PHILADELPHIA | 300 N. Columbus Boulevard | 316 FT | 26 FLOORS | ON HOLD

[SEFTA]

[Redddog]

Originally Posted by TempleGuy1000

Well you might have saw various other mid-rise developments under way. This building is at Columbus and Vine street.

I think the best thing that could happen is they sell.

No way they sell. They have too much in it already. They are famous for sitting on properties for long periods while market conditions improve to the level where they make serious bank.

I guarantee the powers that be came to the decision that that the area is exploding and they will wait until this project becomes a homerun. They have a TON of money and a willingness to wait projects like this one out for long periods of time.

They made that public when they bought the piers across the street. They expeditiously shut down the marina that dozens of people called home. When asked if the shut down was because they had plans to move forward on development, they said it was for "surveying" but no such work occurred. They said at that point that they had the money to sit on these properties until "market conditions became favorable," or some sh!t like that. The gist of the article was their infamous ability to sit on undeveloped land for decades.

[3rd&Brown]

Originally Posted by Redddog

No way they sell. They have too much in it already. They are famous for sitting on properties for long periods while market conditions improve to the level where they make serious bank.

I guarantee the powers that be came to the decision that that the area is exploding and they will wait until this project becomes a homerun. They have a TON of money and a willingness to wait projects like this one out for long periods of time.

They made that public when they bought the piers across the street. They expeditiously shut down the marina that dozens of people called home. When asked if the shut down was because they had plans to move forward on development, they said it was for "surveying" but no such work occurred. They said at that point that they had the money to sit on these properties until "market conditions became favorable," or some sh!t like that. The gist of the article was their infamous ability to sit on undeveloped land for decades.

Whether they sell or not they shouldn't be given preference for any more projects in Philly. This is a gut punch.

Also, what you say would hold water if they ever actually built anything in Philadelphia. But they haven't so i don't care what their "track record" is.

[Redddog]

Originally Posted by 3rd&Brown

Whether they sell or not they shouldn't be given preference for any more projects in Philly. This is a gut punch.

Also, what you say would hold water if they ever actually built anything in Philadelphia. But they haven't so i don't care what their "track record" is.

You're stating my point.

They buy and hold. The city should ban their a$$e$ from doing that here.

[summersm343]

Game Off? Construction Halts at Durst’s 300 N. Columbus Blvd.

It was just yesterday then that the construction pause was confirmed by Durst, citing rising construction costs and difficulties with financing as rationale, despite already sinking $40+ million into the archaeological and construction work thus far.

Read/view more here:
https://www.ocfrealty.com/naked-phil...-columbus-blvd

[summersm343]

We'll label this project "On Hold" for now and keep it in the Construction sub-forum. If this doesn't get restarted in a few months though, we'll move this back to the "proposal" sub-forum.

[PHLtoNYC]

This isn't going anywhere anytime soon. They should sell and the city should remove their development rights beyond this parcel.

As Durst pauses construction on 26-story tower, negotiations continue on $2.2B Penn's Landing development

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

The Durst Organization remains in negotiations for a proposed $2.2 billion mixed-use development at Penn's Landing despite pausing construction on a neighboring 26-story apartment tower along Columbus Boulevard near the Benjamin Franklin Bridge.

The pause in construction is the result of “unexpected rising construction costs and a challenging financing market,” Anthony Campisi, a Durst spokesman, said in a statement.

Durst, a major New York developer, has big plans for Philadelphia's Delaware River waterfront. The company is negotiating with Delaware River Waterfront Corp., a quasi-public agency, for a development agreement at Penn's Landing where the agency owns land. Durst won a request for proposal process, beating out a bid from the Philadelphia 76ers to build a new 18,500-seat arena along the waterfront. Durst's 3.5-million-square-foot proposal includes 1,834 residential units, a 225-key hotel, 94,000 square feet of retail space and some affordable housing.

Durst has said the 12-acre Penn's Landing project would be built in four phases over nine years.

“We have confidence that The Durst Organization remains committed to the realization of its mixed-use project at 300 N. Columbus Blvd. as well as to Philadelphia and its Waterfront,” Delaware River Waterfront Corp. President Joe Forkin said in a statement. “It is unfortunate that unexpected economic conditions and rising costs of construction mean that construction activity must be put on pause.”

