PHILADELPHIA | 200 Spring Garden Street | 167 FT | 14 FLOORS

[summersm343]

Originally Posted by reparcsyks

Every developer, but Durst, can somehow make construction work in Philly.

And Toll Brothers LOL

[summersm343]

Originally Posted by PHLtoNYC

Small update, but well underway. Delivery in 2024.

200 Spring Garden Now in Full Swing as Phase 1 of $500M Transformation

https://www.ocfrealty.com/naked-phil...transformation

This construction site is massive

[gjrip]

This building is gonna be SO nice, quote me in a couple years.

[blart]

12/30 Tower crane up

[Urbanthusiat]

This got a construction loan.

Northern Liberties – $134.6 million: Walker & Dunlop structured construction financing to facilitate the development of Northern Liberties, located along Spring Garden and North 2nd Street in Philadelphia, PA. The team acted as the exclusive advisor to Kushner Real Estate Group and National Real Estate Advisors in arranging the construction loan with Ullico. Northern Liberties is primed to become an urban mixed-use, transit-oriented residential building comprised of 360 apartment units and 23,070 square feet of retail space. Amenities will include a full-service health club and fitness center, a resort-style pool, a co-working space, a conference room, a party room inclusive of a game area, and a private residential landscaped deck.

[cardeza]

Originally Posted by Urbanthusiat

This got a construction loan.

if they got one why can't durst get one?

[3rd&Brown]

Originally Posted by cardeza

if they got one why can't durst get one?

bc he doesn't want one.

[Redddog]

Originally Posted by 3rd&Brown

bc he doesn't want one.

It's purely from a perceived demand perspective.

They don't love the housing trend right now. So they're not gonna build into it. Plain and simple. It's absolutely no different to what Toll did on Jewelers Row - albeit a far less dramatic and disgusting way. At least they didn't knock down Independence Hall only to decide the environment could be better for development.

The real villain here is Philly. The government here offers NO protection for its assets. It's gross and we have only ourselves to blame. You let a snake in the door. Either you solve that problem or you get bitten.

[cardeza]

Originally Posted by Redddog

It's purely from a perceived demand perspective.

They don't love the housing trend right now. So they're not gonna build into it. Plain and simple. It's absolutely no different to what Toll did on Jewelers Row - albeit a far less dramatic and disgusting way. At least they didn't knock down Independence Hall only to decide the environment could be better for development.

The real villain here is Philly. The government here offers NO protection for its assets. It's gross and we have only ourselves to blame. You let a snake in the door. Either you solve that problem or you get bitten.

the government doesnt own private parcels. How do you mean the city isnt protecting its assets? In the case of the durst project it was a parking lot- what would anyone have protected to stop Durst from starting construction only to stop later?

[Redddog]

Originally Posted by cardeza

the government doesnt own private parcels. How do you mean the city isnt protecting its assets? In the case of the durst project it was a parking lot- what would anyone have protected to stop Durst from starting construction only to stop later?

I'm talking about Jewelers Row/Snellenbergers/11th & walnut, etc.

They awarded the Penns Landing project to a company known for delaying projects into oblivion. They just proved it in real time. That's all I'm saying.

[cardeza]

Originally Posted by Redddog

I'm talking about Jewelers Row/Snellenbergers/11th & walnut, etc.

They awarded the Penns Landing project to a company known for delaying projects into oblivion. They just proved it in real time. That's all I'm saying.

the city doesnt own penns landing and did not make that decision. People really need to get educated about who does what and who owns what in Philadelphia.

[PurpleWhiteOut]

Originally Posted by cardeza

the city doesnt own penns landing and did not make that decision. People really need to get educated about who does what and who owns what in Philadelphia.

Oh man, and it's so mind-numbing on social media. The amount of comments on a redevelopment of a private parcel like "why more condos, why not a park?" "A school would be better here," like I wonder if they really think the city is building condos?

