PHILADELPHIA | The Development Thread VIII - Page 261

summersm343 · #**5201** Posted: **Apr 30, 2012, 5:11 PM**

Quote:

Originally Posted by Jelly Roll

It is. 100k or more for each one.

Ah gotcha.

Quote:

Originally Posted by iamrobk

Jeez, haven't been on here in a long time (haven't logged in since 2009, apparently! woops...), so I doubt anyone remembers me at all. But I'm moving back to Philly in a few months, so it's nice to see there is still development going on.

Welcome back

Quote:

Originally Posted by hammersklavier

Source??

Believe me, I like the sound of this, but until we can see something in PBJ or the Inky, I feel like it's just a rumor (especially with the depressed office market in the city and Liberty holding some other usable parcels).

Summer--AFAIK it's not Blatstein who's developing 1900 Arch, but rather Philadelphia Management Co., the same guys developing the AAA Building (2040 Market). If this be the case, my bet is that they aren't developing 1900 Arch yet because they are committing their full resources to 2040 Market, and will only develop it when they're done with that project.

Gotcha... makes sense. Let's hope they do get working on 1900 Arch as soon as they're done at 2040 Market

Cro Burnham · #**5202** Posted: **Apr 30, 2012, 5:26 PM**

Quote:

Originally Posted by hammersklavier

Source??

Believe me, I like the sound of this, but until we can see something in PBJ or the Inky, I feel like it's just a rumor (especially with the depressed office market in the city and Liberty holding some other usable parcels).

Summer--AFAIK it's not Blatstein who's developing 1900 Arch, but rather Philadelphia Management Co., the same guys developing the AAA Building (2040 Market). If this be the case, my bet is that they aren't developing 1900 Arch yet because they are committing their full resources to 2040 Market, and will only develop it when they're done with that project.

I think Sayitaintso is in the real estate business, so I suspect he talks with people who probably know. In any event, he never said it was going to happen, only that LPT would develop the site if they got the tenants. The reason it's not in the paper, I guess, is that there's no real story until LPT receives the tenant commitments. Essentially, he's just reporting a possibility, but he didn't say it was anything more than that. I have no reason to suspect it isn't true.

I also bet PMC is waiting to see how the apartment market shakes out with all the new construction before they start on 1900 Arch. There's no need to go all-in now. Apartment developers don't get the same headstart advantages that condo developers need, given that renters can hop from one place to the next every year. So why risk over committing to the apartment market when you can wait and see how everything shakes out?

They probably started with AAA because the construction cost per unit is probably much lower, while the rents would probably be very similar. May as well start with your lower risk project. If things stay good, move on to the next; if not, turn it back into a cash flowing parking lot.

In the past, PMC has been backed by Lubert Adler, who, as I understand it, have been pretty opportunistic and successful. Both organizations are known for conducting real estate as a purely profit-motivated business without being weighted down by the need to create a prestigious brand or corporate image for their properties. That's why most of PMC's residential rehabs look like crap up close - my understanding is that they put the minimum in old buildings to make the most money until they can flip for a big payout. This is why they almost always do (what I understand are) bare-minimum rehabs and rarely new construction.

AAA is something of a departure from their MO, in that there is substantial new overbuild; 1900 Arch is a major departure, being all new, so I imagine PMC will be very very patient, especially as there is no reason to rush.

If they have the backing of Lubert Adler again, my guess is that capital access is not a big problem - they could probably do multiple projects simultaneously, but likely opt not to over commit to the market until they are sure where it's headed.

von hayes · #**5203** Posted: **May 1, 2012, 12:27 AM**

Blumenfeld is behind 1900 Arch

Cro Burnham · #**5204** Posted: **May 1, 2012, 2:13 AM**

Quote:

Originally Posted by von hayes

Blumenfeld is behind 1900 Arch

Well I guess that explains why PMC hasn't started work on it yet!

Is Verhrenhorst the architect for both 1900 Arch and AAA?

volguus zildrohar · #**5205** Posted: **May 1, 2012, 3:31 AM**

A render of Market East signage from the FB group 'Concerned Citizens for Market East'.

von hayes · #**5206** Posted: **May 1, 2012, 4:51 AM**

Quote:

Originally Posted by Cro Burnham

Well I guess that explains why PMC hasn't started work on it yet!

Is Verhrenhorst the architect for both 1900 Arch and AAA?

Yes, believe he did the work on 600 N broad as well.

bucks native · #**5207** Posted: **May 1, 2012, 6:41 AM**

Delta to purchase refinery near Philadelphia
Detroit Free Press - ‎33 minutes ago‎

Passengers walk past a Delta Airlines 747 in McNamara Terminal at Detroit Metro Airport. / 2010 photo by Paul Sancya/AP Delta Air Lines said Monday that it will buy a refinery near Philadelphia in the hope of slicing $300 million a year from its jet ...

