PHILADELPHIA | Lowrise/General Developments Thread

[wcphil]

Originally Posted by summersm343

A big Philly apartment landlord is pursuing a new project despite coronavirus upheaval



Read more here:
https://www.inquirer.com/news/pmc-ap...-20200519.html

Am I the only one thinking that it was a typo when they said 45 ft instead of 45 floor. Why would they need heighte bonuses to achieve 45 ft?

[City Wide]

Originally Posted by 3rd&Brown

He's an awful awful awful mayor.

Why is it that since 1970 you can count the number of mayors that were "OK" on 2 or 3 figures? Random luck says we should have had at least one good mayor in 50 years. Is the system, including the voters, so broken that it works against effective gov't? (I hope this doesn't start a fight about who was and who wasn't a ok mayor. Lets just agree that most of them were close to terrible; here's looking at you John Street)

[3rd&Brown]

Originally Posted by City Wide

Why is it that since 1970 you can count the number of mayors that were "OK" on 2 or 3 figures? Random luck says we should have had at least one good mayor in 50 years. Is the system, including the voters, so broken that it works against effective gov't? (I hope this doesn't start a fight about who was and who wasn't a ok mayor. Lets just agree that most of them were close to terrible; here's looking at you John Street)

Rendell was what Philadelphia needed at the time.

Nutter was exceptional. I think often about how much progress the city would be making on these problems if Nutter had Kenney's (growing) tax revenue. It would be night and day, the output.

Everyone else was varying degrees of garbage. Street was by far the worst, but Kenney isn't far behind. I was too young to have a perspective on Wilson Goode.

Reinhart and Domb both have the potential to be very good mayors.

I like Helen Gym where she is. I know she is the most popular politician in the city but I think she's too progressive to be the executive in a city which has to make difficult decisions to cut waste and fat. I like her more on council to hold people accountable and come up with good policy. She'd be a good Council President.

[mcgrath618]

Originally Posted by 3rd&Brown

Rendell was what Philadelphia needed at the time.

Nutter was exceptional. I think often about how much progress the city would be making on these problems if Nutter had Kenney's (growing) tax revenue. It would be night and day, the output.

Everyone else was varying degrees of garbage. Street was by far the worst, but Kenney isn't far behind. I was too young to have a perspective on Wilson Goode.

Reinhart and Domb both have the potential to be very good mayors.

I like Helen Gym where she is. I know she is the most popular politician in the city but I think she's too progressive to be the executive in a city which has to make difficult decisions to cut waste and fat. I like her more on council to hold people accountable and come up with good policy. She'd be a good Council President.

B...but John Street redid the Chestnut Street Bridge! It has a huge plaque with his name on it! Surely that must mean he was a good mayor?

/s, if it wasn't obvious

[Larry King]

Honestly John Street was a much better mayor than Kenney. Street cleaned up alot of blight and drug corners in North Philly.

[Noam215]

Originally Posted by City Wide

Why is it that since 1970 you can count the number of mayors that were "OK" on 2 or 3 figures? Random luck says we should have had at least one good mayor in 50 years. Is the system, including the voters, so broken that it works against effective gov't? (I hope this doesn't start a fight about who was and who wasn't a ok mayor. Lets just agree that most of them were close to terrible; here's looking at you John Street)

It's what happens in a single party city...

[allovertown]

Originally Posted by 3rd&Brown

Rendell was what Philadelphia needed at the time.

Nutter was exceptional. I think often about how much progress the city would be making on these problems if Nutter had Kenney's (growing) tax revenue. It would be night and day, the output.

Everyone else was varying degrees of garbage. Street was by far the worst, but Kenney isn't far behind. I was too young to have a perspective on Wilson Goode.

Reinhart and Domb both have the potential to be very good mayors.

I like Helen Gym where she is. I know she is the most popular politician in the city but I think she's too progressive to be the executive in a city which has to make difficult decisions to cut waste and fat. I like her more on council to hold people accountable and come up with good policy. She'd be a good Council President.

