PHILADELPHIA | Highrise Development Thread X

[allovertown]

Originally Posted by mcgrath618

The former is what San Fran did and unfortunately it just seemed to make things worse. Because we live in a free market, landlords just took the opportunity to not renew leases with tenants in trendier neighborhoods so that the rent would reset to market value. Rinse and repeat yearly.

It also has been proven to shrink the supply of existing rental housing, which in turn drives up rents even further. Supply/demand means that as more landlords convert their properties to types that aren't subject to rent control, the pool of existing stock shrinks and market value rises.

There's a fantastic paper done by Stanford students on the topic.

Property Tax freezes work though, and were essentially what the 10 year abatement was doing (except only for new homebuyers). I agree that a new system where people who have lived in a certain neighborhood for 5+ years (arbitrary number, could be anything) can't have their property taxes increase if they make below a certain threshold of income.

Unfortunately, the best way to curb gentrification is to zone dense around public transit and draw people to those areas, and then zone single family everywhere else. Which is antithetical to Clarke's admin.

Ultimately I agree with your last paragraph. No matter how many protections are in place, nothing will have a long term positive effect if housing supplies are constrained.

But while rent control has been shown to have negative consequences, these tend to be further down the line. In the near term it is generally a benefit to those who are already renting when the policy is enacted. Property tax freezes are a bit more clear cut and are obviously very effective, but also are not without their downsides.

My basic argument is we're never going to be able to enact the policies that you detail in your final paragraph if people like Darrel Clarke are running City Council. Rent Controls and property tax freezes are not so much solutions for gentrification and growing unaffordability in Philadelphia as they are solutions for Darrell Clarke and the anti-development streak that runs through City government.

[justremember]

They’re not anti-development so much as they’re pro-re-election.

[PHLtoNYC]

I forget which thread this article was posted in, but does anyone know the reasons why the city hasn't been more pushy in burying, shrinking, removing, etc., I-95 during the reconstruction efforts?
And what are the odds that the planned cap near Market Street could expand as the reconstruction phase goes South? (I am playing catchup on all the threads since I am on vacay).

Philly spent a decade reconnecting neighborhoods to the waterfront. Widening I-95 is repeating past mistakes.

https://www.inquirer.com/columnists/...-20220519.html

[summersm343]

PIDC seeks partners to develop massive biotech campus on 40 acres of Schuylkill riverfront property

The Philadelphia Industrial Development Corporation (PIDC) is looking for partners for what it is billing as a "landmark life sciences development opportunity" in the city.

The city's public-private economic development corporation wants to create a massive cell and gene therapy manufacturing complex across two sites totaling about 40 acres on Southwest Philadelphia’s Lower Schuylkill riverfront.

PIDC, marketing the development opportunity site as the "Lower Schuylkill Biotech Campus," is offering exclusive development rights across two distinct “North” and “South” riverfront sites — each one encompassing approximately 20 acres. It will consider partners interested in the development of a single unified campus, or individual options, for development. When combined, PIDC said, the campuses can accommodate about 1 million square feet of biotech production space.

The campus is expected to generate more than 4,000 jobs.

The proposed Lower Schuylkill Biotech Campus will be a key part of the city's Lower Schuylkill Innovation District, which encompasses 75 acres of sites suitable for biotech companies at every stage of development. The Innovation District was established to transform a deteriorating 3,700-acre industrial corridor into modern business campuses for innovation.

Colliers Life Sciences and Little Giant Creative will lead the marketing efforts for the master developer solicitation on behalf of PIDC. PIDC's request for proposals is expected to be available June 9, and proposals will be accepted through Sept. 15. The next steps will be to narrow the field of those submitting proposals to a short list of finalists, meet with that group and negotiate a final agreement. PIDC's goal is to have a final agreement in place during the second half of 2023.

Article behind paywall here:
https://www.bizjournals.com/philadel...cell-gene.html

[summersm343]

Lab Notes: Spirovant opens new HQ

Spirovant Sciences
The gene therapy company developing treatments for respiratory diseases officially opened its new 9,600-square-foot research laboratory and corporate headquarters in the University City section of Philadelphia.

