PHILADELPHIA | 1826 Chestnut Street | 585 FT | 47 FLOORS

[mcgrath618]

Super CVS!

Title: 1826 Chestnut
Architect: ?
Developer: Goodman
Location: 1826 Chestnut Street, Philadelphia, PA
District: Center City
Neighborhood: Rittenhouse Square
Floors: 46
Height: 576 FT

[TK2001]

This is definitely not 570, looks under the 567 foot tower to the south. I believe it'll be 540 feet tall

[arkitect13]

This and the other tower to the south are both next to the laurel correct? If so this area is really gonna have a huge change, im not sure how much itwill change the skyline but i think looking from U-city and/or camden you would see a decent change

[thoughtcriminal]

As I said with its neighbor, this is a nice looking building but I don't understand why they have to build it on top of an existing building. There are so many empty lots in the city that would benefit from a development like this, for one thing. For another, trying to marry the old CVS building with the new one architecturally is a difficult thing to do. The old and the new might be able to coexist side by side but less successfully top and bottom. I'll refer again to the Hearst building in New York as an example of this as an odd and unsuccessful pairing of old and new.

[summersm343]

Build it! Amazing

A 500+ footer, directly next to a 500+ footer, both of which are directly around the corner from another 500+ footer. Yes please!

[Knight Hospitaller]

Originally Posted by thoughtcriminal

As I said with its neighbor, this is a nice looking building but I don't understand why they have to build it on top of an existing building. There are so many empty lots in the city that would benefit from a development like this, for one thing. For another, trying to marry the old CVS building with the new one architecturally is a difficult thing to do. The old and the new might be able to coexist side by side but less successfully top and bottom. I'll refer again to the Hearst building in New York as an example of this as an odd and unsuccessful pairing of old and new.

I'm not horrified by the idea of the CVS overbuild, but I agree that it's a curious move when there's an empty lot right behind Holy Trinity at 20th & Arch, which would provide better view of the square. The Rittenhouse garage on the other corner is a good candidate for replacement with a tower as well.

[Urbanthusiat]

Pearl must be pissed lol

[rb233541]

I agree that there are plenty of lots that are deserving of redevelopment (see, e.g., gas station on Walnut), but they can't develop what they don't own. They own the CVS. Anyway, the renderings are promising, and I think it could end up being a great project.

[iheartphilly]

^
and why spend money on a parking lot or another piece of land when that money can be put into the construction of the bldg. and it's a win for CVS too. that location is one of their most profitable in the region.

[Nanyika]

My "secret" wish used to be that someday they would restore the building as a theater, especially after the Boyd was largely demolished. But I knew, of course, that that was virtually an impossibility. So as an alternative, it seems to me that this idea works very well. It appears that the marriage of the tower with the old theater as a base would be more seamless than, for instance, with the Hearst Building in New York. The main "problem" seems to be that it is so close to the proposed tower to the south. From a distance, they are liable to look like one wide slab of a building, rather than two rather thin towers. And residents, rather than having a view of the Square, will be looking into the bedroom windows of the tower next door.

[thoughtcriminal]

Originally Posted by Nanyika

And residents, rather than having a view of the Square, will be looking into the bedroom windows of the tower next door.

It depends - they could arrange it so that the elevator / stair core is facing the adjacent building. Off-center cores are not unheard of - the new Comcast building and the old PSFS building have them. it's not ideal structurally, but there are ways to mitigate those issues. the real estate is too valuable to restrict residents' views that way. it also depends on whether these are rental apartments or condos - is there any word about that? from the renderings they look like rentals, but it's hard to tell.

[SEFTA]

I sincerely doubt the CVS will remain. They own the building and probably don't care about CVS.
I have to assume that the building's facade was protected for them to spend the money to keep it. I'm glad they did. It's beautiful.
I love this project. Rittenhouse Square is Philly's W 57th Street.
I wish there were more info.
Isn't that odd?

Also odd is why this pic is cut off.

