[Swinefeld]

1706 Rittenhouse

Website: 1706rittenhouse.com/ (http://1706rittenhouse.com/)

Location: 1706 Rittenhouse, Philadelphia, PA 19103
Usage: Condominiums
Height: 401' (122 meters)
Stories: 31
• 29 single story units
• two story lobby
Development Team:
Architects: Cope Linder Architects
Interior Design: Daroff Design
Structural Engineers: Cagley Harman & Associates
Construction Management: L.F. Driscoll Co.
Developers:
• Scannapieco Development Corporation
• Parkway Corporation
Estimated Cost: $130,000,000
Units/Condominium: 29 units, starting at $3,500,000
Groundbreaking: April 2007
Completion: 2008
Amenities/Features:
• Indoor pool (endless?)
• Automated parking garage
• Private conference room
• Fitness center/sauna
• Private garden
Trivia:
• Rittenhouse Square was renamed for famous Philadelphian David Rittenhouse (1732-96)
• Each unit will be on its own floor with unobstructed views.

Images

Aerial view of future site
http://i43.photobucket.com/albums/e388/Swinefeld/1706%20Rittenhouse/1706Aerial2.jpg

View of future site
http://i43.photobucket.com/albums/e388/Swinefeld/1706%20Rittenhouse/RittenhouseSt-1.jpg

Tom Scannapieco posing with a model
http://cll.bizjournals.com/story_image/53965-400-0.jpg?rev=2

Color rendering used in ad
http://i43.photobucket.com/albums/e388/Swinefeld/Miscellanious/1706Ritt.jpg

More renderings
http://i43.photobucket.com/albums/e388/Swinefeld/1706%20Rittenhouse/54683771.jpghttp://i43.photobucket.com/albums/e388/Swinefeld/1706%20Rittenhouse/54926496.jpg

[TheOldMan]

whats the status on the project. from what i heard a while back, sales were slow. is it still happening as far as anyone can tell?

[Swinefeld]

whats the status on the project. from what i heard a while back, sales were slow. is it still happening as far as anyone can tell?
Groundbreaking is scheduled for April and it seems full steam ahead.

Recent article:
Some very-high-end projects, such as Scannapieco Development's 1706 Rittenhouse Square, continue to take reservations at a steady pace, since the $4 million to $12 million prices attract buyers with financial resources greater than just home equity. Groundbreaking is due in the spring.

Philadelphia Magazine reports the penthouse sold for $6.9 million, a new record for Philly real estate.

[LostInTheZone]

they have a banner ad with a rendering up on-site.

I like this one a lot. Very nice proportions, three street frontages (but not retail?) and large but well-scaled windows. With its small floor area, it's right in scale with the other midrises and smaller buildings around it. It reminds me of the Medical Arts tower.

See architects? Inserting a modern highrise into an older human-scale really isn't that hard if you make a few considerations, and that doesn't mean tacking on fake brick for "context".

[SJPhillyBoy]

December 7, 2006 07:49am

Scannapieco Unveils 30-Unit, $120M Condo

By Marita Thomas

1706 Rittenhouse Square

PHILADELPHIA-Partners Scannapieco Development Corp. and Parkway Corp. plan to break ground in spring 2007 for 1706 Rittenhouse Square, a 31-story residential condo, designed to contain 29 4,000-sf, full-floor units topped by a two-story, 7,000-sf penthouse. Unit prices begin at $3.5 million, and the penthouse carries a $12-million price tag.

Tom Scannapieco, CEO of the Blue Bell-based company, tells GlobeSt.com the estimated construction cost is $120 million and he expects completion 22 months after groundbreaking. Locally based Prudential Fox Roach is handling the marketing effort, headed by Joanne Davidow.


The sales office opened in September and Scannapieco says, “We have eight reservations. We are not intending to have more than one unit per floor, although the design allows for breaking lower floors in half to create two units.”
Regarding the reported sales slowdown for the proliferation of Center City high-end condos, he acknowledges, “It’s a question of how many buyers are in the market at this price level. We expected to sell about one unit a month and we are ahead of that. The other projects are not directly competitive with ours, which has units with windows on all sides. With just 29 residents, this also represents a different environment than the others and offers more privacy and security.”

Locally based Parkway owns the parcel, which is currently a parking lot at the corner of 17 and Rittenhouse Square streets, one block east of Rittenhouse Square. The company owns approximately 100 parking facilities in nine major markets. Joe Zuritsky, Parkway’s CEO, has utilized an automated parking process, which will be used in the condominium’s underground parking area. At the swipe of a card, a resident’s vehicle is mechanically moved to a numbered space facing in the user’s planned travel direction.

Locally based Cope Linder is the architect, and the property includes a landscaped garden enclosed in a fence designed by iron-sculptor Albert Paley. Daroff Design, also based here, is designing the entrance and common areas and providing buyers with a menu of custom options for floor plans of up to four-bedroom units.

[theWatusi]

Here is the current pricing for all of the floors in 1706 Rittenhouse

I heard the penthouse was sold too, but it is still listed as active on the MLS. Guess the listing agent is lazy, as the listings do not included any (renderings) photos either. You would think for the pretty healthy commission she would take the 3 minutes to do it.

RATR and Murano have renderings on the MLS.

Anyway, so some of these are probably sold already.


