PHILADELPHIA | W Hotel & Element by Westin | 617 FT | 51 FLOORS - Page 23

summersm343 · #**441** Posted **Oct 17, 2014, 2:51 PM**

Quote:

Originally Posted by Lincolndrive

Had a talk with someone yesterday who is pretty involved and everything is looking like a 99% go as confirmed by everyone else here. The one crucial question of course is ground breaking which the person said it wouldn't be until spring 2015 which I guess could mean anything from January until June. Lets hope its earlier but I thought I would fill everyone in so you don't expect ground breaking in 2014.

Sigh.

japmes · #**442** Posted **Oct 17, 2014, 3:35 PM**

Quote:

Originally Posted by summersm343

Sigh.

They're waiting for the economy to turn down again so they have a reason to let the project linger and die a slow death.

McBane · #**443** Posted **Oct 17, 2014, 4:41 PM**

Quote:

Originally Posted by Lincolndrive

Had a talk with someone yesterday who is pretty involved and everything is looking like a 99% go as confirmed by everyone else here. The one crucial question of course is ground breaking which the person said it wouldn't be until spring 2015 which I guess could mean anything from January until June. Lets hope its earlier but I thought I would fill everyone in so you don't expect ground breaking in 2014.

Can you confirm the height and floor count? 52 floors and 582 feet OR 58 floors and XXX feet?

Cro Burnham · #**444** Posted **Oct 17, 2014, 7:10 PM**

Quote:

Originally Posted by Lincolndrive

Had a talk with someone yesterday who is pretty involved and everything is looking like a 99% go as confirmed by everyone else here. The one crucial question of course is ground breaking which the person said it wouldn't be until spring 2015 which I guess could mean anything from January until June. Lets hope its earlier but I thought I would fill everyone in so you don't expect ground breaking in 2014.

Initially, blenfest said start would be spring/summer 2014. A few months later, with the redesign, that was pushed to August, and then summers said Sept 1.

Now spring/summer 2014.

Makes me nervous despite the "99% go" qualifier.

This project has a very complex financing arrangement, onvolving TIF and HUD bonds . . and that sort of complexity usually gums up the works and slows stuff down at best.

I wonder what is holding things up at this point.

Londonee · #**445** Posted **Oct 17, 2014, 7:58 PM**

Quote:

Originally Posted by japmes

They're waiting for the economy to turn down again so they have a reason to let the project linger and die a slow death.

It's scary to think, the dot com bubble burst around 2000, and then the subprime financial meltdown occurred 8 years later. Now, we're already 6 years removed from Lehman and Bear Stearns...theoretically we should see some sort of cyclical downturn in the next 5 years or so.

iheartphilly · #**446** Posted **Oct 17, 2014, 8:06 PM**

This hotel is being co-developed by Vine Street Matthews LP. A look on Google shows that they might be seeking EB-5 Immigrant investors to help finance the project so maybe all the financing is not there for them to start construction.

Cro Burnham · #**447** Posted **Oct 17, 2014, 9:55 PM**

Quote:

Originally Posted by iheartphilly

This hotel is being co-developed by Vine Street Matthews LP. A look on Google shows that they might be seeking EB-5 Immigrant investors to help finance the project so maybe all the financing is not there for them to start construction.

Each government-related subsidy program adds layers of legal and scheduling/logistical complication; each program is regulated through different agencies/jurisdictions with different (sometimes conflicting) rules and requirements. Each program follows its own agency-specific bureaucratic timing issues.

If you add in the immigrant investor program, you have HUD108 (HUD/CDBG), TIF (Philadelphia City / PA state), and INS.

One thing is for sure, the lawyers will be making lots of money off this deal, generating loads of fat binders of cross-referenced documents. Lots of cross-eyed junior associates stuck in back rooms. What a nightmare for them. I hope they can straighten it out quick.

VikingDutchman · #**448** Posted **Oct 22, 2014, 3:36 PM**

A very small quibble, but INS no longer exists, its the DHS subunit USCIS now.

Baconboy007 · #**449** Posted **Oct 22, 2014, 5:20 PM**

Quote:

Originally Posted by VikingDutchman

A very small quibble, but INS no longer exists, its the DHS subunit USCIS now.

And they are no more efficient or better to deal with.

VikingDutchman · #**450** Posted **Oct 22, 2014, 8:21 PM**

Absolutely. In fact right this moment I am procrastinating on a call I need to make to their byzantine support system.

boxbot · #**451** Posted **Oct 22, 2014, 10:55 PM**

I know it's promising that the W website has this listed as a future location, but each delay on this project makes me more concerned. This, along with FMC Tower, are the two best looking towers planned right now.

Can anyone in the know confirm that a spring 2015 groundbreaking is virtually certain?

1487 · #**452** Posted **Oct 23, 2014, 12:33 PM**

Quote:

Originally Posted by boxbot

I know it's promising that the W website has this listed as a future location, but each delay on this project makes me more concerned. This, along with FMC Tower, are the two best looking towers planned right now.

Can anyone in the know confirm that a spring 2015 groundbreaking is virtually certain?

I dont think anyone knows anything certain about this project. Not much is leaking out about the timetable, but we will be in winter soon and I doubt they will break ground in Dec or January.

loves development · #**453** Posted **Oct 24, 2014, 6:49 PM**

Its going to be a great project ""IF"" it ever gets built with 700 rooms and 125 parking spaces......Hows that work?

Cro Burnham · #**454** Posted **Oct 24, 2014, 8:28 PM**

Quote:

Originally Posted by loves development

Its going to be a great project ""IF"" it ever gets built with 700 rooms and 125 parking spaces......Hows that work?

I guess there just won't be enough spots for the airplanes and taxis most guests will be arriving in. Bad planning, I guess.

Lover, this is dead smack in the center of an actual city, not a Phoenix or Dallas highway strip. What century are you makin' love in?

FourS · #**455** Posted **Oct 26, 2014, 1:39 AM**

I was talking to an electrician the other day who is under the impression that he'll be working on this and it'll get started in the early spring. No details, and clearly they won't need electricians for a long time after getting started, but it's something.

kraggman · #**456** Posted **Oct 27, 2014, 12:59 AM**

Quote:

Originally Posted by boxbot

I know it's promising that the W website has this listed as a future location, but each delay on this project makes me more concerned. This, along with FMC Tower, are the two best looking towers planned right now.

Can anyone in the know confirm that a spring 2015 groundbreaking is virtually certain?

Their website quotes a Jan. 1 2018 opening. Does that seem reasonable ??

iheartphilly · #**457** Posted **Oct 27, 2014, 1:39 AM**

I suppose...but 3 years is a long time from now to wait for this one compared to some of the taller buildings being built.

Baconboy007 · #**458** Posted **Oct 27, 2014, 2:55 AM**

Quote:

Originally Posted by iheartphilly

I suppose...but 3 years is a long time from now to wait for this one compared to some of the taller buildings being built.

The rooms in this need to be dolled up an furnished... you can't speed up the artist process

Philly Fan · #**459** Posted **Oct 27, 2014, 3:19 AM**

Quote:

Originally Posted by Baconboy007

The rooms in this need to be dolled up an furnished... you can't speed up the artist process

I'm just sorry that it won't be ready in time for your wedding.

Baconboy007 · #**460** Posted **Oct 27, 2014, 3:29 AM**

Quote:

Originally Posted by Philly Fan

I'm just sorry that it won't be ready in time for your wedding.

You and me both! The choices in wedding planning are TOO DAMN HIGH! my opinion never matters