1826 Chestnut Street 12-3-20 b

[iheartphilly]

^
I can't find the article, but it said CVS will temporary move out to a space nearby during construction but after construction, they will move back in. CVS has been in that location for over 20+ yrs. I doubt Goodman will boot them out and a prime location like this is usually locked up with a really long term lease signed by both parties. For Goodman, its guaranteed rent from a company that can pay.

[gjrip]

I was not expecting so much activity when I logged on today, but damn we're on fire over here. Build it!!

[City Wide]

All this is very interesting, and would be great if it gets built. Is there any strong reason to think that it will be built? There has certainly been and mad dash to get plans and paperwork into the City's permitting system before the end of the year so a project can claim the 10 year tax abatement, but besides that it just seems highly doubtful that 3 or 4 major residential towers within several blocks of each other will all break ground next year. If it happens it'll be fine with me, but these towers are just in addition to the ones near the Delaware River and Society Hill and other areas in and around CC that are also pushing the end of year permitting clock. (never mind the ones under construction already)

Somebody should come up with a lottery where we can guess which ones get built. Prize, a free tour of a construction site?

I don't believe the present building is protected and it wouldn't be very high on my list. If built, I think saving the front would add all sorts of problems and expense, like how would the builders access the lot to dig out any basement and to put in the foundations, and most likely it would mean closing the sidewalks at that very busy corner for 3 years.

Plus, the CVS space after the building is finished would be much different then the existing, as a large core with elevation shafts and 2 fire exits staircases, including direct access to the street or alleyway, would be required, along with the usual lobby and related spaces (mail room, trash, loading docks, etc.) for the apartments. And is the usual CVS 'look' what you want in a new fancy highrise apartment tower?

If both this building and the one just south get built at the same time I wonder if they could work together to keep public right of way and related problems to a minimum. Maybe they could share certain spaces, like one larger exercise and pool area, instead of two undersized spaces.

[PHLtoNYC]

Originally Posted by City Wide

All this is very interesting, and would be great if it gets built. Is there any strong reason to think that it will be built? There has certainly been and mad dash to get plans and paperwork into the City's permitting system before the end of the year so a project can claim the 10 year tax abatement, but besides that it just seems highly doubtful that 3 or 4 major residential towers within several blocks of each other will all break ground next year. If it happens it'll be fine with me, but these towers are just in addition to the ones near the Delaware River and Society Hill and other areas in and around CC that are also pushing the end of year permitting clock. (never mind the ones under construction already)

Somebody should come up with a lottery where we can guess which ones get built. Prize, a free tour of a construction site?

I don't believe the present building is protected and it wouldn't be very high on my list. If built, I think saving the front would add all sorts of problems and expense, like how would the builders access the lot to dig out any basement and to put in the foundations, and most likely it would mean closing the sidewalks at that very busy corner for 3 years.

Plus, the CVS space after the building is finished would be much different then the existing, as a large core with elevation shafts and 2 fire exits staircases, including direct access to the street or alleyway, would be required, along with the usual lobby and related spaces (mail room, trash, loading docks, etc.) for the apartments. And is the usual CVS 'look' what you want in a new fancy highrise apartment tower?

If both this building and the one just south get built at the same time I wonder if they could work together to keep public right of way and related problems to a minimum. Maybe they could share certain spaces, like one larger exercise and pool area, instead of two undersized spaces.

Since The Laurel and Arthaus are already well underway, my money would be on the Pearl properties proposal a few doors down, they usually mean business.

[Londonee]

Originally Posted by City Wide

All this is very interesting, and would be great if it gets built. Is there any strong reason to think that it will be built? There has certainly been and mad dash to get plans and paperwork into the City's permitting system before the end of the year so a project can claim the 10 year tax abatement, but besides that it just seems highly doubtful that 3 or 4 major residential towers within several blocks of each other will all break ground next year. If it happens it'll be fine with me, but these towers are just in addition to the ones near the Delaware River and Society Hill and other areas in and around CC that are also pushing the end of year permitting clock. (never mind the ones under construction already)

Somebody should come up with a lottery where we can guess which ones get built. Prize, a free tour of a construction site?