I agree Nutter was a great mayor and it's hard to understand why he doesn't seem to be thought of as one universally. Think it may honestly come down to looks and charisma.

With Rendell, I think in retrospect it seems like he got more credit than he deserved and just seemed to be in right place at the right time, but he was fine. Rizzo looks worse and worse with every year that passes and was a true disaster. Goode, Street, and Kenney are all bad, though i think Kenney probably gets a little too much crap here.

The issue with Philly is the same with any place with one party rule, the party just exerts outsized influence because they don't even have to really consider what the voters want, they know they'll win no matter what.

Even though only moderate Republicans run in Philly, their national identity has become so toxic to your average Philadelphia voter that they have no shot outside of the northeast and can't even hold on to their opposition party at large seats any longer, so there's really no hope of having two competitive parties in Philly.

The good thing is in the past few election cycles the party hasn't been able wield their typical control over the primary process. Hopefully that trend continues.

[Jayfar]

Originally Posted by summersm343

A big Philly apartment landlord is pursuing a new project despite coronavirus upheaval

Read more here:
https://www.inquirer.com/news/pmc-ap...-20200519.html

Originally Posted by wcphil

Am I the only one thinking that it was a typo when they said 45 ft instead of 45 floor. Why would they need heighte bonuses to achieve 45 ft?

The provisional permit in atlas does indeed say 45 feet. Note that the lot is only zoned RM-1 and there are also 4 different zoning overlays listed that may come into play. According to the City's zoning quick reference: "RM-1 is similar to residential single-family RSA-5 except it allows for multiple families."

The parcel is 36,156 sq ft.

https://www.phila.gov/media/20190305...nce-Manual.pdf

https://li.phila.gov/#details?entity...0N%2023RD%20ST

Permit Number
ZP-2020-001049C
Application Type
ZONING PERMIT
Permit Type
CONDITIONAL ZONING APPROVAL
Date Issued
Wed May 13 2020
Work Description
CONDITIONAL APPROVAL FOR THE ERECTION OF ONE(1) DETACHED STRUCTURE (45' HIGH) WITH GREEN ROOF, ROOF DECK ACCESSED BY A PILOTHOUSE WITH ELEVATOR OVERRUN FOR A MULTI-FAMILY HOUSEHOLD LIVING ( 115 DWELLING UNITS) FROM FIRST FLOOR THRU FOURTH FLOORS WITH FOURTY-ONE(41) ACCESSORY PARKING GARAGE INCLUDING WITH TWO(2) H/C SPACES INCLUDING WITH ONE(1) VAN ACCESSIBLE SPACE, THREE(3) ELECTRIC VAN SPACES, ONE(1) LOADING SPACE AND 37 1A CLASS BICYCLE SPACES IN AN ACCESSIBLE ROUTE AT CELLAR AND FOR THE CREATION OF FIVE(5) SURFACE PARKING SPACES ( TOTAL 46 ACCESSORY PARKING SPACES ON LOT). USING MIXED INCOME HEIGHT BONUS AND HOUSING UNIT DENSITY BONUS) ( SECTION 14-702(7) AND GREEN ROOF BONUS ( 14-602(7). SIZE AND LOCATION AS SHOWN IN THE APPLICATION.
Status
ISSUED

[JurassicPhilly]

In these trying times, we here at SkyscraperPageForum want you to know we are here for you, your friends, and your family. Because you are part of OUR family. And it is TOGETHER, as a family, that we will get through this.

THANK YOU.

[Jawnadelphia]

How is it the Patriot Parking lot can only be zoned for something so short, when literally everything around it is taller. So bizarre.





And then the Riverwalk right to the left. Why not try to get a zoning variance, PMC has the $$ for legal proceedings.
---------

2100 - 2500 Washington Avenue
--this stretch will look totally different in 5 years. Although, no activity yet for the 2401 Wash. Ave project.


