MLS# Status ZIP Address Floor Price Bed/Bath
4727583 1A 19103 1706 Rittenhouse Sq 4 $4,180,850 4 2/0 FLT
4727589 1A 19103 1706 Rittenhouse Sq 5 $4,201,680 4 2/0 FLT
4727595 1A 19103 1706 Rittenhouse Sq 6 $4,222,610 4 2/0 FLT
4727601 1A 19103 1706 Rittenhouse Sq 7 $4,243,340 4 2/0 FLT
4727605 1A 19103 1706 Rittenhouse Sq 8 $4,264,170 4 2/0 FLT
4727607 1A 19103 1706 Rittenhouse Sq 901 $4,285,000 4 2/0 FLT
4727615 1A 19103 1706 Rittenhouse Sq 1001 $4,526,850 4 2/0 FLT
4727619 1A 19103 1706 Rittenhouse Sq 1101 $4,568,700 4 2/0 FLT
4727624 1A 19103 1706 Rittenhouse Sq 1201 $4,610,550 4 2/0 FLT
4727633 1A 19103 1706 Rittenhouse Sq 1301 $4,652,400 4 2/0 FLT
4727638 1A 19103 1706 Rittenhouse Sq 1401 $4,694,250 4 2/0 FLT
4727646 1A 19103 1706 Rittenhouse Sq 1501 $4,736,100 4 2/0 FLT
4727648 1A 19103 1706 Rittenhouse Sq 1601 $4,777,950 4 2/0 FLT
4727649 1A 19103 1706 Rittenhouse Sq 1701 $4,819,800 4 2/0 FLT
4727655 1A 19103 1706 Rittenhouse Sq 1801 $4,861,650 4 2/0 FLT
4727659 1A 19103 1706 Rittenhouse Sq 1901 $4,903,500 4 2/0 FLT
4727665 1A 19103 1706 Rittenhouse Sq 2001 $4,945,350 4 2/0 FLT
4727668 1A 19103 1706 Rittenhouse Sq 2101 $5,087,200 4 2/0 FLT
4727671 1A 19103 1706 Rittenhouse Sq 2201 $5,129,050 4 2/0 FLT
4727674 1A 19103 1706 Rittenhouse Sq 2301 $5,170,900 4 2/0 FLT
4727677 1A 19103 1706 Rittenhouse Sq 2401 $5,212,750 4 2/0 FLT
4727682 1A 19103 1706 Rittenhouse Sq 2501 $5,254,600 4 2/0 FLT
4727686 1A 19103 1706 Rittenhouse Sq 2601 $5,296,450 4 2/0 FLT
4727690 1A 19103 1706 Rittenhouse Sq 2701 $5,840,500 4 2/0 FLT
4727693 1A 19103 1706 Rittenhouse Sq 2801 $6,363,625 4 2/0 FLT
4727696 1A 19103 1706 Rittenhouse Sq 2901 $6,849,085 4 2/0 FLT

[Swinefeld]

they have a banner ad with a rendering up on-site.
There are. I have some pics that I will upload tonight.

I'm dying to see this "endless" pool. Is that like a bottomless pit? :shrug:

[LostInTheZone]

We are not intending to have more than one unit per floor, although the design allows for breaking lower floors in half to create two units.”

that answers one of my questions.

that second set of renderings, enc the street level looks earlier- note the solid panels between windows. It looks like they revised it and went glassier. Do we have a more current rendering of the ground floor?

[omp835]

I'm glad the neighbors made the developers push the tower off the street. I think it makes for a stronger design.:tup:

[Swinefeld]

they have a banner ad with a rendering up on-site.

Indeed. Here are three renderings from the on-site billboards.

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706Feb.jpg

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706Feb02.jpg

That guy looks a little sketchy. :sly:
http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706Feb03.jpg

[Zoot]

I really hate to be a "negadelphian," but if sales are strong, why are the majority of the units still listed on MLS? While MLS is not always 100% accurate, one has to wonder.

On another note, the advertisements for this building are pathetic. I saw one in Philly's Jewish Exponent a couple of months ago that was showing a "view" from one of their units. Funny thing was, the "view" wasn't Philadelphia (it had curved streets, not a grid)! To make the ad even more pathetic, it said something like "private full floor residences" and then said something like "know your neighbors." Hmmm...

[theWatusi]

I really hate to be a "negadelphian," but if sales are strong, why are the majority of the units still listed on MLS? While MLS is not always 100% accurate, one has to wonder.


I just took a quick look and there are currently 26 active units (floors 4-29) Some agents will keep a property "active" even if there is a contract on it.

Active = property is still on realtor.com and other websites = phone calls = buyer leads

Kind of a bait-and-switch technique if you will.

This is not allowed under the MLS rules, but rules are self policed. So until another agent attempts to sell one of these units and finds it is already sold, I doubt the listing agent will be reported and the "status" corrected. (if in fact they are inaccurate to begin with which I am not 100% sure of which is why I myself will not report her)

FYI below are the units w/ current pricing. All of the asking prices have been raised above the original price when listed which would indicate good activity on the building


