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Old Posted Feb 3, 2015, 10:23 PM
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iheartphilly iheartphilly is offline
Philly Rising Up!
 
Join Date: Nov 2012
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Quote:
Originally Posted by jsbrook View Post
Emmons is probably talking about homes as in townhomes (that particular quote was regarding the Naval Square development). They sell for considerably less per square foot than condos. Compare the forthcoming Rittenhouse Estates to, say, 10 Rittenhouse. Of course, that only seems more reason to branch out into the world of condos. There is obviously a Phily market for luxury condos which command higher price per square foot. The only question is how deep it runs.

As far as the other basis for their reluctance...it's true that the Murano, 10 Rittenhouse, and Waterfront Square all ran into issues. By they are products of a particular time and place. I think it's a different market today.
I'm of the mindset that they have enough experience with highrise condo from their NY portfolio to build a successful product, even in the Philly market. While they are considered a "luxury home builder" that brings cachet with it by virtue of their name (Toll Brothers), maybe they couldn't stomach the risks associated with one in Philly and the numbers didn't work for 1911 Walnut since they ultimately have to answer to shareholders. Maybe they were thinking Residences at Ritz Carlton by City Hall still had unsold units. In any case, I think it's a huge miss opportunity since Rittenhouse Square and luxury could go hand in hand. Plus, you got the one of best parks, great dining and shopping in this part of Philly.