PHILADELPHIA | Lowrise/General Developments Thread

[summersm343]

Good Food Flats student housing project completed

Read more here:
http://www.bizjournals.com/philadelp...completed.html

[summersm343]

Originally Posted by Philly Kid

http://www.philly.com/philly/busines...nt-leased.html

Some interesting quotes in this article.

A lot of commercial brokers around Philly are butt-hurt that PREIT is not using them to sign leases at the mall. They want in on the action and they want their $$$

I don't think anybody should come out and say anything about this project until we get an official announcement with what's going on tenant-wise. Either way, PREIT's redevelopment of the Gallery is doing a lot more good than these Commercial Broker clowns who are acquiring tenants and signing leases for places like Verizon, AT&T, and Mattress Firm on the proven hot retail corridors of West Walnut and Chestnut Streets.

I'll post the article and only pull out the useful information.

[Jayfar]

Originally Posted by Philly Kid

http://www.philly.com/philly/busines...nt-leased.html

Some interesting quotes in this article.

"...leasing commitments as letters of intent, ongoing negotiations, or verbal agreements for about 70 percent of the space one year out."

If there were any signed leases, that might be a little more impressive.

[summersm343]

PREIT chief says new Fashion Outlets mall is 70 percent committed

Joseph Coradino, CEO of mall owner Pennsylvania Real Estate Investment Trust, gave assurances Monday that construction and leasing of nearly 800,000 square feet of retail, dining, and entertainment space were “on track” and that he had leasing commitments as letters of intent, ongoing negotiations, or verbal agreements for about 70 percent of the space one year out.

“We’re in the midst of a transformative, complete 180-degree turnabout of this property,” he said. “I want to deliver a message that says,`Here’s the tenancy of FOP [Fashion Outlets] and your readers will say, `I get what they’re doing.’ We are not doing it piece by piece. Period.”

Coradino said his partners, including Macerich, a mall developer, tell him that “in the outlet world, piecemeal announcements are a sign of weakness.”

Crowell said the demolition of the entire interior of Gallery I is complete, while demolition is underway at Gallery II, which closed in early January.

“This spring and summer, formal rebuilding and transformation into Fashion Outlets Philadelphia will begin,” she said.

Larry Steinberg, a senior executive at CBRE Inc., who has brokered several deals on Walnut and Chestnut Streets, said the new mall “is well-positioned” to attract the retail segment that continues to be successful: off-price and discount retailers.

“Even if the leasing up of Fashion Outlets takes longer than expected, the rest of the Center City market will not be adversely affected,” Steinberg said. “Center City is too big and diverse, continues to grow its population base, and attract new office construction. The necessary market fundamentals are here.”

http://www.philly.com/philly/busines...nt-leased.html

[Hrytsyu]

Originally Posted by tsarstruck

I don't think you guys read the article: "The train shed space will house a grocery store and reportedly Sprouts Farmers Market, an Arizona-based grocery chain that focuses on natural and organic food, has leased the space, according to sources."

I assure you, we did read the article. However, there is some negative language, and I surmise we are each accustomed to seeing things in flux.

[br323206]

Originally Posted by jjv007

I think renovated Love Park is a good, reasonable investment but walking in the area recently I wondered if having Dilworth Park and Love Park so closely together taking up space in the heart of the city was really necessary.

I'm ok with Love and Dilworth but Thomas Paine Plaza has got to go. Waste of space.

[MikeNigh]

Originally Posted by br323206

I'm ok with Love and Dilworth but Thomas Paine Plaza has got to go. Waste of space.

All these parks except for rittenhouse and washington are pathetic. Center city should have nothing but grandiose parks and rail stations. There is no excuse, everything about the image would change if they stepped up to where it should be.

[mcgrath618]

Originally Posted by MikeNigh

All these parks except for rittenhouse and washington are pathetic. Center city should have nothing but grandiose parks and rail stations. There is no excuse, everything about the image would change if they stepped up to where it should be.

I really think that the Love renovation will be good, and hopefully change the park scene of the city to better reflect what you've described. I think that the Park immediately in front of the Art Museum (whose name is escaping me) is abysmal and needs a whole lot of attention

[MikeNigh]

Originally Posted by mcgrath618

I really think that the Love renovation will be good, and hopefully change the park scene of the city to better reflect what you've described. I think that the Park immediately in front of the Art Museum (whose name is escaping me) is abysmal and needs a whole lot of attention

Most of them are just grass space and rarely have any evergreens leaving them looking dead half the year. People would have a lot more respect for the city and developers would invest more if the public space actually matched it's grandiose reputation. The great historic Philadelphia based off of Paris currently has parks fit for Mcdonalds and train stations that look like the interior of a cleaned out dumpster while New York and even Pittsburgh have side lots that make European castle courtyards embarrased.

[RonnieStevens]

Originally Posted by mcgrath618

I really think that the Love renovation will be good, and hopefully change the park scene of the city to better reflect what you've described. I think that the Park immediately in front of the Art Museum (whose name is escaping me) is abysmal and needs a whole lot of attention

The Oval. Seems like its more of an event space when its not a parking lot. The issue there might be traffic around that oval that makes it hard and dangerous to access.

[cubanChris]

Originally Posted by MikeNigh

All these parks except for rittenhouse and washington are pathetic. Center city should have nothing but grandiose parks and rail stations. There is no excuse, everything about the image would change if they stepped up to where it should be.

