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  #1461  
Old Posted Mar 26, 2020, 12:21 AM
allovertown allovertown is offline
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Originally Posted by iheartphilly View Post
Hopefully the Laurel applies for an exemption. There's never more than 4-6 people on the job site according to the webcam. The nature of the current work seems at a distance.
What possible need is there for the Laurel to continue construction?
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  #1462  
Old Posted Mar 26, 2020, 1:06 PM
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What possible need is there for the Laurel to continue construction?
Delete.
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  #1463  
Old Posted Mar 31, 2020, 3:56 PM
arkitect13 arkitect13 is offline
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What possible need is there for the Laurel to continue construction?
I have no idea personally their might be something with jobs and keeping people employed, but it still seems somewhat risky
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  #1464  
Old Posted Apr 3, 2020, 9:49 PM
Raymond LuxuryYacht Raymond LuxuryYacht is offline
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Originally Posted by arkitect13 View Post
I have no idea personally their might be something with jobs and keeping people employed, but it still seems somewhat risky
It seems that construction workers could still perform their jobs on an open air construction site and still minimize their risk to infection. it’s not like they work in an enclosed environment and they wear work gloves too. I don’t see much of a reason why they couldn’t continue to work.
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  #1465  
Old Posted Apr 5, 2020, 6:07 PM
jsbrook jsbrook is offline
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Arthaus has supposedly sought a waiver. Don't know about Laurel, but I wouldn't be surprised. We'll see if either gets it.
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  #1466  
Old Posted Apr 7, 2020, 5:09 PM
Londonee Londonee is offline
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Originally Posted by jsbrook View Post
Arthaus has supposedly sought a waiver. Don't know about Laurel, but I wouldn't be surprised. We'll see if either gets it.
Hopefully these can at least get built - I'm worried we're going to see a bunch of unfinished holes across the city that won't be filled for a long while during a pretty disruptive recession (depression) that we're steering towards. I mean, the luxury market for $2mm+ condos can't be searing hot at the moment - and probably won't be any time in the near future.
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  #1467  
Old Posted Apr 7, 2020, 6:35 PM
allovertown allovertown is offline
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Originally Posted by Londonee View Post
Hopefully these can at least get built - I'm worried we're going to see a bunch of unfinished holes across the city that won't be filled for a long while during a pretty disruptive recession (depression) that we're steering towards. I mean, the luxury market for $2mm+ condos can't be searing hot at the moment - and probably won't be any time in the near future.
I'm not sure how this all works but they were already loaned the money, right? And they've likely already spent a considerable portion of it. Unless they're able to return custom glass curtain orders and shit like that, this thing seems like it is kind of already in motion. Seems like it would be difficult to just stop on a dime. I would think it world be the type of thing that would only happen if they just didn't have the money to proceed.

Assuming they can proceed, at this point it seems like their best path forward would still be to just press on with construction when they can and hope the economy is able to rebound quickly after there is a vaccine.

I mean, maybe they reconfigure the layout or finishings a bit and try to make more affordable units. But generally I feel like projects already under construction have little choice but to just finish up and hope for the best. Projects that haven't started yet though? Yea I'd be worried about ALL of those.
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  #1468  
Old Posted Apr 7, 2020, 7:00 PM
Londonee Londonee is offline
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Originally Posted by allovertown View Post
I'm not sure how this all works but they were already loaned the money, right? And they've likely already spent a considerable portion of it. Unless they're able to return custom glass curtain orders and shit like that, this thing seems like it is kind of already in motion. Seems like it would be difficult to just stop on a dime. I would think it world be the type of thing that would only happen if they just didn't have the money to proceed.

Assuming they can proceed, at this point it seems like their best path forward would still be to just press on with construction when they can and hope the economy is able to rebound quickly after there is a vaccine.