Spirovant's new research facilities at 3675 Market St. in uCity Square will allow the company to accelerate development of its lead new drug candidate targeting cystic fibrosis and provide space to support the vector manufacturing and grow its new product pipeline.

Spirovant, which has grown to 40 employees, previously occupied co-working lab space in University City.

Article behind paywall here:
https://www.bizjournals.com/philadel...on-baudax.html

[summersm343]

DSC03658 by Ray Skwire, on Flickr

[PhilliesPhan]

Looks like we're going to have a new highrise at 7th and Chestnut!

ZP-2022-002386
May 20, 2022
700-02 CHESTNUT ST, Philadelphia, PA 19106-3201
700 CHESTNUT STREET ASSOC 1

APPLICATION FOR UNITY OF USE TO CREATE ONE (1) LOT FOR ZONING PURPOSES (TO BE KNOWN AS 700 CHESTNUT ST.) WITH RESPECTIVE COVENANTS, AGREEMENTS AND EASEMENTS T OBE RECORDED BY DEED TO BIND CURRENT AND FUTURE OWNERS OF THE CONTIGUOUS TWO (2) PARCELS (700-02 CHESTNUT ST. AND 704 CHESTNUT ST.) TO PRESERVE THE UNITY OF USE AND THE LEGALITY OF THE ENTIRE PROJECT THAT STEMS FROM SINGLE LOT TREATMENT; AND (2) DEMOLITION OF EXISTING STRUCTURE AT 704 CHESTNUT STREET AND PARTIAL DEMOLITION OF EXISTING STRUCTURE AT 700-02 CHESTNUT ST., WITH NEW CONSTRUCTION AND PARTIAL OVERBUILD ON EXISTING 6 STORY BUILDING AT 700-02 CHESTNUT STREET RESULTING IN 14-STORY ATTACHED BUILDING WITH THIRTEEN (13) BICYCLE PARKING SPACES AND MECHANICAL ELEVATOR, FOR USE AS SIT-DOWN RESTAURANT AT FIRST FLOOR (WITHIN FOOTPRINT OF EXISTING SIT-DOWN RESTAURANT USE) AND VISITOR ACCOMMODATIONS AT FIRST THROUGH FOURTEENTH FLOORS.

[mcgrath618]

Another overbuild. 704 Chestnut is certainly historic, but it's not the highest use of the land at all. 700-02 Chestnut is a nice building so I'm glad to see that it's staying and getting overbuilt.

Worried about what it will look like though, given our conversation in the other thread. I will reserve judgement until we see a rendering (likely in tomorrow's CDR packet).

Hilarious that this is probably going to start before Jeweler's Row.

[Justin7]

^ Pre-neutered 704:

[mcgrath618]

Originally Posted by Justin7

^ Pre-neutered 704:

Why would anyone chop off those higher floors???

[summersm343]

Sweet! Looking forward to seeing renderings for that project.

There are still SOOOO many surface lots in this area though. Really looking forward to these getting filled in with new projects someday...

[mcgrath618]

Originally Posted by summersm343

Sweet! Looking forward to seeing renderings for that project.

There are still SOOOO many surface lots in this area though. Really looking forward to these getting filled in with new projects someday...

709 Chestnut is just down the street, and has never been able to get off the ground.

Edit: unrelated, but I was looking at Google Earth in the area just now, and I realized that the Jefferson building bounded by 11th, 10th, Chestnut and Sansom would make for an excellent park or public plaza, especially given the historic buildings that surround it on virtually all sides. If Jefferson ever decides to take the wrecker to it, I'd love it if they gave it the treatment that they're giving the new building around the corner and dedicate at least part of that lot to public space. Being able to appreciate the buildings like 1001 Chestnut from the ground would be great.

[DudeGuy]

14-Story, 148-Unit Overbuild Project Planned at 7th & Chestnut

Something big is planned for the southwest corner of 7th and Chestnut Streets. A zoning permit was issued on Friday for the consolidation of the parcels at 700-02 and 704 Chestnut Street. The plans call for demolishing 704 Chestnut Street and putting an 8-story addition on top of the 6-story building at the corner of 7th and Chestnut.

