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Old Posted Feb 3, 2015, 2:32 PM
Philly Kid Philly Kid is offline
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http://www.phillymag.com/property/20...ty-living-yep/

A little over a year ago Philly Mag interviewed the VP of Toll Brother's city division, and he had some comments that addressed why they build high rises in NYC and not Philly.

Quote:
We would love to build mixed residential/commercial in this market,” says Brian Emmons, the vice president in charge of Toll’s City Living division, “but right now, [builders who do] can’t fill their retail. While everyone likes to live near commercial, the luxury demographic buyer chooses to live two to three blocks from it, not directly above it.”
Quote:
Another thing Philadelphians don’t go for, Emmons says, is high-rise density of the kind Toll builds in New York. Emmons rattles off a list of high-rise condo projects that came on the market both before and after the housing bubble burst: the Murano, 10 Rittenhouse, Waterfront Square–all of which ran into trouble, bankruptcy, or both.
Quote:
Construction costs in the city don’t help matters either, Emmons says: “In Philadelphia, it costs about $250-$300 a square foot to build [a place like Naval Square].” Meanwhile, luxury homes in the city sell for about $200 to $300 a square foot. You do the math. That doesn’t leave much room for error.