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  #15221  
Old Posted Aug 15, 2017, 6:09 PM
jjv007 jjv007 is offline
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Good points ^^ Hopefully we see development finally starting to spread north at a higher level.
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  #15222  
Old Posted Aug 15, 2017, 7:26 PM
Nova08 Nova08 is offline
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Originally Posted by McBane View Post
I don't know how much more west the CBD can go before skipping over the river and going to Univ City. I'd like to see more development north. Race Street between the Parkway and Broad is a pretty sorry stretch of parking lots, building backsides (Sheraton Hotel), and walls (Friends School). It would be nice to see more development along those blocks of Race. That's an area without many neighbors and could certainly support tall buildings without much opposition.
The unfortunate reality is that area is located near a hospital/medical college and the convention center. Both of which require parking.

There is still the development proposed behind the Basilica and the ongoing the Franklin Plaza work.
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  #15223  
Old Posted Aug 16, 2017, 3:16 PM
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Developer Goldenberg eyeing S. Broad St. health building to solidify control of block

http://www.philly.com/philly/busines...-20170816.html
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  #15224  
Old Posted Aug 16, 2017, 4:56 PM
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Originally Posted by Boku View Post
Developer Goldenberg eyeing S. Broad St. health building to solidify control of block

http://www.philly.com/philly/busines...-20170816.html
Beautiful! This could be a huge, game changing development for this block.
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  #15225  
Old Posted Aug 16, 2017, 5:02 PM
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North Broad hotel aimed at the 'traveling millennial' nears opening

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The final touches are being made for the upcoming opening of a Center City hotel aimed at the "traveling millennial," a property that still has nearly 4,000 square feet of leasable retail space at street level.

The Aloft Philadelphia Downtown, converted from the historic Liberty Title and Trust building at Broad and Arch streets, will open on Aug. 31, adding 179 new, loft-inspired hotel rooms to the Philadelphia market.

The HRI Lodging-managed hotel will have a bar and 1,200 square feet of function and event spaces.

The Center City hotel is among 160 Aloft properties in the United States and only the second in Pennsylvania after the Aloft Philadelphia Airport opened in 2008.

The hotel has a total of 3,984 square feet of street-level leasable retail space, said Evans, and the right mix of tenants will ideally help the property attract its target audience.

There are four total pads for leasable retail space in the followingsizes: 863 square feet, 627 square feet, 912 square feet and 1,582 square feet, according to information given to the Philadelphia Business Journal.

The spaces 627 square feet and 912 square feet in size can be combined for a larger retail space.

Evans said an operator for a sidewalk café could be a potential use. If a food and beverage operator takes over a space and adds outdoor seating, it would complement the hotel's own outdoor area between the original Liberty Title and Trust building and the Pennsylvania Convention Center.
Read more here:
https://www.bizjournals.com/philadel...rwood-alo.html
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  #15226  
Old Posted Aug 16, 2017, 5:03 PM
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How 10 Penn Center’s owners shifted strategy to up occupancy

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Morgan Lewis Bockius has renewed its lease at 10 Penn Center, signing on to stay in 97,000 square feet of space it moved into 10 years years ago.

The law firm, which has its headquarters a block away at 1701 Market St., maintains its data support and other administrative operations at 10 Penn Center. The lease is for in excess of seven years with some potential room for growth. A spokeswoman for Morgan Lewis declined to comment.

For a building that has had a series of ups and downs over the years as big tenants defected to other office towers, the renewal is a relief. “It’s a great deal for us,” said Dan Busch of Greenville Partners of West Chester.

Greenville joined Sterling American Property Inc. of New York to buy the 27-story, 668,000-square-foot building at 1801 Market St. at the end of 2006.

In the decade the partnership has owned the building, Busch learned a lesson that has so far helped alter the fortunes of 10 Penn and put it on more stable footing. Busch changed his initial strategy when it came to leasing up the building – a mantra to focus on landing large tenants was abandoned.

Ten Penn has a history of big tenants departing.

When Busch and Sterling bought the property, it was a half empty building that eventually emptied out even more. It was 48 percent occupied at the end of 2006 as a result of Sunoco Inc. vacating 325,000 square feet in 2004 when the company moved out of the building to new offices at the Mellon Bank Center at 1735 Market St. (Sunoco has since moved to Ellis Preserve in Newtown Square, Pa., and left a big hole in 1735 Market that is being backfilled.)

In the first two years under the Busch-Sterling ownership, tenants signed leases on space in the building and it was eventually more than 80 percent occupied and pushing 90 percent when another tenant bolted. Janney Montgomery Scott, which occupied 154,000 square feet, or 23 percent of the building, left the building in 2011.

“We took a giant leap forward and two steps back,” Busch said.

While losing Janney was a gut punch, it shined a bright light on the obvious. Ten Penn’s space was dated and obsolete. Tenants were yearning for something new and the idea of renovating while staying put wasn't appealing, especially when, at that time, there were multiple options in trophy and Class A towers. In the last three years, $5 million has been spent upgrading the lobby, elevator lobbies, bathrooms and other common areas.

But 10 Penn took another hit in 2016 when CDI Corp. bolted for 1717 Arch St., emptying out of 49,000 square feet, which was roughly 7 percent of the building. The company moved out a year ago this month.

