PHILADELPHIA | THE LAUREL @ 1911 Walnut | 604 FT | 48 FLOORS

[Mr Saturn64]

(Image by me)

The graffiti has been removed from the Walnut Street side of the lot. I know it was mostly on the others. They've been cleaned as well.

[Jawnadelphia]

^^I noticed same thing - all graffiti removed. Also, there were about 4 guys doing more testing Saturday afternoon. Must be a good sign.

[IMG]Untitled

[IMG]Untitled

Maybe time for an update from Mr. Dustin Downey??

[summersm343]

^^Usually this means construction is coming. They're probably either finishing up the design, or got the thumbs up from the CCRA.

[Palms]

Nice Exclamation Point for the Square but where do we stand with the rittenhouse nimbys?

[philatonian]

Wow, that is tall. It's interesting how it changes about halfway up, almost like they could easily alter it if the market doesn't demand something quite that big.

[Milksteak]

This building is a statement, that's for sure. I would just love to hear some news about more big companies relocating to Philly, there are a lot of apartment/condo projects going up in the mid-high price range and I don't want the market to become over-saturated. Granted, I'm sure the folks working on these projects are more in the know than I am.

[1487]

hopefully there will be a CDR presentation before end of the year.

[McBane]

I really like this building and, so long as it remains over 500 feet tall, should very visible from nearly all angles. Driving east bound along 76, this tower would be appear to be directly straight in front of you. It will also be visible from NJ since the St. James is on the south side of Walnut. I really hope this one comes to fruition.

[City Wide]

Originally Posted by Milksteak

This building is a statement, that's for sure. I would just love to hear some news about more big companies relocating to Philly, there are a lot of apartment/condo projects going up in the mid-high price range and I don't want the market to become over-saturated. Granted, I'm sure the folks working on these projects are more in the know than I am.

what condos are you thinking fits that price point?

[summersm343]

Originally Posted by Milksteak

This building is a statement, that's for sure. I would just love to hear some news about more big companies relocating to Philly, there are a lot of apartment/condo projects going up in the mid-high price range and I don't want the market to become over-saturated. Granted, I'm sure the folks working on these projects are more in the know than I am.

The project includes 55,000 square feet of retail, which is certainly hot and in-demand along the Walnut/Chestnut corridor.

It also has 64 condominiums and 342 apartments. 64 condominiums could EASILY be sold here. One Riverside is practically sold out before it's finished construction. 10 Ritt and 1706 Ritt are also completely sold out. Rittenhouse Square is the hottest location in the city - those condos would fly off of the shelves here.

The same can be said for the 342 apartments. 1919 Market has 278 luxury apartments and is 67% leased after only 6 months of leasing. Normally buildings take about 13 months to lease up - this will exceed that rate. 342 apartments at 19th and Walnut? Yes please, this would be leased up in no time. 19th and Walnut is a MUCH hotter location that 20th and Market.

[RonnieStevens]

Aren't Philly real estate price increases outpacing other major cities in part due to inventory shortage? Even after they built more than the previous year.

[jsbrook]

Originally Posted by summersm343

The project includes 55,000 square feet of retail, which is certainly hot and in-demand along the Walnut/Chestnut corridor.

It also has 64 condominiums and 342 apartments. 64 condominiums could EASILY be sold here. One Riverside is practically sold out before it's finished construction. 10 Ritt and 1706 Ritt are also completely sold out. Rittenhouse Square is the hottest location in the city - those condos would fly off of the shelves here.

The same can be said for the 342 apartments. 1919 Market has 278 luxury apartments and is 67% leased after only 6 months of leasing. Normally buildings take about 13 months to lease up - this will exceed that rate. 342 apartments at 19th and Walnut? Yes please, this would be leased up in no time. 19th and Walnut is a MUCH hotter location that 20th and Market.

From a condo perspective, this will draw both suburbanites (as 1706 Rittenhouse, 500 Walnut, and One Riverside have) and people in existing luxury condos. I actually know several people in buildings on the square who are interested in this building if it comes to fruition. Their buildings are somewhat dated and, in some ways, cannot compare to modern construction. Windows, for one thing. No matter what kind of remodeling you do to your individual unit, those windows ain't getting any bigger. These should be more in line with 10 Rittenhouse and 1706 Rittenhouse.

[McBane]

Originally Posted by jsbrook

From a condo perspective, this will draw both suburbanites (as 1706 Rittenhouse, 500 Walnut, and One Riverside have) and people in existing luxury condos. I actually know several people in buildings on the square who are interested in this building if it comes to fruition. Their buildings are somewhat dated and, in some ways, cannot compare to modern construction. Windows, for one thing. No matter what kind of remodeling you do to your individual unit, those windows ain't getting any bigger. These should be more in line with 10 Rittenhouse and 1706 Rittenhouse.