When completed, the building will reach 14-stories tall with 120,767 square feet of interior space. The structure will include 148 residential units, ground floor commercial space, and 13 bicycle stalls. The permit mentions that the residential units will be used for visitor accommodations. This means that they will be short term rental units or hotel rooms. This project could end up being a full fledged traditional hotel or may end up being leased by a company like Sonder who manages buildings across the country and rents units out on platforms such as Airbnb. The permit also notes that the commercial space will be a restaurant.

I'm not a NIMBY but I am really bummed about Las Vegas Lounge. I imagine this construction is why Jones closed as well.

[skyhigh07]

Originally Posted by Justin7

^ Pre-neutered 704:

Not entirely sure how they got the demo permit for 704. It was landmarked as part of a historic district last year.

[skyhigh07]

Originally Posted by PhilliesPhan

Looks like we're going to have a new highrise at 7th and Chestnut!

My hunch is they don’t really have this in the oven yet and its just an application to combine lots along with some thrown together plans. Doubt they even have a demo permit yet unless I’m missing something. Both buildings were designated last year and would have to go through the PHC.

[summersm343]

2022 Fortune 500

Conshohocken-based wholesale pharmaceutical distribution and services company AmerisourceBergen Corp. (NYSE: ABC) continued to lead the way locally, falling from No. 8 last year to No. 10. Despite slipping two spots, AmerisourceBergen increased revenue by 12.7% to $214 billion in 2021.

Philadelphia media conglomerate Comcast Corp. (NASDAQ: CMSCA) was next on the list, placing at No. 28, down from No. 26 in 2021. Coming off a a pandemic-ridden year, Comcast grew revenue by 12.4% to $116.4 billion.

Rite Aid joined the list of local companies to make the Fortune 500 after moving its headquarters last year from Camp Hill to the Philadelphia Navy Yard. With $24 billion in annual revenue, the drug store chain ranks No. 148, down 16 spots from 164 on last year's list.

No. 187: Radnor-based Lincoln National Corp. (NYSE: LNC) — down 15 spots; revenue increased 10.3% to $19.2 billion

No. 213: Wilmington-based DuPont (NYSE: DD) — down 69 spots; revenue decreased 15.9% to $17.2 billion

No. 286: Yardley-based Crown Holdings (NYSE: CCK) — down 17 spots; revenue increased 12.1% to $13 billion

No. 297: King of Prussia-based Universal Health Services (NYSE: UHS) — down 27 spots; revenue increased 9.4% to $12.6 billion

No. 314: Philadelphia-based Aramark (NYSE: ARMK) — down 79 spots; revenue decreased 5.7% to $12.1 billion

No. 381: Burlington-based Burlington Stores (NYSE: BURL) — up 94 spots; revenue grew 62% to $9.3 billion

No. 397: Fort Washington-based Toll Brothers (NYSE: TOL) — up 14 spots; revenue grew 24.2% to $8.8 billion

No. 409: Camden-based Campbell Soup (NYSE: CPB) — down 74 spots; revenue decreased 6.3% to $8.5 billion

No. 455: King of Prussia-based UGI (NYSE: UGI) — down 19 spots; revenue increased 13.5% to $7.45 billion

No. 457: Radnor-based Avantor (NYSE: AVTR) — down 19 spots; revenue grew 15.5% to $7.4 billion

Article behind paywall here:
https://www.bizjournals.com/philadel...companies.html

[TonyTone]

[Jayfar]

Originally Posted by skyhigh07

Not entirely sure how they got the demo permit for 704. It was landmarked as part of a historic district last year.

700-02 and 704 Chestnut were among the several properties designated in the district for which the owners were appealing the designation to Common Pleas Court. Hadn’t heard of an outcome in the court cases yet.

[mcgrath618]

Originally Posted by Jayfar

700-02 and 704 Chestnut were among the several properties designated in the district for which the owners were appealing the designation to Common Pleas Court. Hadn’t heard of an outcome in the court cases yet.

700-02 deserves it more than 704, imo. There's not much left of 704 to save.

[TK2001]

Liberty Place model by Philly SkyGuy, on Flickr

Liberty Place model by Philly SkyGuy, on Flickr

Work in progress