PHILADELPHIA | Highrise Development Thread X

[mcgrath618]

Originally Posted by MadhattersLT

I have a legit question about development in the city, not trying to have it become too political though ������. From the announcement of a Larger Project let’s say in the city, one could assume it has been in the works for a while. Then after it’s announced there’s sometimes many years before any movement. Why is that? If someone has put money out to acquire land and pay for engineering and architectural firms to come up with a plan hasn’t the demand been present for those moves to occur in the first place?? In Philly what’s the hold up with a lot of projects? Zoning, Unions, City government? PMC is an obvious exception to the example. Office Buildings I understand to an extent with signing a Tenant but residential buildings I don’t understand it as much. The demand is clearly there.

It's not always the case. Projects like 1620 Sansom, 418 Spring Garden, etc. all got started pretty much the second they could. A lot of it is just waiting for the best time to get a construction loan.

Larger projects like the Comcast Technology Center, the Penn's Landing Cap, etc. all were announced before they were shovel ready in order to drum up public interest, for various reasons.

[TK2001]

Rest in Peace Eugene Kohn

[summersm343]

RIP. Great architect. BNY Mellon and most recently, Arthaus.

[mcgrath618]

Originally Posted by summersm343

RIP. Great architect. BNY Mellon and most recently, Arthaus.

Oh, man. Didn't realize that was them. Arthaus is great.

[jaysb]

Interesting Article on Highrise-to-residential conversions with some good Philly references

https://www.nytimes.com/interactive/...nversions.html

[Jayfar]

Originally Posted by jaysb

Interesting Article on Highrise-to-residential conversions with some good Philly references

https://www.nytimes.com/interactive/...nversions.html

Here’s a shareable gift link good for 13 days for the paywall-challenged: https://www.nytimes.com/interactive/...smid=url-share

I had posted this yesterday at P.I.C.H. ;-)

[summersm343]

Hey all!

Check out my "Philadelphia 2022 – Charm Around Every Corner (Part 4 - The Finale)" photo thread.

It's now up and live here:
https://skyscraperpage.com/forum/sho...85#post9893285

[jaysb]

Originally Posted by summersm343

Hey all!

Check out my "Philadelphia 2022 – Charm Around Every Corner (Part 4 - The Finale)" photo thread.

It's now up and live here:
https://skyscraperpage.com/forum/sho...85#post9893285

Great shots! Halloween feels so long ago...yet its still cold outside!

[summersm343]

Originally Posted by jaysb

Great shots! Halloween feels so long ago...yet its still cold outside!

Thank you! I know... seriously haha! Spring is on the way though

[summersm343]

Philadelphia cracks top 5 for closed VC deals in 2022 behind continued investment from Silicon Valley

Continued investment from the Bay Area and New York helped put Philadelphia among the five most active regions for VC deals in 2022, trailing only the nation's deep-rooted tech hubs.

After a 2021 that was largely looked at as an outlier with big money deals — and a lot of them — following strong capital markets, 2022 was a recalibration of sorts for the startup community. Philadelphia was no different. Total funding dropping 31% year-over-year and deal count dropped 10% from 2021, according to a new report from Philadelphia Alliance for Capital and Technologies (PACT) in collaboration with Pitchbook. However, the Philadelphia region showed a "resilience" in the face of uncertain macroeconomic conditions, said PACT CEO Dean Miller.

"Hitting fifth is a big deal," Miller said. "It doesn’t mean we’ve arrived and we're here to stay because every year you reassess and determine where you are, but hitting fifth is a big monument and we recognize it as a good mark of Philadelphia’s continued evolution for innovation and entrepreneurship."

Venture funding going to Philadelphia-area startups totaled $5.2 billion across 492 deals last year. The total number of deals beat out the likes of Austin and Seattle, and trailed only San Francisco/Silicon Valley, New York, Los Angeles and Boston. Venture capital firms based in those massive startup ecosystems also continued to take notice and invest in Philadelphia.

"It means that Philadelphia is on the radar of those places to invest, and that is an important element," Miller said. "With the exception of Silicon Valley, New York and Boston, most communities are net importers of capital. Philadelphia is no stranger to that. When you talk about the portability of capital, which it is, Philadelphia is a point of attraction. Those investors call us, call me, and they're increasingly focused on the next top companies they should be paying attention to in the Philadelphia area."