There are some truly spectacular buildings on the Square (Barclay, 1830 Rittenhouse) and then there are some that look more like PHA housing (Claridge, Savoy).

What the historic buildings, like 1830 Rittenhouse, lack in modern comforts (such as floor to ceiling windows), they more than make up for in character and pre-war charm. But the Claridge and Savoy lack the modern comforts AND are completely devoid of any character. I wonder how hot the RE market would have to be in order for these eyesores to make way for something more worthy of the Square.

[jsbrook]

Originally Posted by McBane

There are some truly spectacular buildings on the Square (Barclay, 1830 Rittenhouse) and then there are some that look more like PHA housing (Claridge, Savoy).

What the historic buildings, like 1830 Rittenhouse, lack in modern comforts (such as floor to ceiling windows), they more than make up for in character and pre-war charm. But the Claridge and Savoy lack the modern comforts AND are completely devoid of any character. I wonder how hot the RE market would have to be in order for these eyesores to make way for something more worthy of the Square.

I think the Claridge and Savoy are downright ugly buildings. But even some of the nicer buildings on the Square don't have what you would expect in modern construction. For example, I think 220 Rittenhouse Square is a nice building. But is doesn't have windows like 10 Rittenhouse or 1706 Rittenhouse or what I expect 1911 Walnut will have. It all depends what you're looking for. Agree some people will prefer these older, stately buildings.

[Born Pure Philly]

Originally Posted by McBane

There are some truly spectacular buildings on the Square (Barclay, 1830 Rittenhouse) and then there are some that look more like PHA housing (Claridge, Savoy).

What the historic buildings, like 1830 Rittenhouse, lack in modern comforts (such as floor to ceiling windows), they more than make up for in character and pre-war charm. But the Claridge and Savoy lack the modern comforts AND are completely devoid of any character. I wonder how hot the RE market would have to be in order for these eyesores to make way for something more worthy of the Square.

The Claridge won't be going anywhere for a while. It's over 95% occupied in its current state, just completed renovations their amenities, and planning more renovations to the lobby and apartments inside. Yeah the exterior is pretty hideous, but they can't do anything about it due to historic designations.

Savoy was built by the same group that did the Claridge. I think those may be the only 2 apartment buildings on the Square. So for better or worse, they will both be there for a long time to come.

[Schmidt519]

Grabbed another pic of the soil testing rig. I heard of high quality dummy rigs costing $300 bucks, a real rig is some decent coin and daily rates are NOT economically viable for some firms. Is it plausible they inflated and moved this dummy rig to appear geological testing is occurring on the site.

Not trying to stir the pot.

[boxbot]

Originally Posted by Schmidt519

Grabbed another pic of the soil testing rig. I heard of high quality dummy rigs costing $300 bucks, a real rig is some decent coin and daily rates are NOT economically viable for some firms. Is it plausible they inflated and moved this dummy rig to appear geological testing is occurring on the site.

Not trying to stir the pot.

I certainly hope Dustin Downey will address these allegations of dummy rigs. I for one would like some answers about the moon landing hoax.

[jsbrook]

Originally Posted by Schmidt519

Grabbed another pic of the soil testing rig. I heard of high quality dummy rigs costing $300 bucks, a real rig is some decent coin and daily rates are NOT economically viable for some firms. Is it plausible they inflated and moved this dummy rig to appear geological testing is occurring on the site.

Not trying to stir the pot.

Yes, possible. Lately, I've also been seeing some evidence that the CITC construction is a cleverly staged balloon.

[PhilliesPhan]

Test boring is now occurring on what is currently the surface parking lot at 20th and Sansom:

[jsbrook]

Originally Posted by PhilliesPhan

Test boring is now occurring on what is currently the surface parking lot at 20th and Sansom:

Ooh. The Walnut side of this project has been very active the last week. I've walked by every day, and lots of activity. So, hopefully we will hear something soon. Walnut is ready to explode past Rittenhouse Square. With this, the two projects further down (Sydenham) and the one with retail past that by Noah Ostroff as well as the Astroban one across the street from the Sydenham houses (has retail). Post Brothers are working on renovations of the Roosevelt Building further down closer to the river too. Some other retail too. Philly's second Swett Charlie's (rolled ice cream) will open near this project in Spring 2011.

(would love to see the surface parking lot at 20th and Walnut go next)