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  #13741  
Old Posted May 20, 2020, 5:56 PM
Boku Boku is offline
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Rare Rittenhouse portfolio of 6 properties comes under agreement

https://www.bizjournals.com/philadel...agreement.html

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Pearl Properties has tied up a rare assemblage of six contiguous parcels in the Rittenhouse Square neighborhood of Philadelphia for an estimated $25 million.

The properties, referred to as the Kean Assemblage, front Sansom Street and Chestnut Street and involve a mix of retail and multifamily uses. The buildings involved in the sale agreement are:
  • 1822 Chestnut St., a 2,200-square-foot building constructed in 1920. Its retail space is vacant and it has three of five apartments occupied;
  • 1824 Chestnut St., an 1,100-square-foot building built in 1922. Its retail space is occupied by Hats in the Belfry and has six occupied apartments;
  • 113-117 S. 19th St., which involves two structures totaling 1,843 square feet and is vacant;
  • 119 S. 19th St., a 1,100-square-foot building occupied by Flowers & Co;
  • 121 S. 19th St., a 4,000-square-foot vacant building.

The properties provide a prospective buyer with rent-generating real estate or what is a rarity: a development opportunity in the tony Rittenhouse Square neighborhood. The buildings are zoned CMX-5 and provide for dense, high-rise development.

The properties are “surrounded by the most valuable real estate in the city with extreme barriers to entry,” according to CBRE Inc. marketing materials. “With over 200 upscale dining and retail establishments, Rittenhouse Row is one of the most unique and exclusive shopping neighborhoods in the nation. Rittenhouse Square commands the highest residential and retail rents in Philadelphia.”

The last available site on Rittenhouse Square is being developed by Southern Land Co. into the Laurel, a high-end residential tower.

The group of six properties was put up for sale by the Kean family. Leroy Kean bought the buildings as an assemblage in 1994 from Merton Shapiro, who was well-known for owning the Sameric Movie Theaters. Leroy Kean is 90 years old and is retired. The family business is run by his son, Kirby Kean, who declined comment.

Leroy Kean grew up in the Lower Northeast and always believed in the city, according to people familiar with him. He became, they said, an investor who built a successful business by taking lower risks and smaller rewards. Along the way, his business thrived and he had a knack for identifying areas and neighborhoods that were on the verge of turning, buying in them and eventually flipping the properties.

Pearl, based in Philadelphia, is no stranger to owning and developing in and around Rittenhouse Square, where it has amassed a portfolio over the years. It most recently completed the development of the Harper at 112 19th St. The project is a $100 million, 25-story apartment building that has 167 apartments, 25,000 square feet of retail, 10,000 square feet of office space and K’Far Café. A representative from Pearl declined comment.
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  #13742  
Old Posted May 20, 2020, 6:29 PM
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Knight Hospitaller Knight Hospitaller is offline
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^An "L" shaped layout: The two buildings between Boyd's and CVS along the south side of Chestnut, and everything along 19th between CVS and the northeast corner of Sansom.
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  #13743  
Old Posted May 20, 2020, 6:54 PM
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Quote:
Originally Posted by Boku View Post
Rare Rittenhouse portfolio of 6 properties comes under agreement

https://www.bizjournals.com/philadel...agreement.html
Dang, that's quite the assemblage. I'd be surprised if they weren't planning a tower there. My only hope is that they keep the facades of all the buildings on Chestnut and 19th. Also, what is going to become of poor Cavanagh's on Sansom
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  #13744  
Old Posted May 20, 2020, 7:16 PM
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Jayfar Jayfar is offline
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Quote:
Originally Posted by Boku View Post
Rare Rittenhouse portfolio of 6 properties comes under agreement

https://www.bizjournals.com/philadel...agreement.html
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Originally Posted by DudeGuy View Post
Dang, that's quite the assemblage. I'd be surprised if they weren't planning a tower there. My only hope is that they keep the facades of all the buildings on Chestnut and 19th. Also, what is going to become of poor Cavanagh's on Sansom
Very interesting and I'll tell you why. Just this morning two of those properties, 1822 & 1824 Chestnut, were considered for historic designation by the Committee on Designation of the Historical Commission. The designation would apply only to the front halves of the properties (much more than the facade), as the portions fronting on Sansom weren't part of the original construction. Reed Slogoff, speaking for Pearl Properties, HAD NO OBJECTIONS TO DESIGNATION. The Committee unanimously recommended designation to the full commission.

