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Originally Posted by 1487
That doesn't make much sense when you consider how close this is to Symphony House. whatever the issues are I don't think they are related to the notion that it's tough to attract buyers at this intersection.
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Presumably Symphony House, with its squat 375' profile and prefab concrete facade paneling would make more financial sense at this corner too.
Symphony House was also timed exceptionally well, as one of the first (if not the first) large condo tower to hit the market in Philly as one of the greatest property bubbles in US history swelled. A lot of the subsequently constructed luxury condo towers suffered quite a bit having come on line when the market was already deflating.
But I agree, in general, the issue isn't necessarily about drawing buyers, who may well be out there, it's probably about finding buyers willing to pay the price necessary to make a very, very expensive design pencil out financially. (perhaps more such buyers might exist if the project were nearer Rittenhouse Sq.)
Finding top end buyers might be a bit more difficult given the competition likely posed by Scannepieco, whose project, if not better located, is at least out of the ground and is probably seen as more of a sure bet to prospective buyers. And perhaps Dranoff also would like to have One Riverside sewed up before he starts competing with himself with this project.
But perhaps you are right and Dranoff is sure there are enough buyers for condos at this site willing to pay the probably very high prices necessary to meet his risk and return thresholds for a very costly building. He and his bankers would need to be to get started, so we'll know for sure they are once they start. But until they start, it's sort of hard to know.
Perhaps the delay is totally unrelated to the market of such buyers. What do you think might be the cause of the apparent delay, if not financial feasibility?