PHILADELPHIA | Lowrise/General Developments Thread II

[summersm343]

Construction Complete At 222 North 11th Street In Chinatown





Read/view more here:
https://phillyyimby.com/2024/02/38259.html

[summersm343]

Permits Issued For 3932-36 Mount Vernon Street In Mantua

Permits have been issued for the construction of a four-story, 14-unit residential building at 3932-36 Mount Vernon Street in Mantua, West Philadelphia. The development will replace a vacant lot on the south side of the block between North 39th Street and Union Street. Designed by the Scale Design Group, the structure will span 16,749 square feet and feature a basement. Permits list Kumas Homes as the contractor.

Construction costs are listed at $265,000. Permits allocate $250,000 toward general construction and $15,000 for excavation work.

Read/view more here:
https://phillyyimby.com/2024/02/perm...ladelphia.html

[summersm343]

Construction Complete At 300 Christian Street In Queen Village





Read/view more here:
https://phillyyimby.com/2024/02/cons...ladelphia.html

[summersm343]

Permits Issued For 43-Unit Building At 2017-21 Eastburn Avenue In West Oak Lane

Permits have been issued for the construction of a four-story, 43-unit apartment building at 2017-21 Eastburn Avenue in West Oak Lane, Northwest Philadelphia. The building will rise from a large vacant lot situated on the north side of Eastburn Avenue. The structure will span 44,501 square feet and feature a roof deck. Permits list Scott Woodruff as the design professional and AIMES LLC as the contractor.

Construction costs are specified at $2.5 million per square foot, which lends a cost of $56 per interior square foot.

Read/view more here:
https://phillyyimby.com/2024/02/perm...ladelphia.html

[summersm343]

Construction Approaches Halfway Point At 1000 Spring Garden Street In Callowhill







Read/view more here:
https://phillyyimby.com/2024/02/cons...ladelphia.html

[summersm343]

In era of hybrid work, Post Bros. plans office building in a neighborhood with thousands of new homes

The Post Bros. development group is planning a new office building across from the Piazza and next to Liberties Walk in Northern Liberties.

“We’re talking to big defense or pharmaceutical companies that have offices in the region and employ a lot of [younger] engineers,” said Michael Pestronk, CEO and cofounder of Post Bros. “Their impression is that this is the neighborhood where a lot of those employees want to live, so they want to be here too.”

Pestronk says discussions with prospective tenants for the proposed building at 1022-1030 N. Second St. are going well, but they don’t yet have any leases to announce. Post Bros. thinks it can get a deal inked in the first half of this year, with the goal of breaking ground in 2025.

According to Pestronk, the company will only move forward if tenants are secured for a majority of the building. The goal is to have one or two major users, not a multi-tenant office building.

Post Bros. plans an eight- to 12-story building, of about 164,000 square feet, with about 15,000 square feet of retail. Parking would be provided on site, either underground or in some other way that wouldn’t be visible from the street.

Pestronk said some details, like the amount of parking, will depend on the tenants. He also emphasized that they haven’t brought the concept to neighborhood groups yet, so aspects of the building could change based on feedback.

The company has two different design concepts: a simpler design with cheaper rents, and a higher-end, more expensive model. He said they took inspiration in their designs from Google’s building at Canary Wharf in London and Starwood Capital’s new offices in Miami.

Read/view more here:
https://www.inquirer.com/real-estate...-20240215.html

[summersm343]

Levain Bakery from New York plans first Philadelphia store in Center City

A popular New York bakery brand known for its large cookies is looking to enter the Philadelphia market.

Levain Bakery plans to open its first location in the region at 1516-1518 Walnut St. in Rittenhouse Square. The ground-floor space has been long-vacant and was most recently home to custom suit, shirt and tuxedo maker My.Suit.

In addition to its cookies, which are available for shipping nationwide starting at $29 for a four-pack, Levain Bakery also sells bread, pastries, coffee and teas. The brand has 14 locations around the country, including eight stores in New York, with another in the works, as well as one in Boston, one in Maryland, one in Washington, D.C., one in Los Angeles and two in Chicago, according to its website.

To open at its proposed Walnut Street location, Levain will go before the Zoning Board of Adjustment on April 10 to receive special exception approval. Prior to doing so, the 29-year-old company shared its plans for its prospective Philadelphia store during a Tuesday meeting of the Center City Residents Association's Zoning Committee.

[summersm343]

Navy Yard residential project update

Construction is moving along - and upward - on the the new residential project at the Navy Yard. Upon its scheduled completion in the fall of 2025, the mixed-use development will consist of more than 600 luxury, market-rate, and affordable housing units along with a variety of retail space and amenities. The new residential units will make the Navy Yard a 24/7 campus and Philadelphia's newest neighborhood.

https://www.facebook.com/TheNavyYard

[bigfish]

I was at Broad and Erie yesterday in the middle of the day and noticed that no work has been done on the Beury Building for a while and nobody on site. Does anyone know the status?

