PHILADELPHIA | 1001 S. Broad Street Phase I | 180 FT | 14 FLOORS

[Jawnadelphia]

Awesome shots, Tony! Building is looking terrific. Hopefully all phases are realized, Post Brothers are the real deal.

[PHL10]

Great shots Tony. This development is just a monster.

[TK2001]

1001 South Broad from New Jersey by Philly SkyGuy, on Flickr

[yuryphilly]

[iheartphilly]

This is top notch all around and BIG ups to Post Brothers. They get it done. Look at the trees they planted too, not rinky-dink and good size for just going into the ground.

[SEFTA]

Originally Posted by yuryphilly

the entrance is stunning

[TK2001]

One Thousand One Residences by Philly SkyGuy, on Flickr

[yuryphilly]

[PHLtoNYC]

^ For a second I thought that was Naomi Campbell advertising 1001 S. Broad.

[SEFTA]

Unbelievable this lot sat empty for so long.
Worth the wait because this thing is nice.

[Gatorade_Jim]

Originally Posted by yuryphilly

It really is. I walked by this last week and it’s gotta be the nicest new large project in the city. I can’t think of anything else that comes close. Piazza maybe but I think this is nicer so far.

[nemesisinphilly]

Write up yesterday in PBJ:

https://www.bizjournals.com/philadel...ashington.html

Items that were interesting to me were plans for retail other than GIANT and timeline for next phases.

"In addition to the Giant grocery store, there’s 6,000 square feet of retail space included in the first phase. Pestronk said it’ll likely become a “destination food and beverage” operation."

"Though Pestronk declined to share a timeline, he said future phases are likely to be developed “sooner rather than later.” As thousands of apartments are built throughout Philadelphia, Pestronk has still seen positive rent growth in Greater Center City."

[Redddog]

Originally Posted by nemesisinphilly

Write up yesterday in PBJ:

https://www.bizjournals.com/philadel...ashington.html

Items that were interesting to me were plans for retail other than GIANT and timeline for next phases.

"In addition to the Giant grocery store, there’s 6,000 square feet of retail space included in the first phase. Pestronk said it’ll likely become a “destination food and beverage” operation."

"Though Pestronk declined to share a timeline, he said future phases are likely to be developed “sooner rather than later.” As thousands of apartments are built throughout Philadelphia, Pestronk has still seen positive rent growth in Greater Center City."

Wow. Talk about transformational! That area is going to be so radically different than 6-7 years ago!

That second phase is just as massive as the first.

[SEFTA]

When I first saw this proposal, I thought, well that's nice and dense.
But this is much more.
So much attention to the street and the community.
A giant adult playground.
Way to go Philly.
Another coup. In all directions.
Such luxury in S Philly.
Piazza South

[bdurk]

Saw on Twitter today that rates for a 2 bedroom are starting around $5k for this place. Not too crazy considering how nice it is but man I can't imagine paying that much to live in Philly. Anyone know how this compares to the Piazza?

[Redddog]

Originally Posted by bdurk

Saw on Twitter today that rates for a 2 bedroom are starting around $5k for this place. Not too crazy considering how nice it is but man I can't imagine paying that much to live in Philly. Anyone know how this compares to the Piazza?

That's nuts. This place is super cool and that outside space is like a resort. But it's still on Washington Ave. That area is making amazing strides and will eventually be totally transformed but those rates are more like prime Center City.

I'm with you, bdurk. That's A LOT to pay for that place.

[mcgrath618]

Originally Posted by bdurk

Saw on Twitter today that rates for a 2 bedroom are starting around $5k for this place. Not too crazy considering how nice it is but man I can't imagine paying that much to live in Philly. Anyone know how this compares to the Piazza?

Starting? That's laughable. I could see the higher end units going for that much but to start units at $2500/mo/person is insane when I currently pay $950/mo (or could move to 3025 JFK for $1150/mo).

[PurpleWhiteOut]

I can't afford it at all but to be fair they're 1300 sqft, the interior photos look wild, and of course the building amenities. If I could afford it, I think it makes sense. Studio/small 1 beds is around $2k which isn't bad. Center City has way more expensive prices for much less and much older. I do wonder if it's going to get even more expensive though, since I'd imagine it's a tougher sell with very active construction going on

[UrbanRevival]

I think Post Brothers are hoping to capitalize on an underserved market of very high-earning renters in Philly. Certainly there's been a number of super high-end rental projects in recent years, but this is will be a very interesting test of the depth of that market given the massive scale and more distant location of the project from the core of Center City.

Given crazy rent increases/prices in places like Boston, NYC and DC, I think this is a prime kind of project to entice renters from more much more expensive adjacent Northeast Corridor markets to significantly upgrade their living quarters for the same money. We've already seen this dynamic at play in much of Center City and a hub like NoLibs, but this kind of project puts that dynamic into higher gear in South Philly.

There's no doubt they are very savvy developers with market research to back them up, so they must have healthy confidence in the city's fundamentals. If they can manage to lease up the building at that price point, though, I think it's fair to say Philly's luxury market profile has reached a new high as far as urban rental markets go.

[gjrip]

That’s a fcking joke lol. Sorry.

I could understand it starting at like 3500 and would still think it’s a bit high.