PHILADELPHIA | Lowrise/General Developments Thread - Page 683

Jayfar · #**13641** Posted **Mar 26, 2020, 10:29 AM**

A lot of the details you've all been looking for here:

Construction workers look to looming coronavirus shutdown and see a ‘sinking boat’ | PlanPhilly.com

bigfish · #**13642** Posted **Mar 31, 2020, 2:08 PM**

I was driving on I-95 past Fishtown/Port Richmond and I saw that the land along Beach Street immediately adjacent to Graffiti Pier was all torn up. It used to be overgrown with small trees and weeds. I know all construction is on hold due to COVID-19 however has that massive project started?

summersm343 · #**13643** Posted **Mar 31, 2020, 2:45 PM**

Big Foundation at 4th & Cecil B Moore Will Mean a New Mixed-Use Building

Read more here:
http://www.ocfrealty.com/naked-phill...d-use-building

summersm343 · #**13644** Posted **Mar 31, 2020, 2:47 PM**

Apartment building progressing at 2020 Dreer Street in East Kensington

Read more here:
http://www.ocfrealty.com/naked-phill...-dairy-project

summersm343 · #**13645** Posted **Mar 31, 2020, 2:48 PM**

A Surface Parking Lot Finally Disappears on Frankford Avenue

Read more here:
http://www.ocfrealty.com/naked-phill...ankford-avenue

summersm343 · #**13646** Posted **Mar 31, 2020, 2:49 PM**

No More Development Possible on a Small Francisville Block

2009

Today

Read more here:
http://www.ocfrealty.com/naked-phill...cisville-block

Jayfar · #**13647** Posted **Apr 1, 2020, 10:32 AM**

Coronavirus quiets the boom of Philly construction | Inquirer.com

Excerpts:

Quote:

Pennsylvania House Speaker Mike Turzai (R., Allegheny) plans to introduce a bill Friday to require the state to grant a waiver to allow all public and private construction work that can be done following social distancing and other guidelines to prevent the spread of the coronavirus.

In a letter to fellow lawmakers, Turzai said that infrastructure jobs are vital and that stopping these open-air projects “makes no sense.”

…

Quote:

Philadelphia has up to 20,000 construction jobs, and for every one of those, at least two indirect support jobs involving suppliers, engineers, architects, surveyors and others, said Leo Addimando, president of the Building Industry Association of Philadelphia, an organization of mainly residential developers. Tens of thousands of jobs are in danger of furlough or elimination during the pandemic.

Owners of construction businesses are faced with “a very personal and difficult set of decisions,” including how long a company can carry which part of the workforce and whether to cut salaries, said Addimando, founder and managing partner of Alterra Property Group, a real estate investment, development, and management company based in Philadelphia. Some companies have taken a “swift approach” and laid everyone off, he said.

"There’s been a tremendous amount of job loss already,” he said.

…

Quote:

Addimando said he thinks halting construction but granting waivers is a “smart move” for Wolf.

“It sends a strong message he believes very strongly in the health and welfare of the people of Pennsylvania, but that has to be balanced with the need for housing," Addimando said. “My understanding is that the state is looking favorably on housing as something that is essential to life in every respect.”

iheartphilly · #**13648** Posted **Apr 1, 2020, 5:08 PM**

^
This was what I was thinking for the Laurel site construction. Beside the concrete mat pour, I haven't see more than a few guys on the site doing work and they were spread out (i.e., 6 ft or more).

summersm343 · #**13649** Posted **Apr 9, 2020, 5:42 PM**

1400 Block of Germantown Avenue Continues Its Evolution

10 years ago

Today

Read more here:
http://www.ocfrealty.com/naked-phill...nues-evolution

McBane · #**13650** Posted **Apr 10, 2020, 2:04 AM**

^ Fuck gentrification! Am I right?

cardeza · #**13651** Posted **Apr 16, 2020, 12:40 PM**

Quote:

Originally Posted by McBane

^ Fuck gentrification! Am I right?

If no lived there for the last 30 years its not gentrification.

Busy Bee · #**13652** Posted **Apr 16, 2020, 1:42 PM**

^pretty sure that was blatant sarcasm pal

ScreamShatter · #**13653** Posted **Apr 16, 2020, 4:20 PM**

Looking through Zillow and see some housing price drops but not as many as I would have expected. Not sure if developers are in denial or if they just don’t know how to proceed.

Are you expecting to see home prices decrease? When do you think the current economic calamity will finally start to trickle into sale prices?

