PHILADELPHIA | Highrise Development Thread X

[iheartphilly]

^
that's what bldgs do in big cities. helps to show off skyline at night time, if you are talking about the exterior accent lighting. interior lights are light when cleaning crews or security personnel are around. and of course, some bldgs are more energy efficient and have the motion sensor lights so employees don't have to worry about turning lights off when they leave.

[iheartphilly]

delete...duplicate for some reason.

[summersm343]

Philadelphia, PA by Dante Fratto Photography, on Flickr

[Redddog]

Originally Posted by summersm343

Philadelphia, PA by Dante Fratto Photography, on Flickr

Wow.

[PurpleWhiteOut]

The Atlantic Building has had accent lighting for a couple months now. It seems to be capable of different colors but defaults to white. Honestly, I'm not sure if it had this lighting scheme pre-renovation, I can't remember.

[allovertown]

Originally Posted by UrbanRevival

A couple recent positive economic tidbits that speak to underlying strength for Philly's economy, both pre- and post-pandemic:

• As of Q4 2019, Philly's average wage growth ranked 14th among the top 356 large counties in the US, and nearly double the national number. That also occurred with faster than average employment growth. Pretty stellar perfomance: https://www.bls.gov/news.release/cewqtr.t01.htm
  
  
• According to Harvard's nifty economic trends tracker, consumer spending in the Philly area looks to be the fastest-recovered following COVID-19 in the nation and is now only .02% lower than in January 2020! The nation overall is still off by 15%, and metros like Boston, NYC, and DC are still 30% lower. https://tracktherecovery.org/

There's good reason to believe this will foreshadow the region's resilience and continued rebound/performance in the months to come.

Just wanted to post this here. Was posted a few days ago in the metro thread which I don't visit often and sees less traffic. Thought people would be happy to see some positive news if they hadn't seen it yet. Thanks for the great post.

[uldiomf]

Originally Posted by summersm343

Philadelphia, PA by Dante Fratto Photography, on Flickr

I'm expecting any moment a few Avengers to arrive from the sky.

[Skintreesnail]

Originally Posted by allovertown

Just wanted to post this here. Was posted a few days ago in the metro thread which I don't visit often and sees less traffic. Thought people would be happy to see some positive news if they hadn't seen it yet. Thanks for the great post.

Some hopeful data. I'm pretty concerned over the future of cities in general after all this. Especially dense ones like Philadelphia. Small businesses that are used to small format stores will have problems for a long time it seems. Eat-in restaurants as well. I don't know about everyone else on the board that live in the city, but this whole experience has been pretty trying for my family and I. Not having more than a cement slab as a yard and no open space anywhere near (that isn't closed or crowded) has been stressful beyond anything I could have imagined. I'm also somewhat concerned over the long-term effects on my 5-year old, having been shut in without access to friends, playgrounds and museums where she can play with other kids.

If anything this has underscored the lack of parks and play spaces in the city. Fairmount and Wissahickon are big and beautiful but not accessible to a lot of the city. Each neighborhood needs ample space within walking distance. I'm lucky enough to have a car, but not everyone does. Having a better biking infrastructure would also have helped distribute people better. Even with a car though, we've found most spaces are pretty populated. We've been going to the navy yard recently and it's been alright; lots of people still but a lot of open space. Folks seem to not know about it maybe, or stop at fdr instead ( which appears to be packed).

[philatonian]

Originally Posted by Skintreesnail

Some hopeful data. I'm pretty concerned over the future of cities in general after all this. Especially dense ones like Philadelphia. Small businesses that are used to small format stores will have problems for a long time it seems. Eat-in restaurants as well. I don't know about everyone else on the board that live in the city, but this whole experience has been pretty trying for my family and I. Not having more than a cement slab as a yard and no open space anywhere near (that isn't closed or crowded) has been stressful beyond anything I could have imagined. I'm also somewhat concerned over the long-term effects on my 5-year old, having been shut in without access to friends, playgrounds and museums where she can play with other kids.

