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  #15101  
Old Posted Jul 20, 2017, 9:22 PM
jsbrook jsbrook is offline
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Originally Posted by 1487 View Post
how is it stupid? People are talking about parking and effects on development. You can't handle THAT? Really? WTF
I can handle it. Indeed, I sometimes participate. It would be best if the Highrise Thread is for specific highrise info and the lowrise for general lowrise projects. There can be a separate thread for public policy debate and discussion of regulation, taxes, and whatever else in that vein that's not project-specific. Would be better. Not sure how that would be created, though. It's up to summers and other mods and admin to decide whether and how to implement this.
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  #15102  
Old Posted Jul 20, 2017, 9:59 PM
Sgalla04 Sgalla04 is offline
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If 50-60% of Philadelphians work in the suburbs you can damn sure bet the same % either has or WISH they had a car. The people that reverse commute via SEPTA are generally doing so because they don't have a car.
I reverse commute via SEPTA and own a car, which remains parked at a SEPTA parking lot year round (10 min. drive to work from the station). I choose not to drive directly to work because of the horrible traffic and knowing I can work on the train instead of limiting myself to only listening to music and/or road rage.

I haven't needed a car the past 3 years and have no regrets. I've only driven and parked overnight in the city on 3 occasions since moving to Center City. Either take SEPTA to other areas on the weekend or drive my car to the mountains, shore, etc. after work.
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  #15103  
Old Posted Jul 20, 2017, 10:30 PM
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Knight Hospitaller Knight Hospitaller is offline
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Considering that at least 14 out of 20 posts on the prior page were dedicated to complaining about each other's opinions, it's not a matter of "getting upset" about or not being able to "handle" the posts. It's just a waste of time to even scroll past.
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  #15104  
Old Posted Jul 21, 2017, 1:15 AM
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summersm343 summersm343 is offline
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Report: Philly’s housing inventory has hit an all-time low

Read more here: https://philly.curbed.com/2017/7/20/...ow-real-estate
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  #15105  
Old Posted Jul 21, 2017, 1:20 AM
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Half empty, 3535 Market to undergo $40M renovation

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The owner of 3535 Market St. plans a $40 million redevelopment of the 435,000-square-foot medical office building in University City.

The 18-story building has become nearly half empty as a result of Children’s Hospital of Philadelphia vacating 226,089 square feet of space when it relocated to a newly constructed office tower along Schuylkill Avenue. The University of Pennsylvania Health System is a long-term tenant in the remainder of the space at 3535 Market.

Built in 1973, the building is dated and, with lots of empty space, the owner of the building decided that an extensive renovation is warranted in order to attract tenants that have new options at the Science Center. Just about everything — from the lobby to new thermal pane windows — will get redone at 3535 Market.

“It’s a pretty extensive renovation,” said Nick Gersbach, who along with Kevin Maloney of CBRE Inc. are trying to release the vacant space.

The building was originally constructed for the General Services Administration. In 2006, ProMed Properties bought it for about $110 million. In August 2014, ProMed Properties sold the building to its current owner, HCP Inc., for $140.6 million. The property was the company’s first acquisition in Philadelphia. A year later, it bought 833 Chestnut St., a 705,000-square-foot building for $161 million.

The company, which focuses on medical office buildings, is a long-term holder of its real estate and is looking to add to its local holdings. When it bought the 3535 Market, it was aware CHOP would be departing from the property.

“We assumed we would eventually have to do a major repositioning of the building,” said Billy May, director of asset management at HCP. “We can’t make a new building but want to get as close to market as possible.”
https://www.bizjournals.com/philadel...enovation.html
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  #15106  
Old Posted Jul 21, 2017, 1:28 AM
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Without More Job Growth, Philly's Multifamily Market Doesn't Have Much Room Left

Read more at: https://www.bisnow.com/philadelphia/...b-growth-76753
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  #15107  
Old Posted Jul 21, 2017, 1:31 AM
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Inside Vanguard’s Philadelphia Innovation Studio

Read more here: http://www.phillymag.com/business/20...vation-studio/
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  #15108  
Old Posted Jul 21, 2017, 1:38 AM
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Elon Musk promises NY-Philly-DC hyperloop

If this happens, coupled with a highspeed Amtrak NEC, it could be a boon for Philadelphia.

http://www.philly.com/philly/news/el...-20170720.html
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  #15109  
Old Posted Jul 21, 2017, 12:01 PM
1487 1487 is offline
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Originally Posted by Sgalla04 View Post
I reverse commute via SEPTA and own a car, which remains parked at a SEPTA parking lot year round (10 min. drive to work from the station). I choose not to drive directly to work because of the horrible traffic and knowing I can work on the train instead of limiting myself to only listening to music and/or road rage.

I haven't needed a car the past 3 years and have no regrets. I've only driven and parked overnight in the city on 3 occasions since moving to Center City. Either take SEPTA to other areas on the weekend or drive my car to the mountains, shore, etc. after work.
I don't drive to work. Just pointing out facts. And living in CC without a car is easier than it is in much of the city. Unfortunately many cannot afford to live in CC. I think people would be shocked by the number of middle class people that do not use public transportation in Philly. I know many- especially those who grew up here and USED to be reliant on public trans. It's seen as a sign of adulthood and success to no longer be reliant on SEPTA for many. As noted, in my area only a minority of adults use public transportation. I am likely only adult on my street that commutes via SEPTA. Of course many on my street are retired, but either way they are car dependent.
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  #15110  
Old Posted Jul 21, 2017, 12:06 PM
1487 1487 is offline
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Without More Job Growth, Philly's Multifamily Market Doesn't Have Much Room Left

Read more at: https://www.bisnow.com/philadelphia/...b-growth-76753
I hate articles (and headlines) like that without any numbers to back anything up. No jobs numbers were mentioned so there was no basis to establish whether too many apts are being built in relation to recent job growth.
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  #15111  
Old Posted Jul 21, 2017, 2:02 PM
3rd&Brown 3rd&Brown is offline
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I hate articles (and headlines) like that without any numbers to back anything up. No jobs numbers were mentioned so there was no basis to establish whether too many apts are being built in relation to recent job growth.
Timing is suspicious, particularly 2 days after another study is published saying we need 38K new apartments by 2030 to accommodate population growth.

