PHILADELPHIA | Highrise Development Thread X

[Frontst17]

Originally Posted by ScreamShatter

Philly has the highest city taxes in the country so it’s a fair criticism. Many of us feel the taxes are holding the city’s continued growth back by discouraging middle class people from living in the city so we have a broader tax base to fund social programs, improve our streets, and clean up the trash.

S.F. is in a very different situation than Philly; it’s got fast growing, high profit companies that attract high paying people to pay taxes. Meanwhile, Philly is a working class city with high poverty and a very small middle class so all the tax burden is on the middle to fund social programs while the city falls short on road maintenance and trash/sanitation.

Some of you... Silicon Valley isn’t in philly get over it. The last 30+ years in the Bay Area didn’t even happen in the same universe that Philadelphia is in. You’re comparing Tesla’s to Toyota’s. Also it is significantly more progressive than Philadelphia

[RobEss]

Originally Posted by ScreamShatter

People are fleeing San Fran though now that they have the opportunity to work remotely. Philly is more liberal than San Fran in lots of ways, especially our tax code. Wage tax is 1.5% in SF and property tax is 1.1% compared to 3.5% and 1.3% in Philly.

You really think people are fleeing San Fran for Philly? Really?

[RobEss]

Originally Posted by Frontst17

Some of you... Silicon Valley isn’t in philly get over it. The last 30+ years in the Bay Area didn’t even happen in the same universe that Philadelphia is in. You’re comparing Tesla’s to Toyota’s. Also it is significantly more progressive than Philadelphia

Comparing Tesla to Toyota is a terrible analogy - Toyota will wipe the floor with Tesla any day of the week. Let's say that it's like comparing Toyota to Ford...

[iheartphilly]

Originally Posted by RobEss

Comparing Tesla to Toyota is a terrible analogy - Toyota will wipe the floor with Tesla any day of the week. Let's say that it's like comparing Toyota to Ford...

^
Exactly!

[Ritz48]

Originally Posted by cardeza

Most large american cities are run by left leaning governments- this is not just a "philly problem", if you consider it a problem. I mean is there any city more liberal than SF? Yet it remains a jobs hub with high real estate prices and increasing population. Not saying that the cities are analogous, but the point is that any person or corporation that is interested in locating in a major city with access to talent, transit, culture, etc. is more than likely choosing from a list of cities that are far more progressive than america as a whole. Cities all over are passing "anti-business" laws related to minimum wage (even florida approved such an increase), housing/zoning changes, affordable housing, etc. Even in red states the cities are still left leaning islands- Austin and Atlanta come to mind.

I own a small business in Los Angeles. Minimum wage has increased from $11 to $15 over the past 5 years. We raised our prices proportionally to cover the costs 5% and our clients did not blink and our business has continue to grow among those who could not previously afford our service. BFD to create a reasonable floor of a wage. The alternative is an underclass that is dependent on SNAP and other social government program. I am tired of subsidizing Walmart employees to pay for basic necessities.

[thoughtcriminal]

Originally Posted by Ritz48

I own a small business in Los Angeles. Minimum wage has increased from $11 to $15 over the past 5 years. We raised our prices proportionally to cover the costs 5% and our clients did not blink and our business has continue to grow among those who could not previously afford our service. BFD to create a reasonable floor of a wage. The alternative is an underclass that is dependent on SNAP and other social government program. I am tired of subsidizing Walmart employees to pay for basic necessities.

why do you only pay your employees minimum wage? when you were paying them $11, then had to increase to $15, you found that you could afford to do that by raising your prices. why didn't you do that before the law required it? if you increased your pay rate to $20, when your competitors are only paying $15, wouldn't you get your pick of employees? and if all businesses did this - offer higher wages to attract better employees - wouldn't that negate the need for a minimum wage, because the market for employees becomes self-regulating?

[Radio5]

Originally Posted by 3rd&Brown

You're insurance is higher in Philly than it is in Cali, where your home could burn or be crushed by an earthquake at any moment?

That's amazing.

Yeah, by like a $1 a sqft. Not sure either as they're in comparable neighborhoods as well, but maybe not to the institutions eye.

[WestPassyunk1]

Originally Posted by mcgrath618

Why are we talking about San Fransisco in a Philadelphia P&C thread?

