PHILADELPHIA | Lowrise/General Developments Thread

[Ltrain]

Long time since I've swung by... anybody wanna give me a crash course on what's currently proposed/prep/construction? I know about CITC, Cira South, and the W off the top of my head.

[Jawnadelphia]

Originally Posted by Ltrain

Long time since I've swung by... anybody wanna give me a crash course on what's currently proposed/prep/construction? I know about CITC, Cira South, and the W off the top of my head.

http://forum.skyscraperpage.com/tags...g=philadelphia

a lot

[br323206]

Originally Posted by jsbrook

Yeah, well, aren't you assuming everyone lives in Pennsylvania? They don't and that's one reason why the wage tax is a problem. (Notwithstanding the fact that we've done pretty well in regard in recent years, it also helps promote a shift of business out to the PA suburbs from Philly

Workers who live elsewhere (such as DE or NJ) get hit by their higher state income tax AND the wage tax. It's especially problematic for a state like Delaware that does not have reciprocity with PA. It's a disincentive for companies currently located in neighboring states and with much of their current workforce residing in such states from relocating here. If the wage tax (and the business tax) were not so high, Philly would be a tax friendly place given the favorable tax situation at the state level. Perhaps we have gone a bit afield, but Philly's tax structure certainly doesn't do us any favors with respect to attracting business. It's a city issue. Not a state one.

That said, I do agree that there are other more important factors that dictate where a company will locate its business.

Yes and no. Using similar example for a single person making $200,000 (very rough estimate):

Phila state and local taxes: $14,000

NJ state:$10,550


So living and working in Philly would cost a $200,000 earner $3,500 more per year. I don't think (but I could be wrong) it would cost them any extra to work in Philly and live in NJ because you can apply what you pay in wage taxes to your NJ state income tax liability. Someone correct me if I'm wrong.

So the question is, is $3,500 per year that big of a deterrent to a $200,000 earner? I don't think so, and many economists would agree. Also, doesn't take into account property taxes obviously.

With DE it is more complicated, like you said. Living in DE and working in Phila would mean you'd have PA state taxes and Phila wage tax plus DE state taxes. But you'd get a credit on your DE taxes for the PA tax and Phila wage tax that you pay. So I'm not sure what the difference would come out to.

[Boku]

More New Jobs Are in City Centers, While Employment Growth Shrinks in the Suburbs

Good stuff here. Only mention of Philly is on the chart that shows a +2.0 average annual employment growth from 2007 to 2011.

[br323206]

Originally Posted by Philly-Drew

This is some interesting information and provides an interesting view. How would this look for subrubs like King Of Prussia or Cherry Hill?

Same rough example ($200,000 earner, single):

Live and work in Phila: $14,000

Live and work in Upper Merion: $6,140

Live and work in Springfield Township (Montco): $8,140

Live and work in New Jersey: $10,550

Takeaways:

1. The suburbs have an advantage, but remember it is offset by higher property taxes.

2. Upper Merion is the winner, but lots of people choose to live in other townships or Phila or NJ. So how much effect is this having on decision-making? It's unclear. There is a lot of research that says very few people are thinking about this when making decisions about where to live.

3. While PA suburbs always have an advantage over Phila, New Jersey's advantage goes away at some point. For example, someone making $1,000,000 per year would pay...

Phila: $70,000

NJ: $74,485

[br323206]

Originally Posted by Parkway

The wage tax isn't the job killer, I don't think it ever really was it's just the one that individuals hate the most because it's the one that you pay.

The real job killer is the Gross Receipts Tax, where a business is taxed on their gross income not their profit. This means that you can lose money in a year and still owe a huge tax bill. This is particularly problematic for small and midsized businesses as they typically lose money in their first year or two and don't have as many ways to defray that burden.

I agree that the GRT is the more important issue.

[josef]

Originally Posted by jsbrook

Workers who live elsewhere (such as DE or NJ) get hit by their higher state income tax AND the wage tax.

Just some info on the NJ tax credit for taxes paid to other jurisdictions, from the treasury site: "New Jersey requires you to pay tax on all of your income, regardless of where it's earned. The credit reduces your New Jersey income tax liability so that you don't pay taxes twice on the same income; it is not a refund of the taxes you paid to another state or city. Your credit may never exceed the amount you would have paid if you had earned the income in New Jersey."