If anything this has underscored the lack of parks and play spaces in the city. Fairmount and Wissahickon are big and beautiful but not accessible to a lot of the city. Each neighborhood needs ample space within walking distance. I'm lucky enough to have a car, but not everyone does. Having a better biking infrastructure would also have helped distribute people better. Even with a car though, we've found most spaces are pretty populated. We've been going to the navy yard recently and it's been alright; lots of people still but a lot of open space. Folks seem to not know about it maybe, or stop at fdr instead ( which appears to be packed).

A lot of new developments have private outdoor space: community space in or on top of apartment buildings, or rooftop terraces on most of the new townhomes. The result is a mixed bag in my opinion. On one hand it addresses the lack of public spaces in certain neighborhoods, on the other it can isolate neighbors from their own neighborhoods. To be fair, I wouldn't consider Philadelphia on the low end of accessible public spaces, especially compared to more sprawling suburban cities. What we do lack is upkeep, even when we're not in the midst of a shutdown.

I certainly can't speak for parents, but I wouldn't be surprised if this outbreak makes more than a few reconsider city-living. Trying to avoid crowds is only going to get harder as the summer wears on, especially if restaurants and shops remain closed and no one has anywhere else to go but public parks. Public spaces are already more crowded now than usual because of that, just imagine what they'll be like will be when it hits 100 degrees and the pools and fountains are closed.

[3rd&Brown]

Originally Posted by Skintreesnail

Some hopeful data. I'm pretty concerned over the future of cities in general after all this. Especially dense ones like Philadelphia. Small businesses that are used to small format stores will have problems for a long time it seems. Eat-in restaurants as well. I don't know about everyone else on the board that live in the city, but this whole experience has been pretty trying for my family and I. Not having more than a cement slab as a yard and no open space anywhere near (that isn't closed or crowded) has been stressful beyond anything I could have imagined. I'm also somewhat concerned over the long-term effects on my 5-year old, having been shut in without access to friends, playgrounds and museums where she can play with other kids.

Long term it will be a blip in the radar.

Young professionals will still choose city living over suburbs and talent attraction is the main concern of large corporations, especially in this quickly changing world where in essence, every company is becoming a tech company and companies need new skills.

Even with work at home, there will be limits. The good news is that people will have more flexibility, but the idea that you will never have to go into an office again is inconceivable. At the end of the day, the innovation that comes from serendipitous interactions and conversation is the zeitgeist of many companies.

Part of your experience, love it or hate it, is that you are growing older and perhaps your needs are changing. I dunno. I can't speak for you and I don't have kids. But what I've come to terms with as I grow older (I'm 40) is that in many ways I'm already irrelevant. I'm still very much engaged and growing in my career, but I'm already not the person or demographic that anyone cares about...including my own employer when considering location decisions. They will always care more about what the 23 year old computer science or engineering graduate wants than what I want. And that's fine. It's part of staying relevant. For far too long, companies cared not at all about being relevant and focused more on what their 50 year old executives wanted and that's why many of them are either non-existent anymore or in the 2nd or 3rd tier of their industries.

But hopefully what it does for me is to give me some more flexibility. If that means I can work from home 1-2 days a week without raising an eyebrow, which will give me more time to be in Philadelphia, then I'll take it.

[Knight Hospitaller]

^ "New normal" predictions are almost always overblown. There will likely be some effects that remain with us, like the TSA at airports did after 9/11. Some changes that were already in the works, like the survival of the fittest in physical retailing and increasing decentralization of work in some industries may now be on an accelerated timeframe. Individual decisions about city vs. 'burbs, etc., may come into sharper focus. However, I believe that we will default to human nature in most respects. Wars, famine, and pestilence leave a mark that can take time to heal, but a visit to any battlefield will demonstrate that it will happen sooner rather than later.

[JohnIII]

I will be pretty honest;I rarely speak, very rarely; this economy is stronger than a lot of people think and we may very well be on the verge of seeing more prosperity that Philadelphia has seen in centuries. We need to prepare; not doubt; not self doubt our capabilities; but make plans; upgrade old ones and be prepared.