4727583 RES ACT 19103 1706 Rittenhouse Sq 4 $4,180,850 4 2/0 Flt 05/05/2006
4727589 RES ACT 19103 1706 Rittenhouse Sq 5 $4,201,680 4 2/0 Flt 05/05/2006
4727595 RES ACT 19103 1706 Rittenhouse Sq 6 $4,222,610 4 2/0 Flt 05/05/2006
4727601 RES ACT 19103 1706 Rittenhouse Sq 7 $4,243,340 4 2/0 Flt 05/05/2006
4727605 RES ACT 19103 1706 Rittenhouse Sq 8 $4,264,170 4 2/0 Flt 05/05/2006
4727607 RES ACT 19103 1706 Rittenhouse Sq 901 $4,285,000 4 2/0 Flt 05/05/2006
4727615 RES ACT 19103 1706 Rittenhouse Sq 1001 $4,526,850 4 2/0 Flt 05/05/2006
4727619 RES ACT 19103 1706 Rittenhouse Sq 1101 $4,568,700 4 2/0 Flt 05/05/2006
4727624 RES ACT 19103 1706 Rittenhouse Sq 1201 $4,610,550 4 2/0 Flt 05/05/2006
4727633 RES ACT 19103 1706 Rittenhouse Sq 1301 $4,652,400 4 2/0 Flt 05/05/2006
4727638 RES ACT 19103 1706 Rittenhouse Sq 1401 $4,694,250 4 2/0 Flt 05/05/2006
4727646 RES ACT 19103 1706 Rittenhouse Sq 1501 $4,736,100 4 2/0 Flt 05/05/2006
4727648 RES ACT 19103 1706 Rittenhouse Sq 1601 $4,777,950 4 2/0 Flt 05/05/2006
4727649 RES ACT 19103 1706 Rittenhouse Sq 1701 $4,819,800 4 2/0 Flt 05/05/2006
4727655 RES ACT 19103 1706 Rittenhouse Sq 1801 $4,861,650 4 2/0 Flt 05/05/2006
4727659 RES ACT 19103 1706 Rittenhouse Sq 1901 $4,903,500 4 2/0 Flt 05/05/2006
4727665 RES ACT 19103 1706 Rittenhouse Sq 2001 $4,945,350 4 2/0 Flt 05/05/2006
4727668 RES ACT 19103 1706 Rittenhouse Sq 2101 $5,087,200 4 2/0 Flt 05/05/2006
4727671 RES ACT 19103 1706 Rittenhouse Sq 2201 $5,129,050 4 2/0 Flt 05/05/2006
4727674 RES ACT 19103 1706 Rittenhouse Sq 2301 $5,170,900 4 2/0 Flt 05/05/2006
4727677 RES ACT 19103 1706 Rittenhouse Sq 2401 $5,212,750 4 2/0 Flt 05/05/2006
4727682 RES ACT 19103 1706 Rittenhouse Sq 2501 $5,254,600 4 2/0 Flt 05/05/2006
4727686 RES ACT 19103 1706 Rittenhouse Sq 2601 $5,296,450 4 2/0 Flt 05/05/2006
4727690 RES ACT 19103 1706 Rittenhouse Sq 2701 $5,840,500 4 2/0 Flt 05/05/2006
4727693 RES ACT 19103 1706 Rittenhouse Sq 2801 $6,363,625 4 2/0 Flt 05/05/2006
4727696 RES ACT 19103 1706 Rittenhouse Sq 2901 $6,849,085 4 2/0 Flt 05/05/2006

Disclaimer: I am not the listing agent, nor do I have any indirect financial beniefit associated with this building. This post is not intended to solicit business, and is provided as information to curious SSPers :rolleyes:

[CondoGuru]

Techincally, doesn't an "A" for active listing mean that it's not sold yet? If it's truly sold, it would be listed as "Active w/ Contract" or "P" for pending, right? Since this property doesn't even exist yet, it can only be "A" or "P" until completion. Futhermore, isn't it illegal for Philadelphia Magazine to report that 1706's penthouse sold for $6.9 million since that's not yet a public record? It's one thing to sell the penthouse at the Rittenhouse Hotel and publish the sales record, it exists and post-settlement it becomes a public tax record. But in this case, that's private information until the property is completed and conveyance occurs. The MLS listing for that building appears to contain nothing more than reservations, otherwise the units would be listed as pending, not active. This would suggest that they haven't actually sold anything as far as signed Agreements are concerned, but merely reservations. I also remember reading somewhere that the penthouse was priced at $12 Million, not $6.9...looks like they gave it away! lol

[theWatusi]

Techincally, doesn't an "A" for active listing mean that it's not sold yet? If it's truly sold, it would be listed as "Active w/ Contract" or "P" for pending, right? Since this property doesn't even exist yet, it can only be "A" or "P" until completion. Futhermore, isn't it illegal for Philadelphia Magazine to report that 1706's penthouse sold for $6.9 million since that's not yet a public record? It's one thing to sell the penthouse at the Rittenhouse Hotel and publish the sales record, it exists and post-settlement it becomes a public tax record. But in this case, that's private information until the property is completed and conveyance occurs. The MLS listing for that building appears to contain nothing more than reservations, otherwise the units would be listed as pending, not active. This would suggest that they haven't actually sold anything as far as signed Agreements are concerned, but merely reservations. I also remember reading somewhere that the penthouse was priced at $12 Million, not $6.9...looks like they gave it away! lol

"Trend" (the local MLS) definitions of status

ACTIVE

Listings of property currently available for sale where the seller has directed the Participant to market the property, set appointments for showings and present agreements of sale to the seller. No agreement of sale is currently in effect.
Symbol: A, ACT

ACTIVE UNDER CONTRACT

Listings of property where an agreement of sale is in effect and the Participant has been instructed by the seller to continue to market the property, set appointments for showings and present additional agreements of sale to the seller.
Symbol: AC, A/C

ACTIVE NO SHOWINGS

Listings of property currently available for sale where the Participant has been instructed by the seller to market the property and present agreements of sale to the seller, but not to set appointments for showings during a current, specified period of time. No agreement of sale is currently in effect. When the No Showing End Date arrives, the listing will be updated to "Active" status.
Symbol: AN

PENDING

Listings of property where an agreement of sale is in effect and all contingencies in the agreement of the sale have been met (but the settlement has not yet been completed) or the Participant has been instructed by the seller to no longer market the property, set appointments for showings or present additional agreements of sale.
Symbol: P, PND

SETTLED

Listings of property where a successful closing has taken place and title has transferred from seller to buyer or where possession of a property has transferred from a lessor to a lessee.
Symbol: S, SLD

So by these if one of the units in the yet to be constructed 1706 Ritt has a contract (agreement of sale) it should be noted as A/C in the MLS. If a unit is "reserved w/ a deposit" but no binding AOS is in effect, then presumably it could still be rightfully listed as A(ctive).

