PHILADELPHIA | THE LAUREL @ 1911 Walnut | 604 FT | 48 FLOORS - Page 127

Philly Fan · #**2521** Posted **Mar 26, 2020, 1:49 AM**

Quote:

Originally Posted by allovertown

You said the city isn't shutting any construction down. These articles are about Penn medicine. We already know medical facilities will be able to keep working. The question is where are you seeing information that a project like the Laurel will continue working past this Friday?

Especially since it's already essentially shut down--no workers or activity on the webcam for a couple of days now.

Jayfar · #**2522** Posted **Apr 14, 2020, 11:52 AM**

Here's some activity at the Laurel yesterday. Yes, I know it's supposed to do that.

Crane Swings in High Winds in Center City Philadelphia | NBC10

iheartphilly · #**2523** Posted **Apr 14, 2020, 1:42 PM**

on Webcam, currently 4 white pickup trucks on Walnut...not sure if work has started or some other assessment being done.

iheartphilly · #**2524** Posted **Apr 15, 2020, 12:58 PM**

In construction news...more trucks on site...seems like this one might be starting up again...phew!

PHL10 · #**2525** Posted **Apr 15, 2020, 3:01 PM**

Quote:

Originally Posted by Jayfar

Here's some activity at the Laurel yesterday. Yes, I know it's supposed to do that.

Crane Swings in High Winds in Center City Philadelphia | NBC10

It's supposed to do that.

(Sorry, couldn't resist.)

boxbot · #**2526** Posted **Apr 21, 2020, 10:14 PM**

So, not to be all gloom and doom, but what are the chances this still gets built?

Zapatan · #**2527** Posted **Apr 21, 2020, 10:47 PM**

Quote:

Originally Posted by boxbot

So, not to be all gloom and doom, but what are the chances this still gets built?

What makes you say that? The above posts make it seem like construction is back on track, and if not, it's likely due to Covid.

allovertown · #**2528** Posted **Apr 22, 2020, 6:02 AM**

Quote:

Originally Posted by boxbot

So, not to be all gloom and doom, but what are the chances this still gets built?

I maintain optimism that buildings that are already started will be finished. They already secured financing and already spent considerable money. I would presume they will grit their teeth, finish it and hope for the best. Even if it takes forever to sell units as I imagine it will, at least they'll have a constructed building as an asset to leverage as they refinance loans, etc. Don't really see what other logical option they have?

The x factor is of course that the financial situation of some of the companies building in the city could degrade to the point that they simply can't finish. At that point who knows, but I imagine if it's possible to finish building, they'll finish building.

Anything that hasn't started though? You can probably flush those plans down the toilet.

City Wide · #**2529** Posted **Apr 22, 2020, 4:40 PM**

Quote:

Originally Posted by allovertown

I maintain optimism that buildings that are already started will be finished. They already secured financing and already spent considerable money. I would presume they will grit their teeth, finish it and hope for the best. Even if it takes forever to sell units as I imagine it will, at least they'll have a constructed building as an asset to leverage as they refinance loans, etc. Don't really see what other logical option they have?

The x factor is of course that the financial situation of some of the companies building in the city could degrade to the point that they simply can't finish. At that point who knows, but I imagine if it's possible to finish building, they'll finish building.

Anything that hasn't started though? You can probably flush those plans down the toilet.

One positive factor with this project is the developer has put a lot of time and resources into this to date. But if somehow they determine that the market for the product they are offering----apartments and condos that might be available early 2022----is dead or largely dried up, then I could see how they might want to cut their loses and put the project on hold. Nobody here wants that outcome, but if they choose to go that route I'd understand why.

While I generally agree with you about new projects there might be selected ones that get build. If someone could pre-sell 10 out of a 20 unit, very high end condo plan, that might fly. Or if the Schuylkill Yards lands a couple of larger tenants they might well try to build the residential tower on JFK Blvd. Being in walking distance from the station and 60 minutes away from Manhattan could be a real plus.