I believe I basically end up not paying NJ state taxes with the credit from Philly's wage tax. I have no idea what that would come out to based on the examples put up here.

Originally Posted by Boku

More New Jobs Are in City Centers, While Employment Growth Shrinks in the Suburbs

Good stuff here. Only mention of Philly is on the chart that shows a +2.0 average annual employment growth from 2007 to 2011.

Great to read. There're a lot of people who dismiss this trend so easily, so it's good to read real, solid numbers on this. And it's great to see Philadelphia do well on the cart of cities overall.

[1487]

Originally Posted by josef

Just some info on the NJ tax credit for taxes paid to other jurisdictions, from the treasury site: "New Jersey requires you to pay tax on all of your income, regardless of where it's earned. The credit reduces your New Jersey income tax liability so that you don't pay taxes twice on the same income; it is not a refund of the taxes you paid to another state or city. Your credit may never exceed the amount you would have paid if you had earned the income in New Jersey."

I believe I basically end up not paying NJ state taxes with the credit from Philly's wage tax. I have no idea what that would come out to based on the examples put up here.

unlike PA Nj has varying rates in their progressive structure. so depending on on what you make you might end up still paying your NJ state income tax. I think their top rate is near 7%- just as in DE. So if you make enough to get to that top tier (or perhaps the top coupel of tiers) you will still pay the difference between the phila wage tax and what you owe the state of NJ. Since I would think most higher income earners are property owners its impossible to really compare tax burdens without talking about property taxes. If you are a renter many of these estimates make sense, but they go out the window for homeowners.

[josef]

Originally Posted by 1487

unlike PA Nj has varying rates in their progressive structure. so depending on on what you make you might end up still paying your NJ state income tax. I think their top rate is near 7%- just as in DE. So if you make enough to get to that top tier (or perhaps the top coupel of tiers) you will still pay the difference between the phila wage tax and what you owe the state of NJ. Since I would think most higher income earners are property owners its impossible to really compare tax burdens without talking about property taxes. If you are a renter many of these estimates make sense, but they go out the window for homeowners.

Ah right, that all makes sense.

[summersm343]

Originally Posted by Ltrain

Long time since I've swung by... anybody wanna give me a crash course on what's currently proposed/prep/construction? I know about CITC, Cira South, and the W off the top of my head.

Here is a list of everything over 10 floors tall that I posted about a month ago:

Philadelphia

Buildings Completed Over 10 floors since 2013
2116 Chestnut - 379 feet - 34 floors
Evo at Cira Centre South - 430 feet - 33 floors
Temple University Morgan Hall - 312 feet - 27 floors
Penn Medicine at Washington Square - 260 feet - 19 floors
Chestnut Square - 19 floors
Philadelphia Family Court Building - 265 feet - 15 floors
The View at Montgomery - 214 feet - 14 floors
1900 Arch - 14 floors
3737 Market - 221 feet - 13 floors
Drexel University LeBow College of Business - 13 floors
2040 Market - 13 floors
Temple University Science, Education & Research Center - 10 floors

Buildings Under Construction/Site Prep Over 10 Floors
Comcast Innovation and Technology Center - 1,121 feet - 59 floors
W & Element by Westin - 582 feet - 52 floors
FMC Tower at Cira Centre South - 730 feet - 49 floors
SLS International Hotel & Residences - 590 feet - 47 floors
1601 Vine - 370 feet - 32 floors
1919 Market - 337 feet - 29 floors
3601 Market - 320 feet - 28 floors
500 Walnut - 380 feet - 26 floors
The Summit - 279 feet - 25 floors
3737 Chestnut - 278 feet - 25 floors
Children's Hospital at 700 Schuylkill - 375 feet - 23 floors
One Riverside - 260 feet - 22 floors
East Market Tower I - 281 feet - 21 floors
Penn Medicine South Tower - 302 feet - 19 floors
One Water Street - 16 floors
Museum Towers II - 16 floors
Buerger Center for Advanced Pediatric Care - 292 feet - 14 floors
AQ Rittenhouse - 12 floors
1924 Arch - 11 floors
Dalian on the Park - 10 floors
The Study at University City - 10 floors

