PHILADELPHIA | 3151 Market Street | Schuylkill Yards | 226 FT | 14 FLOORS - Page 8

hammersklavier · #**141** Posted **Mar 9, 2021, 12:04 PM**

Quote:

Originally Posted by mcgrath618

The whole idea is that the state wants to contract someone other than Amtrak to handle trains.

I imagine that the one seat trip to NYC would attempted to be preserved, but I don't quite see how that'd happen. Maybe this is relying on a resumption of NJT West Trenton Service?

Amtrak is kind of bad at playing nice with others but what the State really needs is heavy capital investment into its rail network including an all-new HSR alignment liking Pittsburgh and Harrisburg and an all-new medium-speed one between the Lehigh Valley and Scranton (the existing one through the Lehigh Gorge is really, really, really, really, really bad). SEPTA is even worse at Amtrak at providing that. So I agree that forcing SEPTA rather than Amtrak to run the Keystone Service and the Pennsylvanian would be a bad move in the short and medium terms.

City Wide · #**142** Posted **Mar 11, 2021, 12:40 AM**

The State pays for underwriting this in-state service (how much?). Is the State now saying that they are not getting a good return for their money. Hoping the State puts up billions of dollars for even marginal improvements west of Harrisburg is a pipe dream. The first problem is that it would benefit Philly and maybe Pittsburgh, and the State gov't has a HATE/like relationship with the City. This is slowly changing in the counties around Philly, but its still light years from being a basic civil connection. Much of the State in terms of land area has a terrible image of the City and aren't interested in changing. (unless the City decided to elect the Orange man mayor)

PhilliesPhan · #**143** Posted **Apr 22, 2021, 1:22 PM**

I'm currently listening in on Brandywine's Q1 2021 earnings call. Apparently, the design and pricing is complete, the leasing pipeline is "healthy", and permitting market conditions, this building will begin construction later this year!

Jerry Sweeney also mentioned that the leasing pipeline across the Schuylkill Yards Master Plan is "healthy"!

summersm343 · #**144** Posted **Apr 22, 2021, 3:06 PM**

Great to hear! Now we need this damn 500+ footer to start.

thoughtcriminal · #**145** Posted **Apr 22, 2021, 4:14 PM**

Quote:

Originally Posted by PhilliesPhan

I'm currently listening in on Brandywine's Q1 2021 earnings call. Apparently, the design and pricing is complete, the leasing pipeline is "healthy", and permitting market conditions, this building will begin construction later this year!

Jerry Sweeney also mentioned that the leasing pipeline across the Schuylkill Yards Master Plan is "healthy"!

does that mean lots of life sciences tenants, or is it (hopefully) more diversified?

Nova08 · #**146** Posted **Apr 22, 2021, 5:02 PM**

Quote:

Originally Posted by thoughtcriminal

does that mean lots of life sciences tenants, or is it (hopefully) more diversified?

I mean on their site they list the building as...

Quote:

Ground-up life science building with options for full floors of intensive chemical and biological lab use including the potential for GMP and vivarium functions, lower level parking and ground floor retail/active space and amenities.

The life science sector has a ton of need for space and we want these 5-15 people Biotech's to stay in the area rather than skip town where there is available commercial, lab, or manufacturing space.

thoughtcriminal · #**147** Posted **Apr 22, 2021, 5:56 PM**

Quote:

Originally Posted by Nova08

I mean on their site they list the building as...

The life science sector has a ton of need for space and we want these 5-15 people Biotech's to stay in the area rather than skip town where there is available commercial, lab, or manufacturing space.

I guess I meant that when he says leasing across the master plan is healthy, does *that* mean life sciences..

700 Level · #**148** Posted **Apr 22, 2021, 9:01 PM**

Here are some excerpts from today's earnings call:

- "In addition, we had another announcement that in order to meet the growing need for immediate last space delivery in University City, Philadelphia, we have partnered with the Pennsylvania Biotechnology Center to create a 50,000 square foot life science incubator that will be located at Cira Centre. The project is named B.Labs and will open in the fourth quarter of 2021."