ADDRESS: 1822 CHESTNUT ST
Name of Resource: Elon Dunbar House
Proposed Action: Designation
Property Owner: 19th & Sansom Corp./Leroy E. Kean Inc.
Nominator: Philadelphia Historical Commission staff

nomination: https://www.phila.gov/media/20200506...nomination.pdf

ADDRESS: 1824 CHESTNUT ST
Name of Resource: Edward H. Trotter House
Proposed Action: Designation
Property Owner: 19th & Sansom Corp./Leroy E. Kean Inc.
Nominator: Philadelphia Historical Commission staff

nomination: https://www.phila.gov/media/20200506...nomination.pdf

Also let it be known that the Historical Commission and their Committees now meet virtually via Cisco Webex due to the pandemic. I'm hoping they'll maintain an online aspect to their meetings post-pandemic. A much better meeting experience when I can attend from home while multitasking, sipping good coffee and eating breakfast.
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Last edited by Jayfar; May 20, 2020 at 7:38 PM.
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  #13745  
Old Posted May 20, 2020, 9:43 PM
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Originally Posted by Jayfar View Post
The designation would apply only to the front halves of the properties (much more than the facade), as the portions fronting on Sansom weren't part of the original construction. Reed Slogoff, speaking for Pearl Properties, HAD NO OBJECTIONS TO DESIGNATION. The Committee unanimously recommended designation to the full commission.
So a tower it is, and Cavanaugh's is toast.
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  #13746  
Old Posted May 21, 2020, 5:03 PM
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summersm343 summersm343 is online now
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A big Philly apartment landlord is pursuing a new project despite coronavirus upheaval

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PMC Property Group is planning another apartment building beside its River Walk high-rise complex under construction along the Schuylkill waterfront, a sign that it is is shrugging off fears of a sustained impact from the coronavirus on Philadelphia’s rental market.

The developer, among the city’s biggest residential landlords, was granted a zoning permit last week for a 115-unit, 45-foot-high building on the northeast corner of 23rd and Cherry Streets, currently a public parking lot, according to records from the Department of Licenses and Inspections.

PMC is relying on zoning bonuses for including a “green” roof with plants, and for reserving some apartments for low-income renters, to reach its unit count and height at the 139 N. 23rd St. project, according to L&I. The plan also includes 46 parking spaces, most of them in an underground garage.
Read more here:
https://www.inquirer.com/news/pmc-ap...-20200519.html
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  #13747  
Old Posted May 21, 2020, 5:44 PM
3rd&Brown 3rd&Brown is offline
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Originally Posted by arkitect13 View Post
So I have a quick question regarding taxes and population increase. As the cities population increases would city revenue increase as well? Since their are more tax payers are more people buying items wich have sales taxe. Or would the city make the same amount of money and lower taxes to account for an influx of new people?
Rest assured with Jim Kenney as mayor he’ll just increase spending. This mayor, more than any mayor in the modern history of Philadelphia, had a once in a lifetime opportunity to fix Philadelphia’s antiquated tax code. He did none of that. Spent an extra billion. And increased taxes.
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  #13748  
Old Posted May 22, 2020, 1:43 PM
cardeza cardeza is online now
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Originally Posted by 3rd&Brown View Post
Rest assured with Jim Kenney as mayor he’ll just increase spending. This mayor, more than any mayor in the modern history of Philadelphia, had a once in a lifetime opportunity to fix Philadelphia’s antiquated tax code. He did none of that. Spent an extra billion. And increased taxes.
They already announced cuts for next fiscal year.
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  #13749  
Old Posted May 22, 2020, 4:30 PM
Mark in Mount Airy Mark in Mount Airy is offline
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Originally Posted by 3rd&Brown View Post
Rest assured with Jim Kenney as mayor he’ll just increase spending. This mayor, more than any mayor in the modern history of Philadelphia, had a once in a lifetime opportunity to fix Philadelphia’s antiquated tax code. He did none of that. Spent an extra billion. And increased taxes.
Everything you wrote above is correct, except for one thing: it wasn't a once-in-a-lifetime opportunity to fix the Philadelphia tax code -- John Street squandered his opportunity as well and wasted money on his "Neighborhood Transformation" initiative. Maybe it was Jim Kenney's once-in-his-lifetime opportunity but he has drunk the coo-aid that City residents are too poor to do anything other than just tax the middle class, the rich and businesses.
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  #13750  
Old Posted May 22, 2020, 5:40 PM
ScreamShatter ScreamShatter is offline
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Originally Posted by cardeza View Post
They already announced cuts for next fiscal year.
Kenney announced his proposal. But there are other options floating around.

For all who haven’t looked at Rebecca Rhynhart’s proposals, it’s worth a read. She’s excellent.

https://www.phillymag.com/news/2020/...avirus-budget/
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  #13751  
Old Posted May 22, 2020, 5:49 PM
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Jayfar Jayfar is offline
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Quote:
Originally Posted by Jayfar View Post
Very interesting and I'll tell you why. Just this morning two of those properties, 1822 & 1824 Chestnut, were considered for historic designation by the Committee on Designation of the Historical Commission. The designation would apply only to the front halves of the properties (much more than the facade), as the portions fronting on Sansom weren't part of the original construction. Reed Slogoff, speaking for Pearl Properties, HAD NO OBJECTIONS TO DESIGNATION. The Committee unanimously recommended designation to the full commission.