Proposed Buildings Over 10 floors
1911 Walnut - 525 feet - 43 floors
Riverwalk Tower I - 446 feet - 42 floors
Mellon Independence Center Tower - 429 feet - 35 floors
Broad & Washington Tower I - 33 floors
Broad & Washington Tower II - 33 floors
Renaissance Plaza Tower I - 29 floors
Renaissance Plaza Tower II - 29 floors
1213 Walnut - 294 feet - 26 floors
1900 Chestnut - 295 feet - 25 floors
Residences at Schmidt's Tower I - 25 floors
1901 Arch - 370 feet - 22 floors
Edgewater II - 260 feet - 22 floors
Chinatown Eastern Tower - 252 feet - 21 floors
Riverwalk Tower II - 220 feet - 21 floors
Riverwalk Tower III - 220 feet -21 floors
2400 Market - 20 floors
Renaissance Plaza Tower III - 19 floors
Renaissance Plaza Tower IV - 19 floors
1528 Cherry - 17 floors
205 Race - 17 floors
700 Schuylkill Tower II - 15 floors
700 Schuylkill Tower III - 15 floors
Residences at Schmidt's Tower II - 15 floors
735 S. Columbus - 15 floors
AC Hotel by Marriott - 14 floors
401 Race - 13 floors
Hudson Hotel - 13 floors
700 Schuylkill Tower IV - 10 floors
4224 Baltimore - 10 floors

[summersm343]

1100 Block of Chestnut
Update from Building Philly



More photos here:
https://www.facebook.com/BuildingPhilly

[Tlphila]

Some smaller construction projects around town!


17th & Fairmount Ave.




Cool rehab




26th & Girard - Only a matter of time before Girard Ave. explodes!




2nd St. projects - Northern Liberties








A few more N. Libs projects. The amount of construction there is just crazy!






Joes Steaks progressing at corner of 2nd & Frankford.. Should add nicely to the ever increasing energy of this intersection




Project at 2nd & Vine






Beautiful rehab job at 2nd & Arch




3rd & Arch




3rd & Market




Toll Brothers project in Society Hill




Mansions at 2nd & Walnut




17th & South St.




15th & Walnut looks awesome!

[Busy Bee]

Wowza! What a great photo update, keep em coming!

[MikeNigh]

Definitely an excellent looking structure but why only 3 floors there?

[summersm343]

Awesome update Tlphila! Thank you!

[hammersklavier]

I can't help but be disappointed by the townhomes across from the Betsy Ross house. Those garages will be so squat and low-slung, and not very easy to retrofit in the future...

And ugly! Did I mention ugly?

[jsbrook]

Thanks, Tlphila! Great photos. With the big guys going up, it's easy to forget all the smaller projects and infill happening in all neighborhoods. But it is this stuff, too, that makes huge changes in the fabric of the city!

Originally Posted by Tlphila

Some smaller construction projects around town!

[Parkway]

Originally Posted by jsbrook

Thanks, Tlphila! Great photos. With the big guys going up, it's easy to forget all the smaller projects and infill happening in all neighborhoods. But it is this stuff, too, that makes huge changes in the fabric of the city!

This is why I actually think East Market is the most exciting project in the city right now. It represents investment and improvement in an area that has been ignored for 30 years.

[Philly Fan]

Now HERE'S a really cool construction webcam, showing a real-time continuous video stream of Penn's New College House under construction:

http://130.91.112.2:8080/appletvid.html

I wish we could get one of these for all the big projects we're watching.

And for those who are unaware, the Intech web site (from which the above webcam link came) also has current photos of all of their current projects, including some others with webcams (although not in real time like the Penn one):

http://www.intechconstruction.com/cu...enu.php?mode=1

[1487]

nice update pics, I would never ride past some of those sites so its nice to see what is being built in all those areas. HAs anyone seen 1601 Vine or the CHOP tower site lately? I also wonder what happened with the 2 apt buildings proposed for broad and callowhill. They were approved last summer but Ive heard nothing since.