- "You're looking at our existing development pipeline for Schuylkill Yards West that project commence construction on March the 1st. The project will be built with 7% blended yield. It will consist of 326 apartment units 100,000 square feet of life science space 100,000 square feet of high bay innovative office and street retail. We have a very active pipeline for this project or for both the life science and the office components."

- "Within Schuylkill Yards, the strong life science push continues."

- "As we've noted the overall master plan can accommodate that 3 million square feet of life science space or plans for 3151 market or 500,000 square foot life science building is well underway pricing is done. Design development is complete. Active marketing is underway. And we have a very healthy pipeline and are in discussions with several key tenants."

- "Our goal does remain being able to start that project assuming market conditions permit later this year. And then another note on Schuylkill Yards, as we previously mentioned we’re converting floors two through nine in our series Center Building to Life Science. That's a total of about 188,000 square feet. The incubator will take about 50,000 square feet of that. We've already leased about 47,000 square feet of that other life science tenants. So that 91,000 square feet of near-term life science space delivery that we can also achieve within Series center." (should read Cira Centre)

Q&A

- "Hey. Good morning, guys. Jerry, just curious on the commentary around improving kind of tours and the pipeline are you seeing any geographic kind of concentrations of better shrinks or even weakness?"

Thomas Wirth "What's actually kind of interesting is that when we look at some of the data points actually our highest level of virtual tour activity by a wide margin occurred in Philadelphia CBD. That was probably one of the markets that we're in and had the tightest return to work guidelines in place, but that was followed by the Pennsylvania suburbs again evidenced by the restrictions in the commonwealth Pennsylvania and then net DC came in third in terms of the overall sum of the views and then Austin was in last place there but George maybe you can add some color to the dispersion of the pipeline."

George Johnstone: "Yeah. And just quickly Craig on physical tour it's kind of the same dynamic. Philadelphia outpaced physical tours by 120% in the first quarter. The pipeline again is somewhat evenly dispersed. Some of that has to do with the amount of inventory that each of our regions have. So we don't have as much inventory in some markets as others."

JohnIII · #**149** Posted **Apr 23, 2021, 1:43 PM**

Wow, this is good news; very good news. I've been waiting a while to hear this good news; quite a while indeed.

Hope all are well here.

700 Level · #**150** Posted **Apr 23, 2021, 3:12 PM**

The tone of the Brandywine call was very positive. Quite frankly I am shocked (and thrilled) to hear how much stronger the interest level is in the Philadelphia market in comparison to Austin. There have been so many stories about about the CA to Austin tech migration.

Brandywine has always exhibited excitement about the Schuylkill Yards project. But quite frankly I have been a bit critical because they have amassed a portfolio of prime real estate and have done very little to date. It feels like they have been much too cautious as compared to others. But it now feels like there is a bit of a mood change with Brandywine and so hopefully that will quicken the pace. It all boils down to their pipeline of commitments and that is sounding increasingly healthy.

iheartphilly · #**151** Posted **Apr 23, 2021, 3:17 PM**

^
Well, there is always some cheerleading in these analyst calls. Positivity is good, but the proof in the pudding will be landing clients to take up space in any proposals so that the proposals will be reality when the shovels hit the dirt.

ScreamShatter · #**152** Posted **Apr 23, 2021, 4:11 PM**

Dumb question....why are they opting for several shorter buildings over one combined tall building? Wouldn’t it be cheaper to build a single foundation and go upward?

Urbanthusiat · #**153** Posted **Apr 23, 2021, 4:37 PM**

Quote:

Originally Posted by ScreamShatter

Dumb question....why are they opting for several shorter buildings over one combined tall building? Wouldn’t it be cheaper to build a single foundation and go upward?

There’s more risk is doing one big investment rather than several smaller ones. Getting one big project done means you have to line up more tenants before starting construction, and getting them all on board and getting the initial sign-one to stay with you as you can’t give them a set timeline when you’ll start is a bit like herding cats. You can also create value by creating a neighborhood and a sense of place, whereas if you build a single tower, you still have a lot of empty neighborhood which makes it feel dead. There’s probably a few other reasons too, but if supertalls were easy we’d see more of them.