Delaware River Waterfront Corp. is planning to break ground later this year on the new Park at Penn's Landing, an 11.5-acre park that would be created by capping a portion of I-95, Forkin said.

[Redddog]

Originally Posted by PHLtoNYC

This isn't going anywhere anytime soon. They should sell and the city should remove their development rights beyond this parcel.

As Durst pauses construction on 26-story tower, negotiations continue on $2.2B Penn's Landing development

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

The Durst Organization remains in negotiations for a proposed $2.2 billion mixed-use development at Penn's Landing despite pausing construction on a neighboring 26-story apartment tower along Columbus Boulevard near the Benjamin Franklin Bridge.

The pause in construction is the result of “unexpected rising construction costs and a challenging financing market,” Anthony Campisi, a Durst spokesman, said in a statement.

Durst, a major New York developer, has big plans for Philadelphia's Delaware River waterfront. The company is negotiating with Delaware River Waterfront Corp., a quasi-public agency, for a development agreement at Penn's Landing where the agency owns land. Durst won a request for proposal process, beating out a bid from the Philadelphia 76ers to build a new 18,500-seat arena along the waterfront. Durst's 3.5-million-square-foot proposal includes 1,834 residential units, a 225-key hotel, 94,000 square feet of retail space and some affordable housing.

Durst has said the 12-acre Penn's Landing project would be built in four phases over nine years.

“We have confidence that The Durst Organization remains committed to the realization of its mixed-use project at 300 N. Columbus Blvd. as well as to Philadelphia and its Waterfront,” Delaware River Waterfront Corp. President Joe Forkin said in a statement. “It is unfortunate that unexpected economic conditions and rising costs of construction mean that construction activity must be put on pause.”

Delaware River Waterfront Corp. is planning to break ground later this year on the new Park at Penn's Landing, an 11.5-acre park that would be created by capping a portion of I-95, Forkin said.

At least they didn't demolish an historical building to do all the ground work for this.

They may even pour a parking lot on this space. Unbelievable.

Maybe the fact that the Penn's Landing park is fully funded may ensure ground-breaking. But I don't trust these guys as far as I can throw them. The rest of the plan over there is in serious doubt until real-estate becomes red hot again. That could be a decade. None of these developers give a crap beyond profits. They're business people.

But it's on Philly if they get the high, hard one. If you knowingly go into a deal with a scumbag, you can't blame the scumbag when they show their stripes. So stupid. They should at least call them out publicly and pre-shame them if they screw with the plan.

[3rd&Brown]

Originally Posted by PHLtoNYC

This isn't going anywhere anytime soon. They should sell and the city should remove their development rights beyond this parcel.

As Durst pauses construction on 26-story tower, negotiations continue on $2.2B Penn's Landing development

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

The Durst Organization remains in negotiations for a proposed $2.2 billion mixed-use development at Penn's Landing despite pausing construction on a neighboring 26-story apartment tower along Columbus Boulevard near the Benjamin Franklin Bridge.

The pause in construction is the result of “unexpected rising construction costs and a challenging financing market,” Anthony Campisi, a Durst spokesman, said in a statement.[/I]

I call bullshit on the rising costs comment. Input pricing is coming down across the board.

[Leviathant]

There sure is a lot of trash talk here! As someone who lives right around the corner from this project, I'm really glad they funded that archaeological dig (and put a thoughtful website up about findings as they came in), but also super disappointed that this has stalled. Folks from Durst worked very closely with our neighborhood org, made a decent amount of positive changes to the ground level design, and even took the historic Wood Street Steps into consideration in the design. As construction started, whenever there were issues, they were quick to respond. The park that was part of the build was nice, too.

Compared to One Water Street, Durst had decent building design and materials, good quality construction, and actual investment in the nearby community. One Water couldn't even bother restoring the historically designated Belgian block section of Water Street.

One of my neighbors has been living here since the 70s, and was about as anti-highrise as they come. Probably personally responsible for keeping lackluster development out of the area (admittedly, leaving dilapidated 19th century fabric that would eventually mostly get bulldozed for vacant lots). He was so chuffed by the work they'd done before the groundbreaking and during, that he was enthusiastic about the building, even knowing it would block the view he's had of the Ben Franklin Bridge all these decades.

