PHILADELPHIA | Highrise Development Thread IX

[shadowbat2]

^Def looking forward to what ME will be in the next few years!

125 more jobs to the navy yard:

Australian firm to open U.S. headquarters at Navy Yard

Last updated: Thursday, January 23, 2014, 4:55 PM

An Australian energy-efficiency company, Ecosave Inc., will open its U.S. headquarters in the Navy Yard and invest more than $10 million at the site, according to Select Greater Philadelphia and Mayor Nutter's office.

Ecosave, which primarily works with commercial and industrial customers, initially will occupy 6,000 square feet at 3 Crescent Drive and move into a 20,000 square feet office to be built at The Navy Yard by January 2015.

Ecosave acquired a Bristol, Pa., engineering firm, DVL Automation, last June. Officials said it would employ 125 people at its Philadelphia location, including some who now work in Bristol.

- Andrew Maykuth

Read more at http://www.philly.com/philly/business/20...rs_at_Navy_Yard.html#1As0A9G5pWBv0YGC.99

[theSisko]

Australian firm to open U.S. headquarters at Navy Yard


An Australian energy-efficiency company, Ecosave Inc., will open its U.S. headquarters in the Navy Yard and invest more than $10 million at the site, according to Select Greater Philadelphia and Mayor Nutter's office.

Ecosave, which primarily works with commercial and industrial customers, initially will occupy 6,000 square feet at 3 Crescent Drive and move into a 20,000 square feet office to be built at The Navy Yard by January 2015.

Ecosave acquired a Bristol, Pa., engineering firm, DVL Automation, last June. Officials said it would employ 125 people at its Philadelphia location, including some who now work in Bristol.

[summersm343]

Awesome news on Market East development! Looks like at least 4 towers from what I can tell and an awesome retail pedestrian pavilion!! Also awesome news on the company at the Navy Yard. Septa REALLY needs to extend the subway down to the Navy yard to accommodate all these employees. I bet that would create even more demand for residential towers in Center City and residential development in South Philly along South Broad

[theSisko]

From the Passyunk Post via Philly.curbed......



Blatstein pitching 400,000 square feet of retail for broad and Washington
By Albert Stumm on January 23, 2014 6The proposed “retail hub” for Broad and Washington will include 400,000 square feet of leasable space, according to a commercial real estate listing that went live last week.

The listing describes the project by developer Bart Blatstein as a “vertical shopping center” that will include a parking structure. Another interesting detail is that the site will also include the empty surface lot on other side of 13th Street, if this image with the listing is to be believed.


Via LoopNet
The Broad and Washington lot is also the proposed site for the Philadelphia Arts Market, championed by Elisabeth Garson, creative director of local advertising agency Garson Design. She said she would know by early February whether a Blatstein will let her set up shop on the lot for this summer.

Meanwhile, Blatstein told KYW:

“It’s very exciting. It’s an opportunity to create a walkable community right there at Broad and Washington,” Blatstein tells KYW Newsradio. He says the area is “under-retailed.”

“Philadelphia has the second-largest downtown population on the east coast, at 180,000 people,” he says. “There’s tremendous growth south of Market, residential-wise, and there’s very little services for the amount of population and traffic in the area.”

Missing from the listing is any rendering of the project or indication whether Blatstein also plans to have a residential component to he development. The lot is zoned CMX-5, which allows for bona fide skyscrapers, so you’d think he’d want to put some apartments or condos in there, right?

[summersm343]

Guys... Philadelphia is on fucking fire! My firm is hearing rumors of yet another Condo building, and another albeit smaller office building. Maybe 19th and Arch?

Design Center to Sell
PMC Property Group, backed by Lubert-Adler, is in negotiation to purchase theMarketplace Design Center, the Philadelphia Business Journal reported on January 14. The site has the potential to forge a strong link between Center City and University City.

Two buildings, 2400 Market Street and 12 South 23rd Street, comprise the Marketplace Design Center. The property is expected to sell for more than $40 million, according to the article.

I hope they build a nice tower on top
http://www.centercityphila.org/pressroom/developments012314.php

[bucks native]

http://www.bizjournals.com/philadelphia/news/2014/01/23/market8-casino-bid-wins-a.html

LOOK FAMILIAR? Blade and all!

[shadowbat2]

^Lots of good stuff in that link indeed

I 676 parkway plans:

Improving the Streets and Bridges in the Parkway Vicinity
A comprehensive plan to improve the bridges on the Benjamin Franklin Parkway that span I-676 is expected to be implemented by 2017-2018, in time for the Parkway Centennial Celebration. Phase 1 will cost about $96 million and will include the renovations of the bridge structures in front of the Free Library, Family Court, and adjacent to the Franklin Institute.

Included in the plan will also be the renovation of the Spring Garden Street Bridge, roadway and ramp work on 22nd Street, the realignment of Winter Street at 20th and the Parkway and covering one of the openings to the highway below in front of the Free Library.

The second phase will include repairs and renovations to 18th, 21st and 22nd Streets, for an estimated $28 million.

[japmes]

Anyone else think the spire in the Market8 render resembles a gawdy version of CTIC?

