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  #61  
Old Posted Nov 13, 2017, 5:16 PM
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Originally Posted by El Duderino View Post
http://philadelphia.cbslocal.com/201...nal-attention/

looks like this lot is getting some serious attention (at least according to those who are selling it). would absolutely love to see this get developed sooner rather than later.
^
The Church needs the money. This will help with their financial obligations.

http://www.philly.com/philly/busines...-20171113.html
     
     
  #62  
Old Posted Nov 13, 2017, 5:18 PM
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Quote:
Originally Posted by El Duderino View Post
http://philadelphia.cbslocal.com/201...nal-attention/

looks like this lot is getting some serious attention (at least according to those who are selling it). would absolutely love to see this get developed sooner rather than later.
Not terribly surprising for this kind of land at this location. Developing with an institution like the Catholic Church pretty much guarantees success on the project for the developer. Institutions can make a long-term commitment to the project's success and can tolerate short-term losses, unlike for-profit investors. That's why the LDS was able to do such a good job with 1601 Vine. Good taste is one part of it of course, but the church isn't going anywhere, and if they want the lot to be developed, it will get developed one way or another because they're in it for the long-haul.
     
     
  #63  
Old Posted Nov 13, 2017, 5:44 PM
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Originally Posted by Urbanthusiat View Post
Not terribly surprising for this kind of land at this location. Developing with an institution like the Catholic Church pretty much guarantees success on the project for the developer. Institutions can make a long-term commitment to the project's success and can tolerate short-term losses, unlike for-profit investors. That's why the LDS was able to do such a good job with 1601 Vine. Good taste is one part of it of course, but the church isn't going anywhere, and if they want the lot to be developed, it will get developed one way or another because they're in it for the long-haul.
It's a very different scenario actually, although I hope the outcome netshigh quality work

The Archdiocese is leasing the property to a developer. And, other than selecting the best developer and their plans, the church has nothing to do with the design or development. The Alexander, on the other hand, was developed by a private RE development arm of the LDS church.
     
     
  #64  
Old Posted Nov 13, 2017, 5:59 PM
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Originally Posted by McBane View Post
It's a very different scenario actually, although I hope the outcome netshigh quality work

The Archdiocese is leasing the property to a developer. And, other than selecting the best developer and their plans, the church has nothing to do with the design or development. The Alexander, on the other hand, was developed by a private RE development arm of the LDS church.
Everything I have read has stated the Church will absolutely have a say in what gets developed, as they will likely move offices into the new building(s). Given that they are leasing to a developer means they have a stake in the long-term utility of the site, as they will remain the owners for the long haul.
     
     
  #65  
Old Posted Nov 13, 2017, 6:08 PM
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Post 45 on this thread specifically states the Church will have some say in what will be developed.
     
     
  #66  
Old Posted Nov 13, 2017, 8:51 PM
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Originally Posted by El Duderino View Post
Everything I have read has stated the Church will absolutely have a say in what gets developed, as they will likely move offices into the new building(s). Given that they are leasing to a developer means they have a stake in the long-term utility of the site, as they will remain the owners for the long haul.
I hope that the Church has more concerns then trying maximize the income from the land lease.
From post 45-----“Ultimately, the plan will be the developer’s, but we will retain some control over what we permit,” Gavin said. “Presumably, market conditions will influence what’s done.” This could be read in a number of different ways.
     
     
  #67  
Old Posted Nov 13, 2017, 9:08 PM
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I hope that the Church has more concerns then trying maximize the income from the land lease.
Pardon the pun, but amen to that.
     
     
  #68  
Old Posted Feb 20, 2018, 2:03 AM
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I hope that the Church has more concerns then trying maximize the income from the land lease.
From post 45-----“Ultimately, the plan will be the developer’s, but we will retain some control over what we permit,” Gavin said. “Presumably, market conditions will influence what’s done.” This could be read in a number of different ways.


Ok , so after more than three months without any new information ...... Is this project a GO or a NO ....
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  #69  
Old Posted Feb 20, 2018, 2:27 AM
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Ok , so after more than three months without any new information ...... Is this project a GO or a NO ....
Look, I'm sure you're a great guy, but can you PLEASE stop bumping old threads with no new info?
     
     
  #70  
Old Posted Feb 20, 2018, 7:10 PM
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Look, I'm sure you're a great guy, but can you PLEASE stop bumping old threads with no new info?


So are you saying ( In your opinion ) no questions allowed ...... Summers has dry docked a number of potential projects for
stagnation after a period of time .

If this project is laying dormant for reasons not available to inquisitures , then maybe it should go take a nap .
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  #71  
Old Posted Feb 20, 2018, 7:13 PM
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Originally Posted by Gonzo the Great View Post
So are you saying ( In your opinion ) no questions allowed ...... Summers has dry docked a number of potential projects for
stagnation after a period of time .

