PHILADELPHIA | 204 S. 12th Street | 398 FT | 32 FLOORS

mcgrath618 · #1 Posted **Aug 5, 2020, 4:05 AM**

Gayborhood or die.

Title: 204 S. 12th Street
Architect: BLTa
Developer: Midwood Investment and Development
Location: 200-204 South 12th Street, Philadelphia, PA
District: Center City
Neighborhood: Midtown Village (Gayborhood)
Floors: 32
Height: 398

448 Units + Commercial Planned for Historic Property in the Gayborhood

Quote:

Back in 2019, the Camac Baths building at 204 S. 12th St. was nominated to the Philadelphia Register of Historic Places, two years after being acquired by Midwood Investment & Development, a national real estate development firm. The Camac Baths was deemed historically significant because of its first Jewish and then gay and bisexual clientele. The historic nomination, to our understanding, does not include the whole property at 204 S. 12th St., but only the structures on the northwest corner of the parcel at Camac St. and Chancellor St.

The residential lobby will be located on St. James St. The loading entrance will be located on 12th St. There will be commercial uses on grounds 1 through 3 fronting 12th St. There will be 3 levels of underground parking. The building will be rental apartments, not for sale condos.

The project team confirmed that the historic building at Camac and Chancellor will be preserved. There are no planned uses for the building yet other than bicycle parking in the basement.

The development team also noted that they are planning on saving the mural currently located along 12th St. and they will be making a $2.2 million payment to the affordable housing trust fund.

Demolition is planned for the 3rd or 4th quarter of 2020 and construction will follow in the 2nd quarter of 2021. Construction will last roughly 31 months.

http://www.rising.realestate/448-uni...he-gayborhood/

Echostatic · #2 Posted **Aug 5, 2020, 4:56 AM**

This looks pretty clean. I'm liking that orange almost-striping.

SEFTA · #3 Posted **Aug 5, 2020, 7:59 AM**

Much interest in the area

200 S 12th Street 8-5-20 b

200 S 12th Street 8-5-20

summersm343 · #4 Posted **Aug 5, 2020, 1:13 PM**

AWESOME project!

Loving the height here. Will make a huge impact on the skyline.

summersm343 · #5 Posted **Aug 5, 2020, 2:53 PM**

CDR Submission is up!

408 feet in total.

PDF here:
https://www.phila.gov/media/20200805...CZ-Reduced.pdf

Plokoon11 · #6 Posted **Aug 5, 2020, 3:09 PM**

Love this!!

Jawnadelphia · #7 Posted **Aug 5, 2020, 3:14 PM**

From an architectural standpoint, there's a lot going on here -- international-style modernism, some brutalism, fins, definitely PSFS Building and IM Pei influenced. I love it, personally. It's a weird building. I hope it turns out like the renderings. Over 400 feet too, for east of Broad is massive.

mcgrath618 · #8 Posted **Aug 5, 2020, 5:28 PM**

Isn’t it 436’ to the roof?

Regardless, superb design.

summersm343 · #9 Posted **Aug 5, 2020, 8:08 PM**

Quote:

Originally Posted by mcgrath618

Isn’t it 436’ to the roof?

Regardless, superb design.

You're right - it is 436 ft to the roof!

mcgrath618 · #10 Posted **Oct 5, 2020, 6:20 PM**

PERMIT NUMBER: ZP-2020-007022
ZONING

Quote:

Work Description:
FOR THE COMPLETE DEMOLISHION OF ALL STRUCTURES ON THE LOT.
Status:
ISSUED

https://li.phila.gov/#details?entity...0S%2012TH%20ST

City Wide · #11 Posted **Oct 5, 2020, 8:39 PM**

This is going to be an impressive building. I don't know what options there might have been, but the drawings showing the 12th St. elevation don't really show that there is going to be a large 2 bay loading dock right in the middle of the building. That's very unfortunate.

summersm343 · #12 Posted **Oct 5, 2020, 8:47 PM**

Nice! Love this building, and it's about time Philly got another 400-footer.

I am weary about the demolition only permits though. I get concerned about demo permits without financing commitments and construction permits as well... especially after the SLS lot sat vacant for so long, and now the Jeweler's Row Toll Brothers hole is sitting also.

mcgrath618 · #13 Posted **Oct 5, 2020, 9:09 PM**

Quote:

Originally Posted by City Wide

This is going to be an impressive building. I don't know what options there might have been, but the drawings showing the 12th St. elevation don't really show that there is going to be a large 2 bay loading dock right in the middle of the building. That's very unfortunate.

It's unfortunate, but where else could it really have gone?

allovertown · #14 Posted **Oct 6, 2020, 2:07 AM**

Quote:

Originally Posted by summersm343

Nice! Love this building, and it's about time Philly got another 400-footer.

I am weary about the demolition only permits though. I get concerned about demo permits without financing commitments and construction permits as well... especially after the SLS lot sat vacant for so long, and now the Jeweler's Row Toll Brothers hole is sitting also.

+1

Demolition permits for functional buildings should be contingent on getting approvals and financing in place for its replacement and a reasonable commitment to start construction.

Knight Hospitaller · #15 Posted **Oct 6, 2020, 12:02 PM**

^ Preach it.

cardeza · #16 Posted **Oct 6, 2020, 5:18 PM**

Good news

Zerton · #17 Posted **Oct 6, 2020, 7:42 PM**

Love the wood details. Reminds me of a building in London. The name eludes me right now...

mcgrath618 · #18 Posted **Oct 7, 2020, 6:55 PM**

Quote:

Originally Posted by summersm343

Nice! Love this building, and it's about time Philly got another 400-footer.

I am weary about the demolition only permits though. I get concerned about demo permits without financing commitments and construction permits as well... especially after the SLS lot sat vacant for so long, and now the Jeweler's Row Toll Brothers hole is sitting also.

This project is very serious though, according to the article in the OP. The plan has always been: demo in Q3-4 2020, construction in Q1-2 2021.

Easiered · #19 Posted **Oct 7, 2020, 7:31 PM**

Quote:

Originally Posted by mcgrath618

This project is very serious though, according to the article in the OP. The plan has always been: demo in Q3-4 2020, construction in Q1-2 2021.

The reason that this building will likely be constructed soon is not because of tax abatement issues, nor necessarily because demand is strong, albeit it well may be. This and other buildings, whether office, apartments or whatever will be constructed now because one of the major components of cost has been dramatically reduced, that of financing cost. In real estate development, financing isn’t just an aspect of the business, it IS THE BUSINESS. With construction financing costs around 25% of what they have averaged over the last six decades and long term financing at levels not seen in the lifetimes of developers, it is simply too attractive to develop. Property owners in 5,10, or 20 years will look back on this opportunity and smile.

eixample · #20 Posted **Oct 7, 2020, 11:36 PM**

^that's interesting. Is the drop in financing costs because of the Fed cutting interest rates or the pandemic/recession or some other reason?