---------------

2100 Hamilton:

[3rd&Brown]

20 years into Graduate Hospital's renaissance and developers are still allowed to build G-Ho Specials on what is some of the most valuable land in the city.

It's astounding.

I'm not hopeful for Washington Avenue if this is how things are turning out IRL.

Looks like communist-ERA Warsaw.

[Skintreesnail]

Originally Posted by 3rd&Brown

20 years into Graduate Hospital's renaissance and developers are still allowed to build G-Ho Specials on what is some of the most valuable land in the city.

It's astounding.

I'm not hopeful for Washington Avenue if this is how things are turning out IRL.

Looks like communist-ERA Warsaw.

Kenyatta Johnson is such a useless counsel rep. I feel after living in the neighborhood for the last ten years he's been a pretty big hinderance to progress. From zoning to bike lanes to green space to development he's stood in the way more often than not.

I'm pissed about the chocolate factory but the project could have been a lot worse. I like what I've seen and I don't think it will feel like a g-ho special, but time will tell. That's probably largely due to community input. It'd be nice to get a counsel rep that actually helps their constituents reach their goals.

[3rd&Brown]

Serious question.

What happens in the future if one of these new houses with no masonry party walls has to be torn down? How to you separate the structure of the houses that will remain from the house that is being torn down?

And of course. Because most of them look like NE Philly Airlites, someone will want to tear them down.

[philatonian]

Originally Posted by 3rd&Brown

Serious question.

What happens in the future if one of these new houses with no masonry party walls has to be torn down? How to you separate the structure of the houses that will remain from the house that is being torn down?

And of course. Because most of them look like NE Philly Airlites, someone will want to tear them down.

In most cases you can't. New construction townhomes are often horizontal condominium complexes. In new block-long developments in places like Fishtown and Northern Liberties, you're part of an HOA. You don't necessarily own the land under your house, you own the air inside it, like a condo. You can't do much with it, let alone demolish it, without the board's approval.

[Jayfar]

PREIT has 'substantial doubt' about its survival over the next year | Philadelphia Business Journal

Excerpt:
As Pennsylvania Real Estate Investment Trust strives to weather through the effects of the coronavirus on its shuttered malls and struggling retail tenants, the company says it has “substantial doubt” about its ability to survive. The company said in its first quarter report filed with the Securities and Exchange Commission that it doesn’t believe it will “continue as a going concern within one year” of the filing. PREIT has been struggling for some time. It's not unlike other mall owners that have been challenged by closed locations and tenants filing for bankruptcy, including department store anchors. While it has sought to reposition its malls amid these changes, the company continued to face headwinds from ecommerce and changing consumer habits. The Philadelphia owner of Fashion District Philadelphia, Cherry Hill Mall and Plymouth Meeting Mall made the recent comments after evaluating its current financial condition and liquidity sources, including money it has available, forecasted future cash flows and certain financial obligations it has due over the next 12 months. Its cash flow has been most recently hampered by tenants not paying rent or wanting to pay rent at reduced rates.

The Washington Business Journal had the story last week and theirs is not behind a paywall:

D.C.-area mall owner has 'substantial doubt' about its ability to stay in business | Washington Business Journal

Excerpt:
“We have determined that there is substantial doubt about our ability to continue as a going concern,” Pennsylvania Real Estate Investment Trust (NYSE: PEI), owner of the Springfield Town Center and the Mall at Prince George’s, said in its quarterly report filed Thursday with the Securities and Exchange Commission.

Philadelphia-based PREIT acquired Springfield Town Center in 2015 for $465 million and recently completed a substantial renovation of the Mall at Prince George’s. The two malls are among its owner’s top tier of shopping centers. PREIT owns 21 malls, largely in Pennsylvania and New Jersey, and it has worked over the last five years to upgrade its portfolio by selling off lesser-performing properties.

