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  #22621  
Old Posted Nov 27, 2022, 7:02 PM
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summersm343 summersm343 is offline
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I would not call this Northern Liberties... but whatever!

Northern Liberties development site approved for 7-story apartment project lists for $3.99M





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More construction could be coming to Philadelphia's hotly pursued Northern Liberties neighborhood.

A parcel of land at Spring Garden and Front streets already approved for an apartment building with ground-floor retail is being listed for $3.99 million. Pine Silverwood LLC, the owner of the property at 50 Spring Garden St., is asking $3.99 million.

“This is really just buy and build,” said Ryan McManus of Agent PHL, the property’s listing agent. “It’s a turnkey development site.”

The plans that have received approval call for a seven-story, 62-apartment building with 3,800 square feet of ground-floor retail and 3,300 square feet of amenity space including a roof deck, club room and fitness center. The building, if plans come to fruition, would have 48 one-bedroom apartments and 14 two-bedroom apartments.

McManus said he anticipates the potential buyer would likely build the project based on what’s been laid out because it already received a full 10-year tax abatement. That means taxes would be paid for the assessed value of the land, but not the building itself for 10 years. Because the tax abatement program has since changed, an alteration to those plans means the new owner wouldn’t receive as much of that incentive.
Article behind paywall here:
https://www.bizjournals.com/philadel...Pos=9#cxrecs_s
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  #22622  
Old Posted Nov 28, 2022, 12:22 PM
ScreamShatter ScreamShatter is offline
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^ aren’t they calling that area Rivers Edge?
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  #22623  
Old Posted Nov 28, 2022, 3:03 PM
PHLtoNYC PHLtoNYC is offline
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Positive trends from the latest Center City report.

Foot traffic near Philly offices more than doubled since January. Here are other takeaways from a new report on Center City.

https://www.inquirer.com/news/philad...-20221128.html

Here are five takeaways:

Foot traffic in office areas has increased more than 100% this year

Retail occupancy remains up from 2020, steady since July

More ‘digitally native’ stores are moving in

More storefronts are transforming into ‘entertainment concepts’

Outdoor dining remains strong
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  #22624  
Old Posted Nov 28, 2022, 3:51 PM
Mikieman Mikieman is offline
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A tower crane base has been installed for Amy Guttman Hall at 34th and Chestnut.
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  #22625  
Old Posted Nov 28, 2022, 5:01 PM
Mtphilly Mtphilly is offline
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Quote:
Originally Posted by PHLtoNYC View Post
Positive trends from the latest Center City report.

Foot traffic near Philly offices more than doubled since January. Here are other takeaways from a new report on Center City.

https://www.inquirer.com/news/philad...-20221128.html

Here are five takeaways:

Foot traffic in office areas has increased more than 100% this year

Retail occupancy remains up from 2020, steady since July

More ‘digitally native’ stores are moving in

More storefronts are transforming into ‘entertainment concepts’

Outdoor dining remains strong
Yes, positive but slow improvements. There is still a lot of work to do to get those pedestrian numbers back to the same as they were before the pandemic. This last 25% will be the hardest because I don’t think we are going to get that much more of an influx of office workers.
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  #22626  
Old Posted Nov 28, 2022, 7:39 PM
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Quote:
Originally Posted by Mtphilly View Post
Yes, positive but slow improvements. There is still a lot of work to do to get those pedestrian numbers back to the same as they were before the pandemic. This last 25% will be the hardest because I don’t think we are going to get that much more of an influx of office workers.
The last 25% will come from something new.

If the city can recoup it's losses via White flight back in the day, we defiantly will now in this new era of love for cities.
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  #22627  
Old Posted Nov 28, 2022, 8:37 PM
PHLtoNYC PHLtoNYC is offline
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The last 25% will come from something new.

If the city can recoup it's losses via White flight back in the day, we defiantly will now in this new era of love for cities.
The return of office workers is important, but all the more impressive if Center City recoups the last 25% with less office workers than 2019.
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  #22628  
Old Posted Nov 28, 2022, 11:51 PM
nemesisinphilly nemesisinphilly is offline
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Quote:
Originally Posted by summersm343 View Post
Northern Liberties development site approved for 7-story apartment project lists for $3.99M
Yeah I don't think this is selling any time soon. This seller bought it for 3.2 Mil in March of this year when the market was peaking and rates were low. Now that the market is plateaued at best and rates are sky high they want 700k more for it 9 months later? They didn't do anything to the property it was sold already with the same permits/approvals they have now so what is the value add?

Reminds of a property in my neighborhood of East Passyunk. Someone bought a closed restaurant in a double wide building on EPA(Tre Scalini) for 1.2 million late last year, did absolutely nothing at all to the property and then listed it for 1.8 mil in 6 months later in April of this year. Still on the market of course.
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  #22629  
Old Posted Yesterday, 4:16 PM
cardeza cardeza is offline
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Talk of two decent projects coming soon.

https://www.bizjournals.com/philadel...ings-sell.html
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  #22630  
Old Posted Yesterday, 6:10 PM
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Originally Posted by TonyTone View Post
The last 25% will come from something new.

