PHILADELPHIA | Lowrise/General Developments Thread

[summersm343]

Originally Posted by PhiLaw

Let me preface this by saying that this is only speculation at this point. However, I spoke to one of the top people at Vanguard this morning. This person told me that Vanguard has had some preliminary talks about moving into the city, either in whole or in part. Apparently they are having trouble competing for young talent. Talks supposedly began with the Nutter administration. Again, although this person is credible and very high on the Vanguard food chain, at this point it is still hearsay. Don't ask me who it is because I will not reveal the source. But it's something to be excited about as we hopefully begin to hear some chatter about it in the coming months/years.

Very nice. This would seem to correlate with similar rumors I heard last year on this matter. A partial or whole move for Vanguard into the city would obviously not only be a huge boon for Philadelphia, but would be a smart move for Vanguard as well.

Recruiting wise they would attract more top talent, location wise they would be easily accessible via public transit to the airport, and to NYC and DC.

A full relocation of Vanguard would probably fill most of a new skyscraper. A partial relocation would definitely fill up some of this space in BNY Mellon or at least anchor a new skyscraper.

[summersm343]

212-24 S. 3rd Street
Update from Naked Philly

We first told you about this property back in the summer of 2011, and we were all kinds of excited that someone was finally buying the place. At the time, plans called for the renovation of the historic building at the corner into 14 apartments and the construction of four high-end homes on the northern side of the property.

Somewhere along the line, the developers scrapped the specific proposal for 14 apartments and the ZBA approved a plan for four new mansions and a vacant building at the corner, ostensibly to be renovated at some point in the future. Sometime in the last few months, the real estate agents that will be selling the homes hung a large poster on the site providing some scant details. According to the poster, the homes will each have abpout 4,000 sqft of living space and offer two-car parking.

http://www.ocfrealty.com/naked-phill...army-townhomes

[summersm343]

Temple selects architects for proposed football stadium

http://www.bizjournals.com/philadelp...rchitects.html

[DudeGuy]

Originally Posted by hammersklavier

-Something I'd like to keep an eye on is if areas easily accessed from major bike routes start to redevelop in their own right, as we lay down better infrastructure.

I agree - particularly with Kingsessing and the bike route that is going to terminate there. Once it's built it will be a 20 min ride to Center City.

[jsbrook]

Originally Posted by 1487

Mantua and north Philly east of broad, north of Girard.

Yes, Mantua. That's where I would/will buy investment property.

[jsbrook]

Originally Posted by jsbrook

Yes, Mantua. That's where I would/will buy investment property.

Of course, a lot depends on whether you want a short, long or medium-term investment and your appetite for risk.

[1487]

Originally Posted by summersm343

Very nice. This would seem to correlate with similar rumors I heard last year on this matter. A partial or whole move for Vanguard into the city would obviously not only be a huge boon for Philadelphia, but would be a smart move for Vanguard as well.

Recruiting wise they would attract more top talent, location wise they would be easily accessible via public transit to the airport, and to NYC and DC.

A full relocation of Vanguard would probably fill most of a new skyscraper. A partial relocation would definitely fill up some of this space in BNY Mellon or at least anchor a new skyscraper.

I see 0% chance of a total move, but let's hope for at least a satellite office in Philly for some units. There are tons of people who live in Philly who work out there who HATE the commute. Vanguard has so much land and has invested so much into office buildings out there I can't see them ever leaving that campus behind. My cousin worked out there and he said the old school senior level people were in love with the suburban campus concept and all the wasted land they have out there. Naturally the younger workers weren't enamored with the current location.

[TempleGuy1000]

Originally Posted by 1487

My cousin worked out there and he said the old school senior level people were in love with the suburban campus concept and all the wasted land they have out there. Naturally the younger workers weren't enamored with the current location.

ha funny we are talking about this in multiple threads. I have known many people to work out there and I completely agree. There is noway they are leaving there in the short term especially when it doesn't make financial sense.

[1487]

Originally Posted by TempleGuy1000

ha funny we are talking about this in multiple threads. I have known many people to work out there and I completely agree. There is noway they are leaving there in the short term especially when it doesn't make financial sense.

For years I've thought the best approach would be convince them to set up a Philly office and give people the option to work there and use it for meetings, etc. Think about how far Malvern is from 30th street or PHL. A downtown location would be so much easier for visitors coming into town. I'm sure they could easily find several hundred workers who would jump at the chance to transfer to a philly branch office.

[MikeNigh]

Originally Posted by 1487

For years I've thought the best approach would be convince them to set up a Philly office and give people the option to work there and use it for meetings, etc. Think about how far Malvern is from 30th street or PHL. A downtown location would be so much easier for visitors coming into town. I'm sure they could easily find several hundred workers who would jump at the chance to transfer to a philly branch office.

I got an email from them. I was thinking about emailing back and letting them know I am only interested in jobs that are in the city. Was thinking that other professionals who work in the city should organize to email suburban based companies that they are only interested in working for companies that have offices in the city.

[tsarstruck]

Originally Posted by hammersklavier

-The rest of Point Breeze, Grays Ferry, and Dickinson Narrows are the South Philly neighborhoods most likely to see redevelopment. Lower Moyamensing is already extremely stable, an old-guard South Philly neighborhood.

Agreed that those are the three most likely. I think you're overrating how mature LOMO's real estate market is, though: there are plenty of sales around the $150/SQF mark (which is what you would have seen six blocks north 5+ years ago), and the prices drop significantly as you get to 7th Street.

[McBane]

Originally Posted by 1487

For years I've thought the best approach would be convince them to set up a Philly office and give people the option to work there and use it for meetings, etc. Think about how far Malvern is from 30th street or PHL. A downtown location would be so much easier for visitors coming into town. I'm sure they could easily find several hundred workers who would jump at the chance to transfer to a philly branch office.

