PHILADELPHIA | Lowrise/General Developments Thread

[summersm343]

Originally Posted by Urbanthusiat

From http://www.bizjournals.com/philadelp...iddonfiel.html

Buyer scoops up 32 acres in Northeast Philadelphia, plans senior housing


Anyone familiar with this site? This isn't a particularly exciting project, but $147 million is a pretty substantial investment, and it serves a need, so I guess this is a great things.

Very nice to see development in Northeast Philadelphia!

[Jawnadelphia]

http://www.passyunkpost.com/2017/05/...ssyunk-avenue/

I guess get ready for a Wendy's and a few Starbucks on the Ave -- the rent gonna be too damn high! real soon for local gems.
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"On East Passyunk Avenue, the average commercial assessment rose 65 percent, with a number of property assessments doubling, tripling, or quadrupling. Bryan Fenstermaker, director of the Passyunk Avenue Revitalization Corporation—a group that has helped engineer the successful growth of Passyunk Avenue by picking and choosing tenants in properties it owns and offering deals on rent to some businesses—declined to discuss the tax hikes, because PARC is actually in the process of selling five of its buildings on the avenue. (He did specify, though, that the decision to unload properties was in the works before the new assessments were released.) –

So how much?

At 1801-1803 East Passyunk Avenue, the property that’s home to Stogie Joe’s, the assessed market value went from $305,000 in 2017 to $1,678,300 in 2018, a 450 percent increase year over year, levying an extra $20,000 in annual taxes. At Marra’s, the stalwart Passyunk Avenue Italian restaurant, the assessment rose from $482,400 to $1,174,500, meaning the tax bill will be $10,000 higher next year than last year. And at three properties near the Passyunk fountain owned by PARC—Brigantessa, Black ‘N Brew, and a corner hardware store—assessments rose an average of 145 percent, with a total tax increase of more than $12,000."

[br323206]

Originally Posted by TallCoolOne

http://www.passyunkpost.com/2017/05/...ssyunk-avenue/

I guess get ready for a Wendy's and a few Starbucks on the Ave -- the rent gonna be too damn high! real soon for local gems.
------

"On East Passyunk Avenue, the average commercial assessment rose 65 percent, with a number of property assessments doubling, tripling, or quadrupling. Bryan Fenstermaker, director of the Passyunk Avenue Revitalization Corporation—a group that has helped engineer the successful growth of Passyunk Avenue by picking and choosing tenants in properties it owns and offering deals on rent to some businesses—declined to discuss the tax hikes, because PARC is actually in the process of selling five of its buildings on the avenue. (He did specify, though, that the decision to unload properties was in the works before the new assessments were released.) –

So how much?

At 1801-1803 East Passyunk Avenue, the property that’s home to Stogie Joe’s, the assessed market value went from $305,000 in 2017 to $1,678,300 in 2018, a 450 percent increase year over year, levying an extra $20,000 in annual taxes. At Marra’s, the stalwart Passyunk Avenue Italian restaurant, the assessment rose from $482,400 to $1,174,500, meaning the tax bill will be $10,000 higher next year than last year. And at three properties near the Passyunk fountain owned by PARC—Brigantessa, Black ‘N Brew, and a corner hardware store—assessments rose an average of 145 percent, with a total tax increase of more than $12,000."

Those are some rough numbers for owners on Passyunk but I'd like to see the averages citywide. Shifting the tax burden to reflect reality should help spur some development in other areas. I have no doubt that property owners on the avenue will still be able to turn a profit.

[Philly-Drew]

I noticed that both The National site in Old City as well as 4th-5th and Race are seeing some activity. They both sat for so long I thought they were stalled. It's mostly dirt moving around but at least it's activity.

[Jawnadelphia]

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[summersm343]

Literally nothing interested posted for the May 30th CDR meeting. Disappointing.

[jjv007]

Originally Posted by summersm343

Literally nothing interested posted for the May 30th CDR meeting. Disappointing.

Oh but 1487 said the "boom" has just "changed forms."