[snip]

Quarterly form 10-Q for PREIT: https://www.sec.gov/ix?doc=/Archives...q_20200331.htm

--quote--
Going Concern Considerations

Under the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As a result of the considerations articulated below, we believe there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.

In applying the accounting guidance, management considered our current financial condition and liquidity sources, including current funds available, forecasted future cash flows and our conditional and unconditional obligations due over the next twelve months. Management specifically considered the following: (i) our senior unsecured facility, which includes a revolving facility maturing in 2022 with a balance of $289.0 million as of March 31, 2020 and term loans maturing in 2023 with a balance of $550.0 million as of March 31, 2020; (ii) our mortgage loans with varying maturities through 2025 with a principal balance of $896.5 million as of March 31, 2020; (iii) the financial covenant compliance requirements of our credit agreements; and (iv) recurring costs of operating our business.

On March 30, 2020, the Company amended its 2014 7-Year Term Loan and 2018 Term Loan Facility to provide certain debt covenant relief through September 30, 2020. The Company anticipates not meeting certain financial covenants applicable under the credit agreements after September 30, 2020. The Company continues to work with the lender group to obtain a longer term financing solution prior to the expiration of the initial modification. However, further deterioration in our financial results due to COVID-19 could affect our covenant compliance prior to September 30, 2020. In addition, the Company plans to complete the sale-leaseback of certain properties, sell certain real estate assets and continue to control certain operational costs. Due to the inherent risks, unknown results and significant uncertainties associated with each of these matters and the direct correlation between these matters and our ability to satisfy our financial obligations that may arise over the applicable twelve month period, we are unable to conclude that it is probable that we will be able to meet our obligations arising within twelve months of the date of issuance of these financial statements under the parameters set forth in this accounting guidance.

As a result, management evaluated whether this was mitigated by our approved plans and expectations for the applicable period under the second step of this accounting standard.

Our ability to satisfy obligations under our senior unsecured credit facility and mortgage loans, maintain compliance with our debt covenants and fund recurring costs of operations depends primarily on management’s ability to obtain relief from the lender group in regards to debt covenants, complete the sale-leaseback of certain properties, complete the sale of certain real estate assets which will provide cash from those sales, and continue to control operational costs. While controlling operational costs are within management’s control to some extent, executing the sale-leaseback transactions, selling real estate assets, and obtaining relief from the lender group through modified debt covenant requirements involve performance by third parties and therefore cannot be considered probable of occurring.

--end quote--

[City Wide]

Originally Posted by JurassicPhilly

In these trying times, we here at SkyscraperPageForum want you to know we are here for you, your friends, and your family. Because you are part of OUR family. And it is TOGETHER, as a family, that we will get through this.

THANK YOU.

As long as we don't get within 6' of each other!

[Knight Hospitaller]

From the Inky's COVID live blog:

"Philadelphia allows construction activity to expand

Philadelphia on Tuesday expanded the construction activity allowed within the city.

Projects that have received building or demolition permits from the city after March 20 can now continue.

Prior to Tuesday’s order from Mayor Jim Kenney and Health Commissioner Thomas Farley, only construction projects with permits issued on or before March 20 were allowed to resume. That guidance last month opened construction that had been halted to slow the spread of the coronavirus."

[TonyTone]

Anyone see this? Looks like prepping for construction has started

http://www.ocfrealty.com/naked-phill...-spring-garden

[mcgrath618]

Originally Posted by TonyTone

Anyone see this? Looks like prepping for construction has started

http://www.ocfrealty.com/naked-phill...-spring-garden

Ugh. Why couldn't this get canceled?

[3rd&Brown]

Interesting.

In contrast, Philadelphia, where early reports are that the city is seeing an influx of residents relocating from New York City, saw the largest annual jump in home prices in April, up by nearly 11%.

https://www.cnbc.com/2020/06/02/home...n-2-years.html