I think its actually as good an analogy as we can get to Philly. SF is the next largest city-county in the US with similar minded people running the show. Even the commuting patterns are similar.

Facebook inc., in its quest to let workers work remotely, specifically cited recruiting here in Philly so that's definitely a good thing.

I do worry the same things that might ail SF post covid will ail us too -- no more employees in Center City, and thus a decrease in SEPTA usage and then a real outward migration. It's a legitimate concern.

[mcgrath618]

Originally Posted by WestPassyunk1

I think its actually as good an analogy as we can get to Philly. SF is the next largest city-county in the US with similar minded people running the show. Even the commuting patterns are similar.

Facebook inc., in its quest to let workers work remotely, specifically cited recruiting here in Philly so that's definitely a good thing.

I do worry the same things that might ail SF post covid will ail us too -- no more employees in Center City, and thus a decrease in SEPTA usage and then a real outward migration. It's a legitimate concern.

The outward migration in SF had started well before COVID. The city was in worse shape than us. Years of terrible, knee jerk responses to gentrification led to exorbitant rent and real estate taxes, which forced everyone who could afford to to leave.

Any discussion of how cities are handling this vs others is moot until the dust has settled and COVID is in the past.

[3rd&Brown]

Originally Posted by mcgrath618

The outward migration in SF had started well before COVID. The city was in worse shape than us. Years of terrible, knee jerk responses to gentrification led to exorbitant rent and real estate taxes, which forced everyone who could afford to to leave.

Any discussion of how cities are handling this vs others is moot until the dust has settled and COVID is in the past.

This is such an exaggeration.

"anyone who could afford to leave left". meanwhile, real estate continues to sell for $2,000 a square foot.

It's a ridiculous assertion.

People leave SF for the same reasons people leave any city. Need more space. Better public schools etc.

In SF, the only thing that is even more extreme than here is the reverse commute to the Silicone Valley. That drive is absurd.

[ScreamShatter]

Originally Posted by Frontst17

Some of you... Silicon Valley isn’t in philly get over it. The last 30+ years in the Bay Area didn’t even happen in the same universe that Philadelphia is in. You’re comparing Tesla’s to Toyota’s. Also it is significantly more progressive than Philadelphia

Except, in your scenario, we are paying more for Toyota’s than a Tesla since Phillys taxes are higher than SF.

Show me definitive proof SF is more progressive than Philly. Philly has more socialism, minorities, more working class, higher taxes, and often pushes for firsts in the country like the sugar tax and safe injection centers. Philly has always been on the front edge on social issues, even holding one of the earliest gay rights protests 4 years before Stonewall.

I’m not denying SF is progressive. So is Philly though, and equally if not more so, in many ways.

[summersm343]

What the f**k are we even talking about anymore? This conversation ends here.

[summersm343]

Philly passes 180-day ban on restaurant evictions, throwing struggling industry a lifeline

This is good news at least. Should help some restaurants, but still, there's a lot of restaurants that need additional help. Doesn't seem like the city or state is willing to do more unfortunately. Hopefully the feds will get their act together and pass this "Heroes Act" now to get restaurants, gyms and the likes the help they need.

Read article here:
https://billypenn.com/2020/12/04/phi...3YL97xYlxvJVWY

[summersm343]

Report: Center City retail is being decimated by the pandemic. ‘It’s horrible.’

This is tough to see. The 1700 block of Walnut in particular is decimated, which is sad. This should be the nicest retail block in the city. Landlords were getting overzealous with asking rents before the pandemic. Hopefully this wakes them up that they're running what should be Philly's prime retail street. Obviously on top of the pandemic, the riots/looting and arson had a huge impact on the block as well.

Read article here:
https://www.inquirer.com/business/re...XfzJdVFM8BxOfY

[Ritz48]

Originally Posted by summersm343

Report: Center City retail is being decimated by the pandemic. ‘It’s horrible.’

This is tough to see. The 1700 block of Walnut in particular is decimated, which is sad. This should be the nicest retail block in the city. Landlords were getting overzealous with asking rents before the pandemic. Hopefully this wakes them up that they're running what should be Philly's prime retail street. Obviously on top of the pandemic, the riots/looting and arson had a huge impact on the block as well.

