PHILADELPHIA | Schuylkill Yards Future Phases | 1,095 - 375 FT | 70 - 28 FLOORS

[SEFTA]

I'm wondering if that new sunken entrance planned across 30th street, SW corner of the apron, will replace the existing El station in pic. Is there any plans for that station?

[Skintreesnail]

Originally Posted by SEFTA

I'm wondering if that new sunken entrance planned across 30th street, SW corner of the apron, will replace the existing El station in pic. Is there any plans for that station?

not sure if I'm reading it right, but pages 10 and 42 seem to indicate keeping the existing head house. I think the site plans in the district plan also have it. It'd be nice if they re-designed it though.

https://static1.squarespace.com/stat...pendix_web.pdf

[Knight Hospitaller]

^There's a lot that's broke that needs to be fixed before replacing ugly but serviceable components.

[TK2001]

[Boku]

Brandywine Realty Trust Announces Second Quarter 2018 Results and Narrows 2018 Guidance

https://globenewswire.com/news-relea...-Guidance.html

On June 29, 2018, we acquired a leasehold interest in one-acre land parcel located at 3025 JFK Boulevard in Philadelphia, Pennsylvania and additional development rights for a gross purchase price totaling $20.9 million. The land parcel is currently operating as a parking facility and will be part of the first phase at our Schuylkill Yards development site. The acquisition was funded from cash-on-hand.

[mcgrath618]

Originally Posted by Boku

Brandywine Realty Trust Announces Second Quarter 2018 Results and Narrows 2018 Guidance

https://globenewswire.com/news-relea...-Guidance.html

I wouldn't be surprised if development actually starts by the end of this year. They seem to be really seriously going forward with this.

[El Duderino]

^I thought they were actually going to acquire the land, not just lease the rights to develop it. Also interesting that they mention "additional development rights". Either way, it's definitely encouraging they are continuing to make progress - I doubt shareholders would be too pleased if this was all talk, given the level of initial investment and how much BRT has divested some of their suburban holdings.

[Boku]

Originally Posted by Boku

Brandywine Realty Trust Announces Second Quarter 2018 Results and Narrows 2018 Guidance

https://globenewswire.com/news-relea...-Guidance.html

More on the deal here: Brandywine picks up another site in University City

Brandywine Realty Trust took another step forward on its Schuylkill Yards project by adding to its portfolio of properties in the University City neighborhood of Philadelphia by paying $20.9 million for 3025 John F. Kennedy Blvd.

The Philadelphia real estate investment trust bought a leasehold interest in the 1-acre parcel and additional development rights, it said in announcing its second quarter earning results.

The property is now a surface parking lot and will be part of the first phase of Schuylkill Yards, a $3.5 billion new neighborhood it is developing in partnership with Drexel University. The development is expected to be constructed over the next two decades and aims to create a community focused on innovation.

Brandywine has been picking up properties in that part of University City during the last couple of years. Earlier this year, it acquired a leasehold interest in another 1-acre lot located at 3001-3003 John F. Kennedy Blvd. for $24.6 million. That site is also a parking lot.

Last fall it bought two other properties. It paid $32 million for a two-story, 91,000-square-foot building at 3000 Market St. that houses Sláinte Pub & Grill and Brightwood Career Institute. It also acquired a leasehold interest in Drexel Plaza, a 283,000-square-foot office building for $35 million.

Last November, the developer broke ground on the first phase of Schuylkill Yards, which involves: creating a community park called Drexel Square on 1.3 acres at 30th and Market streets; redeveloping Drexel Plaza, which is an office building; and constructing two buildings with office, lab, residential and retail space on the two lots at 3003 John F. Kennedy and 3025 John F. Kennedy.

Drexel Square is expected to be completed during the fourth quarter.

On July 6, a permit was issued for "construction of a laboratory facility and offices on the second floor of 3025 Market Street". Things are moving along nicely.

[iamrobk]

Sounds like it's none of the skyscrapers that we're all really hoping for, but it's nonetheless very good development and progress for that immediate area!

[mcgrath618]

Originally Posted by iamrobk

Sounds like it's none of the skyscrapers that we're all really hoping for, but it's nonetheless very good development and progress for that immediate area!

What do you mean by that?
This just confirmed that the Bulletin Building is beginning to be refurbished, and two of the sites for the rather large towers have been acquired and are ready for construction.

[El Duderino]

Originally Posted by Boku

On July 6, a permit was issued for "construction of a laboratory facility and offices on the second floor of 3025 Market Street". Things are moving along nicely.

For clarity, this lab facility at 3025 Market is in the Bulletin building immediately west of Drexel Square (per atlas.phila.gov); neither JFK lot (in red) has any permits as of yet.

[Knight Hospitaller]

^Is that the current low-rise under the high line?

[El Duderino]

Originally Posted by Knight Hospitaller

^Is that the current low-rise under the high line?

Yep, this one:



Source: Drexel Master Plan, https://drexelmasterplan.wordpress.c...-drexel-plaza/

[Knight Hospitaller]

^ Could've seen that on the map if I'd been wearing glasses! I was thinking of the annex underneath the tracks.

[City Wide]

Does anyone have any idea who actually owns the land that Brandywine bought a leasehold interest in? And what would be a reason for wanting to continue to own the land if you aren't going to control for a very long time? At $20M per acre I'm going to assume that they will control this land for more then a few years

[mcgrath618]

Originally Posted by City Wide

Does anyone have any idea who actually owns the land that Brandywine bought a leasehold interest in? And what would be a reason for wanting to continue to own the land if you aren't going to control for a very long time? At $20M per acre I'm going to assume that they will control this land for more then a few years

Drexel University owns it. It’s who they announced they’re leasing from today.

[jsbrook]

Originally Posted by mcgrath618

Drexel University owns it. It’s who they announced they’re leasing from today.

Are there tax advantages to this? Universities get tax breaks others don't. Seems a bit disingenuous for that to inure to the benefit of Brandywine, though...

[mcgrath618]

Originally Posted by jsbrook

Are there tax advantages to this? Universities get tax breaks others don't. Seems a bit disingenuous for that to inure to the benefit of Brandywine, though...

Drexel does get tax breaks for the land. The main reason they’re involved is because they want to expand, along with making that area more inviting and less... ugly grey. It’s kind of a stain on their campus, especially when admissions is so close by.

[skyscraper]

Originally Posted by mcgrath618

Drexel does get tax breaks for the land. The main reason they’re involved is because they want to expand, along with making that area more inviting and less... ugly grey. It’s kind of a stain on their campus, especially when admissions is so close by.

grey is an improvement over orange brick.

[Zapatan]

Wow this is awesome!