PHILADELPHIA | 300 N. Columbus Boulevard | 316 FT | 26 FLOORS | ON HOLD - Page 8

chimpskibot · #**141** Posted **Dec 22, 2022, 4:16 PM**

I think this project is too soon to be called stalled unless some official press release or sale of the site is announced. I keep thinking of S12th street which Yimby called stalled for a few months and now that project is flying! I think we as skyscraper/tower fans have to be a little more patient with supply chain/funding problems that didn't really happen before 2020.

iheartphilly · #**142** Posted **Dec 22, 2022, 4:50 PM**

I don't think it is either. It's got above ground parking and retail so covering up the dug hole doesn't mean they decided to shelve the project.

jaysb · #**143** Posted **Dec 22, 2022, 9:12 PM**

Quote:

Originally Posted by iheartphilly

I don't think it is either. It's got above ground parking and retail so covering up the dug hole doesn't mean they decided to shelve the project.

I doubt there is much below ground on this given the proximity to a flooding river.

Urbanthusiat · #**144** Posted **Dec 22, 2022, 9:43 PM**

Durst Organization Halts Work Indefinitely At Multifamily Development On Philly Waterfront

Quote:

Durst has halted work indefinitely on the construction of its planned 25-story apartment building at 300 North Christopher Columbus Blvd., a representative from the company confirmed to Bisnow in a statement. It had already completed excavation and foundation work.

PHLtoNYC · #**145** Posted **Dec 22, 2022, 9:57 PM**

Quote:

Originally Posted by Urbanthusiat

Durst Organization Halts Work Indefinitely At Multifamily Development On Philly Waterfront

Is there any good detail in the article? There is a paywall.

Jayfar · #**146** Posted **Dec 22, 2022, 10:03 PM**

Quote:

Originally Posted by PHLtoNYC

Is there any good detail in the article? There is a paywall.

Yes, there is. Bisnow doesn’t paywall articles, but requires a FREE login account. Highly recommended. A lot of their Philly stuff is by Matt Rothstein, based here. Bisnow makes their bucks by staging industry conferences, which they do charge for.

Excerpt:
"The Durst Organization is pausing on construction of the mixed-use project at 300 N. Columbus Boulevard," Durst's statement read. "This decision is the result of unexpected rising construction costs and a challenging financing market. We are examining potential paths forward for the site and determining next steps. In the meantime, we are securing the site and making it safe for the surrounding community."

Durst has already spent $42M at the development site and made a nonrefundable $1.4M payment into the city's affordable housing trust fund.

DelcoAF · #**147** Posted **Dec 22, 2022, 10:50 PM**

It’s a bummer, hopefully it’s not a domino effect for upcoming work.

iheartphilly · #**148** Posted **Dec 22, 2022, 11:14 PM**

Sounds a little suspect. $42 million spent. Where did all this money go?
And if they committed to this project and started work, why wasn't all the financing in place. Doesn't add up.

CleetMcDougle · #**149** Posted **Dec 23, 2022, 12:41 AM**

Durst is the wurst.

skyhigh07 · #**150** Posted **Dec 23, 2022, 1:30 AM**

Delete

summersm343 · #**151** Posted **Dec 23, 2022, 1:39 AM**

Super unfortunate and disappointing. Smells a little fishy to me too. Hopefully they can get it back on track soon.

I still firmly believe Durst should be stripped of development rights of Penn’s Landing. If they can’t make this work, they’re not going to make Penn’s Landing work either.

mcgrath618 · #**152** Posted **Dec 23, 2022, 2:45 AM**

So many units going up in the area, yet they can’t make this work? Horseshit.

reparcsyks · #**153** Posted **Dec 23, 2022, 4:25 AM**

Perhaps SLC, Post Bros, and National can give Durst some lessons in development.

TonyTone · #**154** Posted **Dec 23, 2022, 4:25 AM**

Quote:

Originally Posted by mcgrath618

So many units going up in the area, yet they can’t make this work? Horseshit.

You saw what they said

Quote:

This decision is the result of unexpected rising construction costs and a challenging financing market.

Don't fight with the representative.

Urbanthusiat · #**155** Posted **Dec 23, 2022, 6:14 AM**

I think it's important to take a step back for a second and think of the economic environment we're in... the Fed is jacking up rates to kill excess demand to tame inflation that's been hovering around 7-8% for a year now. This is supposed to happen - but not to me! (or Philadelphia) we say. We all want inflation to go down but nobody wants it to be at their own expense. We're different right? Well I can definitely testify to financing conditions being tough right now. I know we all believe in Philly but sometimes the bank doesn't. I think The Fed has realized they're getting close to taming inflation and interest rates are currently projected to peak in 2Q 2023. Interest rates are starting to have an effect and hopefully we can find the mythical "soft landing." If it's at Durst's expense, so be it. I don't know what to think, I guess it's just a sign of the times. There's a lot happening along the waterfront which I'm pretty excited about, and there's still a lot of land left to be developed, this included. There's still a lot of good things going on in Philly and in this area. We'll see! I do think this tower will happen within 5 years still.

Jawnadelphia · #**156** Posted **Dec 23, 2022, 1:41 PM**

The Durst Organization is worth over $8 billion and has never stopped building and buying in NYC. This building is a drop in the bucket for them. Calling total bullshit on their stated reasons for the “delay” … I highly doubt they ever build this project now. Hopefully, as stated above, another developer scoops this plot up (and there are plenty of developers who are bullish on Philadelphia despite temporary inflation).
Maybe this is for the better, get that murderous NYC family out of Philly!

reparcsyks · #**157** Posted **Dec 23, 2022, 3:30 PM**

Here's hoping that the next design is better than this. Perhaps we dodged a bullet and don't realize it yet. Think of The Laurel - it' 10000000x better than the few failed proposals that could have been built on that lot.

Think about what Disney Quest would look like right now, had it been built. It would have gone bankrupt in three years and currently be the weirdest looking dollar store you've ever seen. Whatever gets built at 8th & Market will be infinitely better than whatever Disney Quest would have been.

Same for this lot. I bet we get something taller in the future.

BroadandMarket · #**158** Posted **Dec 23, 2022, 4:16 PM**

What is the height restriction on the waterfront? If I recall correctly it's around 250 feet?

Gferg01 · #**159** Posted **Dec 24, 2022, 1:56 AM**

Stalled?!?! Lol, yea this isn't happening. I have zero faith. Agreed with others, more than likely can't be done but strip them of Penns Landing bid.

So funny as I had to pass by this location today. Went to make a right onto Columbus from Spring garden and the entire street was blocked off. Then I come and see this post here. What a joke.

TempleGuy1000 · #**160** Posted **Dec 26, 2022, 8:32 PM**

Quote:

Originally Posted by Gferg01

Stalled?!?!

Went to make a right onto Columbus from Spring garden and the entire street was blocked off.

Well you might have saw various other mid-rise developments under way. This building is at Columbus and Vine street.

I think the best thing that could happen is they sell.