PHILADELPHIA | Lowrise/General Developments Thread

[christof]

Originally Posted by cardeza

the initial phase will be, but still could create a lot of jobs and a lot better than a refinery

Folks in the warehouse will be making $15 / hr v. union workers who were making twice that?

Don't know how you can say that this is a lot better.

[Urbanthusiat]

Originally Posted by Boku

Developer Bart Blatstein’s plan for Wawa gas station on Delaware River waterfront has been rejected

https://www.inquirer.com/real-estate...-20200729.html

This is some delicious tea.

[iheartphilly]

^good point...

how does the full benefit package plus average of $15/hour from Amazon vs. a union job with full benefits shake out?

[cardeza]

Originally Posted by christof

Folks in the warehouse will be making $15 / hr v. union workers who were making twice that?

Don't know how you can say that this is a lot better.

i mean for the neighborhood, if anyone cares about those who used to live near the refinery. And at full build out there will likely be a lot more jobs at the new complex vs the refinery.

[PurpleWhiteOut]

Originally Posted by christof

Folks in the warehouse will be making $15 / hr v. union workers who were making twice that?

Don't know how you can say that this is a lot better.

Those jobs were never coming back anyway. It's not like the refinery was shut down by choice. It exploded. This is pretty much the best possible outcome given the situation, and a huge win for the air we breathe. There's no use crying over spilled milk and we have to just look forward. People will argue about the old jobs, but arguments aren't going to unexplode or unpollute the refinery

[Redddog]

Originally Posted by Urbanthusiat

This is some delicious tea.

Love this.

[Knight Hospitaller]

^ Not to resurrect the Amazon HQ2 hype, but is that still a thing, since their move to NYC was torpedoed? Did they ever do anything in Crystal City? Talk of an Amazon warehouse here makes me think that, if they had any brains, Philly would make perfect sense for them as a one stop east coast shop on every level. (except when it comes to exerting up close and personal influence on the Federal government).

[TempleGuy1000]

The Refinery wasn’t only incredibly toxic, but it was also highly unprofitable before the explosion and was just exiting its previous bankruptcy.

In the last decade, the 335,000-barrel-per-day PES remained profitable thanks to a fleeting set of oil market circumstances. Beginning in the early 2010s crude oil from North Dakota’s Bakken region began to arrive in Philadelphia by rail. At the time Bakken producers had few options to get their oil to market, as pipelines had yet to be expanded to transport the volume of new crude to the country’s refining centers along the Gulf coast.

PES was a beneficiary, and for a few years it purchased Bakken crude on the cheap and sold the refinery’s output — gasoline and other fuels — at prices competitive with fuels from newer and more efficient refineries located elsewhere across the U.S. Yet when the Dakota Access pipeline opened in 2017, PES’ lifeline of low-cost crude began to dry up, and the refinery turned to costly imported oil priced on the international Brent benchmark.

The rising cost of feedstock, combined with the burden of private equity debt from a 2012 sale to the Carlyle Group and mismanagement of the refinery’s renewable fuels blending obligations, eroded profits at PES. From 2012 to 2017 revenue related to crude supply dynamics fell by an estimated $1.8 billion. The refinery continued to bleed cash after it emerged from its eventual bankruptcy in 2018.

https://kleinmanenergy.upenn.edu/blo...ntly-shut-down

[Knight Hospitaller]

Originally Posted by TempleGuy1000

The Refinery wasn’t only incredibly toxic, but it was also highly unprofitable before the explosion and was just exiting its previous bankruptcy.

It says a lot when warehouses alone would be an aesthetic improvement. Just cleaning up that area will do a lot for the city's image on the PHL to Center City drive.

[TonyTone]

THIS JUST IN

Philly chooses developers for big Navy Yard expansion that includes housing

http://Philly chooses developers for...cludes housing

Ensemble Real Estate Investments of Long Beach, Calif., and Philadephia-based Mosaic Development Partners have been selected to lead a major redevelopment push at the South Philadelphia Navy Yard that will include millions more square feet of labs and offices, and — for the first time — an around-the-clock residential population at the former military base.

