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  #81  
Old Posted Jan 30, 2019, 7:21 PM
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I'm not sure about the Alexander, but one Franklin Tower is renting units here and there. I think they are trying to rent the upper floors first and many units are still be finished up like painting, finishing up the bathrooms, etc and staging common furniture on the common areas in front of the elevators on each floor. One Franklin feels huge and has great amenities. I think they are trying to cater to singles and families with all the different and shared amenities in the building. I can't speak to Alexander but I think the tenants there are looking for less of a social scene and more of a family oriented scene. A check on Alexander's website should show what units are up for rent so that could give you an indication on how well it is doing.
     
     
  #82  
Old Posted Jan 30, 2019, 8:41 PM
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Originally Posted by City Wide View Post
I've always thought this could be a great project, close to CC, right on the Parkway, fair transportation with the hope for better. I just hope they don't undersell themselves and go small. I think big and bold would work here.
Does anyone know how the CC rental market is holding up? There have been a boat load of new units hitting the market------. I wonder how The Alexander is renting out, that would a good comparison.
I actually think being on the other side of Vine (and close to the Comcast Towers) makes this project a good bit more marketable than the Alexander. North of Vine is taking off with some other loft conversions and super luxe townhomes happening in the direct vicinity of the Alexander. But it's not quite there yet. As more happens and North Broad continues to develop (and certainly if there is ever a Vine Street cap), it will be.
     
     
  #83  
Old Posted Jan 30, 2019, 8:50 PM
Kfmcshan Kfmcshan is offline
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I toured both The Alexander and Franklin Tower with a friend who was looking to rent. The Alexander is 100x nicer and is only about a block farther from city hall. Franklin Tower was not nearly as high end, was still under construction throughout, had less and worse amenities, and had construction crap laying around in random hallways. Franklin Tower was also more expensive. Between the two, I would choose the Alexander without question.

I did hear on the Franklin Tower tour that they are looking to open two restaurants on the ground floor which would be nice.
     
     
  #84  
Old Posted Jan 30, 2019, 8:56 PM
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Originally Posted by Kfmcshan View Post
I toured both The Alexander and Franklin Tower with a friend who was looking to rent. The Alexander is 100x nicer and is only about a block farther from city hall. Franklin Tower was not nearly as high end, was still under construction throughout, had less and worse amenities, and had construction crap laying around in random hallways. Franklin Tower was also more expensive. Between the two, I would choose the Alexander without question.

I did hear on the Franklin Tower tour that they are looking to open two restaurants on the ground floor which would be nice.
Amenities for Franklin Tower:

Indoor full size basketball court.
Movie room with large screen.
2 story kid slide and individual playrooms like kitchen sets, etc.
Adult play room with table games
Art in the lobby in front of elevator banks
Rooftop lounge area with two huge outdoor gas fireplaces, large grille area and seating.
A full floor room at the highest floor with indoor gas fire and big screen tv and pool table
Dedicated peloton spinning room

Parking is easy, as it is right next to the Sheraton and great city skyline views. I wouldn't sell Franklin Town short on the amenities list. Both places have different price points and the Alexander being more expansive.
     
     
  #85  
Old Posted Jan 30, 2019, 8:57 PM
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Originally Posted by Kfmcshan View Post
I toured both The Alexander and Franklin Tower with a friend who was looking to rent. The Alexander is 100x nicer and is only about a block farther from city hall. Franklin Tower was not nearly as high end, was still under construction throughout, had less and worse amenities, and had construction crap laying around in random hallways. Franklin Tower was also more expensive. Between the two, I would choose the Alexander without question.

I did hear on the Franklin Tower tour that they are looking to open two restaurants on the ground floor which would be nice.
Yes, the Alexander is FAR nicer than the Franklin. But I still think being on the other side of Vine, even though barely any further in real terms, is a drag on it at this point in time. If the Alexander was in the heart of Rittenhouse, it would be one of the city's most expensive rental buildings of comparable size (there are few ultra luxe boutiques like the Alison Bulding on the Square). Probably only to be be exceeded by the Harper, Pearl's forthcoming building at 19th and Chestnut.
     