TK2001 · #**2530** Posted **Apr 22, 2020, 9:45 PM**

Philadelphia skyline from Belmont Plateau by Philly SkyGuy, on Flickr

Crane is to the right of Riverwalk

allovertown · #**2531** Posted **Apr 23, 2020, 2:07 AM**

Quote:

Originally Posted by City Wide

One positive factor with this project is the developer has put a lot of time and resources into this to date. But if somehow they determine that the market for the product they are offering----apartments and condos that might be available early 2022----is dead or largely dried up, then I could see how they might want to cut their loses and put the project on hold. Nobody here wants that outcome, but if they choose to go that route I'd understand why.

While I generally agree with you about new projects there might be selected ones that get build. If someone could pre-sell 10 out of a 20 unit, very high end condo plan, that might fly. Or if the Schuylkill Yards lands a couple of larger tenants they might well try to build the residential tower on JFK Blvd. Being in walking distance from the station and 60 minutes away from Manhattan could be a real plus.

I think a factor in our favor is that this type of market research will simply be unavailable. Projections likely shift radically each day depending on news from public health officials, relief actions by the government, and the currently wildly fluctuating stock market.

When construction is allowed to resume sometime in the near future, they'll have to make a decision on whether or not to proceed with very little actionable information. Since this is the case, I just have to imagine they will default into just continuing construction, because stopping just seems more risky to me.

Accounting for site prep, foundation, etc, this building is probably 10 or 15 percent completed? But they've probably already spent half or more of what they project to spend on construction. If they cut their losses, that would be one hell of a cut. Seems like the more drastic decision to make considering it may not even be necessary.

If they finish building it and there's no market for the units, they'd have a disaster on their hands, but if either way is a disaster, why not go the route that at least has a chance to work out? The people who could afford to live here in the first place are not being nearly as affected by all this as less wealthy citizens. So by 2022, they might have no problem selling units and if they do have trouble there will likely be some type of government relief that they could pursue.

City Wide · #**2532** Posted **Apr 24, 2020, 2:10 AM**

^^^^^^^
some of all this might have to do with how friendly they are with their banker. When 10 Rittenhouse went toes up the banks took the building away from the developer and turned over the marketing to a certain firm who's CEO is now a City councilman. I wonder if the deeloper could go ahead with construction, and if needed just stop the building at the top of the apartments, with plans to start up the condo section when times get better.
I agree that most people who can afford a $2M plus condo are probably not in the unemployment line right now, but it'll depend on whether the City remains an attractive place to live and park your money. It seems like it was just 8 or 10 years ago that having a $1M property was unusual; lets hope the prices don't go south too much.

jsbrook · #**2533** Posted **May 6, 2020, 3:20 PM**

Has this resumed? It doesn't look like anything is happening to me from the live cam and I haven't gotten any emails from their marketing department on revving back up. I do see workers at Arthaus.

iheartphilly · #**2534** Posted **May 6, 2020, 4:10 PM**

Quote:

Originally Posted by jsbrook

Has this resumed? It doesn't look like anything is happening to me from the live cam and I haven't gotten any emails from their marketing department on revving back up. I do see workers at Arthaus.

Yep. Re-bar work being installed by men on site for the foundation, and core etc. Slowly picking up...

PHL10 · #**2535** Posted **Jun 3, 2020, 12:58 PM**

This morning:

summersm343 · #**2536** Posted **Jun 4, 2020, 3:37 PM**

Nice! Finally on it's way up.

cardeza · #**2537** Posted **Jun 4, 2020, 4:42 PM**

wow, havent looked at this thread in like 3 months. An actual structure!

TempleGuy1000 · #**2538** Posted **Jun 4, 2020, 6:48 PM**

Crane hard at work again today

PhillyDreamsReturns · #**2539** Posted **Jun 10, 2020, 11:49 AM**

Fake news. According to this site’s diagram page and esteemed moderators, this building is NOT under construction.

Jayfar · #**2540** Posted **Jun 10, 2020, 12:21 PM**

Quote:

Originally Posted by PhillyDreamsReturns

Fake news. According to this site’s diagram page and esteemed moderators, this building is NOT under construction.

Construction cam zoom-in view of workers this morning disagrees. The Laurel is most assuredly under construction at this very moment.

https://www.thelaurelrittenhouse.com/live-feed/