At least city residents would jump. People driving from NJ, Bucks county, and other areas have to consider the wage tax and SEPTA costs vs time, gas, and wear/tear. For city residents however, they'd be subject to a negligible additional tax but the easier commute far outweighs that cost.

[1487]

Originally Posted by McBane

At least city residents would jump. People driving from NJ, Bucks county, and other areas have to consider the wage tax and SEPTA costs vs time, gas, and wear/tear. For city residents however, they'd be subject to a negligible additional tax but the easier commute far outweighs that cost.

I don't see many sane people working in NJ who continue to drive out there if they could work in CC. There is more to life than taxes. Commuting out there is hell- there is no easy or quick way to get there. It's only convenient if you live in chester county or somewhere near the 202/476 interchange. Malvern and Paoli are hardly in the center of the region when you consider population distribution and 202, 76 and 476 are amongst the most congested highways in the philly area.

[Frontst17]

Although this would be great, I was under the impression Vanguard was building a few more new building on their campus... might be wrong but Malvern is pretty great for them at the moment. I don't see a move for another 5-10 years but definitely exciting to hear rumblings of a downtown move.

[1487]

Originally Posted by Frontst17

Although this would be great, I was under the impression Vanguard was building a few more new building on their campus... might be wrong but Malvern is pretty great for them at the moment. I don't see a move for another 5-10 years but definitely exciting to hear rumblings of a downtown move.

They built one a couple of years back. I haven't heard about anything new since then.

[Londonee]

Originally Posted by 1487

For years I've thought the best approach would be convince them to set up a Philly office and give people the option to work there and use it for meetings, etc. Think about how far Malvern is from 30th street or PHL. .

Although your larger point remains, it's fair to point out that their campus sits about 1 mile from the Paoli Amtrak stop - which is a 1-seat ride to Manhattan.

[hammersklavier]

Originally Posted by tsarstruck

Agreed that those are the three most likely. I think you're overrating how mature LOMO's real estate market is, though: there are plenty of sales around the $150/SQF mark (which is what you would have seen six blocks north 5+ years ago), and the prices drop significantly as you get to 7th Street.

To my eye, Lower Moyamensing (<-- Lenape for "pigeon shit") is more or less the same as Whitman, or Pennsport pre-investment. The area between 5th and 8th-9th is a mostly-Cambodian nabe that isn't really considered part of either. Dickinson Narrows is also like this, a lower-class band between East Passyunk and Pennsport. Only there, it was mostly Mexican. Not too long ago, Dickinson Narrows was the city's largest Mexican community! (I wonder where they're going?)

[summersm343]

One West Condos Bring Subtle Change to Chestnut Hill

The interior finishes of the condos, which range from $875,000 to $2.5 million, will stay true to Chestnut Hill style, too.

All of the condos are still under construction, though a tour of the property revealed expansive views of the neighborhood from the terraces—one of the largest patios is 1,800 square feet alone and has a small pool.

Five of the 20 condos have been bought. Snowden says most of the interested tenants are in the 55-75 age range and are looking to downsize and "have a little bit of fun." It's a similar trend that Center City is experiencing, with empty nesters moving from the suburbs to the city's luxury condos.

http://philly.curbed.com/2016/3/29/1...-chestnut-hill

[Groundhog]

Originally Posted by jsbrook

Of course, a lot depends on whether you want a short, long or medium-term investment and your appetite for risk.

Regrading Mantua, I would say that it is short to medium (although, closer to short) term. Not just because of location, but:

1. Lancaster Ave already has a retail/restaurant foothold (ahead of, say, Point Breeze Ave by 5-10 years) and I can see it blooming into something along the lines of South Street West with a little more higher income density
2. Good public transit via the trolley and, again, location is close to 30th Street/the El
3. Drexel's push north, with the coming school partnership that will develop greater property values (ala Penn Alexander)
4. University of the Science's uCity encroachment
5. Promise Zone designation should spur some further growth

Point Breeze is a great place to look as well, but I feel the growth curve in that neighborhood is starting to slow down, so the returns aren't as high for the investment required (Franisville is well past that point, imo as well). Gray's Ferry still has time to grow, but honestly, I don't see what amenities that neighborhood really has going for it to make it take off. Not until the River Trail is connected at least.

[3rd&Brown]

Originally Posted by Groundhog

Regrading Mantua, I would say that it is short to medium (although, closer to short) term. Not just because of location, but:

1. Lancaster Ave already has a retail/restaurant foothold (ahead of, say, Point Breeze Ave by 5-10 years) and I can see it blooming into something along the lines of South Street West with a little more higher income density
2. Good public transit via the trolley and, again, location is close to 30th Street/the El
3. Drexel's push north, with the coming school partnership that will develop greater property values (ala Penn Alexander)
4. University of the Science's uCity encroachment
5. Promise Zone designation should spur some further growth

Point Breeze is a great place to look as well, but I feel the growth curve in that neighborhood is starting to slow down, so the returns aren't as high for the investment required (Franisville is well past that point, imo as well). Gray's Ferry still has time to grow, but honestly, I don't see what amenities that neighborhood really has going for it to make it take off. Not until the River Trail is connected at least.

The unlock in Grays Ferry is that it sits squarely in the middle of the city's major employment centers (UCity, Center City, and the Navy Yard). Not to mention both major employers in UCity (Penn and CHOP) have jumped to that side of the river to build major facilities which in the future could house thousands of employees (Pennovation and the CHOP Research Towers). I think what's holding Grays Ferry back more than anything else is it's relative isolation. Once Washington Avenue starts to fill in with multi-use construction I think it will take off. The Schuykill River Trail is the icing on the cake, but by no means what will ignite any growth compared to the other listed factors.