I dont think it could be Pending because by definitition all contingencies must be satisified, which would include the buyer being able to obtain a mortage (i dont think a lender would issue a mortgage committment on a building not completed)

Anyway, as far as the price of the "sold" penthouse, it is not illegal for the builder(seller) to give out that information, but it would be illegal and unethical for the listing agent to do so. Its like if you sell your own house and tell your buddies at work what you got for it before the closing.

[CondoGuru]

So what you're saying is that they aren't actually sold, but just possibly reserved? This makes more sense. Because I do know that if a builder hasn't yet provided the Declaration and HUD reports, they cannot sign contracts period. Until that happens, there can only be reservations. That's why the Ritz hadn't signed any contracts for such a long time. I had friends that were under "reservation" there for more than 8 months before signing, where most require you to sign in 15 days.

[CondoGuru]

[QUOTE=thewatusi;2667223]"Trend" (the local MLS) definitions of status

I dont think it could be Pending because by definitition all contingencies must be satisified, which would include the buyer being able to obtain a mortage (i dont think a lender would issue a mortgage committment on a building not completed)

Actually in new construction lenders extend mortgage committments all the time. They typically offer committments with "rate-locks" throughout the duration of construction (usually 1 to 2 years max). But the catch is, relatively few developers offer any contingencies at all in their agreements when the delivery date is so far out. So the actual unit can be under agreement and listed as pending even if it does not yet exist, because the Agreement has been executed and deposit monies delivered without a mortgage contingency. It just depends on the terms of the agreement set forth by the developer. They really hold the cards when it comes to new construction...it's definitely more of a risk than buying an existing home. But when you're talking about $3.5 Million or more, those people are more than likely not concerned about contingencies anyway. They know they have the money, they know they'll qualify.

[theWatusi]

Because I do know that if a builder hasn't yet provided the Declaration and HUD reports, they cannot sign contracts period.

Thats a good point. PA law says a buyer has a right to review condo docs before closing. While they certainly can sign a AOS, they could easily get out of it pending review of the Decs and Covts.

in new construction lenders extend mortgage committments all the time. They typically offer committments with "rate-locks"

True, when I deal with these McMansions out here in sprawl-ville the mortgage lenders will issue a committment w/ a rate lock, however the committment itself will be contingent upon "seller (builder) providing U+O" or something to the effect. this protects the lender from lending against a million dollar hole in the ground. But in the price range of 1706 Ritt, you very well could be dealing with a buyer that can pay cash anyways.


I think what started this discussion is according to what is currently listed as active and avaliable on the MLS is most likely wrong (assuming they have "sold" some units)

[BigDan35]

So what's the deal with this proposal? Happening? Not happening?

[SJPhillyBoy]

They advertised in this Sunday's Philadelphia Inquirer's Real Estate section, so it is still on. Maybe they just need to sell a few more units before they begin.

[CondoGuru]

In my opinion, it's dead. Think about it. Starting prices at $3.5 Million at 1706 Rittenhouse as opposed to Richard Meier's spectacular Mandeville Place which starts at $1.98 Million after reconfiguring the layouts...??? The developer of Mandeville Place is calling other developers in town to try and sell the land and get out. If they can't make Mandeville a reality at a lower price and far superior design than 1706, who the hell would put their money down on 1706??? These are pipe dreams that will probably never get built I'm afraid. At least not in the near future. And that's not me being pessimistic, just realistic. I don't think Philly has those kinds of buyers yet. If you can afford $3.5 Million, you can still afford to live in New York quite comfortably. My NYC friends who move to Philly are looking for bargains and more space that they can't afford there...they're not spending north of $3 Million to get it!

[bryson662001]

While I tend to agree with you that this project won't happen and that Philly buyers in this price range are few and far between (and more often found in the suburbs) I believe 1706 was always more viable then Mandeville. They simply "missed the market" and it could have made it a year or two earlier.

On the other hand Mandeville at the proposed price points never made sense because of it's inferior location.

[McBane]

Obviously nobody on these forums are millionaires who actually can purchase one of these multi million dollar condos. As an outsider, we tend to look at price and design.

If you're really that rich and you want to buy a condo,

1. money won't matter that much so it's of no consequence that Mandeville Place is less expensive and

2. you have to understand that people actually have to live in these condos they buy. And when that happens, people revert to the old adage - location, location, location.

When push comes to shove, design takes a backseat to a host of other characteristics, most notably the location. And, while 24th and Walnut is a fine location, its cetainly no 17th and Locust. Also, 1706 has a sales office, Mandeville does not.

[Johnland]

I like this building alot. I know it's not stupendus, but the location is perfect and I like the scale and shape.

[sharkfood]

Obviously nobody on these forums are millionaires who actually can purchase one of these multi million dollar condos. As an outsider, we tend to look at price and design.

