PHILADELPHIA | 3675 Market | 241 FT | 15 FLOORS

[1487]

^that seems highly unlikely, if not impossible.

[Urbanthusiat]

They'd have to start work very soon for that opening date. I don't believe this building comes with underground parking, and it's not a huge building, so it's very possible this could be completed in ~14 months, but they'd have start pretty soon. Preferably yesterday.

[McBane]

I agree. The fact that there's no basement or underground parking is huge. We've all seen how fast buildings sprout after the foundation/underground work is complete. But yea, they're going to need to start ASAP.

[christof]

I've heard rumors that the University City HS property project is being put on hold because lack of demand. The slow movement on this building may be proving these rumors to be true.

[summersm343]

Originally Posted by christof

I've heard rumors that the University City HS property project is being put on hold because lack of demand. The slow movement on this building may be proving these rumors to be true.

Well 3675 Market is 50% preleased before construction has even begun... that's a good sign.

I'm sure there could definitely be more demand however. The city needs sweeping business tax reform ASAP and City Council is beating around the bush here.

[jsbrook]

Originally Posted by summersm343

Well 3675 Market is 50% preleased before construction has even begun... that's a good sign.

I'm sure there could definitely be more demand however. The city needs sweeping business tax reform ASAP and City Council is beating around the bush here.

What is happening on the Constitutional Amendment to allow higher commercial real estate tax and corresponding drop in our other inappropriately high taxes? Doesn't that have widespread support and Darrel Clarke is the only real obstructionist?

[New2Fishtown]

Originally Posted by jsbrook

What is happening on the Constitutional Amendment to allow higher commercial real estate tax and corresponding drop in our other inappropriately high taxes? Doesn't that have widespread support and Darrel Clarke is the only real obstructionist?

This article explains why this needs multiple rounds of approval at the state level, and a referendum.
http://www.phillymag.com/citified/20...-wage-tax-cut/

And then I assume some other local approval as well? So I'd take this past session's passage of it by the senate and house in Hburg as a good sign that it will likely move through the state's process, but that there isn't much chance of it getting anywhere without another 12-24 months of politics.

[1487]

Originally Posted by summersm343

Well 3675 Market is 50% preleased before construction has even begun... that's a good sign.

I'm sure there could definitely be more demand however. The city needs sweeping business tax reform ASAP and City Council is beating around the bush here.

There can always be "more" demand. But this development was announced based on the existing tax structure. Not based on their hope that there would be drastic cuts shortly after they announced the project. The types of start ups that are mostly houses in the science center get a break on taxes to some degree because of changes that were made to the BIRT.

[City Wide]

what's the worry, first construction was suppose to start in the fall of 2015, now its suppose to be done in a year. Who believes these signs and announcements, I don't. I assume that there's some internal basis for all the lies, I mean who are they trying to fool?
When the dirt starts moving that's when the clock starts moving. Anything else is just a waste of energy.

[hammersklavier]

Originally Posted by summersm343

Still no work on site, but new signage up claims Fall 2017 opening

They think they're gonna execute the whole thing in a year?

[1487]

^I take it those signs were ordered many, many months ago. Everyone knows this is a multi phase project so it would take years to execute, what is surprising is that NOTHING is happening on any of the buildings.

[PhilliesPhan]

Looks like 3675 Market received 1 million dollars in RACP funding:

http://www.philly.com/philly/busines...ce-center.html

[summersm343]

^^This received $2.5 million

[PhilliesPhan]

Originally Posted by summersm343

^^This received $2.5 million

Thanks for the correction, summers! I tried to type this on my phone at work, and I probably confused this RACP grant with the $1 million RACP for SLS. This is indeed receiving $2.5 million!

[summersm343]

10/18/2016

They were doing test bores today. Are they getting ready to start on this one?

[New2Fishtown]

Didn't know they were awaiting any RACP funds. A colleague recently mentioned hearing of an official groundbreaking on or around November 10.

[summersm343]

^^ Nice!

Yes, usually test bores means they are prepping for caisson installation.

[summersm343]

According to Curbed Philly, this will break ground by the end of the year.

http://philly.curbed.com/maps/univer...r-construction

[summersm343]

University City District Report also claims groundbreaking this year with a completion in 2018:

http://www.universitycity.org/sites/...y%202017_0.pdf

[Philly Fan]

Intech Construction has now moved this to the "Construction" section--as opposed to where it had been in the "Pre-Construction" section--of "Current Projects" on its website, which generally means that we're off to the races:

http://www.intechconstruction.com/cu...mode=1&id=105#