PHILADELPHIA | Chinatown Eastern Tower | 252 FT | 21 FLOORS - Page 6

iheartphilly · #**101** Posted **Nov 14, 2014, 6:02 PM**

Quote:

Originally Posted by Cro Burnham

As far as I understand Philly's EB-5 program, it mainly serves as a very low cost construction lending program. Essentially, I think the EB-5 investors are not in an individual project after permanent financing kicks in.

So I don't think lukewarm EB-5 interest makes a big difference here beyond its impact or lack thereof on reducing interest expense during construction.

High construction costs need to be paid back via debt service on permanent financing.

This requires sufficient NOI. Insufficient NOI? Then you have to reduce perm financing. Therefore you have to cut project costs or get more government grants for construction which are in very short supply.

I don't think EB-5 is the driving factor here. But I may well be wrong.

Maybe I unfairly characterized the EB-5 being lukewarm. I think they anticipate receiving $33M from it once the process is completed. I was hoping they would hit $50M or more since each fast tracked visa/permanent resident status cost between 500k and 1M. So for an original 75M project, I think they were heavily relying on the EB-5 program but that fell short and they started looking for grants and other types of financing.

josef · #**102** Posted **Dec 2, 2014, 6:45 PM**

Here Are a Few More Looks at Chinatown's Eastern Tower

http://philly.curbed.com/archives/20...tern-tower.php

boxbot · #**103** Posted **Dec 2, 2014, 7:00 PM**

Quote:

Originally Posted by josef

Here Are a Few More Looks at Chinatown's Eastern Tower

http://philly.curbed.com/archives/20...tern-tower.php

I hope Curbed is right, but the last information I saw on here was that the beautiful and unique facade in those renders was replaced by this generic box instead.

BenKatzPhillytoParis · #**104** Posted **Dec 2, 2014, 8:46 PM**

Here's the website: http://www.easterntowercc.com/#!eastern-tower/crly

Still has the same old beautiful renderings. It seems very unlikely this would be the case if they had definitely changed plans. Whoever it was who said this had been completely changed and made bland, you sure your information is reliable on that?

allovertown · #**105** Posted **Dec 3, 2014, 5:28 AM**

Quote:

Originally Posted by BenKatzPhillytoParis

Here's the website: http://www.easterntowercc.com/#!eastern-tower/crly

Still has the same old beautiful renderings. It seems very unlikely this would be the case if they had definitely changed plans. Whoever it was who said this had been completely changed and made bland, you sure your information is reliable on that?

It seems a lot more likely that the website has simply not been updated. They clearly created new renderings, you can see them right in this very thread. They needed considerable public money for this building, the original rendering was impractical from the start. The new renderings were created to save costs, I see no reason why they would have reverted back to the original plans. The developers are not suddenly flush with cash and the location is not suddenly desirable.

BenKatzPhillytoParis · #**106** Posted **Dec 3, 2014, 6:32 AM**

Quote:

Originally Posted by allovertown

It seems a lot more likely that the website has simply not been updated. They clearly created new renderings, you can see them right in this very thread. They needed considerable public money for this building, the original rendering was impractical from the start. The new renderings were created to save costs, I see no reason why they would have reverted back to the original plans. The developers are not suddenly flush with cash and the location is not suddenly desirable.

I hear you. But how long does it take to update 3 images on a website? Also, even though we saw these dumbed down renderings here, I never read about the change in any actual publication.

ConstructStudent · #**107** Posted **Dec 3, 2014, 2:25 PM**

Quote:

Originally Posted by BenKatzPhillytoParis

Here's the website: http://www.easterntowercc.com/#!eastern-tower/crly

Still has the same old beautiful renderings. It seems very unlikely this would be the case if they had definitely changed plans. Whoever it was who said this had been completely changed and made bland, you sure your information is reliable on that?

If having the documents in hand counts as a reliable source than yes my source is extremely reliable.

boxbot · #**108** Posted **Dec 3, 2014, 3:18 PM**

Quote:

Originally Posted by BenKatzPhillytoParis

I hear you. But how long does it take to update 3 images on a website? Also, even though we saw these dumbed down renderings here, I never read about the change in any actual publication.

Would it be easy to change their official website? Yes. Is it possible they're not being up front about the final product to keep NIMBYs, investors and others in line? Yes.

