PHILADELPHIA | North Station District | 273 FT | 21 FLOORS
Title: North Station District
Project: luxury apartments, office, lab space, commercial, retail Architect: Spagnolo Group Developer: HFZ Capital Group Location: Broad Street and Indiana Ave., Philadelphia, PA Neighborhood: Allegheny District: North Philadelphia Floors: 21 Height: 273 FT https://scontent.xx.fbcdn.net/v/t1.0...35&oe=5962F8DA https://scontent.xx.fbcdn.net/v/t1.0...42&oe=5959C043 https://scontent.xx.fbcdn.net/v/t1.0...d1&oe=595CD324 Working quietly, N.Y. group moves to develop massive new North Philly enclave Quote:
http://www.philly.com/philly/busines...t.html?photo_2 |
Love the idea... how realistic is this grant?
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That said, as I mentioned in the last thread I don't think this is as much of a stumbling as it could be for other projects. Reading the article it seems that funding is already in place for nearly 90% of the project. I'm sure funding could be secured for the remaining 20 million if state funding fell through, especially considering this developer is so deep pocketed, they dropped 7 million just purely on speculative research on the viability and design of the project. Considering they've already purchased the land and spent 7 million on research, it seems hard to believe they'd let this all fall apart around a sum of money that represents such a small percentage of the entire project and only about twice what they've spent already just on research and land acquisition. Obviously the more money they get, the more profitable this project becomes, so if they get nothing, that may change the calculus on this just enough that they walk away. But again, I have to imagine they get SOMETHING and once they get that, I can't imagine the sum left over will be large enough for them to walk away from something they've already spent a lot of time and money on. |
given the unmet need for housing in the area for scientists and healthcare experts around north phila temple campus, this is a great idea and very realistic. This is also seemingly and potentially the third science incubator...science center, pennovation, and now this.
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This could be the birth of something huuuuuge
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Does anyone know what Councilman Clarke thinks of this proposal?
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I sure hope that this project will break ground, and I'm fairly confident that it will based off of the article.
This is a truly transformative proposal that will accelerate the pace of development in the center of North Philly. That area, with its transit-accessibility and collection of beautiful three-story rowhomes should have never fallen into disarray in the first place. Sure, the shuttering of the factories that lined the Northeast Corridor along Glenwood Avenue did contribute to the eventual decline of that area, but it had many assets. This project will bring vitality back to an area, which, IMO, is prime for development. I have long been advocating for a Temple University-based innovation corridor along North Broad Street, but I have previously thought of it extending from Girard to Susquehanna. This project could be the catalyst of realizing an innovation corridor between Girard and Erie, which would connect our Main and Health Sciences campuses together. Great news, and I hope it actually breaks ground! I've been rooting for North Philly for quite a while, even in the face of doubt from its detractors. :cheers: |
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I'd say financial feasibility is much more of a roadblock than city council. I think Clarke is better to deal with than given credit for. Question is if money is coming out of Harrisburg these days... is a big grant actually in the cards here?
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What is the business environment in North Philly for 215,00 sq of business/labs/start-up space and "luxury apartments?"
Call me short sighted but I get a little cautious when we start to spread our start-up/research/lab type development so thin across various parts of the city. Get's me a little worried that developments like the Science Center will take longer to get all of the buildings off the ground. I mean for all intents and purposes we should just call this Septa North Philadelphia station. You can probably count the number of Amtrak trains that stop at North Philly on two hands. It has no where near the importance that North Philadelphia station held with the Pennsylvania Railroad. |
One of Philly's biggest negatives is it's poverty rate and N. Philly is ground zero in that respect . Any capital investment will only , especially from outside of government , be of great benefit for the people of N. Philly . Temple being a R1 rated research university has great potential for innovation and this project would provide an inexpensive lab and office space for start-ups . I hope this happens as planned .
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what about temple as a potential institutional investor? seems like it could be a worthwhile investment into the neighborhood, though i admittedly have no idea the likelihood. but if drexel has a few billion to drop...
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As for this proposal, seems like this could be a good opportunity to make the Swampoodle Connection happen. |
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again, i have absolutely no insight into how funding shakes out for something like this, but from a practical standpoint, i can't see how both sides (developer team and temple) wouldn't at least be willing to have a conversation. now i'm just waiting for someone to tell me exactly how and why i'm wrong B-) |
I'm not about to say this one project would make the next University city, but I think this line is interesting:
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I would expect a lot of community backlash for this one, especially how bad it was when Temple proposed a football stadium on campus.
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Why would the community be against fixing up a derelict factory and filling in an empty lot with retail and jobs? Parking:)? I live in Philly and can understand not wanting a football stadium built accross the street from me. But fixing an empty bulding and adding retail- I would welcome that.
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