular among One uCity Square tenants. There’s only a half-floor of life sciences and office space left to lease and about 12,000 square feet of retail available.

Article behind paywall here:
https://www.bizjournals.com/philadel...sity-city.html

[Knight Hospitaller]

^That sort of track record will get you new construction.