[1487]

Originally Posted by jjv007

Oh but 1487 said the "boom" has just "changed forms."

only certain projects have to get CDR approval. I said there are lot of 3-5 story mutifamily projects going on around the city. They don't need review unless than have a certain # of units. You disagree that there are small to medium multi family projects happening all over the city? Looking at this forum, curbedphilly and the OCF site says otherwise.

[br323206]

Originally Posted by jjv007

Oh but 1487 said the "boom" has just "changed forms."

Even if you're right and 1487 is wrong, one month of CDR activity (or lack thereof) doesn't prove anything.

[summersm343]

Originally Posted by jjv007

Oh but 1487 said the "boom" has just "changed forms."

Keep in mind that this CDR meeting is scheduled for one day after Memorial Day.... most people are on vacation this week.

[1487]

Originally Posted by br323206

Even if you're right and 1487 is wrong, one month of CDR activity (or lack thereof) doesn't prove anything.

yeah there is no rhyme or reason to the distribution of the presentations. Some months have 2 and others have 5

[tsarstruck]

Originally Posted by br323206

Those are some rough numbers for owners on Passyunk but I'd like to see the averages citywide. Shifting the tax burden to reflect reality should help spur some development in other areas. I have no doubt that property owners on the avenue will still be able to turn a profit.

Couple things:

(1) I believe the assessed value increase was between 10-15% city-wide, and we should keep in mind that commercial properties were not really dealt with in the first round of AVI.
(2) Those values sighted above are for the entire building, most of those (except Brigantessa) have residential portions, so the commercial tenant in a triple net is only responsible for a portion of that increase.
(3) Most of them will be appealed.

[1487]

Originally Posted by tsarstruck

Couple things:

(1) I believe the assessed value increase was between 10-15% city-wide, and we should keep in mind that commercial properties were not really dealt with in the first round of AVI.
(2) Those values sighted above are for the entire building, most of those (except Brigantessa) have residential portions, so the commercial tenant in a triple net is only responsible for a portion of that increase.
(3) Most of them will be appealed.

I read somewhere that the OPA (or the BRT) has caved on appeals far too easily since AVI came into effect and there have been or will be changes to have better data to fight back against owners who claim their properties are worth far less than assessed. I would think going forward the success rate for appeals will drop

[1487]

Several people have mentioned how often wood is being used for residential apt buildings these days. Here is the explanation:

https://www.bisnow.com/washington-dc...ire-risk-74533

[jsbrook]

Originally Posted by 1487

Several people have mentioned how often wood is being used for residential apt buildings these days. Here is the explanation:

https://www.bisnow.com/washington-dc...ire-risk-74533

Not really news. It's dramatically cheaper to build with wood that concrete or steel. I'm not sure this change is effective in Philly, either. I think the Pennsylvania or Philadelphia Building Codes limit wood-framing to 5 stores notwithstanding the new International Building Code being more permissive. Anyone know for sure?

[1487]

Originally Posted by jsbrook

Not really news. It's dramatically cheaper to build with wood that concrete or steel. I'm not sure this change is effective in Philly, either. I think the Pennsylvania or Philadelphia Building Codes limit wood-framing to 5 stores notwithstanding the new International Building Code being more permissive. Anyone know for sure?

Philly code is primarily based on IBC at this point.

[PhilliesPhan]

Spotted a renovation occurring on North Broad near Allegheny Avenue. While this may seem insignificant, North Broad between Allegheny and Lehigh Avenues desperately needs some infill development:



Also, here is an update on Temple's new library. The structural work has progressed significantly:

[Jawnadelphia]

^Very nice.

PMC is building the rooftop amenities for One Franklin now - you can see vertical progress.
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You can barely see the 2400 Market- Aramark HQs construction from the top of the Free Library.
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The Parkway bridge construction over Vine St. Expressway .... seriously why didn't they cap the whole thing in Logan Square. It's improved no doubt, but looks incomplete.
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[phillyskyline]

Great pics!

[Larry King]

FYI Philliesfan that framing on broad near Allegheny has been like that for like 5 years, stalled project.