PHILADELPHIA-CAMDEN-WILMINGTON-ATLANTIC CITY-READING | Metro Development Thread - Page 69

1487 · #**1361** Posted **Feb 15, 2017, 7:37 PM**

^the city needs some of those types of tenants at FOP or East Market.

summersm343 · #**1362** Posted **Feb 15, 2017, 7:44 PM**

Quote:

Originally Posted by 1487

^the city needs some of those types of tenants at FOP or East Market.

King of Prussia is a proven successful retail center... places are opening there because other retailers are and they're successful. More and more retailers will come to the city overtime as it gets wealthier on the retailers before them prove successful.

1487 · #**1363** Posted **Feb 16, 2017, 1:10 PM**

Quote:

Originally Posted by summersm343

King of Prussia is a proven successful retail center... places are opening there because other retailers are and they're successful. More and more retailers will come to the city overtime as it gets wealthier on the retailers before them prove successful.

there is plenty of evidence retailers in the city are successful. I think the larger issue is many suburban oriented chains are generally hesitant to deviate from their formulas in terms of space, price, parking, layout, etc. Philly is doing well with chains that are very accustomed to being in urban areas but not so well with chains that are mall or town center focused. I did hear that Buffalo Wild Wings is interested in space in CC.

jonesrmj · #**1364** Posted **Feb 16, 2017, 1:50 PM**

Quote:

Originally Posted by jonesrmj

Bank of America selling two Wilmington office buildings:

Read More -> http://www.delawareonline.com/story/...ings/97902248/

I think that Chemours should buy this space since they've been looking for new space for their headquarters. If they do, what do you think will happen to the DuPont Building?

Also, the Hercules Plaza is also not looking good either. What do you think will happen here?

I feel like Wilmington is focusing too much on residential development rather than it's tenants.

jsbrook · #**1365** Posted **Feb 16, 2017, 2:43 PM**

Quote:

Originally Posted by jonesrmj

I think that Chemours should buy this space since they've been looking for new space for their headquarters. If they do, what do you think will happen to the DuPont Building?

Also, the Hercules Plaza is also not looking good either. What do you think will happen here?

I feel like Wilmington is focusing too much on residential development rather than it's tenants.

Chemours probably shouldn't be in the business of buying buildings. And its consideration of this purchase is past tense. It is staying put in the DuPont building but sold its interest in the building to Buccini/Pollin and is leasing in there from them. Buccini/Pollin will probably buy these buildings too, like it's buying every other building (just bought the DuPont hotel).

I don't think Wilmington is focusing too much on residential. It really needs residential growth, but Buccini/Pollin is still focused on mixed use. I believe the DuPont building will be mixed use with Chemours and also residential tenants. I was in Wilmington for a lunch meeting on Tuesday, and Market Street is looking pretty good. Lots going on there.

jonesrmj · #**1366** Posted **Feb 16, 2017, 4:17 PM**

Quote:

Originally Posted by jsbrook

Chemours probably shouldn't be in the business of buying buildings. And its consideration of this purchase is past tense. It is staying put in the DuPont building but sold its interest in the building to Buccini/Pollin and is leasing in there from them. Buccini/Pollin will probably buy these buildings too, like it's buying every other building (just bought the DuPont hotel).

I don't think Wilmington is focusing too much on residential. It really needs residential growth, but Buccini/Pollin is still focused on mixed use. I believe the DuPont building will be mixed use with Chemours and also residential tenants. I was in Wilmington for a lunch meeting on Tuesday, and Market Street is looking pretty good. Lots going on there.

Yeah, but Wilmington is loosing office tenants. That's what I'm concerned about. If there are not many offices, then what's the point in all this residential space?

Slyfox · #**1367** Posted **Feb 17, 2017, 3:21 AM**

Quote:

Originally Posted by jonesrmj

Yeah, but Wilmington is loosing office tenants. That's what I'm concerned about. If there are not many offices, then what's the point in all this residential space?

I would like to see more companies and retail in Wilmington (downtown) but remember, Wilmington is essentially a suburb of Philly, the commute is decent by cat even with traffic less than an hour, and by train even less. Some people want an urban feel without living in Philly, there is also plenty of corporate jobs in Newark, New Castle and elsewhere,people can live in Wilmington for the urban feel and commute elsewhere.... again I do agree it could use more offices, but the state and city needs to incentivize companies.... I would be annoyed to work in Wilmington and pay 2% of my check to the city when I could easily work 10 miikes away and keep my 2%. DE needs to give tax breaks to companies to have them move to Wilmington, and modern office space.

MetaldDeth81 · #**1368** Posted **Feb 17, 2017, 3:24 PM**

Quote:

Originally Posted by Slyfox

the commute is decent by cat even with traffic less than an hour, and by train even less.

El Duderino · #**1369** Posted **Feb 17, 2017, 7:47 PM**

^ Literally almost spit out my water all over a conference table at work due to laughing so hard.

Philly-Drew · #**1370** Posted **Feb 19, 2017, 2:17 PM**

Haha MetaldDeth81! That's awesome!

