PHILADELPHIA | 1900 Arch Street | 14 Flrs | 162 ft - Page 2

Londonee · #21 Posted: **Jul 8, 2012, 2:42 PM**

As of Thursday there is one large backhoe shuffling dirt around. Hay bails line the perimeter and there's a construction trailer on site. Not sure what to make of it yet as it doesn't appear that they are digging for a foundation, just shuffling dirt piles.

summersm343 · #22 Posted: **Jul 8, 2012, 3:00 PM**

Quote:

Originally Posted by Londonee

As of Thursday there is one large backhoe shuffling dirt around. Hay bails line the perimeter and there's a construction trailer on site. Not sure what to make of it yet as it doesn't appear that they are digging for a foundation, just shuffling dirt piles.

I have a feeling they are waiting for the construction of 2040 Market to finish before they start heavy work at this site.

PHL10 · #23 Posted: **Jul 9, 2012, 12:35 PM**

If you guys remember, this site had some historic building on it. The building were similar to the others just west of the site. When they were torn down with no concrete plans to build, there was an article (maybe by Inga?) about the “Detroiting of Philadelphia”. I’m glad to see something being built here. That corner in particular seems very desolate as three of the four corners are currently empty/parking lots.

bryson662001 · #24 Posted: **Jul 13, 2012, 11:31 PM**

Quote:

Originally Posted by summersm343

I have a feeling they are waiting for the construction of 2040 Market to finish before they start heavy work at this site.

I have a feeling they know they have missed the market because they dragged their heels for so long and are deciding now whether to build at all.

Cro Burnham · #25 Posted: **Jul 14, 2012, 12:08 AM**

jn00 · #26 Posted: **Jul 22, 2012, 11:04 AM**

Quote:

Originally Posted by Cro Burnham

Yeah - tough to tell by the pic if they're really moving forward with construction or just leveling the lot to repave. Any new updates?

Aaamazarite · #27 Posted: **Jul 22, 2012, 2:26 PM**

Quote:

Originally Posted by jn00

Yeah - tough to tell by the pic if they're really moving forward with construction or just leveling the lot to repave. Any new updates?

I wonder if they're pulling the ol' "make it look like construction has begun" in order to get investors interested. Sort of like what happened with Residences at the Rodin.

http://www.citypaper.net/blogs/naked...the-Rodin.html

Cro Burnham · #28 Posted: **Jul 23, 2012, 11:27 PM**

Quote:

Originally Posted by Aaamazarite

I wonder if they're pulling the ol' "make it look like construction has begun" in order to get investors interested. Sort of like what happened with Residences at the Rodin.

And/or they could be trying to play mind games with the competition - i.e., trying to give prospective new builders (or their lenders/investors) pause by cultivating an impression that too much inventory is about to be dumped on the market.

If so, the tactic doesn't seem to be working so well at the moment.

summersm343 · #29 Posted: **Jul 24, 2012, 6:14 PM**

This is definitely still a go... I don't think the developers will be holding on this project.

This was posted six days ago on Loopnet looking for a tenant for 16,000 sf of street retail space.

The post states that the expected completion date is Fall of 2013 and the retail space will be ready for occupation by September 2013.

http://www.loopnet.com/Listing/17732...iladelphia-PA/

Like I said before, I believe the developers are possibly just waiting until 2040 Market is complete.... it would make sense. They could just move all the equipment and employees right down the street instead of bringing in more employees and more cranes/ other equipment when it's already there right down the street.

A building like this also will only take about a year to construct.... so I think it's safe to say construction will start on this at the end of the summer/ beginning of Fall after the completion of 2040 Market.

Cro Burnham · #30 Posted: **Jul 26, 2012, 6:50 PM**

uh oh. litigation. might explain the slow pace.

from philly.com:

http://www.philly.com/business/?wss=...s&id=163804256

Quote:

In Philadelphia real estate, Eric Blumenfeld and Ronald Caplan are masters of finding new purposes for old buildings.

Blumenfeld, 49, has worked his magic on the north-south axis of Broad Street. At a project called 600 North Broad, he put loft apartments in the old Biberman factory, and restaurants by Stephen Starr and Marc Vetri in a former Wilkie Buick showroom. His name often comes up as a potential buyer of the graffiti-scarred Divine Lorraine Hotel at Broad and Fairmount Avenue.

Caplan, 64, has focused his efforts to the east and west of City Hall. Through his company, Philadelphia Management Corp., Caplan has developed more than 100 residential and commercial properties in seven states. Right now, he's transforming the former AAA offices at 2040 Market St. into apartments, having already converted the After Six tuxedo factory into lofts at 2121 Market.

In 2010, their worlds intersected when Blumenfeld, feeling the pinch of the economic downturn and needing to find new backers, reached out to Caplan.

Caplan took a position in two of Blumenfeld's projects - 600 North Broad and the Marine Club apartments at Broad and Washington Avenue. Blumenfeld thought he was getting something in return: Joining Caplan's project for a 14-story building at 1900 Arch St.

Today, the alliance of two of Philadelphia's most important developers, each of whom has continued to build throughout the recession, has collapsed. The partners who used to play weekly tennis are now locked in a legal fight

In a 91-page complaint filed Monday in Common Pleas Court, Blumenfeld has accused Caplan of siphoning money from his two projects while freezing him out of the 1900 Arch project. Blumenfeld seeks $1.4 million in damages and the right to inspect the books for each of the three projects. . . . .

josef · #31 Posted: **Jul 26, 2012, 7:03 PM**

Quote:

Originally Posted by Cro Burnham

uh oh. litigation. might explain the slow pace.

from philly.com:

http://www.philly.com/business/?wss=...s&id=163804256

fastdupree · #32 Posted: **Aug 1, 2012, 3:08 AM**

Philly Center City area should stop waisting block space for small buildings and put real skyscrapers there instead.

palvar · #33 Posted: **Aug 1, 2012, 1:12 PM**

Quote:

Originally Posted by fastdupree

Philly Center City area should stop waisting block space for small buildings and put real skyscrapers there instead.

Who, specifically, would make such a decision?

Cro Burnham · #34 Posted: **Aug 1, 2012, 5:52 PM**

Quote:

Originally Posted by fastdupree

Philly Center City area should stop waisting block space for small buildings and put real skyscrapers there instead.

fastdupree, we've been through this before many times on this board. please spare us the "screw this design, we want 50 stories or nothing at all" comments.

This kind of post is an irrelevant pointless waste of time.

Sorry, moderators, for being a pseudo-moderator, I just wanted to nip this in the bud if possible.