PHILADELPHIA | East Market | 284 & 248 FT | 24 & 20 FLOORS

[New2Fishtown]

Originally Posted by Londonee

You're confusing the new construction building - the one I'm talking about and referencing - with the basically complete rehab that has the Moms, the relocated Marketplace Design Center, and the HQ for BCJ.

It is true that the Design Center is 48,000 feet of high end furniture showrooms and design studios, but those occupy the 3rd and 4th floors of the building that MOM's is occupying. If you walk by in the evening you can see that many of these Design Center tenants have moved in, as evidenced by fancy light fixtures and what not visible from the street. It's a cool tenant for the project to attract, but it doesn't function as part of the retail identity of the site. These aren't so much stores you wander into as designers and curators you seek out for very high-end furnishing needs. I'd argue all of the Design Center tenants attract an entirely different and potentially higher end clientele than people that would wander into DWR at street level.

To an earlier point, if they're being strategic at all about tenant mix and looking to complement the existing grocery/gym/convenience/brewery/furniture mix with some more traditional retailers, I agree that we won't likely hear about them until the project is more up and running. It feels inevitable that at least one of the Market Street fronting spaces in the east podium will go to a convention-friendly restaurant operation, but time will tell.

[summersm343]

Originally Posted by Londonee

Which kind of gets back to my initial question. The article linked mentioned the DWR would be open in 2017 (it also said the Moms would be open by end of 2016) - but if any of these numbers are to be believed than we are certainly less than a year out for much of the complex to be open, right?

Also, what constitutes "wrapping up construction" - the east tower and podium are almost fully complete - are they going to sit idle as a non-producing cost for another 2 years while the west tower is built? Seems unlikely.

At least half of the retail space faces Ludlow Street and the pedestrian walk that runs between the buildings. Especially regarding retail facing the pedestrian walk, retailers are:

A) Not going to want to face a building under construction across the street.
B) Not going to want to commit to the space without seeing the foot traffic.

Have you seen the King of Prussia Towne Center yet? Half of it is still empty despite it wrapping up construction a couple of months ago.

Have you seen the new King of Prussia Mall extension? Still 4 or 5 empty retail spots despite it wrapping up construction last year.

Sometimes it takes a little while to sign retailers, especially in an unproven/non-established retail location.

[jsbrook]

Originally Posted by Londonee

You're confusing the new construction building - the one I'm talking about and referencing - with the basically complete rehab that has the Moms, the relocated Marketplace Design Center, and the HQ for BCJ.

Not confusing it. That's why I said "that still leaves all the space in the actual new construction towers in play." But the design stores are still part of the overall complex and redevelopment. So, it's more than just City Fitness, Iron Hill, Wawa and DWR.

[Urbanthusiat]

Delete

[Urbanthusiat]

I think Market East is going to be a massive success. I'll tell you what - honeygrow in the Steele building is packed every single day. Thomas Jefferson actually generates a ton of traffic over there. The fitness place, and Mom's organic should be a nice complement in this soon to become much busier healthcare minded community. The TJ-PhilaU merger will bring many more young people over here and drive further retail development. It seems like people are pretty hyped. There's the whole FOP thing that I have to imagine witll have some sort of theater in it and a number of other things, and a thriving hospitality and convention market around Reading Terminal in the middle of the city, right next to regional rail and on top of the subway. I simply don't see a future without this being a success. There will be plenty of demand for retail. They were clearly comfortable enough to start the second tower.

(And Whoever owns 8th and Market, if you're listening, it would be great if you could find that 3.3% cap rate that's missing from our market and collude with Thomas Jefferson to build a huge, awesome new development to show everyone how great a pair education and healthcare are).

http://www.bizjournals.com/philadelp...action.html#g5

[SEFTA]

I did not know there was a design center included. I think that puts a whole new spin on the entire project. Exciting.

[summersm343]

Originally Posted by SEFTA

I did not know there was a design center included. I think that puts a whole new spin on the entire project. Exciting.

Yes, most of the old Family Court building (same building with MOM's on the ground floor) that has been redeveloped will be the new Philadelphia Design Center, which is moving from 24th and Market where Aramark is replacing them and building their new headquarters. Design Within Reach will then be located on the ground floor of the 1st apartment tower directly across Ludlow Street.

[SEFTA]

Possibly "Design District"?

[Yurkek]

Originally Posted by Urbanthusiat

(And Whoever owns 8th and Market, if you're listening, it would be great if you could find that 3.3% cap rate that's missing from our market and collude with Thomas Jefferson to build a huge, awesome new development to show everyone how great a pair education and healthcare are).

My dream is to be able one day to walk from 3rd and Market all the way to the Art Museum without seeing construction, parking lots or pawn shops. That would be a game changer for tourism.

[Philly Fan]

Lots of steel being delivered right now--with the help of an active crane operator, of course. Time for upward progress to resume.

[Groundhog]

Originally Posted by Yurkek

My dream is to be able one day to walk from 3rd and Market all the way to the Art Museum without seeing construction, parking lots or pawn shops. That would be a game changer for tourism.

I'm with you on the parking lots and pawn shops, but I think there should always be room for some construction - shows that the economy is thriving!

[1487]

Originally Posted by Groundhog

I'm with you on the parking lots and pawn shops, but I think there should always be room for some construction - shows that the economy is thriving!

The issue isn't so much what is there as what isn't there on Market east of 11th. There are a few vacancies now. So the old stuff is being pushed out but we aren't seeing any replacement retailers for the most part.

When the hell will be announcing tenants for this?

[mmikeyphilly]

We finally have BEAMS!!

[Philly Fan]

Originally Posted by mmikeyphilly

We finally have BEAMS!!

Beam me up, Mikey.

[Gonzo the Great]

[QUOTE=mmikeyphilly;7858787]We finally have BEAMS!!

HOLY SHIT MIKEY , great shot thanks for posting .

[El Duderino]

i walked by this today and even the two floors of beams above the podium adds so much height and density. it will be cool seeing this all fall into place.

hopefully 1301 market will jump in to keep things rolling.

[allovertown]

I walked by yesterday and it seemed like they were setting up the supports for the giant video screens on the eastern building.

Unrelated, they were also adding new cladding to the gallery. Too soon to say how it will look.

[Londonee]

Originally Posted by allovertown

I walked by yesterday and it seemed like they were setting up the supports for the giant video screens on the eastern building.

Unrelated, they were also adding new cladding to the gallery. Too soon to say how it will look.

Was the cladding to the gutted new lower sections or the upper floor portions that are still the awful white metal cladding?

[1487]

signs for Mom's being installed today along with the supports for the screens mentioned above.

[allovertown]

Originally Posted by Londonee

Was the cladding to the gutted new lower sections or the upper floor portions that are still the awful white metal cladding?

Lower section. Upper section looks the same, hopefully they'll at least clean it.