There is nothing, nothing we can't over come; make this date down and be ready.

[UrbanRevival]

Originally Posted by Knight Hospitaller

^ "New normal" predictions are almost always overblown. There will likely be some effects that remain with us, like the TSA at airports did after 9/11. Some changes that were already in the works, like the survival of the fittest in physical retailing and increasing decentralization of work in some industries may now be on an accelerated timeframe. Individual decisions about city vs. 'burbs, etc., may come into sharper focus. However, I believe that we will default to human nature in most respects. Wars, famine, and pestilence leave a mark that can take time to heal, but a visit to any battlefield will demonstrate that it will happen sooner rather than later.

Very well put. Human nature is always to be reactionary at first, and more thoughtful and rational after more time has passed to cogitate and digest any major event that unfolds. We're still very much in the reactionary phase, especially as we're still "in the middle of the storm."

I think modern humanity has also been very accustomed to relative peace and prosperity without massive global threats of war and disease, so in a large sense we've been very complacent and, at least in the "first world," spoiled.

But the fact remains that we've been through a lot as a planet as you've stated. And today, we have the immense benefits of modern medicine and technology that drive adaptation to the unknown and to support our collective health like never before. I think we all forget that we're animals at our core and are fundamentally coded to be resilient and responsive to change, however worrisome that change is initially.

[allovertown]

Originally Posted by 3rd&Brown

Long term it will be a blip in the radar.

Yea I tend to agree.

I've previously posted here myself about how I was kind of lamenting a choice I made a few years ago when we considered moving out to the suburbs but ultimately decided to stay put. That lament hasn't really subsided. I am riding out this pandemic in a small row home, with a very small outdoor space and all the parks around me are too crowded for us to really enjoy them and feel safe. Hard not to think about the fact that I could be in a house twice the size I'm in with a big back yard and actually saving money right now. Not to mention, the main reason we choose to stay put, our community, the culture, arts, dining, a walkable commute to work, etc, we can't even enjoy.

But it is what it is. Yea, obviously, I'd rather weather the pandemic in the burbs then in the middle of a dense city. But I'm not going to try to sell my house now in the middle of a pandemic, so we're riding it out. And once it's over... I just don't think we'll be looking to escape to the suburbs because of this. What would be the point then? We stuck it out through the tough part, I can't wait to start enjoying this city again once this is all over.

There will undoubtedly be people who think otherwise and will want to leave after this, but real estate prices have been exploding throughout Philly, plenty of people were priced out and they would jump at the opportunity to buy in at a discounted price. Which is to say, real estate prices may suffer for awhile, but it's hard to see the draw of living in Philly dissipating all that much, which means it will only be a matter of time until prices get back to where they were and beyond.

If global pandemics like this start becoming a trend, that's one thing. But unless you are anticipating another pandemic like this, why would you let a pandemic that occurred in the past dictate where you live in the future?

[Redddog]

Originally Posted by allovertown

Yea I tend to agree.

I've previously posted here myself about how I was kind of lamenting a choice I made a few years ago when we considered moving out to the suburbs but ultimately decided to stay put. That lament hasn't really subsided. I am riding out this pandemic in a small row home, with a very small outdoor space and all the parks around me are too crowded for us to really enjoy them and feel safe. Hard not to think about the fact that I could be in a house twice the size I'm in with a big back yard and actually saving money right now. Not to mention, the main reason we choose to stay put, our community, the culture, arts, dining, a walkable commute to work, etc, we can't even enjoy.

But it is what it is. Yea, obviously, I'd rather weather the pandemic in the burbs then in the middle of a dense city. But I'm not going to try to sell my house now in the middle of a pandemic, so we're riding it out. And once it's over... I just don't think we'll be looking to escape to the suburbs because of this. What would be the point then? We stuck it out through the tough part, I can't wait to start enjoying this city again once this is all over.

There will undoubtedly be people who think otherwise and will want to leave after this, but real estate prices have been exploding throughout Philly, plenty of people were priced out and they would jump at the opportunity to buy in at a discounted price. Which is to say, real estate prices may suffer for awhile, but it's hard to see the draw of living in Philly dissipating all that much, which means it will only be a matter of time until prices get back to where they were and beyond.

