PHILADELPHIA | Parkway22 | 407 FT / 124 M (I) | 187 FT / 57 M (II) | NEVER BUILT
Parkway 22
Website: Parkway22 Location: 21st and Hamilton Streets, Philadelphia, PA 19123 Usage: Residential Tower I Height: 407' (124 meters) Floors: 35 Tower II Height: 187' (57 meters) Floors: 16 Architects: Burt Hill Architects Developers: V&H Hotel Associates (an affiliate of Naveh-Shuster) Estimated Cost: $300,000,000 Units/Prices: 254 units • Condominiums from mid $300,000s • Lofts from upper $300,000s • Townhomes from mid-$800,000s Groundbreaking: November 2007 Completion: 2009 Amenities/Features: • 24 hour concierge • Restaurant with outdoor seating • State-of-the-art wellness center * Indoor swimming pool with hot tub • High ceilings • Stainless steel appliances • Full-size washers and dryers Trivia: • The first name for the project was the Barnes Tower in recognition of the priceless Albert Barnes art collection that will eventually move to the Benjamin Franklin Parkway. • Originally planned to be 100' taller, the uproar from the local communities of Fairmount and Spring Garden forced the developer to scale down the project from a single tall tower to two shorter towers. Increased traffic and shadows were the main complaints. Images Future site (Currently the Best Western Hotel) http://i43.photobucket.com/albums/e3...rkway22_01.jpg Full page ad http://i43.photobucket.com/albums/e3...ay22_Front.jpg Interior views http://i43.photobucket.com/albums/e3...way22/Int1.jpg http://i43.photobucket.com/albums/e3...way22/Int2.jpg http://i43.photobucket.com/albums/e3...way22/Int3.jpg Renderings from Burt Hill Architects http://i43.photobucket.com/albums/e3...2/76241687.jpg http://i43.photobucket.com/albums/e3...2/76241689.jpg http://i43.photobucket.com/albums/e3...2/76183801.jpg View showing new shorter tower (dark blue) in relation to proposed Barnes Tower http://i43.photobucket.com/albums/e3...2/76183798.jpg Renderings of the rejected Barnes Tower proposal. http://i43.photobucket.com/albums/e3...us/tower03.jpg http://i43.photobucket.com/albums/e3...us/tower02.jpg Aerial view of rejected Barnes Tower proposal. http://i43.photobucket.com/albums/e3...us/tower00.jpg |
Nice job Swiny. Thanks
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Thanks for posting this.:tup:
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A decent addition to a neighborhood that would be much greater if it had less pointless open spaces and occupied sites that are just about as pointless (such as this one).
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I'm voting this project as "the project most likely to go into construction next in Philadelphia."
It is being marketed quite heavily. More so than Mandeville, 1706 Rittenhouse, or any of the other proposals which have not started construction. To me, this is a sign that the developers are serious. In addition, it was reported I think in the Philadelphia Business Journal that some construction firm had already been hire to handle "pre-construction work." (Maybe that means demolition and site preparation.) The first signal we should watch for, of course, is the closing of the Best Western Inn. Remember when the Budget Rent-A-Car closed for Murano and fencing went up around the site. That's what we should watch for. |
Doesn't look bad. A little plain maybe...but not bad. Of course, it's a new project and of decent height (406 feet) so I welcome it. But why was the taller Barnes Tower rejected?
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It looks like a beautiful project but my only skepticism is its likelihood of actually being built with such unrealistically low prices. Construction costs have risen so dramatically in the last three years which is why so many other projects got canned. They can't sell units for less than what it costs to build them, that's obvious. 10 Rittenhouse had to start over because they undersold several units. They had to kill some contracts, reconfigure and reprice the building altogether. They're using the Marketing Directors from New York to manage their on-site sales and marketing now because they couldn't do it effectively on their own or with local brokers. Look around at the what? 3 or 4 highrises under construction, and you see starting prices well above $500K for a very good reason. Most of these buildings if they had to start over again, would never have been built today unless their prices were far higher to cover such increases in today's construction costs. Remember 1919 Market and how everyone went apeshit over 1BR + Dens for $250K? How'd that turn out? While it's a lovely idea to think one can get a new highrise condo for $360K, I just don't see how it's possible. Unless of course, you believe in Santa Claus and the Tooth Fairy.
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I'm not feeling this typical boxy project....
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it seems like i first heard about this only a few monthes ago, and now ground breaking is set for november. im glad to see this will actually come to fruition. the continuing construction in philly is amazing, i look forward to see this tower start construction!
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CondoGuru, I don't know if I've asked you this before but would you call speculation a problem in Philadelphia's condo market at the level of this project? Correct me if I'm wrong but isn't that the reason there's the glut of such housing in places like Miami now?
There was a time about two years ago or so, as I'm sure you're aware, that literally a week didn't go by without a large scale condo being announced somewhere. The difference between Philadelphia and many other cities is that the big projects here never got built. Does it seem like speculators are jumping in on this city since the crash didn't hit us so hard? I hate sounding so amateurish but it's been on my mind. |
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The developer has owned this property for a very long time. The parcel cost them basically nothing. Perhaps this is why the price point is lower than some other projects? |
The land acquisition has very little to do with the cost per buildable square foot. The size and configuration of units, total square footage and supply contracts for materials and construction are what dominate the budget. If they presell their 90 or 100 units required to get construction financing, they have a choice. They can buy the building and its finishes, keeping the cost per buildable foot fixed. Or, they can offer multiple finish options and have open-ended contracts with their suppliers, which means the cost to acquire those finishes goes up quarterly until they place the orders and deliver deposits. Problem is, they can't submit orders until a buyer comes in and chooses, making a huge percentage of the building exponentially more expensive to build the longer it takes for customers to commit and choose their finishes. That's why it's better for a large ambitious project like this to pre-package its finishes, keeping the construction costs fixed. It's the only way to get a building of this size out of the ground.
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There has been a drastic decline in residential construction in the United States in 2007. CondoGuru, how can you contend that this "softening" of the market is not having an effect on the cost of construction labor/materials?
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From today's Globest.com:
http://www.globest.com/news/1012_101.../164918-1.html |
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