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i love the design! Philly is really looking better and better every year.
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Figures. We [Drexel] plan a 30-40 story tower and Penn answers with a 40-50 story tower. :hell:
Jealousy aside, I'm likin' these towers a lot! University City is BOOMING, to say the least. |
The saga continues. Alright, folks, now we can commence with the Cira 2 talk - which will now no longer be in quotation marks.:)
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Was surprised to see this in the paper this morning.
UCityPhila, what is the Drexel tower? Don't remember hearing about that one. |
"He said [the towers] were anticipated to be completed by 2012"
We got a ways to go. blart, Drexel was planning a hotel and sports/entertainment complex right around there. I forgot the status of this now. Anyway, more pics... http://i43.photobucket.com/albums/e3...Image_0001.jpg http://i43.photobucket.com/albums/e3...Image_0002.jpg Proposed pedestrian bridge. http://i43.photobucket.com/albums/e3..._Image_000.jpg |
Is this Cira South proposal the same as the Cira 2 proposal? Looks really nice, hope this moves forward and gets built.
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Essentially, yes. The original proposed location of Cira 2 was directly west of 30th Street Station and across the railway from Cira Centre.
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Holy shit, I wish I was able to keep up with this board more often. I LOVE that.
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It would be great if Brandywine built a public park/space over the portion of the railyard the building will not be constructed over. It fronts Schuylkill Ave. That's being left exposed.
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:previous: Good Point. Especially with whatever happens on the other side of Walnut, some green would look good there.
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awesome Cira 2 news! let's hope current mortgage/subprime problems won't trickle down to commercial real estate as well and kill this thing even before it takes off the ground... Even though I remain optimistic about US economy a lot of hedge funds that traded a lot of asset backed (read real estate)commercial paper are in serious trouble and won't buy new issues anymore, hence possibly no financing for Cira 2... :(
which means not so good news for a lot of projects in the pipeline... if these news were to come out a year ago, I would have given this project better than 50% chance of happening, now maybe 20%... hey, let's keep hope alive and this thread rolling with hopefully more good news! |
vmx I think you have to take into account who you are dealing with here, and you have to give points for the location as well. Brandywine already has a 20 year lease signed with the IRS ( golden) and the other major player is U.Penn whose collateral speaks for itself and is seemingly on a singular mission to keep Philadelphias economy humming. If Penn wanted no part of these towers,i don't think it happens either but Penn is on record as being a key player in this project. If this were a Brandywine Realty spec. project along the Delaware River I'd agree with you 100%, but considering the location,considering the project is Koz eligible there is no reason to think one of the largest real estate companies in the country can't pull this entire project off.
Alot of important people in harrisburg and Washington DC made this project a possibility.This isn't some casual project being thrown up against the wall just for the hell of it. |
pennsgrant, I am all for it, don't take it the wrong way... I do have my doubts... brandywine is NOT one of the largest companies out there, although at the moment it is "still" financially sound. Look at our belowed RAIT (NYSE: RAS). It went from hero to almost zero in no time (only about 2 months ago RAS market cap was as big as BDN now). As far as KOZ, tenants that are already lined up :IRS, Post Office, don't really benefit from it (see 2nd paragraph below)... however, having said that, I do hope to see this project realized... only time will tell...
here is another article about this subject: Brandywine Realty's University City gateway plans moving forward Friday August 31, 11:44 am ET Brandywine Realty Trust is moving forward with a long-anticipated, mixed-used development on land next to 30th Street Station in West Philadelphia that will include a companion to its Cira Centre building and expansive office space for the Internal Revenue Service. The project Brandywine plans in conjunction with the University of Pennsylvania will entirely recast that part of Philadelphia and firmly establish a gateway to University City, as well as link Philadelphia's financial and educational hubs, something planners and city officials have long desired. The development would sit on several parcels that are part of a Keystone Opportunity Improvement Zone, a state designation made to attract development to downtrodden areas. The controversial zones allow tenants breaks on state and local taxes. In this case, at least three proposed tenants, Penn, the U.S. Postal Service and the IRS, are already tax-exempt. However, taxable firms are expected to try and lease space. Brandywine's nearby Cira Centre lured companies from Center City and the suburbs that now receive local and state tax breaks. The development would encompass 30th Street between Market and Walnut streets, including the main post office building at 30th and Market. Brandywine (NYSE:BDN - News) bought it for $28 million and will completely renovate the five-story, 862,000-square-foot structure. The IRS has signed a 20-year lease on the entire building and will have 5,000 people working out of the site beginning in the fall of 2010. The U.S. Postal Service will continue to occupy on a short term 220,000 square feet. Brandywine estimated the redevelopment, including acquisition costs, will run $265 million. The Radnor, Pa., real estate investment trust can tap tax credits to help offset some costs. Brandywine will also build a new mixed-use building on Penn land currently used as the U.S. Post Office Truck Terminal Annex. Brandywine said it arranged a 90-year ground lease on the block-sized property and will raze the annex to construct the new building called Cira Centre South. That complex will have 400,000 to 500,000 square feet of office space, of which Penn will lease 100,000 square feet. The remainder of the office space will be offered to tenants, who will receive KOIZ tax breaks. Cira South will also have a 733,000-square-foot, 2,400-space parking garage. The parking facility is expected to be completed by mid-2010. Brandywine would eventually like to incorporate a hotel, retail and residential space on the site. The university kept 14 acres that are currently parking lots used by the post office. Penn will begin this fall to move forward with a project called: "Penn Connects -- A Vision For the Future," which will include open space, athletic fields and academic, cultural, commercial and residential buildings. The IRS is consolidating operations from Northeast Philadephia and other sites. The post office has built a modern distribution center near Philadelphia International Airport. Published August 31, 2007 by the Philadelphia Business Journal |
Quote:
http://www.bizjournals.com/austin/st...2/daily32.html Brandywine, with headquarters in Plymouth Meeting, Pa., now owns or manages a portfolio of 49 million square feet of space with a total market capitalization of $6 billion, making it one of the largest office real estate investment trusts in the industry. Quote:
This isn't a project where you go looking for pessimism. Just my opinion, but if this project doesn't come to fruition it would be a shock. Anything is possible but it would take a huge downturn in the economy to throw mud in the eye of U.Penn,Brandywine,Keating. 3 of the most powerful, deep pocketed entities in Pennsylvania. This isn't World Acquisition Partners, this isn't Marina View, this isn't Mahoney. |
This looks great, how much feet are we talking here? 500-400? Looks like a great addition to west Philly.
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This isn't World Acquisition Partners, this isn't Marina View, this isn't Mahoney------
great quote.. your right.. this project is an almost certainty |
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