PHILADELPHIA | 500 Walnut | 380 FT | 26 FLOORS
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http://scannapiecodevcorp.com/wp-con...0px-102615.jpg Title: 500 Walnut Project: 40 condominium units Architect: Cecil Baker & Associates Developer: Scannapieco Location: 500 Walnut St., Philadelphia, PA Neighborhood: Society Hill District: Center City Floors: 26 Height: 380 ft Quote:
http://www.philly.com/philly/classif...oric_area.html |
Another article on this:
Construction planned to begin in early 2015 http://www.bizjournals.com/philadelp...-old-city.html |
Very interesting project. Location is excellent(Society Hill). The views to Center City from that location are exceptional except that those CC views appear to completely blocked by adjacent tower which would be a buzzkill for me. The main view here is going to be of Camden yuck and Independence Mall.:tup:
40 Unit project which the developer is going to invest $160 M in ? The Penthouses will most likely have to be in the $12M-$15 M range and the average unit will have to go for $5.5 M for the developer to make a nice $50 M profit. I give Scannapieco credit though. He goes high end which comes with alot of financial risk but leaves quite a legacy. For instance Pearl just flipped The Granary for a $50 M profit but they only invested/risked $60 M in the project. The fact that they expect this tower to be sold out before it breaks ground speaks volumes of how hot Center City is right now. |
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Yes the realtor predicts that the entire 40 unit $160 M tower will be sold out before the foundation is dug. Thats impressive. And unimaginable from as little as ten years ago. |
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This tower selling out, as well as Toll's 401 Front and 2400 South projects will bode well for future condo tower construction in Philadelphia. Namely, Dranoff's SLS International and Toll Brother's building at 19th and Walnut which could rise over 600 feet :cheers: |
If I could afford it, put me down for 1 of these units-doesn't have to be the penthouse...LOL. Anyone know what the restaurant scene within a 5 block radius looks like. Thanks!
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Wow! Nice! This will fit in beautifully at that location too. Perfect views of Independence Hall. Scannapieco has experience with the ultra-high end condos with 1706 Rittenhouse so I'm confident he knows what he's doing here. I'm just glad he decided to go with a different architect this time. This building actually looks pretty classy from the rendering.
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Nice!!!
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Even if this does not get built, someone needs to build up the retail/commercial properties of Walnut St on Washington Sq if they are really trying to create a "Rittenhouse Sq east" vibe - which seems to be the idea here.
Something more serious than palm reading and bible shops needs to go here to diversify purposes of foot traffic through/to the area. |
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The thing with Washington Square is that it's ringed by large buildings that don't have convenient retail floor plates for various reasons (Curtis Building and Penn Mutual are unlikely to alter the historic facade for many reasons. Hopkinson House has retail, but it's set back behind a driveway and doesn't really add much to the vibe.) The Talutia's Garden Cafe which recently opened up in the Aria Building is a nice little addition, but aside from that you're not likely to get much retail facing the square. Given the federal grass lot collection along the north side of Walnut to the east of Washington Square, I don't think there's ever going to be a humming retail district there. I don't think this is necessarily a bad thing, the area is very nice as it is. |
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Yes is an alternative to Rittenhouse - actually all 4 squares have sort of a different flair which is fine The proposed restaurants on the Love Park footprint should actually be in Wash Sq. Closer to the the NE corner could be more casual for tourists integration and something more NW more stately could work well as more a great brunch/early dinner outdoor spot |
There is a drilling rig vehicle on the lot at 5th & Walnut where this tower is planned behind Independence Hall. It looks like something that would be drilling for soil samples.
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Insane. This building already has 11/37 units leased and it doesn't even break ground for another 9-12 months.
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