PHILADELPHIA | Highrise Development Thread X

[iheartphilly]

^
Don't forget Cesar Pelli for the Cira Center highrise bldg.

[City Wide]

Originally Posted by FtGreeneNY

Oh sure, but again, there were a number of assertions in just the first few minutes that were not correct...and also, development over the 30th Street rail yards was long-planned.

Development over the 30th St Station tracks has been talked about for at least 50 years. The Bicentennial 'world's fair' was going to be built there. We might have true hi-speed rail before a development over the tracks get built. I thought it might be a good spot for Amazon; give them the rights, have gov't pay to bring in water/sewer etc. then let Amazon go to town, an urban campus.

[summersm343]

Originally Posted by Mikieman

WOW, 1,240 Units to W Philly, 5 seven story buildings and one 18 story building.

https://www.inquirer.com/real-estate...-20220822.html

Over 1,200 apartments proposed in West Philly near Provident Mutual building

Just north of Market Street and its elevated train line is a stretch of West Philadelphia dominated by urban planning from a different time.

This stretch of land is defined by huge institutional buildings set on expansive grounds disconnected from the rest of the city. Ranging from the former Provident Mutual Insurance Co. headquarters at 4601 Market to the Philadelphia Housing Authority’s Westpark towers to the Kirkbride rehabilitation center, these structures stand alone and have the lack of street life to show for it.

But today, as housing construction surges in the parts of West Philadelphia close to University City, developers want to fill in the empty spaces. That’s why Iron Stone Real Estate Partners, the developer of 4601 Market, is planning 1,240 apartments in five seven-story buildings and one 18-story tower surrounding its newly renovated health and education campus.

“West Philadelphia is a fabulous market,” said Jason Friedland, one of Iron Stone’s five partners. “Some of the city’s biggest employment centers are in University City. People want to live near work. They want to be able to commute without driving.”

The developer has turned the building into a health and education campus, where the Philadelphia Health Management Corp. (PHMC) will operate a health center and offices out of the ground, first, and second floors. Children’s Hospital of Philadelphia (CHOP) uses the third floor for a behavioral health center, and a KIPP charter school for kindergarten through fourth graders is on the fourth floor.

That phase of the building is almost finished. CHOP and KIPP have both moved in, and students had their first day of class on Thursday. On PHMC’s floors and on the fifth floor, where amenities like a cafeteria, a gym, and conference rooms await, construction workers are putting on the finishing touches.

Now Iron Stone is almost ready to move on to the next phase of its plan.

“We’ve always envisioned a big mixed-use project,” said Andrew Eisenstein, partner with Iron Stone. “We just pulled residential permits [for] a transit-oriented development and a connecting path for the neighborhoods. Right now, there’s nothing. It’s just empty parking lots and fields.”

ron Stone partners declined to share maps or renderings for their proposed residential buildings because they have not reached out to community organizations yet.

But they described two towers totaling 400 units on raised podiums to allow parking underneath to the north of the historic building, next to Haverford Avenue. Four other buildings, including the 18-story tower, would be at the intersection of 48th and Market Streets and host retail on their ground floors to activate the streetscape.

As with many other new apartment developments, the size of the units would range from studios to one- and two-bedroom apartments.

Read/view more here:
https://www.inquirer.com/real-estate...-20220822.html

[iheartphilly]

Does anyone know if there are any available Septa concourse lines above any empty lots that could be the next supertall project? I can think of Comcast Center and CTC as two past examples.

[Stg4100]

Originally Posted by iheartphilly

Does anyone know if there are any available Septa concourse lines above any empty lots that could be the next supertall project? I can think of Comcast Center and CTC as two past examples.

Ask this again?

Is the Concourse Bigger than what is available? Yes and no, Some spots arent really kneel to public in todays age. So like Comcast they can build their own connections and maintain it. (when septa manages anything it smells like pee) (in 1234 I hard all the toilets just flush onto 13th street platform.:-)

[iheartphilly]

Comcast extended the concourse from the Comcast Center to CTC. The State and City chipped in 40 million for the extension. So wondering if and where the next supertall, with a corporation and/or developer that can budget this into its development, can be built to take advantage of a connection to the existing concourse system in Center City.

[PHLtoNYC]

Keystone Development lands $265M loan to continue transformation of the Curtis into a 'life sciences ecosystem'

https://www.bizjournals.com/philadel...onversion.html

[PHLtoNYC]

I assume this means they will sit on their Jewelers Row property even longer...

