PHILADELPHIA | Highrise Development Thread X

[BroadandMarket]

The funniest thing about seeing the enlarged rendering is that it does not even include the immediate 12 million renovations to Xfinity Live which I believe will actually happen.

Yeah I hate to be negative but I would bet my life savings we don't see 2 pedestrian bridges (one over Broad and one over Pattison) and a freakin lake in the middle of H lot. Its totally nonsensical too, the phase 1 portion is going to be surround by parking lots on 2 sides but be a path into WFC? Why wouldn't phase 1 all be up to street level (Broad or Pattison) and then phase 2 fills in the interior of the parking lots? Probably this isn't happening haha.

[mcgrath618]

I deleted that Comcast III thread. That was a bit premature, and cited an article that was nearly 10 years old.

We also already have a thread for Comcast III. If it ever actually gets announced, I'll gladly unlock it.

[summersm343]

^^Agreed. Thank you for doing that. This is not Comcast Tower III. We’ll also hold off on creating a new thread for this project until we see more concrete plans.

[summersm343]

Race Street Labs welcomes first tenant to former Hahnemann Hospital space as owner plots next phase

With the first tenant nearly moved in at Race Street Labs, the owner of the 180,000-square-foot complex carved out of a portion of the former Hahnemann University Hospital is already planning to expand.

Philadelphia-based Iron Stone Real Estate Partners, which acquired a portfolio of Hahnemann properties out of bankruptcy for $36 million in 2021, is now actively leasing 120,000 square feet at the 1421 Race St. building in Center City.

Zahav Biosciences is the first occupant of Race Street Labs, taking 8,200 square feet of built-out lab and office space across the entire 15th floor, the highest in the building. The floor below Zahav has already been renovated in a similar fashion and is being marketed to prospective life sciences tenants.

Two additional floors are in the process of being built out for labs and offices and are expected to be completed this summer. By the end of the year, Iron Stone anticipates having another two floors set up for use by multiple tenants.

The company doesn't expect every floor to look the same.

"If we have a tenant who wants to customize a floor, we'll customize a floor," Friedland said.

"The market has picked up. … We have noticed that tours have picked up substantially in the past few weeks," he said.

Amenities at Race Street Labs include indoor bike storage, shower and changing facilities, a ground-floor tenant lounge and shared conference rooms. The site already had a loading dock and freight elevators, which can be useful when bringing in lab equipment. Iron Stone also acquired a Hahnemann garage with the portfolio, meaning there are ample parking spaces.

In the same vicinity, Iron Stone is still developing plans for about 600,000 square feet of former hospital space that stretches from Race Street Labs along Race Street out to Broad Street, which was part of its portfolio acquisition from Harrison Street Real Estate Capital of Chicago. The deal did not include Hahnemann's north and south patient towers, which are still on the market.

Race Street Labs is attached on its west side to what's known as the New College Building. It is also owned by Iron Stone and similarly houses lab space that's used by Drexel University College of Medicine. In 2021, Drexel signed a six-year lease to continue to occupy almost 600,000 square feet at the New College Building where the medical school has about 250 researchers and staff.

Being in a building that provides easy access to Drexel researchers is one of the reasons Zahav Biosciences signed on to be the first tenant at Race Street Labs.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...s-zahav-biosciences-hahnemann-phila.html

[summersm343]

Comcast Spectacor: Sixers won't make or break $2.5B Sports Complex development

Comcast Spectacor’s $2.5 billion plan to transform the South Philadelphia Sports Complex into an all-day mixed-use hub won’t rely on the Philadelphia 76ers remaining a tenant at the Wells Fargo Center.

“If they leave, we have to be more competitive,” Wells Fargo Center President Phil Laws told the Business Journal.

“The Sixers have said they’re leaving. We have to take them at their word. We don’t want them to leave,” Laws said. “[But] this plan will go forward regardless of their plan. It’s not an ‘if they stay, if they go.’ The development will stand on its own.”

Comcast Spectacor formally announced plans Tuesday for future development at the Sports Complex, after the Business Journal reported earlier this month that the Comcast Corp. (NASDAQ: CMCSA) subsidiary presented its plan to a neighborhood group last month. The first phase is set to include $12 million in upgrades to dining and entertainment hub Xfinity Live!, a 5,500-seat concert venue, a 250- to 300-key hotel and 300,000 square feet of shops and restaurants.

The development rights for the 47-acre first phase are already in place. The Xfinity Live! upgrades are scheduled to begin this year and construction on the concert venue is planned to begin in 2025. The entire first phase, taking up Lots H and G north of the Wells Fargo Center, is expected to be complete by 2028.

