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  #41  
Old Posted Jul 14, 2009, 9:18 AM
Starsky Starsky is offline
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There seems to be a tendency to be happy just because it is a highrise, but in my opinion the building seems ugly. I have no idea what the inspiration for a rainbow colored C-shaped skyscraper is.
     
     
  #42  
Old Posted Jul 15, 2009, 9:49 AM
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Quote:
Originally Posted by Starsky View Post
There seems to be a tendency to be happy just because it is a highrise, but in my opinion the building seems ugly. I have no idea what the inspiration for a rainbow colored C-shaped skyscraper is.
Look closer; it's in the details.
     
     
  #43  
Old Posted Jul 15, 2009, 2:37 PM
Urban Jungle Urban Jungle is offline
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Smile Some good news

http://www.philly.metro.us/us/articl...3-85/index.xml

Downtown theater could begin new era The Boyd Theater may soon experience a rebirth. Metro: Rikard Larma PHILADELPHIA. The last time the Boyd Theatre was relevant — and the last time Philadelphia hosted a premiere for a movie that opened nationally afterward — Denzel Washington and Tom Hanks were walking the red carpet along Chestnut Street for "Philadelphia" in 1991.

Eleven years later, after a series of bungles by a couple owners, the film house was shuttered. Many thought for good, but a local prospective buyer willing to spend $10 to $20 million combined with recent historical designations appear to have saved the massive, 2,400-seat cinema.

The purchase of the building by city-based ARCWheeler from LiveNation has been slowed by the economy, one observer said yesterday, but the restoration of the theater and a $150 million hotel planned for an adjacent empty lot will hopefully bring national movie premieres back to Philadelphia.

"It has the glamour no where else has. It’ll be a knock your socks off experience," Howard Haas of the Friends of the Boyd said. "It’s a place movie directors will want to show their films."

Without a timetable for its sale and the one to two years needed for an overhaul, that place remains a long way off. Developer Harold Wheeler, whose company recently completed luxury highrise 10 Rittenhouse near the theater, did not return a message left yesterday.

"His determination on 10 Rittenhouse allows us to be confident," Haas said, though his group recently tried hosting a walkthrough only to be denied at the last minute by current owner LiveNation. "He knows what he’s doing."
     
     
  #44  
Old Posted Aug 1, 2009, 5:03 PM
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The more I look at this building, the more I like it. I would like to see this built but I'm not putting much hope/faith into it until the project starts to move forward.
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  #45  
Old Posted Aug 2, 2009, 1:16 AM
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It took a whiles for ARC Wheeler to build 10 Ritt. They have a track record of getting stuff done, and they can best utilize this financial downturn (like ACC's Hill International) by engaging in the financial and legal maneuvering that is key to getting anything built in this city; that way, when the market actually starts to improve, they'll be well-positioned to start shoveling. This is something that applies to every large Philadelphia proposal, note.
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  #46  
Old Posted Jul 21, 2010, 6:31 AM
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Uh Oh

Pension fund takes control of Philadelphia's 10 Rittenhouse Square condo building

By Alan J. Heavens
Inquirer Real Estate Writer

A pension fund representing thousands of workers, mostly in the construction trades, has taken control of the luxury 10 Rittenhouse Square project in a dispute over the fund's $57 million stake in the building.

The 33-story Robert A.M. Stern signature building at 130 S. 18th St. - with 135 condominiums priced from $600,000 to $15 million, plus retail and restaurant space - opened in November, more than two years behind schedule, because of litigation over preservation and zoning issues.

That delay, coupled with a deepening recession, resulted in sales below what are considered necessary to begin repaying more than $300 million in debt owed to the project's senior lender, Istar Financial Group of New York, and the pension fund, the Delaware Valley Real Estate Investment Fund, which manages the retirement nest eggs of 47,200 workers in the region.

According to data from city Board of Revision of Taxes and other sources, only about three dozen units have sold or gone to settlement.

Because of those low numbers and concerns about Istar's intentions for the building, the pension fund filed suit Friday in Common Pleas Court, seeking "to save Center City's premier residential condominium development from the depredations of a troubled hedge fund and rogue lender."

In 2006, the pension fund provided 10 Rittenhouse's developer, ARCWheeler L.L.C., with two loans to launch the project - the first for $25 million, the second for $5 million. With late charges and accrued interest, the pension fund is now owed $57 million.

In 2007, Istar lent $216.5 million to ARCWheeler to build the high-rise.

I'm worried about what this does to the prospects of this project. Does anyone have any information or predictions? I think this project would be a boon to West Chestnut, and to the downtown in general.
     
     
  #47  
Old Posted Jul 21, 2010, 11:24 AM
brian.odonnell20 brian.odonnell20 is offline
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this might not go through until later this year into next year... idk
     
     
  #48  
Old Posted Jul 21, 2010, 12:13 PM
We Got Five We Got Five is offline
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Well we know that it's not getting any funding from the state at this time, unlike the 4th and Race Hotel project. I would say that this is on the back burner for several years.
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  #49  
Old Posted Jul 21, 2010, 8:10 PM
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Yeah, by the sounds of it ARC's putting their efforts into 4th & Race at the moment. Bummer, this would have wonderfully revitalized that block.
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  #50  
Old Posted Sep 18, 2010, 4:06 PM
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I really hope that this will get built in the future...
     
     
  #51  
Old Posted Sep 20, 2010, 7:57 PM
phillyaggie phillyaggie is offline
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I kinda lost hope for this project when Hal Wheeler passed away of massive heart attack earlier this year.

And then with the 10 Rittenhouse problems, I can't imagine ARC wants to take on this project. And considering that Kimpton is buying (bought already?) the Lafayette Building near Independence Mall to convert it into a hotel, they may not be too interested in this project anymore either.
     
     
  #52  
Old Posted Jul 27, 2014, 3:28 PM
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Hi
     
     
  #53  
Old Posted Jul 30, 2014, 3:12 AM
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This project is long dead.
     
     
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