PHILADELPHIA | Highrise Development Thread X - Page 57

iheartphilly · #**1121** Posted **Jan 31, 2020, 1:51 PM**

^
This is a piece of the puzzle. Hopefully they have more tenants lined up to get the project going.

Fulton Bank has signed a lease to open a branch at 3.0 University Place at 41st and Market streets in University City.

https://www.bizjournals.com/philadel...h-profile.html

Aaamazarite · #**1122** Posted **Jan 31, 2020, 2:27 PM**

Quote:

Originally Posted by iheartphilly

^
This is a piece of the puzzle. Hopefully they have more tenants lined up to get the project going.

Fulton Bank has signed a lease to open a branch at 3.0 University Place at 41st and Market streets in University City.

https://www.bizjournals.com/philadel...h-profile.html

https://www.upaphila.com/wp-content/...-1-30-2020.pdf

Here's a press release with the same info as that article. They say they're groundbreaking soon. Only 5th, 6th, and 7th floors are remaining to be leased along with the majority of the retail space. The leases they're getting are a good sign considering they come in at between $52 and $60/ft.

This project is important-- it's already spurring interest in that portion of the Market Street corridor, a bunch of developments big and small are planned nearby-- several of which haven't been made public yet. Some major property transactions happening over there as well, a lot of big numbers being thrown around on seemingly basic properties. Half of it is probably speculative but it'll be enough to make some major changes in that area.

iheartphilly · #**1123** Posted **Jan 31, 2020, 3:06 PM**

^
Thanks. Good to hear and I like the ripple effect when a big project spurs other (potential or realized) projects.

allovertown · #**1124** Posted **Jan 31, 2020, 9:26 PM**

Quote:

Originally Posted by cardeza

likely nothing new here, but still good coverage of upcoming office projects

https://www.bizjournals.com/philadel..._news_headline

There's been a few articles like this lately, one recently in the inquirer as well. Both commenting on the fact that office towers set to rise will be the first non-comcast commercial towers to be built since the early 90s.

Obviously this is great news, but I think that statistic is a bit misleading.

First of all, the Comcast Towers are both enormous. Each was the tallest in the city at the time of their completion and between them they've got almost 3 MILLION square feet of space. When both buildings were completed, comcast workers from buildings across center city were moved into their namesake towers, freeing up a ton of space throughout the city's existing buildings.

Then factor in all the rehabs since then and mixed used buildings like 1919 market street and you can see that even though these will be the first non comcast office towers to rise in center city in decades, Philly still has added office space in other ways.

Then again, a number of office buildings went residential, so determining how much office space Philly has actually added in the past 20 or so years would probably be a challenge.

iheartphilly · #**1125** Posted **Jan 31, 2020, 9:38 PM**

^
The headline to the news article is also misleading in that it doesn't account for the new office construction projects over the recent years in the Philadelphia Navy Yard!

Urbanthusiat · #**1126** Posted **Jan 31, 2020, 9:42 PM**

Quote:

Originally Posted by iheartphilly

^
The headline to the news article is also misleading in that it doesn't account for the new office construction projects over the recent years in the Philadelphia Navy Yard!

Not to mention University City.

kingtut · #**1127** Posted **Feb 2, 2020, 1:01 AM**

Quote:

Originally Posted by Urbanthusiat

Not to mention University City.

They need to check with this forum for Dev. news before they print articles on Philly Dev. news . Skyscraper thread is the authority for Philly development
.

cardeza · #**1128** Posted **Feb 4, 2020, 1:27 PM**

PHA to auction off part of west philly site

https://whyy.org/articles/two-of-phi...-are-for-sale/

PHLJD13 · #**1129** Posted **Feb 4, 2020, 6:36 PM**

Stephen Girard Building - to - Canopy Hotel conversation write-up:

https://www.phillymag.com/property/2...hotel-preview/

Kfmcshan · #**1130** Posted **Feb 10, 2020, 4:22 PM**

Exclusive: $100M suit filed over construction of Comcast Technology Center

Quote:

An entity affiliated with Prologis Inc., which closed on buying Liberty Property Trust a week ago, has filed a lawsuit seeking $103 million in damages related to the construction of the Comcast Technology Center in Philadelphia.

The lawsuit was filed in Philadelphia County Court of Common Pleas on Feb. 4, the day after Prologis bought Liberty Property, the developer of the 60-story, 1.3-million-square-foot Comcast tower.

Jayfar · #**1131** Posted **Feb 10, 2020, 10:58 PM**

Quote:

Originally Posted by Kfmcshan

Exclusive: $100M suit filed over construction of Comcast Technology Center

Here's the Inquirer article on same, for those without a PBJ subscription.

$100 million sought from Comcast Technology Center contractor after costs overruns and Four Seasons delay | Inquirer.com

shakman · #**1132** Posted **Feb 11, 2020, 6:32 PM**

Knock down the tower and build a parking lot. That should settle the lawsuit.

TK2001 · #**1133** Posted **Feb 11, 2020, 7:50 PM**

They might've done a crappy job on the building, but it has brought more attention to the city. This thing ain't gonna nowhere

iheartphilly · #**1134** Posted **Feb 11, 2020, 7:53 PM**

Who knows what the lawsuit is about? Craftsmanship...maybe or costs overrun likely...and who will accept the bill for that. In any case, Shakeman was being facetious about knocking it down.

City Wide · #**1135** Posted **Feb 11, 2020, 8:22 PM**

^^^^^^^^
Are you sure about that? A growing city can always use more downtown parking, esp when you think about all the lots and garages we've lost.

iheartphilly · #**1136** Posted **Feb 11, 2020, 8:26 PM**

^
LOL...two things that are like taboo on Philly SSF is the American Commerce Center and more parking. The former will live in infamy as long as the internet is around...google ACC and you will see...

TK2001 · #**1137** Posted **Feb 11, 2020, 11:25 PM**

Quote:

Originally Posted by iheartphilly

Shakeman was being facetious about knocking it down.

I know lol

The articles state the many deadlines were not met at the time needed and delays for the Four Seasons hotel. I think it could've been craftsmanship too, I remember the top part of the spire flickering back in September and window washers told me that the construction had fucked up the facade with concrete splatters and that film melted to the metal. I held I tight grasp on watching this tower rise and I was very excited, but the amount of damage these big corps botch has left me underwhelmed. I still like seeing the tower from Jersey, but if they replace the spine and lantern LED's with colored ones I'll be more pleased

Knight Hospitaller · #**1138** Posted **Feb 11, 2020, 11:27 PM**

Quote:

Originally Posted by iheartphilly

^
LOL...two things that are like taboo on Philly SSF is the American Commerce Center and more parking. The former will live in infamy as long as the internet is around...google ACC and you will see...

I'm sorely tempted to post the ACC YouTube video.

TK2001 · #**1139** Posted **Feb 11, 2020, 11:27 PM**

Quote:

Originally Posted by City Wide

esp when you think about all the lots and garages we've lost.

You're correct with that, there was a big garage on the current site of The Shops and 2 Liberty

iheartphilly · #**1140** Posted **Feb 12, 2020, 3:37 AM**

The below is a pretty big deal...big pharma planting a flag at Market East. 25k of space, over 100 desks. Maybe others will follow suit.

Merck to open outpost at Center City WeWork, as big companies see coworking as a passage into Philly

https://www.inquirer.com/real-estate...-20200211.html