Between this going on pause and the construction at 2nd and Callowhill getting paused too, I'm disappointed in how 2022 wrapped up, in terms of sites near me.

On the bright side (literally) it means I get an extension on the view of the sky and the bridge that I have when I look out my window.

[mcgrath618]

Originally Posted by Leviathant

There sure is a lot of trash talk here! As someone who lives right around the corner from this project, I'm really glad they funded that archaeological dig (and put a thoughtful website up about findings as they came in), but also super disappointed that this has stalled. Folks from Durst worked very closely with our neighborhood org, made a decent amount of positive changes to the ground level design, and even took the historic Wood Street Steps into consideration in the design. As construction started, whenever there were issues, they were quick to respond. The park that was part of the build was nice, too.

Compared to One Water Street, Durst had decent building design and materials, good quality construction, and actual investment in the nearby community. One Water couldn't even bother restoring the historically designated Belgian block section of Water Street.

One of my neighbors has been living here since the 70s, and was about as anti-highrise as they come. Probably personally responsible for keeping lackluster development out of the area (admittedly, leaving dilapidated 19th century fabric that would eventually mostly get bulldozed for vacant lots). He was so chuffed by the work they'd done before the groundbreaking and during, that he was enthusiastic about the building, even knowing it would block the view he's had of the Ben Franklin Bridge all these decades.

Between this going on pause and the construction at 2nd and Callowhill getting paused too, I'm disappointed in how 2022 wrapped up, in terms of sites near me.

On the bright side (literally) it means I get an extension on the view of the sky and the bridge that I have when I look out my window.

To be fair, 2nd and Callowhill was never going to start until 2nd and Spring Garden was at least mostly finished.

[summersm343]

View of current site from Philly YIMBY





Read/view more here:
https://phillyyimby.com/2023/07/foun...ladelphia.html

[Aether]

The fact that this isn't being developed right now is honestly criminal.
Minus the fact that it would look extremely cool having high rises under construction on both sides of 95, They really need to start rolling more on those water front projects

[BroadandMarket]

Yeah obviously this is a bigger project but there are thousands of units under construction within a 10 minute walk of this site. I guess the only silver lining would be maybe they build a taller sleeker tower here in 5 years? Or is there a height restriction here? It's especially frustrating when you remember Durst won the contract for the Penn's Landing Buildings too. They also own the piers with Dave and Busters, Morgan's Pier and the one next to it. I believe they closed the marina there too?

Under Construction:
501 N Columbus (Festival Pier)
81-95 Fairmount Ave
918 North Delaware Avenue (Canal Street)
418 Spring Garden
417-25 Callowhill St
501 Spring Garden (The Carson)
200 Spring Garden
412 N 2nd St
1000 N. Delaware Ave.
The Battery
214 Vine Street
207 Vine Street
817-21 North 3rd Street

Planned:
901 North Front Street
230 Vine (Painted Bride)

Surely there's more I missed, especially in Northern Liberties and the north side of Old City.

[Redddog]

Originally Posted by BroadandMarket

Yeah obviously this is a bigger project but there are thousands of units under construction within a 10 minute walk of this site. I guess the only silver lining would be maybe they build a taller sleeker tower here in 5 years? Or is there a height restriction here? It's especially frustrating when you remember Durst won the contract for the Penn's Landing Buildings too. They also own the piers with Dave and Busters, Morgan's Pier and the one next to it. I believe they closed the marina there too?

Under Construction:
501 N Columbus (Festival Pier)
81-95 Fairmount Ave
918 North Delaware Avenue (Canal Street)
418 Spring Garden
417-25 Callowhill St
501 Spring Garden (The Carson)
200 Spring Garden
412 N 2nd St
1000 N. Delaware Ave.
The Battery
214 Vine Street
207 Vine Street
817-21 North 3rd Street

Planned:
901 North Front Street
230 Vine (Painted Bride)

Surely there's more I missed, especially in Northern Liberties and the north side of Old City.

Yep. They closed the marina in a brutal fashion - said they did it so they could do surveying. There were dozens of people who lived on their boats in that marina. They sent out a letter saying all boats had to be moved in a week.

I hate Durst.

[summersm343]

We're going to move this one back to proposals since there hasn't been an update in quite a while.