'Significant decline in demand:' Toll Brothers boosts buyer incentives as home orders fall by 60%

https://www.bizjournals.com/philadel...Pos=0#cxrecs_s

[Jayfar]

Originally Posted by PHLtoNYC

I assume this means they will sit on their Jewelers Row property even longer...

'Significant decline in demand:' Toll Brothers boosts buyer incentives as home orders fall by 60%

https://www.bizjournals.com/philadel...Pos=0#cxrecs_s

But they also said Philadelphia is one of their strongest markets.

The Q3 earnings call can be replayed from their website: https://investors.tollbrothers.com/n...-presentations

Here’s a transcript: https://news.alphastreet.com/toll-br...ll-transcript/

Douglas C. Yearly: “The best markets for us right now are our home turf here in Philadelphia, New Jersey, Southern California, I mentioned New York City, Atlanta, Denver, Dallas, the Southeast Coast of Florida, Raleigh.”

…and reported an upturn in recent weeks (after Q3); from the PBJ piece:

However, Yearley added that the slowdown Toll Brothers saw through most of its third quarter has changed in recent weeks. He said the company has "seen signs of increased demand as sentiment is improving and buyers are returning to the market," adding that average weekly deposits in the first three weeks of August were up 25% compared to July.

Here’s a longer relevant Yearley quote from the transcript on their weak and strong markets:

Douglas C. Yearley — Chairman and Chief Executive Officer

Sure. So the move up and the active adults have performed better than affordable luxury. And I think that’s because the buyers are wealthier and mortgage rates aren’t quite as important to them. It’s not a monthly payment affordability issue as you move up in price. So, we’ve seen that in the past in times like this, and it’s proving to be the case again. The best markets for us right now are our home turf here in Philadelphia, New Jersey, Southern California, I mentioned New York City, Atlanta, Denver, Dallas, the Southeast Coast of Florida, Raleigh.

The weakest markets, which happens every cycle are those that were the hottest. Because when the price goes up a lot, those markets tend to take a little longer to adjust. And that would include Phoenix; Austin, Texas; Boise, Idaho and Reno. And I think, again, it’s just an adjustment that’s occurring because of the prices being higher and the affordability. Those locations also tend to be a little bit lower priced for us in many cases. And so I think they probably fit a little bit more into that affordable luxury group that I mentioned, where as rates have gone up, there’s a bit more pressure.

[3rd&Brown]

Originally Posted by Jayfar

But they also said Philadelphia is one of their strongest markets.

The Q3 earnings call can be replayed from their website: https://investors.tollbrothers.com/n...-presentations

Here’s a transcript: https://news.alphastreet.com/toll-br...ll-transcript/

Douglas C. Yearly: “The best markets for us right now are our home turf here in Philadelphia, New Jersey, Southern California, I mentioned New York City, Atlanta, Denver, Dallas, the Southeast Coast of Florida, Raleigh.”

…and reported an upturn in recent weeks (after Q3); from the PBJ piece:

However, Yearley added that the slowdown Toll Brothers saw through most of its third quarter has changed in recent weeks. He said the company has "seen signs of increased demand as sentiment is improving and buyers are returning to the market," adding that average weekly deposits in the first three weeks of August were up 25% compared to July.

Here’s a longer relevant Yearley quote from the transcript on their weak and strong markets:

Douglas C. Yearley — Chairman and Chief Executive Officer

Sure. So the move up and the active adults have performed better than affordable luxury. And I think that’s because the buyers are wealthier and mortgage rates aren’t quite as important to them. It’s not a monthly payment affordability issue as you move up in price. So, we’ve seen that in the past in times like this, and it’s proving to be the case again. The best markets for us right now are our home turf here in Philadelphia, New Jersey, Southern California, I mentioned New York City, Atlanta, Denver, Dallas, the Southeast Coast of Florida, Raleigh.

The weakest markets, which happens every cycle are those that were the hottest. Because when the price goes up a lot, those markets tend to take a little longer to adjust. And that would include Phoenix; Austin, Texas; Boise, Idaho and Reno. And I think, again, it’s just an adjustment that’s occurring because of the prices being higher and the affordability. Those locations also tend to be a little bit lower priced for us in many cases. And so I think they probably fit a little bit more into that affordable luxury group that I mentioned, where as rates have gone up, there’s a bit more pressure.