Related Delta Air Lines » Delta Air Lines gets into fuel business, buys a refinery in bid to save $300 ...Washington Post

Delta Refinery Q&AHouston Chronicle

bucks native · #**5208** Posted: **May 1, 2012, 8:00 AM**

Energy Transfer Partners to buy Sunoco for $5.3B

More from BusinessWeek

Natural gas company Energy Transfer Partners is buying Sunoco in a deal valued at about $5.3 billion.

The acquisition would expand the footprint of the Dallas company in the Northeast, and also diversify its holdings in a shift toward more crude and other heavy hydrocarbons. Natural gas companies have been hammered by plunging prices, which have recently hit 10-year lows.

Sunoco will continue to be based in the Philadelphia area and its previous goal of exiting the refining business is ongoing.

bucks native · #**5209** Posted: **May 1, 2012, 8:16 AM**

source: http://www.bizjournals.com/philadelp...&ed=2012-04-30

Some good news and a warning from Center City District
Philadelphia Business Journal by Natalie Kostelni, Reporter
Date: Monday, April 30, 2012, 1:17pm EDT

Center City District has released its annual State of Center City Report. It included a lot of good news about Philadelphia.

Here are some numbers from the report:

• Center City has 214,484 private-sector jobs paying $12.1 billion in salaries;

• Downtown accounts for 39.6 percent of all private-sector jobs in the city and 43.5 percent of all salaries;

• 7,000 individuals in Center City who are compensated as partners earned $1.1 billion;

• Partners in the city’s 153 law firms earned $771.7 million (If you’re a lawyer or other type of partner housed in Cira Centre, that’s a lot of tax-free money.);

• The sale price of a Center City house has increased by an average of 21.7 percent over the last 15 years;

• The average daily rate of a Center City hotel increased by 9.7 percent in 2011, which is more than any other major Northeast city;

• The number of Center City fine-dining restaurants increased by 322 percent since 1992 and the number of outdoor cafés total 273;

• Since 2007, $12 billion in development has occurred between Center City and University City; and

• The population of downtown has increased by 16.3 percent in the last decade.

While a lot of the data point to positive trends for Philadelphia, taxes still drag down the city, especially when it comes to retaining and growing jobs, said Paul Levy, president and CEO of Center City District.

“We are dramatically losing office market share,” Levy said. “Office jobs are a weakness in our economy.”

Taxes matter in the region, Levy said, and if the city doesn’t restart a concerted effort to eliminate the business privilege tax and reduce the wage tax then the city will continue to see jobs funnel out.

“Clearly, we tax the wrong thing,” he said, noting that “growth is happening but it’s not happening here.”

jn00 · #**5210** Posted: **May 1, 2012, 3:41 PM**

Quote:

Originally Posted by Cro Burnham

Well I guess that explains why PMC hasn't started work on it yet!

Is Verhrenhorst the architect for both 1900 Arch and AAA?

Varnehorst is the architect for both. I also think that PMC is involved in both; however, Blumenfeld is also involved in 1900 Arch. I remember reading a while back that PMC (Ron Caplan) owned the land at 1900 Arch and tore down the row houses which were there. I suspect that 1900 Arch is a JV. Blumenfeld most recently seemed to be the one attending the zoning meetings. Would be great to see this lot bite the dust, so hoping that construction on 1900 starts soon.

Regarding AAA, steel has started to go up behind the building on Market Street for the ground up construction portion.

hammersklavier · #**5211** Posted: **May 1, 2012, 5:48 PM**

So there's speculation or definitive plans for both 1900 and 1901 Arch. This is good news!

What about the ACC site? We haven't heard a thing since Liberty took control of it...

summersm343 · #**5212** Posted: **May 1, 2012, 9:51 PM**

Quote:

Originally Posted by hammersklavier

So there's speculation or definitive plans for both 1900 and 1901 Arch. This is good news!

What about the ACC site? We haven't heard a thing since Liberty took control of it...

I've mentioned several times that my friends uncle works for Liberty and he said they are planning something big for the site... haven't heard much more. Word is that Comcast will be involved with a new tower as well though... Liberty also is trying to acquire the parking lot right across the street from the new Penn Medicine tower under construction at 8th and Walnut in order to build another tower for Penn.

Also... there is a sign up from Michael Salove Company and Brandywine at 20th and Market seeking companies interested in available retail space for the new building... seems like this is moving along. Also walk around the city... there are a ton of signs up on lots all over the city advertising potential development opportunities for any interested buyers. The garage on Arch is going up ridiculously fast. The New Family Court Building is going up ridiculously slow.

The new Temple U Residence Hall can be seen from North Broad Street! I saw it while I was walking up North Broad to get on the Race/Vine stop.

