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Old Posted Mar 11, 2014, 3:47 PM
Pennsgrant Pennsgrant is offline
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Join Date: Mar 2006
Location: Philadelphia
Posts: 818
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.

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.