Knight Hospitaller · #**13654** Posted **Apr 16, 2020, 6:16 PM**

^ I actually saw a price increase in my daily feed, which made me pause. I just don't see how much if anything is being done under the circumstances. I think that price movement is generally predicated on market conditions, but it doesn't seem like the market is even "open." I assume that most sellers aren't going to adjust the price when the they are competing with a virus instead of other sellers.

ScreamShatter · #**13655** Posted **Apr 16, 2020, 8:11 PM**

^ Perhaps you are right. I know a couple people who bought during this time, but the purchase started before all heck broke loose.

The prices will need to go down for the general housing stock. Most of the new houses will miss the spring / summer sales season, plus all the layoffs, plus restrictions on mortgages, etc. I don’t see how these houses don’t end up getting a chunk of the value carved out of them.

Knight Hospitaller · #**13656** Posted **Apr 16, 2020, 8:50 PM**

^ I do think there will be an overall "correction" when buying and selling resume in earnest. The pool of qualified buyers is undoubtedly going to shrink to the extent that the unemployment hit isn't reversed.

Groundhog · #**13657** Posted **Apr 19, 2020, 3:24 PM**

https://www.nytimes.com/2020/04/19/u...&region=Footer

Thoughts on impact to Philly? I can see this driving people out of "big cities" to smaller less expensive markets. Any thoughts about which bucket we fall into? (The idea that $825 for an apartment in Tulsa as a good thing makes me think we're well positioned). Rents will likely drop a little, our Eds and Meds should stay stable/strong.

I think there will be a lot of unfortunately shuffling and closing of restaurants, but the demand will come back and, while it will look different, it will rebound. Thoughts?

Milksteak · #**13658** Posted **Apr 19, 2020, 6:43 PM**

Quote:

Originally Posted by Groundhog

https://www.nytimes.com/2020/04/19/u...&region=Footer

Thoughts on impact to Philly? I can see this driving people out of "big cities" to smaller less expensive markets. Any thoughts about which bucket we fall into? (The idea that $825 for an apartment in Tulsa as a good thing makes me think we're well positioned). Rents will likely drop a little, our Eds and Meds should stay stable/strong.

I think there will be a lot of unfortunately shuffling and closing of restaurants, but the demand will come back and, while it will look different, it will rebound. Thoughts?

Philly is still 'cheap' compared to its Northeast brothers....I think it will rebound and I think the allure of cities is still there. Everybody forgets that there is an entire (very) connected generation coming up after the Millennials....so even though some are heading for the burbs, they will be replaced.

As for the bigger issue of people leaving entire metro areas, I could see that becoming an issue for us. I can work from anywhere and over the past few years I've been looking into possibly leaving the entire area. Even though we're leaps and bounds cheaper than the NYC, Boston and DC metro, we're still much more expensive than most areas in the US bar a chunk of the west coast.

3rd&Brown · #**13659** Posted **Apr 19, 2020, 7:06 PM**

Quote:

Originally Posted by Milksteak

Philly is still 'cheap' compared to its Northeast brothers....I think it will rebound and I think the allure of cities is still there. Everybody forgets that there is an entire (very) connected generation coming up after the Millennials....so even though some are heading for the burbs, they will be replaced.

As for the bigger issue of people leaving entire metro areas, I could see that becoming an issue for us. I can work from anywhere and over the past few years I've been looking into possibly leaving the entire area. Even though we're leaps and bounds cheaper than the NYC, Boston and DC metro, we're still much more expensive than most areas in the US bar a chunk of the west coast.

The thing is, the parts of cities you'd want to live in are expensive everywhere...unless you're really willing to live in a tier-3 city.

Anywhere near the core of Nashville is uber expensive. I'd argue even more expensive than Philadelphia.

Austin. Ditto.

Charleston. Ditto.

Atlanta. Close.

Dallas. Close.

Minneapolis. Close.

Miami. Forgettaboudit.

New Orleans. Close.

Even liveable lower tier 2 cities like Richmond are very expensive near the core.

At the end of the day, you're talking about cities versus suburbs in general...and I can't think of the suburbs winning over any time soon.

The movement is going to be from more expensive cities to less expensive cities...but even there there's a limit.

ScreamShatter · #**13660** Posted **Apr 19, 2020, 8:20 PM**

Phillys population growth has definitely slowed. That trend already started here. And now we have the rise of WFH, the want for less density/open areas, and Tax abatements reducing. This will be a trifecta that will definitely impact the city.

Overall, I think the city is going to plateau or slightly decrease for a while. I wouldn’t be surprised if we see a shift away from center city condo/split residential unit living to an increase in popularity of the bigger new homes that have space for multi-purpose living: home gyms, roof tops, back yards, larger kitchens, dining room space, etc.