[cardeza]

Originally Posted by bigfish

I was at Broad and Erie yesterday in the middle of the day and noticed that no work has been done on the Beury Building for a while and nobody on site. Does anyone know the status?

developer ran into issues and sold it from what i read. Nothing has happened in 2 years or so. It remains an eyesore and there have been no updates indicating the project will move fwd

[bigfish]

Originally Posted by cardeza

developer ran into issues and sold it from what i read. Nothing has happened in 2 years or so. It remains an eyesore and there have been no updates indicating the project will move fwd

Damn thanks for the update. It is such a beautiful building but in really bad shape. Much worse than the Divine Lorraine ever was. I would hate to see it be demolished. If it were renovated it could really anchor the whole area.

[Radio5]

Originally Posted by cardeza

developer ran into issues and sold it from what i read. Nothing has happened in 2 years or so. It remains an eyesore and there have been no updates indicating the project will move fwd

Wait, so Shift Capital sold it, or they bought it? Seems like it's still on their site. Up until 2023 there's articles with them involved.

[skyhigh07]

Originally Posted by Radio5

Wait, so Shift Capital sold it, or they bought it? Seems like it's still on their site. Up until 2023 there's articles with them involved.

I remember reading this article a year ago. I don’t think this project is completely dead but probably just slowed down considerably like other projects in the city right now due to financing etc

North Philly’s Beury Building inks agreement for jobs and training, as plans for hotel move forward

https://billypenn.com/2023/01/26/beu...jobs-training/

[cardeza]

Originally Posted by Radio5

Wait, so Shift Capital sold it, or they bought it? Seems like it's still on their site. Up until 2023 there's articles with them involved.

My bad, I was getting it confused with this story about blumenfled losing control of Divine Lorraine and other properties.

https://www.inquirer.com/real-estate...-20231110.html

So really there appears to be no new info about why this project has stalled but work stopped a long time ago.

[UrbanRevival]

Say what you will about retail in Philly, but it's extremely resilient in the face of insane challenges over the past several years. Vacancy is now at a record low:

As Pandemic Effect Rolls On, So Do Increases In Philly Vacancies — With One Exception

...

As of the first quarter, Philadelphia’s overall retail vacancy declined 0.4% from Q1 2020 to an overall 4.2% vacancy rate, according to a CoStar analysis.

...

Philadelphia retailers remained resilient even as interest rates increased and retail theft nudged up. Philadelphia retail’s vacancy rate represents the lowest level since CoStar began recording that data in 2006.

https://www.bisnow.com/philadelphia/...ncrease-123178

Coming as a shock to no one, office, multifamily and industrial still have higher than pre-pandemic vacancy, but the industrial and multifamily vacancy are because of MUCH more supply. The takeaway is that the 29,000 multifamily units have been absorbed over the past four years (which tracks with increasing retail demand).

[SEFTA]

I'm worried about Macys.
With Macys closing more stores and that horrific stabbing

[PHLtoNYC]

Originally Posted by SEFTA

I'm worried about Macys.
With Macys closing more stores and that horrific stabbing

Macy's plans to close ~150 underperforming stores over the next 2 years, including the massive downtown San Fran store (a huge blow for San Fran). The CC Macy's has historically been a high performing store, the lease is thru 2027, and they don't own the building, so I would be shocked if the CC Macy's closed.

The only Macy's in the area that I think will close is in Concord Mall (just over the DE/PA border). That mall is down the toilet and Macy's is exiting struggling malls.

On a positive note, Bloomingdale's (Macy's higher-end strong performer) is looking to add ~15 stores in the coming years, mostly small concept, but maybe they will consider Center City (in addition to the oulet).

[cardeza]

pierce college building conversion

https://www.bizjournals.com/philadel...partments.html

[SEFTA]

Originally Posted by PHLtoNYC

Macy's plans to close ~150 underperforming stores over the next 2 years, including the massive downtown San Fran store (a huge blow for San Fran). The CC Macy's has historically been a high performing store, the lease is thru 2027, and they don't own the building, so I would be shocked if the CC Macy's closed.

The only Macy's in the area that I think will close is in Concord Mall (just over the DE/PA border). That mall is down the toilet and Macy's is exiting struggling malls.

On a positive note, Bloomingdale's (Macy's higher-end strong performer) is looking to add ~15 stores in the coming years, mostly small concept, but maybe they will consider Center City (in addition to the oulet).

Thank you
I knew someone here would know

[Redddog]

Originally Posted by PHLtoNYC

Macy's plans to close ~150 underperforming stores over the next 2 years, including the massive downtown San Fran store (a huge blow for San Fran). The CC Macy's has historically been a high performing store, the lease is thru 2027, and they don't own the building, so I would be shocked if the CC Macy's closed.

The only Macy's in the area that I think will close is in Concord Mall (just over the DE/PA border). That mall is down the toilet and Macy's is exiting struggling malls.

On a positive note, Bloomingdale's (Macy's higher-end strong performer) is looking to add ~15 stores in the coming years, mostly small concept, but maybe they will consider Center City (in addition to the oulet).

I sure hope you're right. It's impossible to understate the importance of Macy's to Market East. It would be a crushing blow.