Laws said the Sports Complex attracts 7 to 8 million people per year even without accounting for Sixers games. That’s more than enough visitors, Laws said, for the development to move forward regardless of the Sixers’ long-term status at the Sports Complex.

“We have a better vision of what we want. A clearer vision of that music venue. A better feeling about where South Philadelphia is going," Laws said. "There’s so much going on around us in the Navy Yard, the Bellwether project. … It just feels like the right time do something as a tentpole project and really bring South Philadelphia together in a real way.”

As part of Comcast Spectacor’s second phase, 500,000 square feet of office space is planned. The second phase also includes 2,000 multifamily residential units, another approximately 250-key hotel, an additional 160,000 square feet of retail space and 10,000 parking spots within garages.

Laws described the second phase as “aspirational” because Comcast Spectacor doesn’t yet own development rights for those plans. Carrying out these plans would require city approval and support from key stakeholders like South Philadelphia neighbors and politicians.

Ultimately, Comcast Spectacor wants to create a neighborhood within the Sports Complex that’s active not just during events at night, but also in the morning and afternoon.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...pectacor-sports-complex-development.html

[SEFTA]

I'm more interested in these towers facing the park outside of the highlighted areas.
Are these proposals?
This inexpensive amusement park plan in between is just that.

[Jawnadelphia]

With the Sports Complex, it's honestly shocking nothing has been built on a grander scale in all these years (other than the stadiums themselves, and the subway).

You've got pro teams that stay in 4-5 star hotels (large travelling parties), entertainers with similar entourages--who perform/play at these venues. How the Complex wasn't built up with at least one fancy hotel and upscale restaurant makes no sense.

Not that I don't want Center City hotels/restaurants to get those $$$, but if the Complex was built up with a luxe hotel or two, and decent amenities, you'd probably have some of the sports teams/entertainers on tour (playing vs. Flyers/Sixers/Phillies/Eagles) stay right there, and hop on their buses for quick access to the airport. Why Comcast-Spectator could never pull that off doesn't make sense to me.

I can understand maybe MLB teams who are staying for 2-3 nights might prefer a downtown location. But still...

[BroadandMarket]

Originally Posted by Jawnadelphia

With the Sports Complex, it's honestly shocking nothing has been built on a grander scale in all these years (other than the stadiums themselves, and the subway).

You've got pro teams that stay in 4-5 star hotels (large travelling parties), entertainers with similar entourages--who perform/play at these venues. How the Complex wasn't built up with at least one fancy hotel and upscale restaurant makes no sense.

Not that I don't want Center City hotels/restaurants to get those $$$, but if the Complex was built up with a luxe hotel or two, and decent amenities, you'd probably have some of the sports teams/entertainers on tour (playing vs. Flyers/Sixers/Phillies/Eagles) stay right there, and hop on their buses for quick access to the airport. Why Comcast-Spectator could never pull that off doesn't make sense to me.

I can understand maybe MLB teams who are staying for 2-3 nights might prefer a downtown location. But still...

I don't think away organizations would want their teams staying somewhere very visible to away fans...that's just kind of asking for fire alarms and other heckling when it's literally in the sports complex. Historically away NFL teams would stay at the Loews because Jonathan Tisch owns Loews and the NY Giants. I know away NBA teams are often at the Four Seasons.

[Londonee]

Originally Posted by summersm343

Article behind paywall here:
https://www.bizjournals.com/philadelphia...pectacor-sports-complex-development.html

2.5BILLION, glitzy, glitzy look at these renderings, distraction!!!

But, shhh... oh yeah, phase 1 is a $12mm upgrade to a pretty lame venue. But BILLION!!!

This is the most eye-rolling attempt to try and rally some labor support away from 76Place. They've owned the properties down there for like 4 decades now and haven't built a damn thing outside of the ugly slot barn bar that is XFL, and suddenly, now, they unearth this absurd proposal. This is clearly not in good faith.

[Gatorade_Jim]

Originally Posted by Londonee

2.5BILLION, glitzy, glitzy look at these renderings, distraction!!!

But, shhh... oh yeah, phase 1 is a $12mm upgrade to a pretty lame venue. But BILLION!!!

This is the most eye-rolling attempt to try and rally some labor support away from 76Place. They've owned the properties down there for like 4 decades now and haven't built a damn thing outside of the ugly slot barn bar that is XFL, and suddenly, now, they unearth this absurd proposal. This is clearly not in good faith.

