PHILADELPHIA | Lowrise/General Developments Thread

[christof]

Originally Posted by Daario

Hey man, if that's what's making my soda more expensive, then by all means...

That soda tax was sold as a way to fund education. Now, the cash is being used to build a park?

Really?

[1487]

Originally Posted by christof

That soda tax was sold as a way to fund education. Now, the cash is being used to build a park?

Really?

people don't pay attention. It has been known for months that part of the money would be used to pay back bond debt for the massive park renovation plan that has been widely touted by Kenney.

[allovertown]

Originally Posted by christof

That soda tax was sold as a way to fund education. Now, the cash is being used to build a park?

Really?

Actually all along the funding from the soda tax was supposed to fund pre-k education, rec centers and parks. Like from day one, that's what was said. So this money going to a park, shouldn't exactly rock you to your core.

That being said, clearly this park is not the type of park they were talking about . They're putting the soda tax toward small neighborhood parks in under-served areas. Clearly a multimillion dollar park on the waterfront is not that. But then again, absolutely no information has come out to indicate that this is being paid for with soda tax money. So if I were you, I'd probably calm down, and not take every comment you see on a message board so seriously.

As to your original question where did Philadelphia get the money to do this? Philadelphia's budget always includes money for projects such as this. The sum is larger than normal, but that $90 million number is not coming in one year, that's the total amount the city plans to budget towards this project over the course of a number of years. This year's budget will only include a fraction of the $90 million.

This park is great news and I fully support a budget commitment from the city. Even after many years of fully funding their commitment, we're still nowhere near the total amount of money needed for this park, but the city's commitment is a reasonable and sizable start. They've committed to providing over a third of the budget for this park. It's a lot easier to get state and federal grants for a project that is already partially funding and moving forward than some idea that has seen zero progress and zero financial commitment.

Likewise it's a lot easier to convince philanthropists to donate the last $100 million of a project that will make it happen, then to convince them to contribute the first $100 million and then have them sit around for years to see whether or not other funding ever even comes through and the park ever becomes a reality.

If the total city taxpayer contributions to this park end up being only $90 million and they actually pull this off, this would be a great investment by the city that should end up bringing far more investment and tourism dollars to Philadelphia than $90 million.

This is also a counterpoint to those who complain about long term plans being pointless and costly. It took a long time, but this investment of $90 million wouldn't be happening without a detailed and fully thought out plan that was paid for nearly a decade ago.

[New2Fishtown]

Originally Posted by hammersklavier

When I Googled the client name, this was the top hit. Looks like it should be under construction now.

Axalta and AdaptImmune both have buildings under construction at The Navy Yard, both of which i find quite attractive. I believe both had pre-existing Philadelphia presences but are doubling down with more permanent HQ style properties down there.

Meanwhile, three of the four floors of 1200 Intrepid remain unleased, and Iroko is going to be vacating about half of their building due to layoffs, so The Navy Yard is actually having something of a vacancy problem for the first time in awhile.

[Londonee]

Originally Posted by allovertown

Actually all along the funding from the soda tax was supposed to fund pre-k education, rec centers and parks. Like from day one, that's what was said. So this money going to a park, shouldn't exactly rock you to your core.

That being said, clearly this park is not the type of park they were talking about . They're putting the soda tax toward small neighborhood parks in under-served areas. Clearly a multimillion dollar park on the waterfront is not that. But then again, absolutely no information has come out to indicate that this is being paid for with soda tax money. So if I were you, I'd probably calm down, and not take every comment you see on a message board so seriously.

As to your original question where did Philadelphia get the money to do this? Philadelphia's budget always includes money for projects such as this. The sum is larger than normal, but that $90 million number is not coming in one year, that's the total amount the city plans to budget towards this project over the course of a number of years. This year's budget will only include a fraction of the $90 million.

This park is great news and I fully support a budget commitment from the city. Even after many years of fully funding their commitment, we're still nowhere near the total amount of money needed for this park, but the city's commitment is a reasonable and sizable start. They've committed to providing over a third of the budget for this park. It's a lot easier to get state and federal grants for a project that is already partially funding and moving forward than some idea that has seen zero progress and zero financial commitment.

Likewise it's a lot easier to convince philanthropists to donate the last $100 million of a project that will make it happen, then to convince them to contribute the first $100 million and then have them sit around for years to see whether or not other funding ever even comes through and the park ever becomes a reality.

If the total city taxpayer contributions to this park end up being only $90 million and they actually pull this off, this would be a great investment by the city that should end up bringing far more investment and tourism dollars to Philadelphia than $90 million.

This is also a counterpoint to those who complain about long term plans being pointless and costly. It took a long time, but this investment of $90 million wouldn't be happening without a detailed and fully thought out plan that was paid for nearly a decade ago.

We as residents also OK'd a ballot initiative asking if we should borrow $200,000,000 for streets/parks, etc. So my assumption when I saw this was that at least a chunk of that $$ could be used for something of this scale.

[1487]

Originally Posted by Londonee

We as residents also OK'd a ballot initiative asking if we should borrow $200,000,000 for streets/parks, etc. So my assumption when I saw this was that at least a chunk of that $$ could be used for something of this scale.

that is true. Those ballot questions are for the general capital budget and projects like this would generally be paid from that. Actually bonds are sold and repaid with the money authorized each year.

[EastSideHBG]

I have always loved the whales!