Read more here:
https://www.bizjournals.com/philadel...p-funding.html

[SEFTA]

Alterra Property Group's planned purchase of 1701 Market St. falls through
"The Philadelphia developer was under contract to buy the 18-story Center City office building and convert it into apartments."


1701 Market Street conversion by

https://www.bizjournals.com/philadel...RXN0d62psXoSNY

[PHL10]

Help me out with this one please as I'm drawing a blank. 32nd and Walnut (across the tracks from the ice rink and adjacent to the Palestra).

[iheartphilly]

Originally Posted by PHL10

Help me out with this one please as I'm drawing a blank. 32nd and Walnut (across the tracks from the ice rink and adjacent to the Palestra).

Project in-progress from a $50 million dollar gift from a donor:

Vagelos Institute for Energy Science and Technology and the Vagelos Integrated Program in Energy Research (VIPER).

[mja]

Originally Posted by PHL10

Help me out with this one please as I'm drawing a blank. 32nd and Walnut (across the tracks from the ice rink and adjacent to the Palestra).

[PHLtoNYC]

Philly and developer are on brink of a deal on future of UC Townhomes

https://www.inquirer.com/news/univer...-20230320.html

The owner of the site, IBID Associates, is close to reaching a settlement with the City of Philadelphia that would secure a portion of the land for a new affordable housing development. A fund would also be established to provide resources to the 69 displaced households for their housing needs. Most of the tenants have already left the site, according to IBID.

The judge overseeing the case still needs to sign off on any settlement before it becomes final. Parties on both sides hope he will do so in the coming weeks.

Major University City institutions, including the University of Pennsylvania and Drexel University — along with IBID — would help provide $3.5 million for the displaced tenants, or $50,000 per family. The fund would be administered by a non-profit third party.

The life sciences real estate market has cooled substantially since the debate over the future of University City Townhomes began in 2021, which may complicate the plan for a new complex built speculatively for the sector. But the site is on the edge of the University of Pennsylvania’s campus, with easy transit access to Center City, and will likely remain exceedingly marketable — if the zoning changes at the heart of the lawsuit are altered.

[PHL10]

Thanks mja and iheartphilly!

[mcgrath618]

Originally Posted by PHLtoNYC

Philly and developer are on brink of a deal on future of UC Townhomes

https://www.inquirer.com/news/univer...-20230320.html

The owner of the site, IBID Associates, is close to reaching a settlement with the City of Philadelphia that would secure a portion of the land for a new affordable housing development. A fund would also be established to provide resources to the 69 displaced households for their housing needs. Most of the tenants have already left the site, according to IBID.

The judge overseeing the case still needs to sign off on any settlement before it becomes final. Parties on both sides hope he will do so in the coming weeks.

Major University City institutions, including the University of Pennsylvania and Drexel University — along with IBID — would help provide $3.5 million for the displaced tenants, or $50,000 per family. The fund would be administered by a non-profit third party.

The life sciences real estate market has cooled substantially since the debate over the future of University City Townhomes began in 2021, which may complicate the plan for a new complex built speculatively for the sector. But the site is on the edge of the University of Pennsylvania’s campus, with easy transit access to Center City, and will likely remain exceedingly marketable — if the zoning changes at the heart of the lawsuit are altered.

Yay! Extortion works!

[chimpskibot]

Originally Posted by mcgrath618

Yay! Extortion works!

This feels like kicking the can down the road and more than likely the UC townhome residents will be in for a rude awakening when the AMI calculations price them out of this affordable housing. A tale as old as time. If the city truly cared about them they would put them at the top of any subsidized housing waitlists or Not have blocker the 70 additional deeply affordable units in west Philly over parking concerns.

https://whyy.org/articles/why-is-wes...rking-lot/amp/

[AnEmperorPenguin]

I think if Gauthier cared about the residents she would have simply accepted the deal that was offered months ago for the residents to get housing instead of holding up the process so she could get another lot for the city to keep vacant.

[TK2001]

Philadelphia skyline aerial by Philly SkyGuy, on Flickr
Guess who's back
Back again
Tommy's back
Tell a friend