I don't believe the present building is protected and it wouldn't be very high on my list. If built, I think saving the front would add all sorts of problems and expense, like how would the builders access the lot to dig out any basement and to put in the foundations, and most likely it would mean closing the sidewalks at that very busy corner for 3 years.

Plus, the CVS space after the building is finished would be much different then the existing, as a large core with elevation shafts and 2 fire exits staircases, including direct access to the street or alleyway, would be required, along with the usual lobby and related spaces (mail room, trash, loading docks, etc.) for the apartments. And is the usual CVS 'look' what you want in a new fancy highrise apartment tower?

If both this building and the one just south get built at the same time I wonder if they could work together to keep public right of way and related problems to a minimum. Maybe they could share certain spaces, like one larger exercise and pool area, instead of two undersized spaces.

From what I've heard - borrowing money is basically free now - so these developers all have wide-eye-balls and are cash grabbing left and right while the rates are so historically low knowing that these buildings have a 2-3 year timeline that's not affected at all by COVID. It's kind of a once in a lifetime opportunity for these guys to cheaply build out their portfolio.

[allovertown]

Originally Posted by Londonee

From what I've heard - borrowing money is basically free now - so these developers all have wide-eye-balls and are cash grabbing left and right while the rates are so historically low knowing that these buildings have a 2-3 year timeline that's not affected at all by COVID. It's kind of a once in a lifetime opportunity for these guys to cheaply build out their portfolio.

This.

And also, as this year has shaken out, covid has of course been devastating and has negatively affected the economy in a way that touches just about everything. But in general, the people that want to live in places like this are largely still employed, working from home, saving money because there is nothing to do, and spending so much time in their homes has plenty of people looking for an upgrade and/or some room to expand their living space.

If your retail estate portfolio contains a lot real estate and business properties, you're in the ninth circle of hell. But, residential? Especially higher end residential? You're probably feeling pretty good.

A lot of people projected residential real estate to crater in philly as people fled the city, but in general, the opposite has happened. It hasn't boomed as big as the surrounding suburbs, but prices certainly haven't dropped either.

There is still a lot of uncertainty and the bottom could fall out if vaccine rollout isn't as successful as anticipated and this drags on longer than expected. So if you're especially risk averse, this isn't your time. But I suspect the proposals we are seeing are serious proposals and have a pretty good chance of happening considering the fact that financing is much less of a question mark than it usually is.

[JohnIII]

First I say built it

Second I say that if we have 3 buildings over 550' in a 2 block radius that is great

Third consider what this means
Philadelphia still has energy in a self imposed economic hardship of a global pandemic; which is telling for the amount of energy that is in Philadelphia right now and if we play our cards right this may just last a good while. Philadelphia has a history of having booms and then economic downturns wreck plans; the earlier case was the plans for the what is now Schuylkill Banks in the 1920's and the Parkway; the most recent case being the American Commerce Center. If we can keep this boom going now Philadelphia may actually take off even more post 2021-2022. Mark my words

Fourth and lastly these projects including 1826 Chestnut add bulk; views from 40th and Chestnut in the west; Camden in the East; and from the South Street Bridge will be enhanced. Friends; there was a time not long ago when a 50 story building for Philadelphia was unheard of; but now think of it; Philadelphia has had so much energy in the last few years or decades that now you can build a 50 story building and not see it. These buildings won't be visible from Fishtown; or Port Richmond; and maybe marginally so from Germantown or Temple University.

I end this with two questions. When will see a 500' in Sckuylkill Banks/30th Street? Will we ever see condos reaching 700'? If this energy keeps going; give it a decade and we just may.

[SEFTA]

Different proposals in immediate area (red)
under construction (blue)
TIGHT!

Shown with 1810 Chestnut, 1826 Chestnut, 1620 Sansom, 115 19th. and 212 Chestnut. (red)

Rittenhouse Square N