PHILADELPHIA | Highrise Development Thread IX - Page 98

summersm343 · #**1941** Posted **Mar 17, 2014, 3:28 PM**

Quote:

Originally Posted by Philly Fan

But that's an office tower. You also were giving a heads-up about some new residential or hotel towers--presumably about which we haven't heard yet--right?

Residential. Yes.

Insoluble · #**1942** Posted **Mar 17, 2014, 3:36 PM**

Quote:

Originally Posted by ILovePhilly

So sometimes at work I play around and I came up with this at one point. It shows the easiest opportunities for new construction (slash the maps of my least favorite things: surface parking lots). Sorry it's a little blurry I didn't want it to be 27 inches wide and screw up formatting so I shrank it down quick and dirty.

This is really cool. Would you mind posting a link to the larger version?

Quote:

Originally Posted by summersm343

Market East. Could be 600-800 feet depending on tenant commitment.

Oh Hell YES! summersm, have I told you how awesome you are yet today?

summersm343 · #**1943** Posted **Mar 17, 2014, 3:37 PM**

Quote:

Originally Posted by Insoluble

Oh Hell YES! summersm, have I told you how awesome you are yet today?

Haha why thank you!

Philly Fan · #**1944** Posted **Mar 17, 2014, 3:45 PM**

Quote:

Originally Posted by summersm343

Residential. Yes.

More than one? And if so, how many (roughly), where (roughly), and how tall (roughly)?

Kidphilly · #**1945** Posted **Mar 17, 2014, 4:04 PM**

Quote:

Originally Posted by Philly Fan

More than one? And if so, how many (roughly), where (roughly), and how tall (roughly)?

To be fair we may need to give him a break here - he needs to keep his job - lets maybe just chalk this up to transformative news pending on ME - think if considerable in scope will be more transformative as a development kick start then may be CTIC for as great a project as that is - maybe not height or even design but potentially more important as a catalyst for future development on ME - its been a long time since Aramark was built - I was still riding riding yellow school buses (now just the short ones...)

summersm343 · #**1946** Posted **Mar 17, 2014, 4:06 PM**

Quote:

Originally Posted by Philly Fan

More than one? And if so, how many (roughly), where (roughly), and how tall (roughly)?

Can't give away too many details or I'll get in trouble haha.

Just the office tower possibility and one new apartment tower. 300-400 feet. Market West/Rittenhouse area.

Philly Fan · #**1947** Posted **Mar 17, 2014, 4:09 PM**

Quote:

Originally Posted by summersm343

Can't give away too many details or I'll get in trouble haha.

Just the office tower possibility and one new apartment tower. 300-400 feet. Market West/Rittenhouse area.

'Nuff said.

Jelly Roll · #**1948** Posted **Mar 17, 2014, 4:21 PM**

Quote:

Originally Posted by summersm343

Can't give away too many details or I'll get in trouble haha.

Just the office tower possibility and one new apartment tower. 300-400 feet. Market West/Rittenhouse area.

I hope that the office tower on ME works out. Anything that tall will really stand out.

Jelly Roll · #**1949** Posted **Mar 17, 2014, 4:44 PM**

Quote:

The Atlantic building at 260 S. Broad St. in Center City is under agreement to be sold.

Jefferson Apartments of McLean, Va., is seeking to buy the 21-story, 330,000-square-foot former office building for more than $50 million, according to people familiar with the situation.

If it ends up buying 260 S. Broad, the transaction will mark the company’s first dip into the Center City market. The company focus on multifamily development in urban, transit-oriented markets.

Post Brothers bought the property for $27 million in July 2012 with an eye toward redeveloping it into residential use.

http://www.bizjournals.com/philadelphia/...60-s-broad-under-agreement-for-more.html

Cro Burnham · #**1950** Posted **Mar 17, 2014, 4:48 PM**

I believe there is overbuild capacity for two office towers above the former Kmart (though probably not 600 feet worth). It would certainly make sense for PREIT to use the overbuild in part of its Gallery redevelopment if there are actually tenants interested in being there. Presumably, the cost and time savings of not having to excavate and build new foundations could make the economics very attractive.

pablo16 · #**1951** Posted **Mar 17, 2014, 6:36 PM**

Quote:

Originally Posted by Jelly Roll

http://www.bizjournals.com/philadelphia/...60-s-broad-under-agreement-for-more.html

Darn. I was looking forward to a Post Bros vs Unions battle on S. Broad.

PhiLaw · #**1952** Posted **Mar 17, 2014, 7:16 PM**

Quote:

Originally Posted by pablo16

Darn. I was looking forward to a Post Bros vs Unions battle on S. Broad.