Unless you're only talking about Love, Dilworth and Thomas Paine Plaza or the fields along the north side of the Parkway, this is woefully inaccurate.

The city is more in the middle of doing what you describe – renovating and adding parks– you ignore the recent triumphs that are Sister Cities Park, Franklin Square, The Porch around 30th, the renovated Schuylkill River Park with what feels more like bleachers to watch the dog park than a bridge to get from there to the River Trail, Paine Park, Dilworth (whatever faults it has is an enormous improvement to what was there), Race St Pier... Plus now the under construction Viaduct, Love Park and the nearly funded cap over 95. I'm positive I missed some and, with the exception of the Porch, this only includes Center City.

The train stations are what they are, the only one worth noting is 30th which should improve in the near-term with the Drexel park going in just to the west of it and renovation of the Bulletin building. Market East and Suburban are utilitarian at best and unlikely to change.

Still, your comment feels a bit hyperbolic.

[Redddog]

Originally Posted by MikeNigh

Most of them are just grass space and rarely have any evergreens leaving them looking dead half the year. People would have a lot more respect for the city and developers would invest more if the public space actually matched it's grandiose reputation. The great historic Philadelphia based off of Paris currently has parks fit for Mcdonalds and train stations that look like the interior of a cleaned out dumpster while New York and even Pittsburgh have side lots that make European castle courtyards embarrased.

Well that's a bit of an overstatement....

[1487]

Originally Posted by MikeNigh

All these parks except for rittenhouse and washington are pathetic. Center city should have nothing but grandiose parks and rail stations. There is no excuse, everything about the image would change if they stepped up to where it should be.

No nice parks in CC outside of the 2 you mentioned? Really? wow.

[1487]

Originally Posted by cubanChris

Unless you're only talking about Love, Dilworth and Thomas Paine Plaza or the fields along the north side of the Parkway, this is woefully inaccurate.

The city is more in the middle of doing what you describe – renovating and adding parks– you ignore the recent triumphs that are Sister Cities Park, Franklin Square, The Porch around 30th, the renovated Schuylkill River Park with what feels more like bleachers to watch the dog park than a bridge to get from there to the River Trail, Paine Park, Dilworth (whatever faults it has is an enormous improvement to what was there), Race St Pier... Plus now the under construction Viaduct, Love Park and the nearly funded cap over 95. I'm positive I missed some and, with the exception of the Porch, this only includes Center City.

The train stations are what they are, the only one worth noting is 30th which should improve in the near-term with the Drexel park going in just to the west of it and renovation of the Bulletin building. Market East and Suburban are utilitarian at best and unlikely to change.

Still, your comment feels a bit hyperbolic.

Millions have been spent on the parkway to redo curbs, sidewalks, bike lanes and street furniture from 22nd street to 16th street. More improvements are being included in the 676 project.

underground train stations can only be so nice. The great train stations of this country are not the ones that exist underground.

[SEFTA]

It would be nice to see plans that conclude that any new projects at 22nd & Market would include the addition of an integrated subway station as a part of the project. Perhaps planning in advance might attract developers to the area with the prospect of new easy access to transit while creating a creative way for possible funding.

[cubanChris]

Originally Posted by 1487

Millions have been spent on the parkway to redo curbs, sidewalks, bike lanes and street furniture from 22nd street to 16th street. More improvements are being included in the 676 project.

underground train stations can only be so nice. The great train stations of this country are not the ones that exist underground.

The Parkway is loads better than it was 10 years ago and the caps help. Agree 100%.

[Knight Hospitaller]

Originally Posted by SEFTA

It would be nice to plans that conclude that any new projects at 22nd & Market would include the addition of a new integrated subway station as a part of the project. Perhaps planning in advance might attract developers to the area with the prospect of new easy access to transit while creating a creative way for possible funding.

Adding Market-Frankford Line stops at 19th and 23rd would be yuuuuge, but I'm sure the cost would be too. From having used the Subway-Surface stops in that area for many years, I can recall thinking that there was no obvious way to do that without major work. Maybe the proposed Trump infrastructure initiative will make some dollars available, but that remains to be seen.

[Frontst17]

I think Mike just arrived her last night from the Merry old land of Oz... the work that's been done to parks adding and rehab has been substantial over the last 15+ years, there's more park space and green areas than I can remember and they're being utilized much better. Eakins in the summer is transformed into a spot, I've never seen so many people at CITY HALL because they actually want to be... skatepark, puppy park, beer gardens, spruce street, penns landing will be capped, were getting a rail park. I dunno man Boston Common is nice but you're underestimating the abundance of, quality of, and future of Center city parks. Also that place called fairmount park

[mcgrath618]

Originally Posted by MikeNigh

Most of them are just grass space and rarely have any evergreens leaving them looking dead half the year. People would have a lot more respect for the city and developers would invest more if the public space actually matched it's grandiose reputation. The great historic Philadelphia based off of Paris currently has parks fit for Mcdonalds and train stations that look like the interior of a cleaned out dumpster while New York and even Pittsburgh have side lots that make European castle courtyards embarrased.

While Suburban Station is horrid-looking, I feel as if Jefferson is quite nice compared to it. Natural sunlight gets in and it feels a lot more open. I think that's why Suburban Station fails, because it's so dark and grim and underground.

[Knight Hospitaller]

I'll take Suburban over Penn Station any day.