If you're really that rich and you want to buy a condo,

1. money won't matter that much so it's of no consequence that Mandeville Place is less expensive and

2. you have to understand that people actually have to live in these condos they buy. And when that happens, people revert to the old adage - location, location, location.

When push comes to shove, design takes a backseat to a host of other characteristics, most notably the location. And, while 24th and Walnut is a fine location, its cetainly no 17th and Locust. Also, 1706 has a sales office, Mandeville does not.

I agree. Proximity to Rittenhouse Square means a lot at the top of the market. And, yes, Philly has plenty of these buyers. Look at the number of multimillion dollars sales in Rittenhouse Square, Society Hill, and Gladwyne.

[theWatusi]

still 26 active listings on the MLS...pricing remains the same.

[Parkway]

What gives with this project, it seems like over on Philly VII it would be breaking ground in the spring and about 30% of the units are sold.

[bryson662001]

What gives with this project, it seems like over on Philly VII it would be breaking ground in the spring and about 30% of the units are sold.

If you really want an answer, just read this thread. All the clues are there as to why it hasn't broken ground yet. On top of that the slump in housing sales is having an impact on higher priced properties. Plus there is more competition every day.

[Plompy Lfeata]

maybe this is why it isnt breaking ground?
also, 30% usually isnt enough, right?

starting at 3 million!
i think that is why it hasnt gotten started.
that is around 10 times more expensive than murano, correct?
i know there are rich people out there that can afford this, but are there enough to make a tower exclusivly for the very affulent?
personally, i like the idea, but i just dont think it is practical.

[bryson662001]

maybe this is why it isnt breaking ground?
also, 30% usually isnt enough, right?

starting at 3 million!
i think that is why it hasnt gotten started.
that is around 10 times more expensive than murano, correct?
i know there are rich people out there that can afford this, but are there enough to make a tower exclusivly for the very affulent?
personally, i like the idea, but i just dont think it is practical.

I think part of the problem is that you just don't have to spend that much to live really well in Philadelphia. Better they should put the money into their New York, California and Florida abodes. And if you do want to throw that kind of money around here you can choose a penthouse in one of the other buildings instead of a low floor at 1706.
Just my 2 cents.

[Lecom]

Great news! Philly has plenty of gentrification going on (thanks to its plentiful old building stock), but some brand new condo towers (like St. James) are a welcome change.

[Philly-Drew]

I think you can chalk this one up as one of the casualties of the current housing slump.

[SJPhillyBoy]

I think you can chalk this one up as one of the casualties of the current housing slump.
You would imagine that the housing slump would effect this one, but I am not counting it dead yet as the developer has not given up yet. There is always advertisements for this tower in The Philadelphia Inquirer (this weekend) and Philadelphia Magazine. They are still trying to sell it. I wonder how many units have been sold.

[skellergroup]

They also have ads for this guy posted inside the academy of music.

[McBane]

The one thing going for it is that they only need to sell what, 29 units? Plus it has a great location.

Then again, as someone else alluded, prices START at $3 million (meaning lower floor). $3 million can get you a lot in other buildings - new and old. Generally, people who want to live in a building and are prepared to spend over $1 million want views. Those who prefer townhomes, don't want to be bothered by buildings, even if the units are bigger than most townhomes. Furthermore, there are new multi million dollar townhomes for sale and they have roofdecks with decent views (of course they're not being built that close to Rittenhouse).

Bottom line: The developers may be hardpressed trying to find a millionaire who wants to live in the lower floor of a building - regardless of the unit's size, location, total number of units, and the fact that the building is new.

I believe prices for Liberty Place start at $1 million. There, you get the exclusiveness of 1706 but also unparalleled views and the ability to see your building from very very far away.

But I don't wanna be negative. I wanna see this sucka built!

[CondoGuru]

I think they would move more of these if they reconfigured the unit mix and offered smaller units at lower prices. They'd have a broader appeal that way and probably be more likely to get built. Someone else hit the nail on the head that people here don't have to spend that much to get equal or greater square footage, so why would they buy something there on a low floor? 2,200 sf units at $1.5M sounds better than 4,400sf at $3.5M....or at least offer the smaller units on lower floors where the lower price is more enticing, then offer the uber-luxury full floor units on the higher floors where the higher prices are justified.

[Pennsgrant]

Lot was completely empty the past couple days.Fencing in place, and some type of excavating has taken place. Not saying the project is underway but there is a 4 foot ditch in that parking lot.

[skellergroup]

Lot was completely empty the past couple days.Fencing in place, and some type of excavating has taken place. Not saying the project is underway but there is a 4 foot ditch in that parking lot.

That's pretty exciting. I was convinced that this was dead depite the heavy media buy? Maybe not.

If only this was Mandelville or better yet BVT......good news none the less.

[bryson662001]

Yes that sounds signifigant. They don't want to cut off all that parking revenue with out a very good reason. It is also possible that the developer is willing to sit on a mostly empty building for a few years. Some developers are really gamblers at heart.

[SJPhillyBoy]

Once again this weekend, 1706 Rittenhouse is advertised on the front page of the Philadelphia Inquirer Real Estate section. More indication that they are still trying and this tower may happen.

[skellergroup]

Yes that sounds signifigant. They don't want to cut off all that parking revenue with out a very good reason. It is also possible that the developer is willing to sit on a mostly empty building for a few years. Some developers are really gamblers at heart.



Agreed. I can't imagine somebody losing that revenue of full parking lot unless something is in the works.