If this project is laying dormant for reasons not available to inquisitures , then maybe it should go take a nap .
It's not about that, it's just that for any project that's remotely prominent, you'll see an update here before just about anywhere. You asking questions goes essentially nowhere.
     
     
  #72  
Old Posted Feb 21, 2018, 2:59 AM
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ALSO. If you are really that interested in the thread and this project, why don't you actually just read what is already here. It's not like this is a 100 page thread, there are 4 pages, even for a muppet that shouldn't take long. And you'd only have to get to the previous page to see that at this point there is no plan at all for this project. The archdiocese has simply let developers know that the land is available for development and is accepting proposals. We likely won't hear any news until they pick a developer. This process could take awhile, but as jjv007 correctly points out, if and when that happens, you can bet that news will be posted here in about 15 minutes.

So just use your brain before you post. Stop asking for updates when all the relevant information on this project is already right in front of your face.
     
     
  #73  
Old Posted Feb 21, 2018, 5:37 PM
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I hope to see a developer jump on this lot of land and start development this year. With the Morman residential tower and other developments within a 5-10 block radius, the desirability to live in this area is well established.
     
     
  #74  
Old Posted Feb 21, 2018, 6:27 PM
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Agreed, it's annoying to see threads updated only to see such a silly question, especially when we (Philly) have probably the most active contributors on this site. A developer can't sneeze without it getting reported. Do you really think that there would be any movement on this or any project that would go unnoticed and unreported? There's just no need to ask - if there are updates, we'd know.
     
     
  #75  
Old Posted Jan 29, 2019, 10:08 PM
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First tower maybe inching forward here? Looks like this project may incorporate 3 towers, instead of just 2.

Archdiocese moves closer to developing property near cathedral

Quote:
A $100 million to $120 million apartment project is being proposed for a portion of property the Archdiocese of Philadelphia owns near its Cathedral Basillica of Saints Peter and Paul in the Logan Square neighborhood of Philadelphia.

A block encompassing the archdiocesan pastoral center, its Holy Family Center, and the cathedral has been viewed for potential development by the church. Of those sites, the one closest to being realized as a development is located on the southeast corner of the church property along Race Street.

Nothing is finalized and it’s still early in the process, though a proposed apartment project with 240 units is envisioned for that corner. The building, which is being designed, could total about 250,000 square feet.

While smaller in scale, the project would be similar to one the archdiocese was involved in at its Newman Center at 3720 Chestnut St. in West Philadelphia and would follow the same sale and investment strategy. There, investors from Singapore bought the Chestnut Street site for $18 million and are funding the remainder of the $160 million project, which involves building a 30-story apartment tower with 420 units.
More: https://www.bizjournals.com/philadel..._news_headline
     
     
  #76  
Old Posted Jan 29, 2019, 10:39 PM
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Quote:
Originally Posted by summersm343 View Post
First tower maybe inching forward here? Looks like this project may incorporate 3 towers, instead of just 2.

Archdiocese moves closer to developing property near cathedral



More: https://www.bizjournals.com/philadel..._news_headline
This seems to be on the SE Corner of the block, across the street from the Sheraton. Something nice and slender would serve the area nicely. Build it!
     
     
  #77  
Old Posted Jan 29, 2019, 11:33 PM
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I'd be surprised if they begin building a tower here before demoing the tower on the NE corner, since that is directly adjacent to this parcel. I imagine that'd be a major disruption to construction, leasing, or to the residents if they've moved in. Unless, of course, they don't plan on demoing that tower and decide to take the gut and reskin route ala PMC's project down the street.
     
     
  #78  
Old Posted Jan 30, 2019, 2:48 AM
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Originally Posted by mcgrath618 View Post
This seems to be on the SW Corner of the block, across the street from the Sheraton. Something nice and slender would serve the area nicely. Build it!
SW corner of the block? That would put it between the Basilica and Race Street? That's way too small for anything, if it is what I think it is.
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  #79  
Old Posted Jan 30, 2019, 3:57 AM
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SW corner of the block? That would put it between the Basilica and Race Street? That's way too small for anything, if it is what I think it is.
Southeast****
My bad.
     
     
  #80  
Old Posted Jan 30, 2019, 7:16 PM
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where development was 15 months ago

Quote:
Originally Posted by summersm343 View Post
Philadelphia archdiocese moves forward with vision to redevelop cathedral campus near Logan Square



Read more here:
http://www.philly.com/philly/busines...-20171031.html

I've always thought this could be a great project, close to CC, right on the Parkway, fair transportation with the hope for better. I just hope they don't undersell themselves and go small. I think big and bold would work here.
Does anyone know how the CC rental market is holding up? There have been a boat load of new units hitting the market------. I wonder how The Alexander is renting out, that would a good comparison.
     
     
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