PHILADELPHIA | Highrise Development Thread X

[PHLtoNYC]

First look: New Ten Penn Center apartments bring office space back from the dead
https://www.bizjournals.com/philadelphia...r-apartments-1801-market-conversion.html

PMC Property Group is cruising toward a June 1 opening of new apartments at 1801 Market St. eight months after embarking on renovations at the 668,000-square-foot building.

Also known as Ten Penn Center, the 27-story tower in the heart of Philadelphia’s central business district is undergoing a partial conversion to residential from office space. At least 50 apartment leases have already been signed.

PMC acquired Ten Penn Center last fall for $30 million and is building 220 apartments on floors 17 through 25.

[PHLtoNYC]

Interesting to see another New York firm so interested in Philadelphia real estate.

Centre Square deal in question as competing bidder cries foul and NYC firm swoops in
https://www.bizjournals.com/philadelphia...tre-square-sale-csc-pmc-adler-kazmi.html

CSC Coliving, which has its offices in Manhattan, submitted a proposed purchase and sale agreement Thursday to buy the 1.76 million-square-foot office complex for $80 million. The offer, filed in the foreclosure case for Centre Square at U.S. District Court in the Eastern District of Pennsylvania, tops the Adler-PMC offer filed with the court by $10 million.

[UrbanRevival]

Philadelphia is continuing to show real estate strength, particularly in the luxury sector (ranking 2nd out of the Top 50 markets).

The "bang for your buck" migration from more expensive Northeast Corridor hubs doesn't show any sign of stopping.

Slow market? Not if you're selling a luxury home in these 10 U.S. cities

Luxury real estate does not appreciate at the same pace everywhere. Redfin measured sale prices in 50 metros to find which cities have gained the most

By Anthony Lopopolo | Updated Monday 5:12 AM

Philadelphia's luxury market posted a 15.8% year-over-year price gain in March 2026, pushing the median sale price to $1,420,131. The gain arrived alongside a 2.8% decline in closed luxury sales and a 3.9% drop in new listings. That pairing identifies constrained supply as the mechanism compressing prices upward.

Active luxury listings fell 7.1% year over year, tightening the pool of available homes even as buyers remained engaged. Pending sales rose 6.2%, confirming that demand held firm while supply shrank. When the count of buyers willing to act stays roughly steady and the homes available to them contract, prices respond accordingly. Philadelphia's 15.8% gain is that arithmetic playing out over the full first quarter.

The city's luxury price base of $1,420,131 sits well below the metros where high-end housing dominates the national conversation. That relative affordability within the luxury tier draws buyers who want elevated amenities without committing to a seven-figure-and-above threshold. Philadelphia's urban core, its proximity to New York, and its concentration of healthcare, finance, and education employers give high-earning buyers concrete reasons to choose it over other options within the Northeast corridor.

https://qz.com/luxury-home-prices-surgin...ling-a-luxury-home-in-these-10-us-cities

[3rd&Brown]

Originally Posted by UrbanRevival

Philadelphia is continuing to show real estate strength, particularly in the luxury sector (ranking 2nd out of the Top 50 markets).

The "bang for your buck" migration from more expensive Northeast Corridor hubs doesn't show any sign of stopping.



https://qz.com/luxury-home-prices-surgin...ling-a-luxury-home-in-these-10-us-cities

I don't think it hurts (the city) that the suburban market is on fire. People on the Main Line are selling their homes 100s of thousands of dollars over asking. This paired with a simultaneously improving narrative about cities (crime, etc) is giving these folks places to park that capital. The improved velocity of sales at Arthaus is well noted, but I've also seen a lot of very expensive units under contract at lower profile albeit very expensive projects like the Dilworth House overbuild on Washington Square and the Quarry Street project in Old City (my personal favorite). I was on Redfin last night and it appears as though all but one of the units on Quarry Street is under contract and more than half at Dilworth House.

For years, the city was selling at a premium compared to the burbs, which notably switched during the pandemic. That premium in the burbs is still there but I've noticed momentum picking up in the city as well. It seems as though million dollar plus properties all over the city are going under contract quite quickly, whether it's Chestnut Hill, Mt Airy, East Falls, Upper Roxborough, Society Hill, Queen Village, Fairmount, NoLibs, Fishtown, etc etc. I've even noticed a few million dollar rehabs in unlikely places under contract (ahem, Germantown and Overbrook Farms).

Interesting times we live in for Philadelphia.

[Londonee]

Liberty 2’s new lighting is fantastic. Brightest building on the skyline now - what a huge difference. Puts Liberty One to shame given they were supposed to “upgrade” their lighting scheme with brighter LEDs not too long ago.

[TK2001]

They did upgrade One Liberty's lighting, in 2021

[bdurk]

It does look incredible. As much as I love the Liberty One lights I do wish they were brighter, you can't even see them from the stadiums. Hopefully they upgrade them with the same ones Liberty Two has soon.