[CondoGuru]

Parkway is a partner with Scannapieco on this, are they not? There are many ways to look at this. They may reconfigure the units to sell more at lower prices which is what Mandeville tried to do before they threw in the towel. Or, the developer is staying true to his vision and will move forward anyway. It's not a huge project that requires as much financing as say Ritz or Murano. This is a boutique property. It's possible that they're not worried about finding 29 people to bite on this. Also, do you really think people in the $3.5M to $10M price range are ever concerned about the market? Probably not.

[a chicago bearcat]

I'm sorry, but this tower is just butt fugly

Philadelphia and those small row houses across the way deserve something better than would've been built in houston in the 80's

[theWatusi]

FYI all of the MLS listings for this project were withdrawn in early September. Maybe they are doing some major retooling of the design/price.

[Swinefeld]

And so it begins (?)

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/11_17_1706_3.jpg

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/11_17_1706_1.jpg

[Johnland]

[QUOTE=Swinefeld;3174230]And so it begins (?)

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/11_17_1706_3.jpg

This photo happened to capture the top of Symphony House off in the distance. I think this random pic just underscores how out-there that mansard roof is. I mean, it just grates on your nerves when you see it in the context of Philly's bricky rowhouse and apartment building landscape.

[We Got Five]

I am in agreement with everybody regarding the lack of parking venue...and why would they give that up. You would think that the project is slowly moving forward.

I'll reserve judgement until we see more activity over the next few weeks. Infill projects of this stature continue to push us up the chain.

[Zoot]

according to someone involved with 1706, the developers have recently signed enough agreements to move forward.

I should mention that I have been very skeptical of this project in this past and I am still not entirely convinced, but my sources say that construction will indeed happen soon.

[bryson662001]

I'm sorry, but this tower is just butt fugly

Philadelphia and those small row houses across the way deserve something better than would've been built in houston in the 80's

Well there is no accounting for taste (yours) but it couldn't be more simple, timeless and elegant and just what this red brick and limestone neighborhood needs to spice it up some.

[theWatusi]

This photo happened to capture the top of Symphony House off in the distance. I think this random pic just underscores how out-there that mansard roof is. I mean, it just grates on your nerves when you see it in the context of Philly's bricky rowhouse and apartment building landscape.

Yeah because there has never been a mansard roof in philly before :sly:

http://galenfrysinger.us/us/phila006.jpg
http://galenfrysinger.us/us/phila006.jpg

[Rufus]

I'm sorry, but this tower is just butt fugly

Philadelphia and those small row houses across the way deserve something better than would've been built in houston in the 80's

No need to apologize, but I am perplexed by your comment. Nothing about this design says "Houston" or "80s" to me.

Actually it's one of my favorite projects in the city.

[CondoGuru]

I think the current renderings look better and more sleek than the initial ones did.

[Austinlee]

"Hey man, whatchew need? A gram is 40 or an 8ball for 130"

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706Feb03.jpg

[Johnland]

"Hey man, whatchew need? A gram is 40 or an 8ball for 130"

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706Feb03.jpg

OMG. PA Pride, all I can say, is you made my day. I came home from a loooong day at work, and your post is the funniest thing I've seen all week. That is priceless!

[Lecom]

A gram is 40? F*** that...

[Rufus]

A gram is 40? F*** that...

Yeah, really. Who pays 40 dollars a gram?

[samoen313]

Yeah because there has never been a mansard roof in philly before :sly:

http://galenfrysinger.us/us/phila006.jpg
http://galenfrysinger.us/us/phila006.jpg

building a mansard roof in the late 1800's was relevant. building a bastardized mansard thing (read: for most developers, this is simply any roof that has a steep pitch, regardless of the material composition or detailing) in 2007 is just completely outdated. the architect is a po-mo straggler who thinks we had learned everything we need to know about architecture by 1900 and now slaps on bay windows, arcades, and mansard roofs in one of those building design programs you can buy at office depot with all the pre-set details. blech.

[Johnland]

building a mansard roof in the late 1800's was relevant. building a bastardized mansard thing (read: for most developers, this is simply any roof that has a steep pitch, regardless of the material composition or detailing) in 2007 is just completely outdated. the architect is a po-mo straggler who thinks we had learned everything we need to know about architecture by 1900 and now slaps on bay windows, arcades, and mansard roofs in one of those building design programs you can buy at office depot with all the pre-set details. blech.

Thanks Samoen. That was exactly my point. You captured my sentiments perfectly.

[gbayard]

I don't know where people come from when they say the rich don't care about prices. How did they get rich? By not caring about prices. If you have $5m or $50m you're still going to care a lot about what you pay for your Philadelphia condominium. I'm guessing the developer is not getting those asking prices, but I'm not sure how much he's willing to negotiate. I'm sure those prices have a 40-60+% margin in them which in this market is far too much. Philadelphia has plenty of wealthy residents, but they don't spend like idiots.

[Lincolndrive]

http://i81.photobucket.com/albums/j214/Lincolndrive/1706ritt.jpg

Again, sorry about the poor quality on these camera phone pics. The guys on-site said things were definitely under way and they are starting at the west side of the site to shore up the foundation of the neighboring building (where the sales center is currently). It will be at least 6 months of digging do to the 40+ foot hole they need for the parking garage before anything starts moving up.

The lady at the sales center was very nice and said sales were going well. I was sad to hear there would be no pool, retail or restaurant but it will be a nice looking building at least and will take one more parking lot out of CC.