[ok-ez]

Originally Posted by cardeza

the city doesnt own penns landing and did not make that decision. People really need to get educated about who does what and who owns what in Philadelphia.

from penn's landing wiki: Development of the area is handled by the Delaware River Waterfront Corporation. The corporation is a non-profit that was established in 2009 to manage the publicly owned land on the central waterfront on behalf of the City of Philadelphia and the Commonwealth of Pennsylvania.

[Redddog]

Originally Posted by cardeza

the city doesnt own penns landing and did not make that decision. People really need to get educated about who does what and who owns what in Philadelphia.

Wtf?

The lack of education on the DRWC and what they do is a bummer. YOU need to stop arguing everything just for the sake of argument and listen to what people are talking about.

[cardeza]

Originally Posted by ok-ez

from penn's landing wiki: Development of the area is handled by the Delaware River Waterfront Corporation. The corporation is a non-profit that was established in 2009 to manage the publicly owned land on the central waterfront on behalf of the City of Philadelphia and the Commonwealth of Pennsylvania.

Let me repeat, DRWC is run by a board and is not managed by the city government. Not sure what part of that is confusing. The land may be publicly owned, but it is not the same as a city own vacant lot. If this were traditional city owned land every sale or action would route through the district council person and ultimately need to be approved by the mayor.

[cardeza]

Originally Posted by Redddog

Wtf?

The lack of education on the DRWC and what they do is a bummer. YOU need to stop arguing everything just for the sake of argument and listen to what people are talking about.

When people say things like the "City" shouldn't have allowed Durst to buy a parcel and then cancel construction it doesn't make any sense. I'm all for city bashing where it's logical, but the idea that you can blame every single thing you don't like on some alleged incompetence by city government or city council is absurd. There are market conditions at work and developers (or any other owners) have the right to build or not to build. I paid very close attention to what was said, it doesn't hold water. We know tons of projects were abandoned or delayed during the 2009 recession- this stuff happens and it cant be blamed on the City doing something stupid.

[3rd&Brown]

Originally Posted by cardeza

When people say things like the "City" shouldn't have allowed Durst to buy a parcel and then cancel construction it doesn't make any sense. I'm all for city bashing where it's logical, but the idea that you can blame every single thing you don't like on some alleged incompetence by city government or city council is absurd. There are market conditions at work and developers (or any other owners) have the right to build or not to build. I paid very close attention to what was said, it doesn't hold water. We know tons of projects were abandoned or delayed during the 2009 recession- this stuff happens and it cant be blamed on the City doing something stupid.

Let me clear this up for you.

When we say "the city" we mean the entity that owns it (which is quasi public btw, so saying "the city" isn't that far off base). So who cares whether or not it's the city or the DRWC. The DRWC operates in the same god damn echo chamber we do and it should reconsider its decision given recent events. Period full stop.

[allovertown]

Originally Posted by cardeza

When people say things like the "City" shouldn't have allowed Durst to buy a parcel and then cancel construction it doesn't make any sense. I'm all for city bashing where it's logical, but the idea that you can blame every single thing you don't like on some alleged incompetence by city government or city council is absurd. There are market conditions at work and developers (or any other owners) have the right to build or not to build. I paid very close attention to what was said, it doesn't hold water. We know tons of projects were abandoned or delayed during the 2009 recession- this stuff happens and it cant be blamed on the City doing something stupid.

Why is this even a distinction in your mind? Who do you think created the DRWC?

This is city owned land. Just because the city decided to create a non profit to run the waterfront doesn't absolve them of responsibility. If current board members can't the job done there are steps the city can take to replace them or they could even have the corporation dissolved entirely and the city itself would regain control of the land.

Are sitting members of the city government making decisions for the DRWC? No. But that shouldn't matter to you because they're ultimately the ones responsible for what happens here.

[PHLJD13]

Passed this site in an Uber yesterday for the first time since summer. Vertical steel beams are now rising, about two stories high.

[jaysb]