[Capsule F]

Market 8 is the best proposal. Arena areas make the most sense unfortunately, but Market8 is the best proposal.

[jn00]

Originally Posted by shadowbat2

^Lots of good stuff in that link indeed

I 676 parkway plans:

I know that at one point there was a plan to cap a small portion of the vine street expressway - specifically the smaller gap to the left side of the Free Library. I wonder if this means that we'll get more caps. I'm hopeful that's the case - specifically if the old Family Court is ever set to become a luxury hotel.

[PhiLaw]

New Tower on North Broad?

I noticed this the other day, but figured it was nothing. Woops.

http://www.ocfrealty.com/naked-philly/logan-square/new-project-on-north-broad

[theSisko]

That's not office tower construction. Septa is updating the subway stop there. The article states the parking lot there will remain.

[McBane]

Yes the Market8 tower looks like CITC but who cares, b/c it will never be built. I may end up with my tail between my legs, but I'm pretty confident to say that the tower phase, which is supposed to be for a hotel, will not happen for the foreseeable future.

Could it be because the nearest completed hotel (Homes2Suites) and the nearest proposed hotel (Element/W) required taxpayer subsidies?

Could it be because the nearby Marriott sold for what the Inquirer called, "a bargain"?

Could it be because the the Convention Center has been much slower than anticipated since its expansion (and is 8th and Market really convenient to the CC?)

Maybe it won't happen b/c people don't come to Philly to gamble, thus they don't need to stay in a casino hotel, like they do when they go to AC or Vegas.

Maybe Market8 will draw the most visitors (although it's not really any closer to the CC than the Provence)? Maybe it will be a catalyst for Market St? Perhaps. But it won't be supporting a hotel tower any time soon and that site, which once had very big hopes, will be stuck with a squat 2-3-4 story casino box.

EDIT: for what it's worth, conceptually speaking, this is the best proposal, edging out Provence based on it's more prominent location and tower design. But again, my vote is for Provence, based on reality.

[Flyers2001]

Originally Posted by japmes

Anyone else think the spire in the Market8 render resembles a gawdy version of CTIC?

I thought the renders were nice when they came out, which was 6 months ago. I think the size and blade in that location is huge on the skyline. 500+ ft at 8th and market would stand out more than St. James.

Wether it's the best location for a casino can be debated.

[theSisko]

http://www.philly.com/philly/business/20140124_Kmart_stores_in_Gallery__Northeast_to_close.html

[iamrobk]

Originally Posted by jn00

I know that at one point there was a plan to cap a small portion of the vine street expressway - specifically the smaller gap to the left side of the Free Library. I wonder if this means that we'll get more caps. I'm hopeful that's the case - specifically if the old Family Court is ever set to become a luxury hotel.

I really wish they would cap most of it (maybe all of it west of broad street). Would really help connect Fairmount to Center City.

[tsarstruck]

Greenlee introduced a bills to modify some elements of the code to accommodate the CITC. Any idea what raising portions of 18th Street and Cuthbert Street between 18th and 19th would accomplish?

Making way for Comcast, Council to tweak zoning regulations

[Londonee]

Originally Posted by theSisko

http://www.philly.com/philly/business/20140124_Kmart_stores_in_Gallery__Northeast_to_close.html

^^^^??

Coradino said there were two plans.

One - for a high-end fashion complex - depends on landing an anchor tenant such as Bloomingdale's, to be housed, perhaps, in the former Strawbridge & Clothier store at Eighth and Market Streets.

The alternative would be a "Fast Fashion and Food" concept, he said, with well-known trendy tenants such as H&M and Forever 21.

Really, to my mind, the best thing that could happen to give PREIT a huge kick in the ass would be for NREAD to move forward at Girard Square, signing tenants like Forever 21 and other potential prospects out from under them.

[palvar]

Originally Posted by iamrobk

I really wish they would cap most of it (maybe all of it west of broad street). Would really help connect Fairmount to Center City.

I wish we could cap 676 the way Columbus, Ohio did at North High Street. I've stayed nearby and you have no idea you're on an overpass, plus the rent offsets construction costs and because it is not a total cap, you don't need ugly air vents.

[Pennsgrant]

Originally Posted by McBane

Yes the Market8 tower looks like CITC but who cares, b/c it will never be built. I may end up with my tail between my legs, but I'm pretty confident to say that the tower phase, which is supposed to be for a hotel, will not happen for the foreseeable future.

Maybe it won't happen b/c people don't come to Philly to gamble, thus they don't need to stay in a casino hotel, like they do when they go to AC or Vegas.

I recall reading an article last year stating just that^. If Market 8 won the second casino license the spiffy tower wasn't going to be part of the initial construction. And as you say probably never wil be part of the process.

I think you can look at the Borgata in A.C. and see what a high quality casino is capable of on the east coast. Its not as if Philadlephia couldn't benefit from a destination casino, imo people would come in droves to the right casino.

Unfortunately I-95 has been inundated with these low tier slot boxes due mostly to the tax structure the state has put on gaming revenue. Harrisburgs appetite for gaming tax dollars is so enormous that it doesn't allow a developer to give you a world class casino experience. Most of the profit goes to Harrisburg not into the casino.