It was likely planted by the insiders in the local Real Estate industry to cool outside interest (i.e. from investors who don't know the city well) who might come and add more supply to the pipeline, putting price pressure on existing stock.
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  #15112  
Old Posted Jul 21, 2017, 2:13 PM
Nova08 Nova08 is offline
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Originally Posted by 3rd&Brown View Post
Timing is suspicious, particularly 2 days after another study is published saying we need 38K new apartments by 2030 to accommodate population growth.

It was likely planted by the insiders in the local Real Estate industry to cool outside interest (i.e. from investors who don't know the city well) who might come and add more supply to the pipeline, putting price pressure on existing stock.
I feel like we see more and more of these types outlooks from opposite ends of the spectrum. One paints a great outlook and then shortly after another one comes out that paints a tough picture with a bleak outlook.

Frankly, Philly just sort of chugs along in the middle. Not as progressive and expansive on the jobs front but growing modestly enough that the city isn't regressing.
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  #15113  
Old Posted Jul 21, 2017, 2:33 PM
1487 1487 is offline
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Originally Posted by 3rd&Brown View Post
Timing is suspicious, particularly 2 days after another study is published saying we need 38K new apartments by 2030 to accommodate population growth.

It was likely planted by the insiders in the local Real Estate industry to cool outside interest (i.e. from investors who don't know the city well) who might come and add more supply to the pipeline, putting price pressure on existing stock.
also, they were trying to gin up interest in a ticketed event. So I don't take it too seriously. The article said the # of apts in pipeline pales in comparison to DC and NYC and DC only has about 700k people. So when you use common sense it's hard to see the "proof" of this oversupply based on job growth.
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  #15114  
Old Posted Jul 21, 2017, 2:44 PM
Londonee Londonee is offline
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Originally Posted by 3rd&Brown View Post
Timing is suspicious, particularly 2 days after another study is published saying we need 38K new apartments by 2030 to accommodate population growth.

It was likely planted by the insiders in the local Real Estate industry to cool outside interest (i.e. from investors who don't know the city well) who might come and add more supply to the pipeline, putting price pressure on existing stock.
I was thinking the same exact thing. The city is very provincial and doesn't want global developers peeing in its pond. It's pretty crazy how few national/international developers build in Philly - it's almost all local guys/companies - even the larger ones like Brandywine/LPT.
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  #15115  
Old Posted Jul 21, 2017, 2:46 PM
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Knight Hospitaller Knight Hospitaller is offline
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Originally Posted by Nova08 View Post
Frankly, Philly just sort of chugs along in the middle.
That's how I've described this town for years. No booms, no busts, just motoring along.
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  #15116  
Old Posted Jul 21, 2017, 8:03 PM
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Brandywine Realty moving HQ to city

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Brandywine Realty Trust is relocating its headquarters to FMC Tower at Cira Centre South in Philadelphia from suburban Radnor, Pa.

The real estate investment trust will occupy 46,000 square feet on floors 16 and 17 at the new office building that houses FMC’s headquarters, the University of Pennsylvania and other tenants. The building is now 97 percent occupied and Brandywine plans to move this fall.

A shuffling of a couple of tenants at FMC Tower opened up an opportunity for Brandywine, the company said in a conference call today on its second-quarter results. An existing tenant is expanding into a vacant floor at FMC and another existing tenant exercised its right to give back space and Brandywine said it will backfill that space.

The company been maintaining its headquarters at 555 E. Lancaster Ave. It has a total of 363 employees and a third of those will work from its new space at the FMC Tower. Jerry Sweeney, CEO of Brandywine, wasn't available for comment.

Brandywine has maintained an office in Cira Centre since the office tower was constructed but it always kept its home base and executive offices in Radnor. However, rumors about Brandywine relocating its headquarters to Philadelphia have circulated on and off for years and picked up steam four years ago when it bought One and Two Commerce Square from Thomas Properties Group. That’s when the real estate company solidified its position as the lead landlord of Center City trophy space.

Speculation about a move picked up again last year when it was announced Brandywine would be the master developer of 10 acres owned by Drexel University in a project called Schuylkill Yards. That will involve building over the next 20 years a mix of commercial, office, educational, research, residential, and other facilities, as well as green spaces and at build out total 5 million square feet and cost an estimated $3.5 billion. The company received its zoning approvals for the first phase of Schuylkill Yards.

Brandywine’ will maintain some space in Radnor as a satellite office for its suburban operations. The company said in the conference call that it had leased out its space in Radnor but didn't disclose the name of the tenant. Brandywine will also maintain property leasing offices at Logan Square, Commerce Square and Cira Centre.
https://www.bizjournals.com/philadel...q-to-city.html
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  #15117  
Old Posted Jul 21, 2017, 8:06 PM
1487 1487 is offline
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^good
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