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Old Posted Jan 23, 2019, 9:50 PM
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Aaamazarite Aaamazarite is offline
Cory Trevor Leahy
 
Join Date: Aug 2009
Location: Wash West
Posts: 393
Quote:
Originally Posted by PhilliesPhan View Post
I actually live over in Cedar Park. I'm seeing an increase of infill projects, but you're absolutely right: nothing significantly dense has broken ground thus far. I think that this will change in the near future, as Penn has expanded its mortgage program as far west as 56th Street. With so little open space available in Spruce Hill, Squirrel Hill, and most of Cedar Park and Walnut Hill, I wouldn't be surprised to see more dense developments coming on the larger lots soon!

Here's something that baffles me, however: how come we haven't seen large-scale development on Market Street (especially between 40th and 52nd Streets) to the same tune that we're seeing along Front Street and even Kensington Avenue? There are HUGE parcels near El stops, especially 4600 Market (currently a huge grass lot).
Several of the industrial properties surrounding the tracks south of Cedar Park have either traded recently or are for sale right now. Wholesalers have been hawking some of the larger properties in Squirrel Hill. A wave will be coming-- part of the problem is that there is prohibitive zoning on a lot of those parcels and I know you know that there is a contingent of folks in that area that will oppose any zoning variance simply for the fact that they hate the idea of a person making a dollar and/or private property in general.

There is development imminent between 40th and 52nd-- 4300 block is getting a 43 unit building soon, Penn Medicine's unknown project is coming to the 4100 block, University Place IS happening despite what many think, Orens Brothers has plans for numerous properties but seem to be flipping some to other developers (I'm told 4900 Spruce is being flipped to Ironstone, not sure if true), and David Adelman is buying up more Chestnut and Sansom Street lots for those bare-bones apartment buildings he's been putting up though he has plans for one taller much nicer building that will be moving forward soon.

As far as the 46th and Market lot goes, the Enterprise Center is still in control of it and they're such a clusterfuck that they have a picture of NYC on their homepage. Despite numerous attempts and many government grants over the years, they still can't get Enterprise Heights off the ground. The latest rendering, from 2015, had a completion date on it for 2018. I think they keep it to borrow against for other projects, they have two mortgages on it right now.
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