     
  #86  
Old Posted Jan 30, 2019, 8:59 PM
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In the context that the Alexander is far nicer architecturally, I agree, of course. And, if I made a choice to live in this neighborhood, it would be hands down the Alexander. Maybe even one of those interior court yard town homes if not the 3 bedrooms configurations.
     
     
  #87  
Old Posted Jan 30, 2019, 9:17 PM
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Originally Posted by jsbrook View Post
I actually think being on the other side of Vine (and close to the Comcast Towers) makes this project a good bit more marketable than the Alexander. North of Vine is taking off with some other loft conversions and super luxe townhomes happening in the direct vicinity of the Alexander. But it's not quite there yet. As more happens and North Broad continues to develop (and certainly if there is ever a Vine Street cap), it will be.
To some extent being on the other side of Vine is actually a plus. The Alexander is closer to a lot of the existing amenities (bars, restaurants, and Wholefoods) in that area. I used to live up in that area on Callowhill and my $.02 is that an extra minutes on the walk to work isn't worth living in a more expensive, lower quality building.

Edit: I just learned the Alexander has no 1 BR Apartments.
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  #88  
Old Posted Jan 30, 2019, 9:29 PM
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Originally Posted by Parkway View Post
To some extent being on the other side of Vine is actually a plus. The Alexander is closer to a lot of the existing amenities (bars, restaurants, and Wholefoods) in that area. I used to live up in that area on Callowhill and my $.02 is that an extra minutes on the walk to work isn't worth living in a more expensive, lower quality building.

Edit: I just learned the Alexander has no 1 BR Apartments.
I'm not comparing it to the Franklin. I agree that the Alexander is a superior building, and it's not like it's in a wasteland. Just Cathedral Square's desirability and ability to command good rents if it does a high end project. Which I perceive as greater. There are lots of bars and restaurants on the South of Vine portion of Logan Square and nearby Rittenhouse. And 4 new ones coming to CTC alone (the two Vernick places at the base and the lounge and Jean-Georges at the top of CTC).
     
     
  #89  
Old Posted Jan 30, 2019, 9:34 PM
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I'm not comparing it to the Franklin. I agree that the Alexander is a superior building, and it's not like it's in a wasteland. Just Cathedral Square's desirability and ability to command good rents if it does a high end project. Which I perceive as greater. There are lots of bars and restaurants on the South of Vine portion of Logan Square and nearby Rittenhouse. And 4 new ones coming to CTC alone (the two Vernick places at the base and the lounge and Jean-Georges at the top of CTC).
Ahhhh okay, I thought you were comparing the Franklin and the Alexander. It will also help that the 200 block of N 17th is way more inviting than the 200 block of N 16th. The back of a hospital and parking garage don't exactly scream, "come live here!"
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  #90  
Old Posted Jan 30, 2019, 9:41 PM
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Ahhhh okay, I thought you were comparing the Franklin and the Alexander. It will also help that the 200 block of N 17th is way more inviting than the 200 block of N 16th. The back of a hospital and parking garage don't exactly scream, "come live here!"
Agree!
     
     
  #91  
Old Posted Jan 30, 2019, 11:12 PM
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Development here would be huge, but not a fan of the design shown in that link. What happened to the previous design? It looked awesome.
     
     
  #92  
Old Posted Jan 31, 2019, 12:36 AM
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Originally Posted by Parkway View Post
Ahhhh okay, I thought you were comparing the Franklin and the Alexander. It will also help that the 200 block of N 17th is way more inviting than the 200 block of N 16th. The back of a hospital and parking garage don't exactly scream, "come live here!"
The 200 block of N. 16th is where the old Glaxo HQ apartment conversion is. The back of Hahnemann is the 200 block of N. 15th.

Incidentally, that massive Realen parking garage lot at the 1500 block of Vine is quickly becoming one of the better development opportunities in that part of town.
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  #93  
Old Posted Jan 31, 2019, 2:33 AM
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Originally Posted by Parkway View Post
To some extent being on the other side of Vine is actually a plus. The Alexander is closer to a lot of the existing amenities (bars, restaurants, and Wholefoods) in that area. I used to live up in that area on Callowhill and my $.02 is that an extra minutes on the walk to work isn't worth living in a more expensive, lower quality building.