If global pandemics like this start becoming a trend, that's one thing. But unless you are anticipating another pandemic like this, why would you let a pandemic that occurred in the past dictate where you live in the future?

The city will live again. And the things you stayed for will be back and better than ever. The burbs are always going to be boring, comparitively.

(I realize that it's one's preference and not a fact. I kidding OK?)

You gonna be fine, AOT.

[3rd&Brown]

Originally Posted by allovertown

There will undoubtedly be people who think otherwise and will want to leave after this, but real estate prices have been exploding throughout Philly, plenty of people were priced out and they would jump at the opportunity to buy in at a discounted price. Which is to say, real estate prices may suffer for awhile, but it's hard to see the draw of living in Philly dissipating all that much, which means it will only be a matter of time until prices get back to where they were and beyond.

You speak as though this is a foregone conclusion.

It's not. Inventory is still at multi-year lows and houses are selling quickly.

If anything sinks the housing market, it won't be city-vs-suburb preferences. It will be a 20% unemployment rate.

That should affect both equally.

[allovertown]

Originally Posted by 3rd&Brown

You speak as though this is a foregone conclusion.

It's not. Inventory is still at multi-year lows and houses are selling quickly.

If anything sinks the housing market, it won't be city-vs-suburb preferences. It will be a 20% unemployment rate.

That should affect both equally.

Lol I tried to express optimism, but I guess not enough for you?

I'm not trying to say it's foregone conclusion, I don't have a fucking clue what is gonna happen or how long this is gonna drag out, but regardless of the specific reason I thought it was a pretty safe assumption that all of this wasn't going to be good for Philly real estate prices. As I said though, I didn't see demand dropping much long term, so any price drops would be temporary anyway.

Who knows though, Zillow sends me emails that updates their estimate on my house's value every few months and they apparently think it's more valuable today than in January. It's based on sales prices of similar homes in my neighborhood though, so I assumed it was glitchy thing where there were a lot fewer sales than a normal period, so a few homes going for a lot could artificially boost their estimate and have an outsized impact on their formula.

I don't have a clue what's going on with Philadelphia real estate right now, was just trying to express optimism long term.

[ScreamShatter]

For what it’s worth, I’ve seen many houses selling in Fishtown area for $30k to $80k below the list. But they are selling....for now.

At current time, this recession is unevenly impacting the lower 50% of earners, who are mostly in the services industry. So that’s mostly renters or first time home buyers, and likely impacts buying housing stock under $350k. I’m wouldn’t be surprised to see houses over still selling for now.

The next wave that will be impacted is contractors (like IT And business contractors) who companies will release to try to save their employees. Then will come white collar employee layoffs after larger companies figure out what the impacts are to their sales pipelines.

We are just in the early stages of this recession. There are so many complex pieces. Phillys businesses will be hit, though pharma will likely be okay. What we don’t know is the impact the hospitals and universities. If people lose their healthcare insurance and get sick, the hospitals will have to eat that loss which is a big unknown. And we also don’t know how students will react to classes next year. Like do some start to pull out bc what’s the point of paying expensive tuition for online classes? It seems like Temple, especially, could get hit hard on both ends of this thing, compared to some of phillys other schools like Penn.

Who knows. This is just my thoughts on what’s unfolding.

[JohnIII]

I am just curious ladies and gents; even with this Pandemic which is a pain; there are a lot of projects still being built and a lot of work that is still being done construction wise; does anyone know what projects are still on course; what projects aren't; and what is being built?

[arkitect13]

Originally Posted by iheartphilly

^
that's what bldgs do in big cities. helps to show off skyline at night time, if you are talking about the exterior accent lighting. interior lights are light when cleaning crews or security personnel are around. and of course, some bldgs are more energy efficient and have the motion sensor lights so employees don't have to worry about turning lights off when they leave.

I mean the LED's Like those on cira center or i guess CITC's beacon