[theWatusi]

lincoln,

thanks for the update. your investigative reporting does not go unnoticed

[BigDan35]

http://i81.photobucket.com/albums/j214/Lincolndrive/1706ritt.jpg

Again, sorry about the poor quality on these camera phone pics. The guys on-site said things were definitely under way and they are starting at the west side of the site to shore up the foundation of the neighboring building (where the sales center is currently). It will be at least 6 months of digging do to the 40+ foot hole they need for the parking garage before anything starts moving up.

The lady at the sales center was very nice and said sales were going well. I was sad to hear there would be no pool, retail or restaurant but it will be a nice looking building at least and will take one more parking lot out of CC.

Well that seems like very good news. I don't want to say anything further just yet though, in fear of jinxing it.

By the way...at only 320 feet...this probably wouldn't be too visible in the skyline huh?

[Swinefeld]

I took some pics this past weekend. This is the from the opposite side of Lincolndrive's shot.

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1701_11_24_01.jpg

[SJPhillyBoy]

By the way...at only 320 feet...this probably wouldn't be too visible in the skyline huh?

No, but this is an unbelievable infill building that takes Philly beyond the next level. Pure high priced, high quality luxury. More upscale to an already upscale neighborhood.

[looper121]

320 feet isn't too bad. Not skyline changing, but it will pop up in many angles from the southside.

[Swinefeld]

320 feet isn't too bad. Not skyline changing, but it will pop up in many angles from the southside.
The location is good for that height. Its nearest competition is the Medical Tower at 364'.

[newboldphilly]

It's embarassing that i don't have a more recent photo - this is from 5 months ago - but this is the view from my house in South Philly. On the right you'll see a building under construction with a crane over it. 1706 will come up to about the top of the crane but, from my line of sight, will pop up in front of the bluish, white bldg. (3rd tallest) that's center left. Looking at it from the east or west it should also be clearly visible.
http://img.photobucket.com/albums/v351/jresta/US/Pennsylvania/Philadelphia/South%20Philly/Newbold%20/IMG_2071.jpg

[Lincolndrive]

The pile driver is on-site today so they can start securing the western portion and eventually the whole site. There were 2 dump trucks behind me that you can't see in the picture. There were probably 10 people on site including surveyors and such. holla

http://i81.photobucket.com/albums/j214/Lincolndrive/1706ritt1.jpg

[BigDan35]

^^ Nice. So, would this be considered "under construction" yet or no? If so...maybe we can move it out of the Proposals section.

[Ltrain]

This is now officially under construction?

Surprising to me, I would have waited a wee bit longer.

[Cro Burnham]

This is now officially under construction?

Surprising to me, I would have waited a wee bit longer.

Me too. This is still site prep.

[M II A II R II K]

Site prep still remains in the proposals section.

[McBane]

This building won't have much of an impact on the skyline. It's not architecturally significant (but at least it's not SH). And it doesn't have any ground floor retail. Still, I think it's great. It's great infill on what is now an empty lot and despite no ground floor retail, will still look good from the street. Finally, the addition of 29 millionaire households will surely help the zip codes demographics - precisely the data that marketers look for when deciding where to place their stores.

I've said this before, even though the condo boom is drying up, most residents of our new ultra lux towers haven't moved in yet. Symphony House residents just started to move in, Murano residents will be in in a few months and within a few years, so will residents of RATR, 10 Ritt, and 1706. The addition of these new affluent residents, many of whom are new and haven't lived in the city before, will have a positive affect on our current retail scene.

[SJPhillyBoy]

Excellent point McBane.

[looper121]

Hmmm, If I were paying 3 mil a pop for my condo, I think I could do without the retail on the ground floor. In fact, as small of a footprint that this building has, retail would be out of place and annoying to residents at the same time.

[DIESELPOLO]

McBeezy, you're making some good points. Keep it up, i've been watchin' you man.

[gbayard]

So I can confirm that the MLS listings were not maintained and that a number of units in the building have been accounted for including the two most expensive units and that does not include the developer taking any. I did not here this from real estate agents or rumors mills. I heard it from some very lucky individuals who hope to have a pied a tier in the city in the near future.

[Johnland]

recent photo - this is from 5 months ago - but this is the view from my house in South Philly. http://img.photobucket.com/albums/v351/jresta/US/Pennsylvania/Philadelphia/South%20Philly/Newbold%20/IMG_2071.jpg

This is a great shot. It captures Symphony House, Comcast and it should have the Murano if I'm not mistaken. Would love to see a current picture since those three projects have all topped out since your pic was taken.

[mja]

This is a great shot. It captures Symphony House, Comcast and it should have the Murano if I'm not mistaken. Would love to see a current picture since those three projects have all topped out since your pic was taken.

The crane from RATR would also be visible in that pick.

[Lincolndrive]

They are installing the first of many vertical beams to secure the site during the digging for the new underground parking lot. You can also kind of see a concrete truck in the background. Not sure what they are pouring for. Theres also a huge "Rentable Rain" jug that must be 15 feet tall and 5-10 feet wide. You can't see that in this picture. I guess they need a lot of water for some reason.

http://i81.photobucket.com/albums/j214/Lincolndrive/1706-02.jpg

[Capsule F]

Still pushing around dirt from today:
http://i170.photobucket.com/albums/u254/Capsulef/100_0030.jpg
http://i170.photobucket.com/albums/u254/Capsulef/100_0031.jpg
http://i170.photobucket.com/albums/u254/Capsulef/100_0032.jpg

[Swinefeld]

That's some serious site prep.