Read article here:
https://www.inquirer.com/business/re...XfzJdVFM8BxOfY

I own a fitness business in LA. We have been forced to close since March 16 except for 4 weeks in June/July. There was always a moratorium that we have to wait month to month to see if it is renewed. We will likely be closed for a year while we continue to pay operating expenses, insurance, phone, electricity, maintenance. We received PPP funds, but since we were forced to close 60% is not forgivable. The 60% is still a liability that we only have 2 years to pay back with interest. The only help from the moratorium is creating time to figure out whether there is an opportunity to revive the business. The lease is personally guaranteed and should we end the business there is the potential to lose both my business of 25 years and my home to pay off the balance of lease.

[summersm343]

Originally Posted by Ritz48

I own a fitness business in LA. We have been forced to close since March 16 except for 4 weeks in June/July. There was always a moratorium that we have to wait month to month to see if it is renewed. We will likely be closed for a year while we continue to pay operating expenses, insurance, phone, electricity, maintenance. We received PPP funds, but since we were forced to close 60% is not forgivable. The 60% is still a liability that we only have 2 years to pay back with interest. The only help from the moratorium is creating time to figure out whether there is an opportunity to revive the business. The lease is personally guaranteed and should we end the business there is the potential to lose both my business of 25 years and my home to pay off the balance of lease.

That's truly horrible to hear. I'm sorry for the situation you, and many other small business owners are in.

[PHLtoNYC]

Originally Posted by summersm343

Report: Center City retail is being decimated by the pandemic. ‘It’s horrible.’

This is tough to see. The 1700 block of Walnut in particular is decimated, which is sad. This should be the nicest retail block in the city. Landlords were getting overzealous with asking rents before the pandemic. Hopefully this wakes them up that they're running what should be Philly's prime retail street. Obviously on top of the pandemic, the riots/looting and arson had a huge impact on the block as well.

Read article here:
https://www.inquirer.com/business/re...XfzJdVFM8BxOfY

Too high rents, not enough return, Covid was the nail and the looting was the burial.

What is the status of the arson buildings on that block? Still makes me angry that those buildings were burned. Were the perps ever caught?

I do think Walnut will bounce back one day, but not in the traditional "upscale" retail way, but maybe newer brands (like the recent Allbirds), more eateries, fitness places, etc. The only true upscale survivor in the area is KoP, and Suburban Square has made a comeback.

[summersm343]

Originally Posted by PHLtoNYC

Too high rents, not enough return, Covid was the nail and the looting was the burial.

What is the status of the arson buildings on that block? Still makes me angry that those buildings were burned. Were the perps ever caught?

I do think Walnut will bounce back one day, but not in the traditional "upscale" retail way, but maybe newer brands (like the recent Allbirds), more eateries, fitness places, etc. The only true upscale survivor in the area is KoP, and Suburban Square has made a comeback.

The buildings will require full demo. They're unsalvageable. Hopefully the facades can be preserved as a part of a new development here at the very least.

Center City should have at least one upscale shopping street, and that should be Walnut Street. Every other major city has one at the very least. Although, who knows how COVID will continue to impact cities and the retail landscape.

King of Prussia is still booming. There's one stretch that seems to have a lot of vacancies, and of course, Lord & Taylor is closing as well, but otherwise, the mall is doing well.

[summersm343]

How Philly’s Bioscience Sector Is Driving the City’s Next Big Real Estate Boom

Nice article about the explosive growth of the life sciences/bio/pharma scene in Philadelphia and the surrounding region. The article mentions Schuylkill Yards, uCity Square, Pennovation Center and Navy Yard specifically.
Read more here:
https://www.phillymag.com/healthcare...12_50ElgmTTiMI

[WestPassyunk1]

Originally Posted by summersm343

How Philly’s Bioscience Sector Is Driving the City’s Next Big Real Estate Boom

Nice article about the explosive growth of the life sciences/bio/pharma scene in Philadelphia and the surrounding region. The article mentions Schuylkill Yards, uCity Square, Pennovation Center and Navy Yard specifically.
Read more here:
https://www.phillymag.com/healthcare...12_50ElgmTTiMI

Good piece to see these listed out, and I like that it mentioned the advantage of having multiple spaces to grow instead of just one concentrated cluster. That's definitely a plus.

What's the role of the city executive that oversees biotech?