PHILADELPHIA | Lowrise/General Developments Thread

[Urbanthusiat]

Originally Posted by summersm343

Planning Commission, SEPTA offer vision of improved trails and transit along the Wissahickon

Love this plan. The renovation of the Pencoyd Bridge and the development of the Marriot hotel (plus another to come, supposedly) across the river, with the theater and Schuylkill River trail improvements make this spot potentially very attractive. Development here would be prime TOD. I love the idea of getting trail bikers off the road - it will be a lot safer.

[McBane]

Originally Posted by summersm343

Planning Commission, SEPTA offer vision of improved trails and transit along the Wissahickon



Read more here:
http://planphilly.com/articles/2017/...he-wissahickon

I like this idea but this immediate area is screaming for high density residential. The existing land usage is really awful and the area deserves much better than this. We're talking about a desirable area (Manayunk), at the nexus of two major trails and greenspace, with views of the river and creek, and adjacent to a major bus station with four separate lines (9, 27, 124, and 125) that can whisk you to Center City (via 76) in 15-20 min.

If SEPTA was smart, they'd purchase the retail strip, work with stakeholders to upzone the property, and then open up bids to developers to build a residential building with ground floor retail. And then SEPTA can use those proceeds to fund their grand plans for the WTC. The rendering of the realized plan seems to show mid-rise buildings in yellow, but I didn't see any mention of that in the article.

Also agree with one of the commenters in the article. Do not move Wissahickon train station. Where the train station is currently situated, it's a very easy walk for many people. The bus station on the other hand is disconnected from the rest of the neighborhood. I get the desire to merge the bus and train stations, but the bus needs to stay close to the highway and the train is immediately adjacent to a large swath of homes.

[hammersklavier]

Originally Posted by McBane

I like this idea but this immediate area is screaming for high density residential. The existing land usage is really awful and the area deserves much better than this. We're talking about a desirable area (Manayunk), at the nexus of two major trails and greenspace, with views of the river and creek, and adjacent to a major bus station with four separate lines (9, 27, 124, and 125) that can whisk you to Center City (via 76) in 15-20 min.

If SEPTA was smart, they'd purchase the retail strip, work with stakeholders to upzone the property, and then open up bids to developers to build a residential building with ground floor retail. And then SEPTA can use those proceeds to fund their grand plans for the WTC. The rendering of the realized plan seems to show mid-rise buildings in yellow, but I didn't see any mention of that in the article.

I vaguely recall that public agencies aren't supposed to do private development? It's something MTR does really well out in Hong Kong, tho.

Also agree with one of the commenters in the article. Do not move Wissahickon train station. Where the train station is currently situated, it's a very easy walk for many people. The bus station on the other hand is disconnected from the rest of the neighborhood. I get the desire to merge the bus and train stations, but the bus needs to stay close to the highway and the train is immediately adjacent to a large swath of homes.

Too bad he's completely off-base. ADA compliance requires that the train station be moved eventually.

Also given that a Silverliner is 85' long, a platform capable of loading a 6-car train must be 510' (in practice more like 550') long. Conveniently, that's almost exactly the length of the available straightaway. Wissahickon can have its cake and eat it too -- connection to the neighborhood at one end of the platform and the transportation center at the other.

[summersm343]

Next up for warehouse-turned-office building on Callowhill Street: Apartments

Greenwich, Conn.-based Ivy Realty is borrowing $23.3 million from Santander Bank N.A. to convert an industrial building that currently houses offices at 1600 Callowhill St. into apartments.

The real estate investment firm plans to redevelop the six-story property into 93 rental units and 2,600 square feet of ground floor retail, commercial real estate firm Cushman & Wakefield, which brokered the loan, said in a release Tuesday.

Read more here:
http://www.philly.com/philly/busines...-20171101.html

[1487]

the trail swing bridge rehab is currently out to bid by PennDOT. Forgot to mention that. It's really happening.

[nemesisinphilly]

Does anyone have any info regarding the loft conversion for the old factory at 1201 Jackson St in South Philly?

It looks like the owners have taken out a $26 mil HELOC against the property a month ago.

There is info on the developers site here http://rufocompanies.com/1201-jackson-street but I believe that's very old info.

[tsarstruck]

Originally Posted by nemesisinphilly

Does anyone have any info regarding the loft conversion for the old factory at 1201 Jackson St in South Philly?

It looks like the owners have taken out a $26 mil HELOC against the property a month ago.

There is info on the developers site here http://rufocompanies.com/1201-jackson-street but I believe that's very old info.

I don't have any information, but I'd be very, very surprised if that project ever happens.

Edited to add:

How could they possibly get a $26M HELOC? That makes no sense. That property is worth a fraction of that.

Looked through some of the many permits and violations. They had an interior non-load bearing demo permit in October (which I suspect is actually just a renewal of their one issued in 2016), and had their variance (which was set to expire) renewed for a year in September.

[nemesisinphilly]

Same here which is why I was very surprised to see a $26 million loan recorded on the property with a 2019 due date. Unless they're using the money to fund other projects which is entirely possible.

[summersm343]

Here's the preliminary list of city parks, rec centers and libraries set for makeovers

Read more here:
http://www.philly.com/philly/news/po...-20171101.html

[nemesisinphilly]

Originally Posted by tsarstruck

How could they possibly get a $26M HELOC? That makes no sense. That property is worth a fraction of that.

My mistake, not a line of credit but just a home equity loan. Still for $26,000,000 though. Looks like an 18 month loan due 3/18/2019. I mean it's possible it's a typo and they only got 2.6 mil but that's the info that's been recorded.

[tsarstruck]

Originally Posted by nemesisinphilly

My mistake, not a line of credit but just a home equity loan. Still for $26,000,000 though. Looks like an 18 month loan due 3/18/2019. I mean it's possible it's a typo and they only got 2.6 mil but that's the info that's been recorded.

They bought the property for $2.5M. Unless getting zoning for a very dubious apartment project added $20M to the value, that has to be a mistake.

[nemesisinphilly]

Originally Posted by tsarstruck

They bought the property for $2.5M. Unless getting zoning for a very dubious apartment project added $20M to the value, that has to be a mistake.

A typo is the most likely scenario true, but even so, a loan of 2.6 million should mean that something should be happening at this site in the next 18 months.

[1487]

http://planphilly.com/articles/2017/...rail-extension

[mcgrath618]

Originally Posted by 1487

http://planphilly.com/articles/2017/...rail-extension

Probably one of the last small stretches of track that Conrail still owns.

[Knight Hospitaller]

^ I was with Conrail for a couple of years before law school. Sad that it became a switcher railroad.

[iheartphilly]

This is good-would love to see it start this year.

http://www.philly.com/philly/busines...-20171102.html

[Nova08]

Originally Posted by mcgrath618

Probably one of the last small stretches of track that Conrail still owns.

Originally Posted by Knight Hospitaller

^ I was with Conrail for a couple of years before law school. Sad that it became a switcher railroad.

Conrail Shared Assets actually owns quite a bit of track in New Jersey and along the Delaware in PA. As mentioned, it is a switching railroad these days to serve CSX and Norfolk Southern trains.

[Philly Fan]

Penn to Build New College House Near 40th and Walnut Streets

[summersm343]

^^Thanks for posting. I've been waiting for these lots to start being filled in for a long time. Glad to see it's finally happening!

[summersm343]

Mixed Use Planned For Street Art Central at 5th & Cecil B.

Read more here:
http://www.ocfrealty.com/naked-phill...al-5th-cecil-b