Originally Posted by christof

Where is the city getting the $90 million from?

There's going to be a toothpaste and dental floss tax soon.

[1487]

if anyone has a chance to swing by the independence press building on n. 11th street see what's going on. New permits have been issued recently so it appears current owners are pushing forward with the conversion.

[jsbrook]

New Society Hill project by Noah.

http://www.phillyliving.com/listing/...phia-pa-19106/

I think these are pretty nice. Better than most of the townhomes going up.

[summersm343]

212-218 S. 3rd Street

Farewell, Salvation Army day care and cafeteria.

Hello, Estates on 3rd.

This new four-unit gated luxury townhouse development on Third Street below Walnut in Society Hill finally solves a problem that had troubled realtor-developer Noah Ostroff for some time, namely, finding a new use for the old Salvation Army property.

The four-story homes all have at least 4,900 square feet of interior space, elevators, and two outdoor spaces in the form of balconies and decks; two of the homes have roof decks while the other two have large rear decks on their top floors.

Prices start at $2.65 million. 218 has been sold in advance of construction. The homes are projected to be complete by year’s end.

Read more at http://www.phillymag.com/property/20...Mxz077gamKI.99

[Knight Hospitaller]

Already posted this on the Highrise thread (where the prior discussion has been), but it seems like a "general" development as well:

BREAKING NEWS ON I-95 CAP:

PennDOT just allocated $100 Million. That leaves $35 million to go!

https://billypenn.com/2017/03/02/pen...rk+cap+project

Unless Federal highway funds are included in the PennDOT piece, surely we can get a fair piece of that from DC. There might also be funds available from the President's infrastructure spending goal.

[1487]

Originally Posted by Knight Hospitaller

Already posted this on the Highrise thread (where the prior discussion has been), but it seems like a "general" development as well:

BREAKING NEWS ON I-95 CAP:

PennDOT just allocated $100 Million. That leaves $35 million to go!

https://billypenn.com/2017/03/02/pen...rk+cap+project

Unless Federal highway funds are included in the PennDOT piece, surely we can get a fair piece of that from DC. There might also be funds available from the President's infrastructure spending goal.

Kenney wants foundation money for the rest.

[iheartphilly]

The stock market is doing great. Can't imagine foundations like the William Penn, not opening up the checkbook to fund this and that project.

[Knight Hospitaller]

^Mini-Grant Park, here we come!

[summersm343]

Southwark on Reed townhomes more than 50 percent sold

More than 50 percent of the high-end homes at Southwark on Reed, a 91-townhouse development on the former Mt. Sinai Hospital site, have been sold.

The developers—Concordia, D3 Developers, and Resmark Companies—announced yesterday that at the current rate, they’re on track to sell the rest of the homes by the end of this year.

The first phase of the luxury townhomes hit the market less than a year ago in April 2016 while demolition of the hospital was still underway. By July, the first phase of homes had sold out.

The townhouses, which range from 2,300 to 3,200 square feet, are on the market from the $500,000’s to high $600,000’s. They’re mostly 3-bedrooms, although the most spacious homes have four bedrooms.

According to the announcement, the new owners of the homes are from all over the Mid-Atlantic region, with some attracted to location to Navy Yard and others wanting to be close to the restaurant and retail corridor of East Passyunk Avenue.

The fourth and final phase has already hit the market, and the whole $40 million development is expected to finish up in 2018.

http://philly.curbed.com/2017/3/2/14...omes-half-sold

[1487]

Not sure if this has been posted already. 20 units on Poplar st.

http://www.phillymag.com/property/20...o-francisville

[Fairmount2Fishtown]

Got a couple different buildings in this shot from Cira Green.

[summersm343]

Riverfront land near SugarHouse on the market as townhouse project

A riverfront property adjacent to Penn Treaty Park in Fishtown, near SugarHouse Casino, is on the market along with approvals for a 19-townhouse development at the site.

Property-owner Penn Treaty Views LLC is seeking $6.5 million for the 1.5-acre strip of land between North Delaware Avenue and the Delaware River near Marlborough Street, spokesman George Polgar said in an email late last week.

Penn Treaty Views acquired the property at 1143-51 N. Delaware Ave. at auction in July for about $4 million, according to records filed with the city. It is selling the land along with plans commissioned from Philadelphia-based Abitare Design Studio for a row of four-story townhouses, most of them 3,800-square-feet, with two-car garages, elevators and roof decks, Polgar said.

Shovel Ready also is marketing a nearby pier where the never-built Trump Tower Philadelphia was planned, with designs for a townhouse development at that site as well.

Read more here:
http://www.philly.com/philly/busines...y.html?photo_2

[cafeguy]

Originally Posted by summersm343

Riverfront land near SugarHouse on the market as townhouse project







Read more here:
http://www.philly.com/philly/busines...y.html?photo_2

Well, these will certainly sell quickly...but a waterfront of privately used townhomes is not what I had envisioned. ESPECIALLY for the trump site, which can easily support high density next to the spring garden el. This penn treaty location actually might make sense for townhomes.


Although...the land between this and sugarhouse...if these are built...will create NIMBYs that won't let anything of density be built since it'll mess up their view. ugh.

[McBane]

^ this barely qualifies as news. It's simply a property being sold along with plans that the buyer may develop, flip, or trash and start anew. It's not a townhouse proposal.

I haven't seen this posted yet:

http://www.philly.com/philly/blogs/t...sing-date.html