EastSideHBG · #**1371** Posted **Feb 19, 2017, 5:13 PM**

Quote:

Originally Posted by MetaldDeth81

Ha ha I thought of something similar as well

jsbrook · #**1372** Posted **Feb 19, 2017, 5:26 PM**

Quote:

Originally Posted by 1487

there is plenty of evidence retailers in the city are successful. I think the larger issue is many suburban oriented chains are generally hesitant to deviate from their formulas in terms of space, price, parking, layout, etc. Philly is doing well with chains that are very accustomed to being in urban areas but not so well with chains that are mall or town center focused. I did hear that Buffalo Wild Wings is interested in space in CC.

Mmm...it is not all clear that some of KOP's upscale stores, and particularly largescale department stores, can thrive in the City yet. There may be some resistance to change, but some of that has to do with lack of evidence that untried models will be successful or profitable, and stores and brands look at a lot of data on wealth and demographics in the process of deciding whether to enter an urban (or other) market. These decisions are data driven. They may be too cautious, but the downsides can be significant. When enough metrics make sense -- and the right combination of space and location also lines up -- they'll pull the trigger and launch in the city.

summersm343 · #**1373** Posted **Feb 20, 2017, 2:30 AM**

Mariner East 2 pipeline work begins after Environmental Hearing Board judge rejects bid to block it

Read more here:
http://www.philly.com/philly/busines...e-permits.html

Jawnadelphia · #**1374** Posted **Feb 20, 2017, 2:44 AM**

Riverfront mystery building - I still have yet to see a rendering, but clearly something new is being built here:

[IMG]

[IMG]

Harlan Flats, phase 2 nearly completed, some units occupied. B/P Group have added some lime-green colored panels that light up at night--trying to be more trendy. It's actually a step in the right direction considered the top of Justison Landing apts looks like a prison.

[IMG]

[IMG]

Downtown - Midtown Apt/parking garage project from B/P Group continues:

[IMG]

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Yet another B/P Group apt project @ 200 W. Ninth - building conversion underway, across the street from Midtown project ^

[IMG]

jsbrook · #**1375** Posted **Feb 20, 2017, 2:57 AM**

^ I was in Wilmington Wednesday and saw the building going up on the Riverfront and Harlan Flats 2. All good stuff. The retail storefronts of Justison Landing are still virtually empty. It's the salon, Veritas and Starbucks. Same as it's been for some time.

jonesrmj · #**1376** Posted **Feb 20, 2017, 2:35 PM**

Quote:

Originally Posted by TallCoolOne

Riverfront mystery building - I still have yet to see a rendering, but clearly something new is being built here:

[IMG]

[IMG]

I'm pretty sure that this is probably one of the hotels planned earlier by them:

http://www.delawareonline.com/story/...ront/80748236/

But I could be wrong.

summersm343 · #**1377** Posted **Feb 20, 2017, 3:43 PM**

Love seeing all of the work (and a tower crane!) in Wilmington.

Slyfox · #**1378** Posted **Feb 22, 2017, 12:36 AM**

Quote:

Originally Posted by MetaldDeth81

Whoops.

summersm343 · #**1379** Posted **Feb 22, 2017, 3:02 PM**

Betting on A.C.'s rebirth, Blatstein spends $6M on more A.C. properties

Quote:

Philadelphia developer Bart Blatstein continues to put money behind his view that Atlantic City is poised for an upswing, reportedly spending $6 million on several properties adjacent to his Showboat hotel.

The purchase includes roughly three acres that sit between the Showboat, which he bought for $23 million last year, and the Glenn Straub-owned and shuttered TEN, formerly called Revel, according to the Press of Atlantic City.

The land was purchased in an auction last year, the Press of A.C. said.

Along with those lots, Blatstein now controls a former volleyball court on New Jersey Avenue and the Garden Pier, where his Tower Investments previously pitched putting an entertainment complex.

Plans for the land that's adjacent to Showboat could boost amenities at the boardwalk property, which he reopened as a non-casino hotel last summer. Blatstein told the Associated Press the land will allow for development of an "outdoor element."

He also owns the Playground Pier in Atlantic City, a shopping destination that replaced the Pier Shops at Caesars.

http://www.bizjournals.com/philadelp...r-cre-buy.html

PA Castaway · #**1380** Posted **Feb 22, 2017, 4:44 PM**

Quote:

Originally Posted by Slyfox

I would like to see more companies and retail in Wilmington (downtown) but remember, Wilmington is essentially a suburb of Philly, the commute is decent by cat even with traffic less than an hour, and by train even less. Some people want an urban feel without living in Philly, there is also plenty of corporate jobs in Newark, New Castle and elsewhere,people can live in Wilmington for the urban feel and commute elsewhere.... again I do agree it could use more offices, but the state and city needs to incentivize companies.... I would be annoyed to work in Wilmington and pay 2% of my check to the city when I could easily work 10 miikes away and keep my 2%. DE needs to give tax breaks to companies to have them move to Wilmington, and modern office space.

Long time reader - first time poster... also a newcomer to the Wilmington region so still not very familiar with local specifics. What I am interested to see is how the new developments fit into their neighborhoods after a few years pass. The comparison isn't quite apples/apples but growing up in Wilkes-Barre I'd see recent constructions remain unoccupied long after completion. My assumption is the cost & taxes exceeded the desirability of the surroundings. Wilmington has commerce and nearby Philly so again these aren't fully comparable - but I question if Wilmington city is desirable enough to urban residential apartment seekers to support multiple new developments at once.