Edit: I just learned the Alexander has no 1 BR Apartments.
I guess we have diverted a lot from Cathedral Square itself, so I won't continue to post on the Alexander after this. But it does have 1 BRs (and 2 studios). And you can click through and see the model and floorplan for each. It's just that none of them are available right now: https://www.apartments.com/the-alexa...ia-pa/njfrbjm/
     
     
  #94  
Old Posted Jan 31, 2019, 3:31 AM
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Originally Posted by iheartphilly View Post
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--------------------- A check on Alexander's website should show what units are up for rent so that could give you an indication on how well it is doing.

Re units for rent. I don't know if The Alexander is doing this, but its not uncommon for the management of larger projects to only 'release' a certain number of apartments for rent at any one time. I imagine they think it looks better to only show 15 units available and not 100 or whatever the real figure is.

On a project like Cathedral Square even if a developer signed on today it would still be 2 to 3 years before they'd have a finished building to rent. Having deep pockets like the Mormon Church certainly helps when it comes to making a bet on what the future market turns out to be.

Would condos have a market in this area of town? Isn't there a very high end town house project just north of The Alexander? I wonder if being close to the Cathedral would be an attraction for some of a certain faith.
     
     
  #95  
Old Posted Jan 31, 2019, 1:47 PM
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Originally Posted by City Wide View Post
Re units for rent. I don't know if The Alexander is doing this, but its not uncommon for the management of larger projects to only 'release' a certain number of apartments for rent at any one time. I imagine they think it looks better to only show 15 units available and not 100 or whatever the real figure is.

On a project like Cathedral Square even if a developer signed on today it would still be 2 to 3 years before they'd have a finished building to rent. Having deep pockets like the Mormon Church certainly helps when it comes to making a bet on what the future market turns out to be.

Would condos have a market in this area of town? Isn't there a very high end town house project just north of The Alexander? I wonder if being close to the Cathedral would be an attraction for some of a certain faith.
Yep, it's a tactic employed to give an impression one way or the other. But, before committing, a walk thru through the building more than once at different times may give a clue as to how lively and occupy the building is if that is important to the renter, but more important to a prospective condo owner.

It's nice when Mormon's can self-finance a project. The Cathedral project is still looking for investors by the developer and I would assume if they can get financing in a year or two and two years worth of construction, then you are optimistically about 4 years out or so.

I have not heard about the high end town homes you mentioned. Where are they exactly and have they started or just a proposal?
     
     
  #96  
Old Posted Jan 31, 2019, 1:53 PM
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^^He's referring to the mansions here (see below) -- phase 1 already sold out, going from around $2.65 mil to $3.65 mil (all sold out!!).

http://www.ocfrealty.com/naked-phill...ded-one-anyway

http://www.novophilly.com/
     
     
  #97  
Old Posted Jan 31, 2019, 2:01 PM
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Originally Posted by Jawnadelphia View Post
^^He's referring to the mansions here (see below) -- phase 1 already sold out, going from around $2.65 mil to $3.65 mil (all sold out!!).

http://www.ocfrealty.com/naked-phill...ded-one-anyway

http://www.novophilly.com/
Ah, I see...and thanks!
     
     
  #98  
Old Posted Jan 31, 2019, 3:34 PM
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^^He's referring to the mansions here (see below) -- phase 1 already sold out, going from around $2.65 mil to $3.65 mil (all sold out!!).
Wow, that's some serious cash for an area that's not really an area, or anyplace.
     
     
  #99  
Old Posted Jan 31, 2019, 3:40 PM
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Originally Posted by hammersklavier View Post
The 200 block of N. 16th is where the old Glaxo HQ apartment conversion is. The back of Hahnemann is the 200 block of N. 15th.

Incidentally, that massive Realen parking garage lot at the 1500 block of Vine is quickly becoming one of the better development opportunities in that part of town.
Sorry I should have been more specific, I was referring to the McGee rehab building on the northeast corner of 16th and Race.

I hope they tear down that parking garage and completely imagine the site but I have a feeling they will just build around it.
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  #100  
Old Posted Feb 1, 2019, 2:52 PM
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Sorry I should have been more specific, I was referring to the McGee rehab building on the northeast corner of 16th and Race.

I hope they tear down that parking garage and completely imagine the site but I have a feeling they will just build around it.
I believe that garage was built so as to support a building on top
     
     
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