[Lincolndrive]

They were hard at work during lunch today. The old parking lot is basically gone at this point. Just a bunch of dirt.

http://i81.photobucket.com/albums/j214/Lincolndrive/1706-03.jpg

[wanderer34]

Finally, the building is coming into reality. Wish I can say the same for 1441 Chestnut!!!

[Johnland]

Yes...I've always wanted to see this one get started.

[Lincolndrive]

http://i81.photobucket.com/albums/j214/Lincolndrive/1706-04.jpg

[looper121]

Won't be long now till this piece is in the Construction Forum!

[bucks native]

Won't be long now till this piece is in the Construction Forum!

It's got a serious, high tech, totally automated underground garage that could take a while to dig and install.

[Lincolndrive]

yup, as confirmed again today, at least 6 more months of digging until the foundation starts and then the parking garage should be quite complicated.

From lunch today.
http://i81.photobucket.com/albums/j214/Lincolndrive/1706-06.jpg
http://i81.photobucket.com/albums/j214/Lincolndrive/1706-05.jpg

[Swinefeld]

What can barely be seen in the last of Lincolndrive's photos are six long i-beams on the left hand side. It won't be long before this one is officially U/C.

[BigDan35]

Wait...so there will be another 6 months of digging yet, before anything starts rising? Is this because of the underground parking system?

[Lincolndrive]

A lot of action on site at lunch today. They are putting a new fence in on the street to make more room for trucks etc on site. Good signs.

http://i81.photobucket.com/albums/j214/Lincolndrive/1706-07.jpg

[Lincolndrive]

http://i81.photobucket.com/albums/j214/Lincolndrive/1706-08.jpg

http://i81.photobucket.com/albums/j214/Lincolndrive/1706-09.jpg

[We Got Five]

I walked past last night...quite a tricky operation. From a location standpoint, this project supports the Square and the Avenue. I did not think that deeply into it until recently.

Lincoln, thank you for the weekly updates.

[Lincolndrive]

http://i81.photobucket.com/albums/j214/Lincolndrive/1706-11.jpg

http://i81.photobucket.com/albums/j214/Lincolndrive/1706-10.jpg

[Xeelee]

It looks like just another box. there is nothing spectacular about it... i was looking for something but no thanks.

[bucks native]

It looks like just another box. there is nothing spectacular about it... i was looking for something but no thanks.

Good things come in small boxes, they say. And this will be a small, brilliant and very tasteful jewel appropriate to its surroundings.

And just what sort of "something" were you "looking" for? If you want a behemoth, try another neighborhood.

[Swinefeld]

January 1, 2008

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706RittJan08_01.jpg

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706RittJan08_02.jpg

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706RittJan08_03.jpg

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706RittJan08_04.jpg

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706RittJan08_05.jpg

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706RittJan08_06.jpg

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706RittJan08_07.jpg

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706RittJan08_08.jpg

http://i43.photobucket.com/albums/e388/Swinefeld/New%20Constructon/1706RittJan08_09.jpg

[sharkfood]

The below is from Inga Saffron's blog (www.changingskyline.blogspot.com). It suggests that the activity on the site is nothing more than shoring up the wall of a neighboring house:

If it seems like years since the developers of 1706 Rittenhouse began running ads in the New Yorker for their 29-unit luxury condo tower on 17th Street - it's because they have. But judging by the machines that have been pushing dirt around the tiny site near Rittenhouse Square, they may be ready finally to start building the slim, 31-story tower designed by David Ertz of Cope Linder Architects.
Developer Tom Scannapieco, who partnered with the site's owner - Philadelphia parking king Joe Zuritsky - will only say that the crews were summoned to the site to shore up the wall of the neighboring townhouse. Over the next few weeks, soldier piles will be sunk into the ground to underpin the wall and prevent collapse. The developers own the house and will use it as a future sales office.
Judging from this model photograph, the design looks pretty much the same as it did in 2006, when Mayor Street personally intervened to settle a zoning dispute with the neighbors at 250 s. 17th Street. As a result of those talks the tower was pushed back 33 feet from the sidewalk line to preserve the neighbors' views, creating what will be a private forecourt and - unfortunately for the rest of us - a gap-toothed sidewalk line along 17th Street.
What you don't see is that the back of the tower will cantilever slightly over the townhouse. As I wrote in February 2006, it will look like the tower is"squashing the house like a bug."
Don't be surprised if the developers formally green-light this understated, but very elegant, tower, which features full-floor units starting around $3 million.
Although the condo market is slumping in lots of places, including Philadelphia, developers say there is still demand for high-end units in prime spots. Rittenhouse Square, and a few waterfront locations, like Locust Point on the Schuylkill River, have continued to sell. No wonder Castleway Properties is moving steadily ahead with its hotel-condo project on the square, which I discussed in a column this month. The developers will present the project at a meeting sponsored by the Center City Residents Association on Jan. 10 at 7 p.m, in the Lutheran Church at 21st and Chestnut Streets.

[Lincolndrive]

Thanks for ALL the great pics, Swine. In regards Sharkfoods comment, the first step in this process is securing the foundation (and the neighboring buildings) so that they can move to the next phase of building the foundation and then the parking garage and ultimately the tower.

I don't think Inga is suggesting that they are merely securing the next door building and leaving it at that. With the amount of money they are investing in this process (and missing out of since its no longer a money generating parking lot), you would think they are pretty bullish on getting this tower built.

There are way cheaper ways of securing an old building then tearing up an entire city parking lot. Lets hope so right!

[stampy88]

Anyone been by lately to see the progess on this one?