Also, while walking down Market Street I could see a very large crane in UCity... is this for the LeBow College of Business or the new Residence Hall?

Lastly... went to XfinityLive! last night and it was a great time... it is hideous from the outside but gorgeous on the inside. That place will ring in a boat load of money... let's hope Phase 2 gets underway soon.

Here's to hoping

cubanChris · #**5213** Posted: **May 1, 2012, 11:16 PM**

Quote:

Originally Posted by summersm343

I've mentioned several times that my friends uncle works for Liberty and he said they are planning something big for the site... haven't heard much more. Word is that Comcast will be involved with a new tower as well though... Liberty also is trying to acquire the parking lot right across the street from the new Penn Medicine tower under construction at 8th and Walnut in order to build another tower for Penn.

Also... there is a sign up from Michael Salove Company and Brandywine at 20th and Market seeking companies interested in available retail space for the new building... seems like this is moving along. Also walk around the city... there are a ton of signs up on lots all over the city advertising potential development opportunities for any interested buyers. The garage on Arch is going up ridiculously fast. The New Family Court Building is going up ridiculously slow.

The new Temple U Residence Hall can be seen from North Broad Street! I saw it while I was walking up North Broad to get on the Race/Vine stop.

Also, while walking down Market Street I could see a very large crane in UCity... is this for the LeBow College of Business or the new Residence Hall?

Lastly... went to XfinityLive! last night and it was a great time... it is hideous from the outside but gorgeous on the inside. That place will ring in a boat load of money... let's hope Phase 2 gets underway soon.

Here's to hoping

The UC crane is for LeBow. Though I walked by the new residence site yesterday evening and they have dug up the former plaza where the residence tower will sit and it looks like they are already getting ready to reinforce it and move forward as quickly as possible. I think that project will build up a quick head of steam.

summersm343 · #**5214** Posted: **May 1, 2012, 11:39 PM**

Quote:

Originally Posted by cubanChris

The UC crane is for LeBow. Though I walked by the new residence site yesterday evening and they have dug up the former plaza where the residence tower will sit and it looks like they are already getting ready to reinforce it and move forward as quickly as possible. I think that project will build up a quick head of steam.

Nice... looks like you will be able to easily see this building from Center City then. Keep on adding to that UCity skyline

volguus zildrohar · #**5215** Posted: **May 2, 2012, 1:11 AM**

Wasting time on YouTube today I came across a tourism video for the city from 1977. Among all the whimsical sights of Billy Penn with lightning rods and NewMarket one section of the video featured a view from an observation deck somewhere in the Washington Square/Independence Mall area that I have never seen nor heard of. The video link is cued to just before the section - anyone here know about it? You know how upset not knowing things like this makes me.

• Video Link

It almost looks like the Penn Mutual Towers...the view is at least as high as the Society Hill Towers and nothing else from that period in that area was that tall.

Cro Burnham · #**5216** Posted: **May 2, 2012, 1:22 AM**

Quote:

Originally Posted by volguus zildrohar

one section of the video featured a view from an observation deck somewhere in the Washington Square/Independence Mall area that I have never seen nor heard of.

It almost looks like the Penn Mutual Towers...the view is at least as high as the Society Hill Towers and nothing else from that period in that area was that tall.

It was Penn Mutual. Until about 30 years ago, there was a large interior observation deck on the top floor. I went there with my father when I was little.

volguus zildrohar · #**5217** Posted: **May 2, 2012, 3:30 AM**

!!!!!!!!!!!!!!!!!!!!!

I never knew there was a deck there. Do you know why it was closed?

bryson662001 · #**5218** Posted: **May 2, 2012, 3:53 AM**

Quote:

Originally Posted by Cro Burnham

It was Penn Mutual. Until about 30 years ago, there was a large interior observation deck on the top floor. I went there with my father when I was little.

I was never up there but I knew about it and I have been in Philly since '89.....23 years.

volguus zildrohar · #**5219** Posted: **May 2, 2012, 9:48 AM**

Flickr user RetroLand U.S.A.

josef · #**5220** Posted: **May 2, 2012, 12:33 PM**

From this morning's Inquirer:

Quote:

W Hotel planned for Chestnut Street

By Suzette Parmley
INQUIRER STAFF WRITER

An upscale W Hotel is scheduled to break ground next year on a half-acre site that was originally planned for a $420 million Waldorf-Astoria Hotel with luxury condominiums before the lending markets collapsed four years ago.

The new hotel would sit on what is now a surface parking lot at 1441 Chestnut St, just behind the Ritz-Carlton Hotel and its condo tower, according to a representative of Starwood Hotels and Resorts Worldwide Inc., which owns the W brand.

“It is going through,” Katherine Tory, a member of Starwood’s development team, said Tuesday. “Construction is set to begin in about a year.”

http://www.philly.com/philly/busines...ut_Street.html