ADDRESS: 1822 CHESTNUT ST
Name of Resource: Elon Dunbar House
Proposed Action: Designation
Property Owner: 19th & Sansom Corp./Leroy E. Kean Inc.
Nominator: Philadelphia Historical Commission staff

nomination: https://www.phila.gov/media/20200506...nomination.pdf

ADDRESS: 1824 CHESTNUT ST
Name of Resource: Edward H. Trotter House
Proposed Action: Designation
Property Owner: 19th & Sansom Corp./Leroy E. Kean Inc.
Nominator: Philadelphia Historical Commission staff

nomination: https://www.phila.gov/media/20200506...nomination.pdf

Also let it be known that the Historical Commission and their Committees now meet virtually via Cisco Webex due to the pandemic. I'm hoping they'll maintain an online aspect to their meetings post-pandemic. A much better meeting experience when I can attend from home while multitasking, sipping good coffee and eating breakfast.
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Originally Posted by DudeGuy View Post
So a tower it is, and Cavanaugh's is toast.
Someone posting in UrbanPHL says that, according to a board newsletter for her neighboring building, it is planned as a by-right 23-story structure.

That block is zoned CMX-5 (subject to certain zoning overlays).
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  #13752  
Old Posted May 22, 2020, 6:20 PM
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mcgrath618 mcgrath618 is offline
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Originally Posted by ScreamShatter View Post
Kenney announced his proposal. But there are other options floating around.

For all who haven’t looked at Rebecca Rhynhart’s proposals, it’s worth a read. She’s excellent.

https://www.phillymag.com/news/2020/...avirus-budget/
God, can she PLEASE run for mayor? Her or even Domb would be 100x more competent than who we have now.
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  #13753  
Old Posted May 22, 2020, 9:31 PM
jsbrook jsbrook is offline
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Originally Posted by ScreamShatter View Post
Kenney announced his proposal. But there are other options floating around.

For all who haven’t looked at Rebecca Rhynhart’s proposals, it’s worth a read. She’s excellent.

https://www.phillymag.com/news/2020/...avirus-budget/
No question we should do everything she is saying. Probably need even deeper cuts. I fear the city is underestimating revenue shortfalls. We shall see. Look forward to seeing Pearl's plans when they are released. Glad they support the designations.
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  #13754  
Old Posted May 23, 2020, 12:22 AM
ScreamShatter ScreamShatter is offline
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Yea, I’m a big fan of Rebecca. She’s like the right balance of progressive meets pragmatic. I’d be thrilled if she ran for mayor then Governor or Senator.
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  #13755  
Old Posted May 23, 2020, 2:09 AM
JurassicPhilly JurassicPhilly is offline
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So I went into Center City for the first time in about two years last week. It was pretty disappointing. The place was practically dead. I'd been hearing about this renaissance taking place but saw no evidence of it myself.
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  #13756  
Old Posted May 23, 2020, 4:00 AM
TonyTone TonyTone is offline
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Originally Posted by JurassicPhilly View Post
So I went into Center City for the first time in about two years last week. It was pretty disappointing. The place was practically dead. I'd been hearing about this renaissance taking place but saw no evidence of it myself.
Uhhh Bro, Did you go to center city before the Pandemic happened?

It's like Brooklyn NY in some Parts.
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  #13757  
Old Posted May 23, 2020, 4:32 AM
PurpleWhiteOut PurpleWhiteOut is offline
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Originally Posted by JurassicPhilly View Post
last week. It was pretty disappointing. The place was practically dead.
Quote:
Originally Posted by JurassicPhilly View Post
last week.
Bruh.
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  #13758  
Old Posted May 23, 2020, 4:39 AM
TonyTone TonyTone is offline
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Bruh.
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  #13759  
Old Posted May 23, 2020, 4:54 AM
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Originally Posted by jurassicphilly View Post
so i went into center city for the first time in about two years last week. It was pretty disappointing. The place was practically dead. I'd been hearing about this renaissance taking place but saw no evidence of it myself.
a++
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  #13760  
Old Posted May 23, 2020, 2:47 PM
3rd&Brown 3rd&Brown is offline
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Originally Posted by ScreamShatter View Post
Yea, I’m a big fan of Rebecca. She’s like the right balance of progressive meets pragmatic. I’d be thrilled if she ran for mayor then Governor or Senator.
+1000

I'd be happy with Domb as well but she's damn near come out of left field and I couldn't be happier about it.

No doubt Philly has deep intractable issues. But for the first time in generations, perhaps even in spite of Covid, we have an opportunity to fix them.

Kenney just says the same old sh*t and throws money at the problem. He literally has no metrics for success.

How many millions did he spend to build a litter "index" because he wanted to do street cleaning "right" and we still don't have any street cleaning? Just pick the f'ing place up.

Even in the most congested city neighborhoods, there are tons of streets with parking only on ONE side. For god's sake, just start running cleaners through these neighborhoods and sweep half the street. It's the side people can see anyway.

Then when people see it happening consistently and are happy with the results, they'll be more inclined to actually want to move their cars to continue the progress.

I'd venture a guess and say that 50% of the streets in Northern Liberties have either no parking at all (oxcart alleys) or parking only on 1 side (Hancock, American, Orianna, Lawrence, Orkney, Wildey, etc).

Ditto with the police department. Just keeps throwing money at it. Saying all the "right" things (we gotta put more cops on the streets!) and the murder rate is up 50% from when he took office.

He's an awful awful awful mayor.
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