If the city can recoup it's losses via White flight back in the day, we defiantly will now in this new era of love for cities.
Unrelated
but if you're in the area I would love to see your drone fly over FDR Park to see what the hell they're doing.

thanks
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  #22631  
Old Posted Yesterday, 6:45 PM
PHLtoNYC PHLtoNYC is offline
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I knew it would happen sooner or later. The last thing Philadelphia needs is Helen Gym as Mayor...

Helen Gym resigns from Philadelphia City Council, expected to join field of mayoral candidates
https://www.bizjournals.com/philadel...Pos=2#cxrecs_s
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  #22632  
Old Posted Yesterday, 7:23 PM
3rd&Brown 3rd&Brown is offline
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Quote:
Originally Posted by PHLtoNYC View Post
I knew it would happen sooner or later. The last thing Philadelphia needs is Helen Gym as Mayor...

Helen Gym resigns from Philadelphia City Council, expected to join field of mayoral candidates
https://www.bizjournals.com/philadel...Pos=2#cxrecs_s
These people really must hate being council members.

Seems like a pretty cush gig to me. Upside is that we get a fresh crop of council people. I will miss Domb and Green though.
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  #22633  
Old Posted Yesterday, 7:47 PM
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  #22634  
Old Posted Yesterday, 7:54 PM
McBane McBane is offline
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Hidden behind paywall so I didn't read the article. But would be great to see them add 700 units of affordable housing as opposed to public housing. We always hear about the need to add affordable housing to market rate developments and we've heard the benefits. So why not apply a similar scheme here? In any case, I thought the "lumping poor people together" model had failed. If they're just adding 700 PHA units, well I am sure that is needed, too and I'm sure they're not rehashing concepts from the 1960's.

In fact, I'd love to see more affordable high rises. Wonder if the teacher's union can fund such a project for teachers out of their pension fund as a way to diversify their investment portfolio and provide an enticement for teachers (since Philly cannot compete with suburban districts on salary or work environment). And similar projects for cops, EMS, etc.
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  #22635  
Old Posted Yesterday, 7:58 PM
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Originally Posted by McBane View Post
Hidden behind paywall so I didn't read the article. But would be great to see them add 700 units of affordable housing as opposed to public housing. We always hear about the need to add affordable housing to market rate developments and we've heard the benefits. So why not apply a similar scheme here? In any case, I thought the "lumping poor people together" model had failed. If they're just adding 700 PHA units, well I am sure that is needed, too and I'm sure they're not rehashing concepts from the 1960's.

In fact, I'd love to see more affordable high rises. Wonder if the teacher's union can fund such a project for teachers out of their pension fund as a way to diversify their investment portfolio and provide an enticement for teachers (since Philly cannot compete with suburban districts on salary or work environment). And similar projects for cops, EMS, etc.
From the article:

Quote:
The redevelopment proposal totals about 1,000 houses, in place of the 327 units that were in the towers. A spokesperson for LMXD confirmed that the units would come in a combination of low-rise “flats,” refurbished multifamily housing in the towers, and new “ground up” senior housing. LMXD states that 60% of the units will be affordable, although they did not specify how that would be measured.

“Affordable housing is not the same as low-income housing, which is what was in those towers,” Collins said. “Some of what is defined as ‘affordable’ would have been out of reach for me, and I’m an attorney.”
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  #22636  
Old Posted Yesterday, 8:47 PM
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Quote:
Originally Posted by SEFTA View Post
Unrelated
but if you're in the area I would love to see your drone fly over FDR Park to see what the hell they're doing.

thanks
I'm planning to go out this month to capture all construction shots via drone, and Christmas festivities on the ground with the Sony.

So be on the look out

Any spots people want to specifically see with the drone?
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  #22637  
Old Posted Yesterday, 9:04 PM
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^
Hey Tony
If you can, drone over both the Schuylkill River where the developments are happening and likewise, over the Delaware River covering at least from One Dock Street and North of that where some of the developments are happening. Big thanks!

Last edited by iheartphilly; Yesterday at 9:30 PM.
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  #22638  
Old Posted Yesterday, 9:26 PM
McBane McBane is offline
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Quote:
Originally Posted by Urbanthusiat View Post
From the article:
Thanks! And this is great to see.
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  #22639  
Old Posted Yesterday, 9:32 PM
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Originally Posted by 3rd&Brown View Post
These people really must hate being council members.

Seems like a pretty cush gig to me. Upside is that we get a fresh crop of council people. I will miss Domb and Green though.
Ha ha my thoughts also, as it's risky to leave a job for a maybe.
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