Boom :cheers:

Well this may slow things down a bit:

Philly Condo Project Is Violating Easements, Suit Says

By Alex Wolf
Law360, Philadelphia (February 24, 2015, 2:55 PM ET) -- A lawsuit filed in Pennsylvania on Friday alleges that 500 Walnut Partners LP, developers aiming to build a 26-story, multimillion-dollar luxury condominium tower in Philadelphia, have moved ahead with construction on their planned site despite the existence of two easements that a neighbor has refused to relinquish.

FRUB Penn LLC, the owner of property next to the disputed site, claims in its suit that 500 Walnut Partners “decided to act lawlessly” and violated the terms of easements between them when FRUB refused to relinquish its rights.

http://www.law360.com/pennsylvania/a...ents-suit-says

I pulled the docket. It was an emergency petition for injunctive relief from 2/20/15 seeking to have the Court shut down the project for violation of the alleged easement of the Penn Mutual Building. Defendant, 500 Walnut, filed a response. Because it was an emergency petition, the Court has already heard argument and denied the request for an injunction.

I didn't bother spending the $10 or so to print out the pleadings, so I can't speak to merits, but these are two parties with a ton of money and two high powered law firms. There will almost certainly be an appeal but at this initial stage, Judge Demby felt the petition was without merit.

You know, I was curious driving by the site during the last couple days of how it was that the building next door had an entrance, windows, and a playground on that side of their building. I had assumed that the property included that 20 feet or so of open space but it seems maybe not and it’s only an easement.

Was in the area for lunch this afternoon, and notice that there is excavating work being done with a large backhoe. The general contractor is Intech Construction.

Thanks for doing that bit of legwork. Glad to hear they were already shot down on the emergency injunction. Hopefully this one can avoid a drawn-out legal battle!

Hmm...I am not a real estate lawyer but do practice in other areas. Seems to me that if they lost the preliminary injunction, this is a damages case (unless overturned on immediate appeal). Meaning they lost on their bid to actually stop the construction. But I suppose they could stop the next phase after the preliminary site prep work that is in play now.

Me neither, really. I believe it would depend what the complaint asks for in other counts, if any. Again, I didn't download it. Even if Penn Mutual Plaintiffs are seeking damages in the alternative, this denial would trigger their ability to file an interlocutory appeal.

Can anybody get over there and get a picture update?

The lawsuit doesn't seem to have impacted groundbreaking. Scheduled for March 12!:

http://www.phillymag.com/property/20.../#more-2917926

Ceremony to take place offsite.

Jersey barriers, fencing and Work in Progress signs up.

https://fbcdn-sphotos-g-a.akamaihd.n...974972d3d3fc35

Site prep has started.

https://scontent.xx.fbcdn.net/hphoto...78&oe=558ED815

Looks good.

Full-page ad in today's Inquirer confirms that "groundbreaking" is tomorrow.

Very nice!

Groundbreaking Thursday for 'ultra-luxury' 500 Walnut condo tower

http://www.philly.com/philly/news/br...ndo_tower.html

What a great location , imagine having your morning coffee over looking Indepdence Hall300' up . Where the greatest document between man and government was conceived . Can't get more American or capitalistic than that .

This place will be amazing. Nice balcony upgrade from 1706 Rittenhouse. Fits both a lounging area with a sofa and a dining area with a table. I have to say I am a BIT concerned with the residential housing boom. Not so much with a place like this. There is enough wealth in the Main Line to fill 30 or so ultra luxury units. But there is SO much mid-range and luxury building happening. We really need another Fortune 100 company to move to or develop in Philly!

Im surprised the SLS isnt mentioned in these articles about upcoming luxury condo projects. I would think its going to be pretty pricey in its own right.

unless you're signing on the loans, who cares if buildings thrive or fail?

I say build build build

http://i.imgur.com/UHpo7sl.jpg

Glad it's being built, but this image is pretty on the nose regarding the income gap in our country. These multi-millionaires are literally going to be looking down on Independence Hall from above.