Knight Hospitaller · #**154** Posted **Apr 23, 2021, 6:14 PM**

^ I love supertalls, but I hate empty lots more....

City Wide · #**155** Posted **Apr 25, 2021, 9:12 PM**

Quote:

Originally Posted by Urbanthusiat

There’s more risk is doing one big investment rather than several smaller ones. Getting one big project done means you have to line up more tenants before starting construction, and getting them all on board and getting the initial sign-one to stay with you as you can’t give them a set timeline when you’ll start is a bit like herding cats. You can also create value by creating a neighborhood and a sense of place, whereas if you build a single tower, you still have a lot of empty neighborhood which makes it feel dead. There’s probably a few other reasons too, but if supertalls were easy we’d see more of them.

Hupp and Chop have both built short towers that were engineered to be doubled in height if the need, resources, desire, etc. ever came together. I don't know what the added costs are to do that, but I've wondered why that isn't done on commercial buildings. Since Chop is land locked and even their east side property is limited in growth, I worry if planning for upward expansion won't turn out to be the smart thing to do.

kool-ski · #**156** Posted **Jun 16, 2021, 4:42 AM**

PERMIT NO.: ZP-2020-008285
ZONING

Quote:

COMBINED LOT LINE RELOCATION AND NEW DEVELOPMENT
FOR THE RELOCATION OF LOT LINE TO CREATE TWO (2) LOTS PREMISES 5 & 6 FROM TWO EXISTING LOTS KNOWN AS 3151 MARKET ST AND 3101R-57 MARKET ST.

https://li.phila.gov/property-histor...ZP-2020-008285

700 Level · #**157** Posted **Jul 27, 2021, 7:26 PM**

Some encouraging language (other than the word slowly) from today's BDN investor call:

"3151 Market Street, our dedicated life science building is fully designed and ready to go. We have a leasing pipeline on that still in the 400,000 square foot range. It is advancing, advancing slowly, but I think with a high degree of confidence, and our goal remains being able to start that later this year assuming market conditions permit."

I like the later this year comment!

Also this:

"What I can tell you is private equity is more than abundant, the debt markets as we've seen with the Schuylkill Yards West construction loan are extremely competitive. Strong operating platforms and well conceived projects like Brandywine continue to gain significant traction for project level investments, and we're confident that there is executable financing available for our entire development pipeline in today's marketplace."

kool-ski · #**158** Posted **Feb 11, 2022, 8:41 AM**

BOOM!!!

BUILDING PERMIT: CP-2020-006155
COMMERCIAL

Status: Issued
Type of Work: New Construction

Quote:

For the erection of a new, thirteen (13) story, high-rise detached structure, to be used as Groups A-3/B/M/S-1/S-2 (vacant commercial spaces (separate use registration permit and fit-out/CO permits required prior to occupancy of all floors but basement and ground floor main lobby and amenity spaces), on 1st-2nd floors, and offices professional and research and development on 3rd to 13th floors, one level of below-grade parking, as per plans

https://eclipse.phila.gov/phillylmsp...ctId=285893844

STREETS REVIEW: SR-2021-010914

Issued 12-31-2021

Quote:

The proposed development will include the construction of a 13-story building for office space and retail services with a parking garage on the lower level and other associated site improvements. There will be one 62.5-foot proposed curb cut and one 23-foot curb cut along John F. Kennedy Boulevard to service the proposed loading dock/trash collection area and the underground parking garage, respectively. Pedestrian access is provided along the entire property frontage from Market Street and John F. Kennedy Boulevard. The existing sidewalk around the property along Market Street and John F. Kennedy Boulevard will be reconstructed as part of this development

https://eclipse.phila.gov/phillylmsp...ctId=427096180

summersm343 · #**159** Posted **Feb 11, 2022, 7:05 PM**

Beautiful! Build it!

bdurk · #**160** Posted **Feb 11, 2022, 8:40 PM**

great news!!