Speaking of the Post Brothers. What in the world is taking so long at 12th and Vine? I live 2 blocks away now and have not noticed any material change in construction for the past 6 months or so. They turn on the lights at night (I'm guessing to avoid the appearance that it is fully vacant), and do very minimal construction work by day. I believe the interior is complete, but the external facade and roof still needs to be finished. Are they waiting until they get this almost fully rented before finishing it off?

I understand the publicity battle with the unions and all, but it doesn't make sense to me to crawl this one to the finish line just because it is having a hard time renting (if that is even the case). Any insight?

Jelly Roll · #**1953** Posted **Mar 17, 2014, 7:42 PM**

Quote:

Originally Posted by PhiLaw

Speaking of the Post Brothers. What in the world is taking so long at 12th and Vine? I live 2 blocks away now and have not noticed any material change in construction for the past 6 months or so. They turn on the lights at night (I'm guessing to avoid the appearance that it is fully vacant), and do very minimal construction work by day. I believe the interior is complete, but the external facade and roof still needs to be finished. Are they waiting until they get this almost fully rented before finishing it off?

I understand the publicity battle with the unions and all, but it doesn't make sense to me to crawl this one to the finish line just because it is having a hard time renting (if that is even the case). Any insight?

I thought people were already living in this building?

summersm343 · #**1954** Posted **Mar 17, 2014, 7:47 PM**

Quote:

Originally Posted by PhiLaw

Speaking of the Post Brothers. What in the world is taking so long at 12th and Vine? I live 2 blocks away now and have not noticed any material change in construction for the past 6 months or so. They turn on the lights at night (I'm guessing to avoid the appearance that it is fully vacant), and do very minimal construction work by day. I believe the interior is complete, but the external facade and roof still needs to be finished. Are they waiting until they get this almost fully rented before finishing it off?

I understand the publicity battle with the unions and all, but it doesn't make sense to me to crawl this one to the finish line just because it is having a hard time renting (if that is even the case). Any insight?

People are already living in the building. They are leasing apartments now. Everytime I go by it, I notice significant changes in the facade. It looks like it is nearing completion.

PhiLaw · #**1955** Posted **Mar 17, 2014, 8:08 PM**

Quote:

Originally Posted by summersm343

People are already living in the building. They are leasing apartments now. Everytime I go by it, I notice significant changes in the facade. It looks like it is nearing completion.

I must say I've been watching this from out of my every day for months and barely notice any change. They keep the lights on in most windows and the fans running, but i never see any movement inside. I'm sure some tenants have moved in, but it doesn't seem to be even close to fully rented. My guess is less than 25%.

summersm343 · #**1956** Posted **Mar 17, 2014, 8:15 PM**

Quote:

Originally Posted by PhiLaw

I must say I've been watching this from out of my every day for months and barely notice any change. They keep the lights on in most windows and the fans running, but i never see any movement inside. I'm sure some tenants have moved in, but it doesn't seem to be even close to fully rented. My guess is less than 25%.

I'll give them a call right now to see what their occupancy is at. LOL

Edit: they're claiming 45%

summersm343 · #**1957** Posted **Mar 17, 2014, 8:39 PM**

Just spoke with the new owners of Edgewater on the phone. They said Edgewater II is another 2 years out. Unfortunate

http://forum.skyscraperpage.com/showthread.php?t=205037&highlight=Philadelphia

PhiLaw · #**1958** Posted **Mar 17, 2014, 8:55 PM**

Quote:

Originally Posted by summersm343

I'll give them a call right now to see what their occupancy is at. LOL

Edit: they're claiming 45%

Thanks! If their number is accurate I am very happy with that occupancy rate. I was worried they are just keeping the lights on so as not to give the unions a cudgel - "if you don't go with a closed shop, we will actively go against you and make your projects fail." One of my biggest fears stemming from this whole Post Brothers v. Unions saga.

Kidphilly · #**1959** Posted **Mar 17, 2014, 10:39 PM**

http://thetriangle.org/news/construction-innovation-neighborhood-begin/

Interesting

el don · #**1960** Posted **Mar 17, 2014, 11:49 PM**

My team had a meeting recently with some of the higher ups of Drexel.

Few updates:
Drexel is in talks with some big international firms, as well as amtrak, the city etc. about capping the rail yards. 30 to 40 year master plan.

Drexel's bid won for the high school. A school for the neighborhood is definitely going there, other aspects like commercial, if any are being worked out still.

190 room hotel with conference/meeting space, just approved for the 33/34 chestnut site by the board.