I mean, maybe they reconfigure the layout or finishings a bit and try to make more affordable units. But generally I feel like projects already under construction have little choice but to just finish up and hope for the best. Projects that haven't started yet though? Yea I'd be worried about ALL of those.
It certainly wouldn't be the first time that half finished projects stalled out due to crazy economic conditions... supply chains are getting shredded, developers are starting to bleed money across all of their earning avenues. Frankly, I'm not sure there's much of a precedent to the shit storm we're about to head into - but I do appreciate optimism. Here's hoping...
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  #1469  
Old Posted Apr 7, 2020, 7:40 PM
reparcsyks reparcsyks is offline
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Originally Posted by Londonee View Post
It certainly wouldn't be the first time that half finished projects stalled out due to crazy economic conditions... supply chains are getting shredded, developers are starting to bleed money across all of their earning avenues. Frankly, I'm not sure there's much of a precedent to the shit storm we're about to head into - but I do appreciate optimism. Here's hoping...
I remember reading an article that the Society Hill Towers were barely leased after they were constructed. In the article they mentioned that the developer hired a few neighborhood teens to turn on the lights in the units in the evening so that it seemed like there was human activity in the towers. I know these are different times/circumstances , but I’m hoping these towers are completed even if the units don’t lease right away.
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  #1470  
Old Posted Apr 7, 2020, 8:30 PM
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Originally Posted by reparcsyks View Post
I remember reading an article that the Society Hill Towers were barely leased after they were constructed. In the article they mentioned that the developer hired a few neighborhood teens to turn on the lights in the units in the evening so that it seemed like there was human activity in the towers. I know these are different times/circumstances , but I’m hoping these towers are completed even if the units don’t lease right away.
They'll be completed - the money has already been committed and construction loans closed on. Labor and materials will be what will stall development, not the funding. But ultimately more money will be lost by stalling than completing as they are already above ground, so they'll be finished at some point. They'll want to be delivering these buildings once the economy is turning around - not after.
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  #1471  
Old Posted Apr 7, 2020, 9:36 PM
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Originally Posted by Urbanthusiat View Post
They'll be completed - the money has already been committed and construction loans closed on. Labor and materials will be what will stall development, not the funding. But ultimately more money will be lost by stalling than completing as they are already above ground, so they'll be finished at some point. They'll want to be delivering these buildings once the economy is turning around - not after.
The best/worst example of stalled construction was the Rittenhouse Hotel, right across from the Laurel. It was finally completed in 1989, 17 years after site prep began. They actually ended up tearing out the original plumbing fixtures to replace with newer ones.

See this 1986 clippings from the Inquirer (free zoomable full page view by clicking on image in upper right of clipping page):
https://www.newspapers.com/clip/4820...hotel-project/

(continued)
https://www.newspapers.com/clip/4820...hotel-project/


Excerpt: Site clearing and underground construction for Rittenhouse Towers began in 1972, but the project was shut down in 1974 because of market and financing problems. Construction resumed in 1980 after Wolgin secured new financing, but work halted again late in 1982 because of more money problems. In 1983 the Bank of America and Wolgin filed countersuits that ended early last year with a settlement that put Rit tenhouse Towers into the bank's hands. Greenwood Group bought the building in September. Raymond Weisbein said the building's acquisition and completion would cost Greenwood Group about $75 million, but he expects the finished building to be worth about $110 million. "I feel badly for Wolgin," Weisbein said. "He's done good things for Philadelphia. But I feel good for me." Reiff, who has spent more than half his professional life working on the Rittenhouse project, has mixed emotions. "I'm almost afraid to complete it," he said. "I'm afraid I'm going to die.
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  #1472  
Old Posted Apr 8, 2020, 2:18 PM
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Originally Posted by Londonee View Post
Hopefully these can at least get built - I'm worried we're going to see a bunch of unfinished holes across the city that won't be filled for a long while during a pretty disruptive recession (depression) that we're steering towards. I mean, the luxury market for $2mm+ condos can't be searing hot at the moment - and probably won't be any time in the near future.
Yes. I feel fairly certainly that some buyers will use the drop-dead completion date in their contracts to pull out and get their deposit back. In fact, I actually know some who have said they intend too. Not for Arthaus or Laurel but for similar $2 MM+ projects in more boutique buildings that are currently stalled by the construction shutdown.
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  #1473  
Old Posted May 15, 2020, 11:35 PM
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  #1474  
Old Posted May 16, 2020, 11:17 AM
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Arthaus, to be 542 feet tall, is just now popping into the Philadelphia skyline (bottom left corner). Taken from the Walt Whitman Bridge 05/15/2020
are they back to work at full capacity on this?
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  #1475  
Old Posted May 16, 2020, 12:58 PM
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are they back to work at full capacity on this?
Not sure, only saw the tower and men from the WWB. I looked at the cam when I got home I saw 4 concrete trucks and a dozen men on the 6th floor. I bet they are limited, but things seem to be going quick. 6th floor poured and the core is on the 7th floor, should rise quickly now. I should also see it from my NJ spots next month
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  #1476  
Old Posted May 19, 2020, 6:05 PM
Yurkek Yurkek is offline
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  #1477  
Old Posted Jun 10, 2020, 8:17 PM
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  #1478  
Old Posted Jun 14, 2020, 11:31 AM
3rd&Brown 3rd&Brown is offline
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Originally Posted by Urbanthusiat View Post
They'll be completed - the money has already been committed and construction loans closed on. Labor and materials will be what will stall development, not the funding. But ultimately more money will be lost by stalling than completing as they are already above ground, so they'll be finished at some point. They'll want to be delivering these buildings once the economy is turning around - not after.
To be honest, on the positive side it could reduce the cost of the building. Everyone involved in the construction of the project should be going out for revised bids. There's more labor slack, material prices should be down, etc.
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  #1479  
Old Posted Jun 14, 2020, 1:36 PM
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Last edited by TK2001; Jun 14, 2020 at 3:33 PM.
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  #1480  
Old Posted Jun 17, 2020, 4:46 PM
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