Good to see Philadelphia is doing "well for them" and that they continue to show their love for the market by underinvesting in design and architecture. I wish they would put the person in charge of their NYC division in charge of Philadelphia as well.

[McBane]

I don't know how much perspective on the Jewlers Row project can be gleaned from this information, which is very general in scope. By far, Toll Bros. main product are McMansions in the suburbs. And when they say Philadelphia is still a good market for them, it means the entire region. This one high rise project is a tiny piece of their overall business.

[TempleGuy1000]

Originally Posted by McBane

I don't know how much perspective on the Jewlers Row project can be gleaned from this information, which is very general in scope. By far, Toll Bros. main product are McMansions in the suburbs. And when they say Philadelphia is still a good market for them, it means the entire region. This one high rise project is a tiny piece of their overall business.

Don't forget that 435 N. Broad is one of the biggest apartment buildings under construction in the city right now with 344-units. I'm excited to see what their building there ends up looking like. It's going to look Massive when looking up N. Broad.

[3rd&Brown]

Originally Posted by McBane

I don't know how much perspective on the Jewlers Row project can be gleaned from this information, which is very general in scope. By far, Toll Bros. main product are McMansions in the suburbs. And when they say Philadelphia is still a good market for them, it means the entire region. This one high rise project is a tiny piece of their overall business.

For the most part sure, but they're building duplexes in Northbank and they're absolute garbage. The same exact design as the King of Prussia Town Center.

The product from the other developer (D3 Concordia) within Northbank is far superior imo.

[PHLtoNYC]

Originally Posted by TempleGuy1000

Don't forget that 435 N. Broad is one of the biggest apartment buildings under construction in the city right now with 344-units. I'm excited to see what their building there ends up looking like. It's going to look Massive when looking up N. Broad.

That may be their best project yet in Philadelphia. I will withhold final judgmental until the cladding is well underway.

Originally Posted by 3rd&Brown

For the most part sure, but they're building duplexes in Northbank and they're absolute garbage. The same exact design as the King of Prussia Town Center.

The product from the other developer (D3 Concordia) within Northbank is far superior imo.

That's funny, I checked their website and they are exactly the same, except the corny model names. The price points are near identical.

[3rd&Brown]

Originally Posted by PHLtoNYC

That may be their best project yet in Philadelphia. I will withhold final judgmental until the cladding is well underway.



That's funny, I checked their website and they are exactly the same, except the corny model names. The price points are near identical.

I monitor their site deposits on the website regularly. Hasn't been a new deposit in months while D3 continues to sell units at a brisk pace all things considered.

It's crazy. It's as if the urban buyer cares about design. Who knew.

[arnaz]

Hi Everyone, long time lurker here. Was watching the news just now and saw plans for Phila Ballet expansion. Maybe I missed it but has this been shared here? I found this article online. Seems to be a great addition to North Broad.

https://www.phillyvoice.com/philadel...-dance-studio/

[Jayfar]

Originally Posted by arnaz

Hi Everyone, long time lurker here. Was watching the news just now and saw plans for Phila Ballet expansion. Maybe I missed it but has this been shared here? I found this article online. Seems to be a great addition to North Broad.

https://www.phillyvoice.com/philadel...-dance-studio/

An Inquirer article was posted last week in the lowrise/general discussion: https://skyscraperpage.com/forum/sho...et#post9706645

[arnaz]

Originally Posted by Jayfar

An Inquirer article was posted last week in the lowrise/general discussion: https://skyscraperpage.com/forum/sho...et#post9706645

Dammit... I thought for once I would break a story. Guess its back to the shadows for me.

Sorry for the repost.

[TonyTone]

Originally Posted by 3rd&Brown

I monitor their site deposits on the website regularly. Hasn't been a new deposit in months while D3 continues to sell units at a brisk pace all things considered.

It's crazy. It's as if the urban buyer cares about design. Who knew.

Hey Brown didn't you buy one of those new Townhomes over there?

[TonyTone]

Originally Posted by arnaz

Dammit... I thought for once I would break a story. Guess its back to the shadows for me.

Sorry for the repost.

Hey Man/Woman keep posting, its good to have different voices in the forum threads, some stuff does get missed every week when it comes to new development due to how much is going on and how busy everyone is, so don't feel afraid to post.