Yep, and if they do have any intention of building this, you can thank the 6ers decision to leave. Shockingly, competition for events is a good thing.

[3rd&Brown]

Originally Posted by BroadandMarket

I don't think away organizations would want their teams staying somewhere very visible to away fans...that's just kind of asking for fire alarms and other heckling when it's literally in the sports complex. Historically away NFL teams would stay at the Loews because Jonathan Tisch owns Loews and the NY Giants. I know away NBA teams are often at the Four Seasons.

I have a friend who's an SVP at Four Seasons corporate in Toronto. Every time shes in town she obviously stays at the property here. The rooms are stunningly gorgeous and well appointed. Very understated and luxe. She (from her mouth to god's ears) thinks the Philly Four Seasons is one of the most well appointed hotels in their entire portfolio. She adores it.

If you're a basketball player why would you stay at some Wyndham in South Philly when you could stay at the Four Seasons. Anyways, yes...a hotel would do well there but no pro sports team is gonna set foot in it no matter how convenient it is.

[Jawnadelphia]

Originally Posted by BroadandMarket

I don't think away organizations would want their teams staying somewhere very visible to away fans...that's just kind of asking for fire alarms and other heckling when it's literally in the sports complex. Historically away NFL teams would stay at the Loews because Jonathan Tisch owns Loews and the NY Giants. I know away NBA teams are often at the Four Seasons.

MLB teams and some NFL teams stay at the Westin in two Liberty. Nice… but not exactly lap of luxury.
NBA do tend to stay at the nicest, most expensive hotels (Four Seasons in Philly). But they also have much smaller amount of rooms to book, less players, etc.

Some teams do stay at the hotel immediately adjacent to stadiums though. So you never know, build it and they will come!

[summersm343]

Originally Posted by Londonee

2.5BILLION, glitzy, glitzy look at these renderings, distraction!!!

But, shhh... oh yeah, phase 1 is a $12mm upgrade to a pretty lame venue. But BILLION!!!

This is the most eye-rolling attempt to try and rally some labor support away from 76Place. They've owned the properties down there for like 4 decades now and haven't built a damn thing outside of the ugly slot barn bar that is XFL, and suddenly, now, they unearth this absurd proposal. This is clearly not in good faith.

Why are people not reading the article? First phase includes more than the Xfinity Live upgrades.

The first phase is set to include $12 million in upgrades to dining and entertainment hub Xfinity Live!, a 5,500-seat concert venue, a 250- to 300-key hotel and 300,000 square feet of shops and restaurants.

[Frontst17]

Didn’t they have plans for this before Covid? It makes sense that everything was put off and also that a flood of new development between the navy yard and bellwether has given them more reason to get started on it. But of course they should’ve done it already and should do it regardless of the sixers. Still could be over 100k people down there on a given day they should get started yesterday

[Skintreesnail]

I'm at the playground at fdr now with my kids and the entire park is packed. Creating an active neighborhood down here is so obvious.

[summersm343]

Holy shit the city was mobbed today. You love to see it.

[Mtphilly]

Originally Posted by summersm343

Holy shit the city was mobbed today. You love to see it.

Yes it was, Rittenhouse has been packed for a while now on the weekends but it was nice to see east of Broad packed as well due to the flower show.

In my opinion, foot traffic seems back to 100% on the weekends. Now it’s just about weekday traffic which anecdotally still seems about 80% from pre-Covid.

[Redddog]

Originally Posted by summersm343

Holy shit the city was mobbed today. You love to see it.

Yep! Old City was HOPPIN' !!

[Londonee]

Sorry if those was posted - but Equinox branding finally up on The Laurel and they have a microsite up to sign up for news/membership info.

[Londonee]

Originally Posted by summersm343

Why are people not reading the article? First phase includes more than the Xfinity Live upgrades.

The first phase is set to include $12 million in upgrades to dining and entertainment hub Xfinity Live!, a 5,500-seat concert venue, a 250- to 300-key hotel and 300,000 square feet of shops and restaurants.

It's just nonsense. Who's the hotel banner under? Who's leasing 300k worth of shops - any leases potentially lined up? Is Live Nation running the concert venue? They're just spitting nonsense out of their mouths in an 11th hour attempt to woo Labor (which is fully behind 76 Place) - of course Inga is eating it all up clearly due to (Comcast) editorial influences on the Inky Board... it just feels pathetic and eye-rolling. They should have done this stuff 20 years ago.

It's too little, too late. I'm told that announcements are coming pretty soon making 76 Place officially official.