PHILADELPHIA | 115 S. 19th Street | 611 FT | 54 FLOORS

[Londonee]

Randomly spoke with the person running this from Pearl's side and demo is going to start soon, but construction likely a ways out until there's a bit of softening on interest rates in the market.

[Zapatan]

See Jeweler's Row and 11th & Walnut... 3 perfectly fine buildings that will be razed for a hypothetical tower.

For the record, I am not against the tower if it was ready for shovels in the ground, but I am not a fan of prematurely razing nice little buildings.

Sure but why hypothetical, why would they raze the buildings without intentions of building a tower?

They'll be demolished, then hopefully shovels in the ground.

[Gatorade_Jim]

Originally Posted by Zapatan

Sure but why hypothetical, why would they raze the buildings without intentions of building a tower?

They'll be demolished, then hopefully shovels in the ground.

I've always wondered why companies do that. If someone has an insight on that I'd love to know

[mcgrath618]

Originally Posted by Zapatan

Sure but why hypothetical, why would they raze the buildings without intentions of building a tower?

They'll be demolished, then hopefully shovels in the ground.

I’ll hold you to this

[Mayormccheese]

Originally Posted by Londonee

Randomly spoke with the person running this from Pearl's side and demo is going to start soon, but construction likely a ways out until there's a bit of softening on interest rates in the market.

Woof. Here comes the rittenhouse hole

[mcgrath618]

Originally Posted by Mayormccheese

Woof. Here comes the rittenhouse hole

Seriously, this shit should be illegal.

[yuryphilly]

Originally Posted by Zapatan

Sure but why hypothetical, why would they raze the buildings without intentions of building a tower?

They'll be demolished, then hopefully shovels in the ground.

My understanding is that demolishing an existing building is the first step and it's much cheaper and easier to do. The expectation usually is that once the existing structure is demolished there will be loans and resources available for construction, but that might not be the case, so the developer might need to wait or try to sell the lot. It's probably easier to sell once a lot is ready for development.

[Zapatan]

Originally Posted by mcgrath618

I’ll hold you to this

Well, I said "hopefully"

My understanding is that demolishing an existing building is the first step and it's much cheaper and easier to do. The expectation usually is that once the existing structure is demolished there will be loans and resources available for construction, but that might not be the case, so the developer might need to wait or try to sell the lot. It's probably easier to sell once a lot is ready for development.

Hm, makes sense. Still sucks to be the one demolishing it only for someone else to make the money. But then again development involves a bit of risk anyway...

[TK2001]

I mean, the developers of this project are now the same ones to fill the "Toll hole" at Jewlers Row. Coincidence?

[PurpleWhiteOut]

Good news, there were a LOT of guys working in the buildings today. There's new fencing signage for Pearl Properties as well

[McBane]

Originally Posted by Gatorade_Jim

I've always wondered why companies do that. If someone has an insight on that I'd love to know

It only takes one NIMBY to tie up a project in court indefinitely so I understand why a developer - when given the okay to demo - pulls the trigger right away and creates that irreversible fact on the ground. But I still hate the idea of demolishing buildings without construction being imminent. Not sure how to reconcile these two issues. Maybe an irrevocable demo permit or something?

[thoughtcriminal]

Originally Posted by PurpleWhiteOut

There's new fencing signage for Pearl Properties as well

[therealdawk]

Originally Posted by thoughtcriminal

[kool-ski]

One of the pics in the article corroborates to what PurpleWhiteOut saw pertaining to fencing!

Pearl Properties to start work on 50-story apartment tower in Rittenhouse Square

Pearl Properties is set to start work on a 50-story apartment tower in Rittenhouse Square four years after the project was initially proposed.

The building at 113-19 S. 19th St., named Harper Square, will be a companion to The Harper, a 24-story luxury apartment tower Pearl Properties completed on the other side of the street in 2019.

Pearl Properties is now beginning the demolition of three four-story buildings at 113-19 S. 19th St., a one-story building at 1823 Sansom St. that previously housed Cavanaugh's Rittenhouse sports bar, and a two-story building at 1821 Sansom St. after receiving demolition permits for the property in October. Work to raze the buildings is expected to be completed by September, according to a sign posted at the site.

Harper Square is planned to have 183 units and 30,180 square feet of commercial space, including three retail or restaurant spaces. It would be 567 feet tall, only slightly shorter than the 48-story Laurel, Philadelphia’s tallest residential tower at 599 feet.

Three adjacent buildings listed on Philadelphia’s Register of Historic Places — at 121 S. 19th St., 1822 Chestnut St. and 1824 Chestnut St. — will be left as-is, according to the terms of the agreement.

https://www.bizjournals.com/philadel...source=twitter