PHILADELPHIA | Lowrise/General Developments Thread II

[mja]

Originally Posted by PurpleWhiteOut

Not evenly. What I was thinking was this source from 2017
https://nextcity.org/features/philad...mapping-growth

They list holmesburg, bustleton, bridesburg, Mayfair, "northeast Philadelphia" (not sure where), Tacony, Fox Chase, Torresdale, Somerton, Frankford, and Rhaenhurst.as experiencing population declines. Maybe this isn't true now, but I haven't dug into more recent data I guess

They just had to build a brand new elementary school to accommodate the massive influx of school-aged children in Mayfair.

[skyhigh07]

Originally Posted by summersm343

Northeast Philly is not shrinking. It’s actually growing. The amount of housing being developed in “Greater Center City” and “Greater University City”… there’s no logical way Philadelphia is losing.

Everyone says: “people moving out of the city…” where are they moving to? Seriously… the housing market is SUPER tight right now. There’s almost no houses on the market for sale. Where would people go? We know apartments are somewhere around 95-96% occupied in the city. People can’t move whom own a home without selling it or renting it out…. Soooo. What’s the explanation for Philadelphia losing population? I guess you can say the people come in and replacing residents that are leaving are less per housing unit? Like a young couple replacing a family of 3 or 4? Maybe… but I just don’t see how that would be happening on such a large scale to offset the influx of people buying and renting all of these new units to such a large extent.

True. You have to consider other metrics. If one domino is really starting to fall then the others should start falling too. As of now they seem to be holding.

[PHLtoNYC]

Originally Posted by cardeza

I just walked down that block yesterday, at this point I think CVS may be last business open on the entire block, the boarded up section is a mess.

I think Macerich owns that entire block.
The fact that it's nearly empty is more reason to either develop now or sell to an entity that will.

[EastSideHBG]

Yes, estimates are going to be just that but I agree with some others that say CC and a few spots may be propping up a lot. It will be interesting to see how this plays out.

Originally Posted by chimpskibot

I highly doubt Philly has lost population two years in a row unless there has been a massive shift in HH size. And although HH size has been trending down since the 60's, Philly now has more HH than ever. There would also be a lot of housing pressure alleviated if so many people were moving out that just isn't showing up in the current rent or for sale market.

Originally Posted by 3rd&Brown

It's nearly inconceivable to me that the city lost population when there are something like 26,000 units under construction.

Or is it that people like new construction and/or want to be in desirable and up and coming areas? I would not use this as a reliable gauge in an old city.

Originally Posted by summersm343

Everyone says: “people moving out of the city…” where are they moving to? Seriously… the housing market is SUPER tight right now. There’s almost no houses on the market for sale. Where would people go? We know apartments are somewhere around 95-96% occupied in the city. People can’t move whom own a home without selling it or renting it out…. Soooo. What’s the explanation for Philadelphia losing population? I guess you can say the people come in and replacing residents that are leaving are less per housing unit? Like a young couple replacing a family of 3 or 4? Maybe… but I just don’t see how that would be happening on such a large scale to offset the influx of people buying and renting all of these new units to such a large extent.

What is your definition of almost no houses for sale? Pushing 20K units for sale in the city and surrounding area when I looked into it recently (only on the PA side) with over half of that for sale in Philly alone, it has shifted to a buyer's market in the city, and sale prices are down. Is this a sign of a population shift or just normal for the market right now? I won't say either way just yet but it does raise an eyebrow when compared to surrounding markets and the trend up until now.

For the metro as a whole it's more of an affordable housing and/or housing in desirable areas situation vs no supply at all. And the 2020-current Philly is not like the one prior and PA is losing population so it could go either way.

[Justin7]

In the Democratic primary, Rebecca Rhynhart is the best choice for Philadelphia mayor | Endorsement

https://www.inquirer.com/opinion/edi...-20230402.html

[Gatorade_Jim]

Originally Posted by Justin7

In the Democratic primary, Rebecca Rhynhart is the best choice for Philadelphia mayor | Endorsement

https://www.inquirer.com/opinion/edi...-20230402.html

Hell yeah. I have a lot of hope for Rhynhart.