MusicMan84 · #**109** Posted **Dec 3, 2014, 4:33 PM**

Quote:

Originally Posted by boxbot

Would it be easy to change their official website? Yes. Is it possible they're not being up front about the final product to keep NIMBYs, investors and others in line? Yes.

Possible. Also possible - they forgot. Or, the website isn't a priority. I mean, present company excluded, most people aren't watching projects like this so closely, comparing renderings, etc.

boxbot · #**110** Posted **Dec 3, 2014, 5:48 PM**

Quote:

Originally Posted by MusicMan84

Possible. Also possible - they forgot. Or, the website isn't a priority. I mean, present company excluded, most people aren't watching projects like this so closely, comparing renderings, etc.

ConstructStudent has represented a complete redesign was underway 3 months ago. Curbed just published a blog with renders from the developer's leasing brochures. People considering leasing/investing in the project would be interested in accurate renderings.

ConstructStudent · #**111** Posted **Dec 4, 2014, 3:13 PM**

Quote:

Originally Posted by boxbot

ConstructStudent has represented a complete redesign was underway 3 months ago. Curbed just published a blog with renders from the developer's leasing brochures. People considering leasing/investing in the project would be interested in accurate renderings.

Curbed also posted that Kilngstubbins is the architect and that is wrong. They have been replaced on this project about 3-4 months ago.

Frontst17 · #**112** Posted **Dec 4, 2014, 4:12 PM**

Just gonna go ahead and say constructstudent knows what he's talking about we don't have reason not to believe him. It's a disappointing change but the buildings use is far more important than how it looks. It could really change things for the people living in and around Chinatown

Cro Burnham · #**113** Posted **Dec 4, 2014, 4:39 PM**

Quote:

Originally Posted by boxbot

People considering leasing/investing in the project would be interested in accurate renderings.

Suggests, then, either that no outsiders are really interested in leasing there and/or that actual marketing (vs. PR) efforts are still a long ways off.

Boku · #**114** Posted **Dec 10, 2014, 3:40 PM**

"[T]he project is currently on track to finalize its financing by early 2015. They’re looking at 'a shovel in the ground' this winter, with an official opening slated for early 2017."

http://www.flyingkitemedia.com/devne...wer120914.aspx

Has a picture of the newer rendering.

summersm343 · #**115** Posted **Dec 10, 2014, 3:43 PM**

I will be shocked and happy if this gets off of the ground.

TempleGuy1000 · #**116** Posted **Feb 15, 2015, 5:39 PM**

Quote:

Originally Posted by summersm343

I will be shocked and happy if this gets off of the ground.

Sorry to bring up a random thread with no new information, but I was wondering why you thought it would have trouble getting off the ground? The newest bit of information I could find on this was from November, http://www.bizjournals.com/philadelp...r-project.html , and that basically spelled that they had raised around $80 million to fund the project. Does anyone know if anything has been happening at the lot?

I love this project, and would hate to see it never see the light of day.

ConstructStudent · #**117** Posted **Feb 16, 2015, 3:21 PM**

Quote:

Originally Posted by TempleGuy1000

Sorry to bring up a random thread with no new information, but I was wondering why you thought it would have trouble getting off the ground? The newest bit of information I could find on this was from November, http://www.bizjournals.com/philadelp...r-project.html , and that basically spelled that they had raised around $80 million to fund the project. Does anyone know if anything has been happening at the lot?

I love this project, and would hate to see it never see the light of day.

There will be crew's mobilized and site work will start in the next two months.

summersm343 · #**118** Posted **Feb 16, 2015, 3:36 PM**

Quote:

Originally Posted by TempleGuy1000

Sorry to bring up a random thread with no new information, but I was wondering why you thought it would have trouble getting off the ground? The newest bit of information I could find on this was from November, http://www.bizjournals.com/philadelp...r-project.html , and that basically spelled that they had raised around $80 million to fund the project. Does anyone know if anything has been happening at the lot?

I love this project, and would hate to see it never see the light of day.

Look when this thread was started: 2011. It's been 3 and a half years with no movement on this. Not saying it's not going to happen, just not overly optimistic about the project.

summersm343 · #**119** Posted **Feb 16, 2015, 3:36 PM**

Quote:

Originally Posted by ConstructStudent

There will be crew's mobilized and site work will start in the next two months.

Very nice

1487 · #**120** Posted **Feb 17, 2015, 2:06 PM**

Quote:

Originally Posted by summersm343

Very nice

Let's hope this is legit. It certainly sounds good.