The Philadelphia Industrial Development Corp., which manages the Navy Yard on the city’s behalf, said in a release Wednesday that Ensemble and Mosaic were chosen for the 109-acre redevelopment project because they “demonstrated an understanding of PIDC’s mission and shared a strategic vision for the Navy Yard to drive business growth and job creation for Philadelphia.”

[summersm343]

Philly chooses developers for big Navy Yard expansion that includes housing

Ensemble Real Estate Investments of Long Beach, Calif., and Philadelphia-based Mosaic Development Partners have been selected to lead a major redevelopment push at the South Philadelphia Navy Yard that will include millions more square feet of labs and offices, and — for the first time — an around-the-clock residential population at the former military base.

The project is expected to draw $2.6 billion in new private investment, PIDC said.

When Liberty decided to cease work on office projects such as those at the Navy Yard in 2018, nearly all of the Corporate Center’s development parcels had been built on or spoken for, setting the stage for a next phase of work at the 1,200-acre property that now will be undertaken by Ensemble and Mosaic.

Part of that work is to transform 12 acres northeast of Urban Outfitters Inc.‘s headquarters campus into what’s being called the Historic Core District, which PIDC has said would become the Navy Yard’s “downtown.”

The section, largely bounded by 11th and 12th Streets, between Flagship Avenue and Normandy Place, is seen as accommodating 1,000 to 1,500 apartments in restored buildings, along with restaurants and shops to serve residents and nearby office workers and lab techs, PIDC officials have said.

The other site in PIDC’s new development push is being called the Mustin District, after the former Henry C. Mustin Naval Air Facility airfield that once occupied much of the tract. Its 97 acres extend east from League Island Boulevard.

Officials have said the district could support as much as three million square feet of new office, lab, and production space, emulating the Corporate Center’s atmosphere, and could also potentially accommodate residential buildings along its quarter-mile waterfront.

PIDC said it expects to finalize a development agreement with Ensemble and Mosaic shortly so the team can begin working on concrete plans for the sites in 2021.

Read more here:
https://www.inquirer.com/real-estate...-20200729.html

[Jayfar]

That rendering from the Inky article is an older one from the PIDC and doesn't really directly relate to the newest plans. Someone in another forum said it was prepared for the Amazon HQ2 proposal.

Here are some very limited renderings linked from today's PIDC press release: http://www.pidcphila.com/images/uplo...292020-low.pdf

…and here's the press release: https://www.navyyard.org/theyardblog...pment-partner/

[summersm343]

^^Yeah, I noticed that. Thanks for posting. Looks incredible!

[summersm343]

284 Units + Retail Proposed at Berks & American



Read more here:
http://www.rising.realestate/284-uni...in-kensington/

[ScreamShatter]

^ that’s awesome! I have great hope for American! If the progress in this are can continue, it’s going to become one of the most dynamic neighborhoods in the city.

[Aaamazarite]

Originally Posted by summersm343

284 Units + Retail Proposed at Berks & American



Read more here:
http://www.rising.realestate/284-uni...in-kensington/

The same owner/developer is going to be proposing a project on the edge of University City soon, probably not as big as this one but it should be substantial.

[PhilliesPhan]

^Wow, with this project and the 20 story tower proposed on the NW corner of American and Berks (per Rising Real Estate’s Instagram), both the North American Street corridor and Norris Square are about to explode with development! American Street has the potential to be something special.

[Aaamazarite]

With all the big proposals and CDR packages a bunch of smaller stuff has flown under the radar-- some of these are just developers getting permits in before the end of there year, but here goes:

2600 W Girard: 5 Stories, 16 Units

305 N 15th: 5 story addition, 20 Units

3933 Powelton Ave: 4 Stories, 10 Units

1022 Wood St: 4 Stories, 15 Units

2114 Arch: Residential Conversion to 62 Units

1723 Ridge: 5 Stories, 14 Units

505 S 9th: 3 Story Addition, 18 Units

[EastSideHBG]

Wawa closing its flagship store in Philadelphia

https://6abc.com/business/wawa-closi...hilly/6351361/

[eixample]

If true, wow



The two bedroom data isn't as impressive, but still good to not be in the red. I'm always suspicious about apartment asking rent data, but still worth posting. "The data is collected by Zumper from over 1 million active listings, including from Multiple Listings Service (MLS), in the 100 largest markets."