PHILADELPHIA | One Water Street | 198 FT | 16 FLOORS - Page 13

allovertown · #**241** Posted **Jun 6, 2016, 8:37 PM**

Quote:

Originally Posted by Thoroughbred

Or get a check for $7.5M to go towards Project HOME or similar entity...That's the approximate added value of market rate vs affordable rentals...25 units at $1000/month delta, with a 4 cap...

I love what project HOME is doing in this city and I couldn't think of a more worthy cause but o honestly don't like the idea of negotiating at all. It really sets a terrible precedent that developers can basically do whatever they want and then negotiate with the city afterwards once it's already built.

PMC should be forced to deliver what they promised or the city should tell them to go pound sand.

If they do end up accepting a donation, it shouldn't just be market rate, it should be punitive. If 7.5 is market rate, they should be forced to give at least 10 million.

McBane · #**242** Posted **Jun 6, 2016, 8:49 PM**

Quote:

Originally Posted by allovertown

I love what project HOME is doing in this city and I couldn't think of a more worthy cause but o honestly don't like the idea of negotiating at all. It really sets a terrible precedent that developers can basically do whatever they want and then negotiate with the city afterwards once it's already built.

PMC should be forced to deliver what they promised or the city should tell them to go pound sand.

If they do end up accepting a donation, it shouldn't just be market rate, it should be punitive. If 7.5 is market rate, they should be forced to give at least 10 million.

I have to agree with this. In essence, such a scenario amounts to buying a zoning bonus. On principle, I don't think that the city should allow anything less than the promised 25 affordable units - it just makes the city look like a bunch of suckers. But I actually have to admit, that I would be okay if PMC agrees to ground floor retail.

Knight Hospitaller · #**243** Posted **Jun 6, 2016, 8:52 PM**

I think negotiation is fine. Just charge a "premium" for any swap by extracting more concessions, coupled with penalties that have a painful bite if there's future non-compliance.

summersm343 · #**244** Posted **Jun 7, 2016, 2:16 AM**

City to withhold One Water Street’s certificate of occupancy over affordable housing units

http://planphilly.com/articles/2016/...-housing-units

blart · #**245** Posted **Jun 7, 2016, 8:47 PM**

Tuesday, 6-7. Looks like work for the rooftop terrace.

summersm343 · #**246** Posted **Jun 16, 2016, 5:15 AM**

6/15/16

summersm343 · #**247** Posted **Jun 21, 2016, 2:08 AM**

Developers Submit New Zoning Proposal for One Water Street

http://philly.curbed.com/2016/6/20/1...e-housing-deal

Larry King · #**248** Posted **Jun 21, 2016, 2:32 AM**

Is it true that via public art, retail and energy efficiency bonuses they can by the letter of the law achieve this density/height by right?

If so this controversy was much ado about nothing, the law is the law.

Knight Hospitaller · #**249** Posted **Jun 21, 2016, 4:36 AM**

Quote:

Originally Posted by Larry King

If so this controversy was much ado about nothing, the law is the law.

But it suggests a level of idiocy unworthy of handling anything more valuable than Monopoly money:

"Instead of including the units for low-income residents, PMC Property Group is offering 'to add one 5,000-square-foot retail space, one piece of public art, and wants to install a souped-up, energy-saving system to One Water Street,' writes Inga Saffron, Philadelphia Inquirer’s architecture critic.

That’s kind of what the Civic Design Review committee suggested to the developers from the get-go way back in 2014.

L&I has 10 days to review the application. Although Saffron suspects that it may not go over well. L&I announced no move-ins at One Water Street until PMC Property Group delivered on its deal. And the developer will have to present yet again to other committees like the Civic Design Review and the Art Commission with their new proposal.

McBane · #**250** Posted **Jun 21, 2016, 12:49 PM**

Quote:

Originally Posted by Knight Hospitaller

But it suggests a level of idiocy unworthy of handling anything more valuable than Monopoly money:

"Instead of including the units for low-income residents, PMC Property Group is offering 'to add one 5,000-square-foot retail space, one piece of public art, and wants to install a souped-up, energy-saving system to One Water Street,' writes Inga Saffron, Philadelphia Inquirer’s architecture critic.

That’s kind of what the Civic Design Review committee suggested to the developers from the get-go way back in 2014.

L&I has 10 days to review the application. Although Saffron suspects that it may not go over well. L&I announced no move-ins at One Water Street until PMC Property Group delivered on its deal. And the developer will have to present yet again to other committees like the Civic Design Review and the Art Commission with their new proposal.

Getting any sort of development off the ground in this city requires so much hoop jumping, red tape, endless presentations, and lots and lots of attorney fees. And yet PMC has probably made things all the more difficult for themselves. Whereas under normal circumstances developers may sail through these presentations, it's very likely that these agencies will drag their feet, scrutinize every little detail, and really make PMC sweat; not just on this project but all future developments, too. They've really damaged their reputation. And for what? In the grand scheme of things, 25 affordable units seems so trivial. From a business standpoint, I just don't get it.

Frontst17 · #**251** Posted **Jun 21, 2016, 5:06 PM**

They've been putting up crap developments like wildfire, after this who will trust them enough. Hopefully this forces them to step up their game but it is a bit of a slap in the face to the city

City Wide · #**252** Posted **Jun 21, 2016, 5:54 PM**

Quote:

Originally Posted by Frontst17

They've been putting up crap developments like wildfire, after this who will trust them enough. Hopefully this forces them to step up their game but it is a bit of a slap in the face to the city

It should come as a slap in the face, but a few carefully written checks to the proper council people and their pet causes can go along way.

Leviathant · #**253** Posted **Jun 23, 2016, 2:00 PM**

The bait and switch is pretty awful, but not really surprising. I hope the public art is better than the "vaguely fish-shaped scrap metal on poles" that got tacked on to Dockside apartments.

There were some half-hearted attempts to get PMC to restore the Belgian block and granite curbs on Water Street based on reports of one of the later meetings. My assumption is that they're as likely to do that as they were likely to actually include low income housing, but an infrastructure improvement like that might be another half-decent concession.

Yurkek · #**254** Posted **Jun 23, 2016, 4:16 PM**

Can they recruit tenants at this point and make then sign lease agreements? What if tenants move in before PMC gets the certificate of occupancy?

summersm343 · #**255** Posted **Jun 25, 2016, 3:53 AM**

PMC to pay $3.75 MM into housing trust-fund instead of offering affordable units at One Water Street

http://www.philly.com/philly/columni...html?mobi=true