[Urbanthusiat]

Originally Posted by skyhigh07

True. You have to consider other metrics. If one domino is really starting to fall then the others should start falling too. As of now they seem to be holding.

Another metric to consider which goes against the idea we're losing population - the City had 9,000 more more jobs in February 2023 than it did in February 2020, the last month before Covid dropped employment significantly. So we're supposed to believe we have 9,000 more jobs, but fewer people? Again, just doesn't sync up, don't need to beat a dead horse any further...

[UrbanRevival]

Originally Posted by Urbanthusiat

Another metric to consider which goes against the idea we're losing population - the City had 9,000 more more jobs in February 2023 than it did in February 2020, the last month before Covid dropped employment significantly. So we're supposed to believe we have 9,000 more jobs, but fewer people? Again, just doesn't sync up, don't need to beat a dead horse any further...

Very good point. That could also suggest that any population loss is heavily concentrated in the non-working age category (and it wouldn't be super shocking that there may now be a pent up wave of "baby boomers" who are finally heading south for good after the pandemic).

But most critically that would mean population loss is not coming at the expense of Philadelphia's core economic productivity or workforce.

[Broadcastthatboom]

New LED lights on the Northern Side of the Ben Franklin Bridge https://www.nbcphiladelphia.com/news...night/3538458/

[blart]

from 4/2
Thompson and American

[blart]

4/2
Girard and 4th

[yuryphilly]

The apartment building by PMC on 23rd and Cherry st




Not common to see midrise buildings to be built using steel, concrete and blocks these days.

[Gatorade_Jim]

Originally Posted by yuryphilly

The apartment building by PMC on 23rd and Cherry st




Not common to see midrise buildings to be built using steel, concrete and blocks these days.

Wow that building looks fantastic!

[PhilliesPhan]

Work may be commencing on the Steel Heddle Building’s residential conversion. I saw a mobile crane on site while on the train this morning, and upon passing it on the train home, I saw two workers doing something to one of the smokestacks. I certainly hope work has begun, as several new units would breathe a lot of new life into the vicinity of 22nd and Allegheny!

[Jayfar]

Originally Posted by PHLtoNYC

I think Macerich owns that entire block.
The fact that it's nearly empty is more reason to either develop now or sell to an entity that will.

No, the PREIT/Macerich joint venture owns just the middle of the blockface, where you see the black painted plywood, the 3 buildings stretching from 1010 to 1024 Market St.

Streetview: https://goo.gl/maps/bSWnhTEsK5YwbGTZ6

[chimpskibot]

Originally Posted by blart

from 4/2
Thompson and American

Does anyone know if these are condos or rentals? I am always shocked to see non-wood frame new construction that is under 8 stories built in the city. Anyway these look great!

[Radio5]

Originally Posted by chimpskibot

Does anyone know if these are condos or rentals? I am always shocked to see non-wood frame new construction that is under 8 stories built in the city. Anyway these look great!

Only reason to build to this high quality below 6 stories is for sale condos, so perhaps they changed their tune b/c of interest rates for buyers.

[SEFTA]

Originally Posted by yuryphilly

The apartment building by PMC on 23rd and Cherry st



Not common to see midrise buildings to be built using steel, concrete and blocks these days.

I didn't realize this was such a large lot.
It should have had some height here.

2275 Cherry Street by

[Jayfar]

Originally Posted by SEFTA

I didn't realize this was such a large lot.
It should have had some height here.

2275 Cherry Street by

It’s zoned RM-1 so 38’ or with mixed income bonus 45’.

[PHLtoNYC]

Originally Posted by Jayfar

No, the PREIT/Macerich joint venture owns just the middle of the blockface, where you see the black painted plywood, the 3 buildings stretching from 1010 to 1024 Market St.

Streetview: https://goo.gl/maps/bSWnhTEsK5YwbGTZ6

Who owns the rest on the corners?