[TK2001]

Okaay after looking at the Fox 29 camera 2 LP's lighting is noticably stronger than 1 LP like back in 2007. Just like then and in 2021, they need to upgrade the towers at the same time in coherence. But if anything Bell Atlantic Tower needs a lighting upgrade as they've been dimming sections and completely turning off sections since my teenage years. BAT was beautiful in the early 90's simulating an illuminated waterfall. Now its neutered like a dog, fortunately still using spotlights with filters like when first built...but Verizon you can do better...a company boasting the output of electricity. Blue Cross Tower got their lights reinstalled after the mid 90's and the same with Mellon Bank Center (yet not the bases large spotlights), why not Bell Atlantic Tower. Also since 2004 the spire of 2 LP hasn't been lit since then...LIGHT IT UP!

[TK2001]

Delete

[TK2001]

I took this just a day after turning 16

Philadelphia skyline August 2017 by Philly SkyGuy, on Flickr
First Philadelphia YIMBY photoshoot
Philadelphia skyline July 2018 by Philly SkyGuy, on Flickr

Philadelphia skyline November 2020 by Philly SkyGuy, on Flickr

Philadelphia skyline November 2024 by Philly SkyGuy, on Flickr

[Londonee]

Originally Posted by TK2001

They did upgrade One Liberty's lighting, in 2021

I know - that’s why i wrote they were supposed to “upgrade” - it looks awful, and is barely visible on the skyline; while Liberty 2 is showing what an actual upgrade looks like…

[TK2001]

Perhaps both towers should go back to the neon lights and mirrors. Those STOOD out

[skyhigh07]

Originally Posted by mcgrath618

We can build a monorail while we're at it! It did wonders for North Haverbrook!

Or maybe that's more of a Shelbyville idea...

Focusing on job growth is pretty different from a monorail though

[Londonee]

Originally Posted by skyhigh07

Focusing on job growth is pretty different from a monorail though

Yeah I didn't quite understand what he was going for there... pretty basic public policy could stir some real job growth. Like, not everything needs to end up in NYC or Austin.

[mcgrath618]

Originally Posted by Londonee

Yeah I didn't quite understand what he was going for there... pretty basic public policy could stir some real job growth. Like, not everything needs to end up in NYC or Austin.

I was referencing the Simpsons (which in turn is referencing The Music Man). Grifter comes into town promising economic growth if paid to build a monorail through town, builds a load of garbage and flees with the money.

I was drawing a comparison between AI and Harold Hill/Lyle Lanley. I am not confident that any investment at a city level in encouraging the growth of AI data centers would stand to pay off any dividends. These things generate no taxable goods, require little staff to maintain, and gobble up resources we don't have to spare.

I would much rather see the City invest in other sectors that produce tangible goods, such as manufacturing. Cleveland announced a new program just the other day that is encouraging industrial growth along an existing freight rail corridor. This is what the Bellwether District should be, not Amazon Fulfillment Centers or AWS/Anthropic/Google Data Centers.

What benefits, if any, would the City stand to reap from bringing this "industry" in via large tax breaks? Is it just for vanity? At that point, we're not even collecting good tax revenue at the corporate level.

[TK2001]

https://www.reddit.com/r/philadelphia/s/A4VcPvCq3Y

As I posted on that Reddit forum, looks like they could be testing for dynamic animations. I was even told about this by a maintenance worker years ago that light shows would be projected from the tower, this could be it

[Skang]

Originally Posted by TK2001

https://www.reddit.com/r/philadelphia/s/A4VcPvCq3Y

As I posted on that Reddit forum, looks like they could be testing for dynamic animations. I was even told about this by a maintenance worker years ago that light shows would be projected from the tower, this could be it

Probably won’t happen, but just a thought—what are the chances they ever build a third building in that district?

[PHLtoNYC]

Originally Posted by Skang

Probably won’t happen, but just a thought—what are the chances they ever build a third building in that district?

If you had asked in January 2020, I would have said a good chance.

Present day, slim to none.

[reparcsyks]

Originally Posted by Skang

Probably won’t happen, but just a thought—what are the chances they ever build a third building in that district?

Not a chance.

[Londonee]

Originally Posted by mcgrath618

What benefits, if any, would the City stand to reap from bringing this "industry" in via large tax breaks? Is it just for vanity? At that point, we're not even collecting good tax revenue at the corporate level.

Anthropic is valued at $1trillion, OpenAI at $800b - not quite the monorail. For comparison, Comcast market cap is $80b. Boeing is $170b.

Do you have any idea what % of the global market economy is AI based? Our entire economy is effectively hinging on the success or failure of this "industry." Whether that's good or bad is a convo for another forum.

Anyways, simple answer to your question: JOBS. Plus the ancillary investment in buildings + infrastructure and again, high paying jobs (which would be subject to wage tax).