The new strategy has helped shore up the building's vacancy.

Ten Penn has been backfilling space with tenants that occupy a floor, which totals 25,000 square feet, or are a little smaller, doing about 100,000 square feet in new deals a year. Some of the new tenants in the building include Frank Recruitment Group, Navicor, Tucker Law Group and Manpower Group. The building is now back up to 80 percent full with 160,000 square feet vacant. Busch is optimistic that more space will be leased by the end of the year.
https://www.bizjournals.com/philadel...egy-to-up.html
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  #15227  
Old Posted Aug 16, 2017, 5:06 PM
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Knight Hospitaller Knight Hospitaller is online now
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^ Was it 10 or 11 Penn that was going to have work done on the lobby to provide more retail/restaurant amenities? Did anything ever come of that?
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  #15228  
Old Posted Aug 16, 2017, 5:35 PM
tsarstruck tsarstruck is offline
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Originally Posted by Knight Hospitaller View Post
^ Was it 10 or 11 Penn that was going to have work done on the lobby to provide more retail/restaurant amenities? Did anything ever come of that?
11 Penn (1835). And no, nothing seems to be moving there. And for what it's worth, the $5M put into the common spaces at 10 Penn is virtually undetectable.
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  #15229  
Old Posted Aug 16, 2017, 6:51 PM
City Wide City Wide is offline
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Originally Posted by summersm343 View Post
Beautiful! This could be a huge, game changing development for this block.

what was the last project where Goldenberg was the lead developer and the project was finished?
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  #15230  
Old Posted Aug 16, 2017, 7:48 PM
TempleGuy1000 TempleGuy1000 is online now
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Originally Posted by City Wide View Post
what was the last project where Goldenberg was the lead developer and the project was finished?
the first that comes to my mind is the The View at Temple (which makes me wonder if they broke ground on the View 2). I guess we can consider 1213 Walnut almost done too, but idk what the relationship between Hines and Goldenberg was for that.
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  #15231  
Old Posted Aug 16, 2017, 7:56 PM
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Originally Posted by City Wide View Post
what was the last project where Goldenberg was the lead developer and the project was finished?
1213 Walnut was Goldenberg in partnership with Hines.

Goldenberg also built the View at Montgomery next to Temple... and they're moving forward with two more towers in the Phase II of that project right now.

If they can build 3 towers at Temple, I'm excited to see what can happen with nearly an entire block at Broad and South/Lombard.

Keep in mind, that Hines said they will be partnering with Goldenberg going forward, and will give the green light to ANY of their Philly projects. Hines adds significantly more credibility as far as development and financing of projects goes.
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  #15232  
Old Posted Aug 16, 2017, 8:48 PM
skyscraper skyscraper is online now
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Originally Posted by summersm343 View Post

Keep in mind, that Hines said they will be partnering with Goldenberg going forward, and will give the green light to ANY of their Philly projects. Hines adds significantly more credibility as far as development and financing of projects goes.
That's great news, considering Goldenberg also owns 8th and Market.
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  #15233  
Old Posted Aug 17, 2017, 10:11 AM
shadowbat2 shadowbat2 is online now
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Outlets are out, H&M and movies are in, as Gallery redevelopers retool
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Farewell, Fashion Outlets of Philadelphia. We hardly knew ye.

More than a year before the planned opening of their revamped version of the Gallery at Market East, the site’s developers have retired the project’s Fashion Outlets moniker, along with their plan for an emporium of outlet stores.

The reborn Gallery will instead be known as Fashion District Philadelphia when it formally opens next year. The new name reflects a “more expansive mix of retail, entertainment and dining,” the project’s owners — mall companies Pennsylvania Real Estate Investment Trust and Macerich — said in a statement Wednesday.

Philadelphia-based PREIT and Macerich of Santa Monica, Calif., also shed some light on who those tenants will be: fast fashion retailer H&M, which will open its largest store in the region at the site; deep-discounter Burlington Coat Factory, which is moving to a new space from its current location in the Gallery’s western-most building; and a “dine-and-recline movie theater,” whose operator was not identified.
http://www.philly.com/philly/busines...-20170816.html
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  #15234  
Old Posted Aug 17, 2017, 11:35 AM
Boku Boku is offline
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Originally Posted by shadowbat2 View Post
Outlets are out, H&M and movies are in, as Gallery redevelopers retool

http://www.philly.com/philly/busines...-20170816.html
Well, at least it's a fancy looking Burlington Coat Factory now.
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  #15235  
Old Posted Aug 17, 2017, 12:04 PM
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Originally Posted by shadowbat2 View Post
Outlets are out, H&M and movies are in, as Gallery redevelopers retool

http://www.philly.com/philly/busines...-20170816.html
Movie theater chain is AMC. Primark is also on board. Last I heard, PREIT had commitments from at least 25 other retailers. It's possible their leases are not finalized yet.
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  #15236  
Old Posted Aug 17, 2017, 1:47 PM
Animetuc Animetuc is offline
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Originally Posted by summersm343 View Post
Movie theater chain is AMC. Primark is also on board. Last I heard, PREIT had commitments from at least 25 other retailers. It's possible their leases are not finalized yet.
Any word on Lord & Taylor or Bloomingdales? Both were seeking large spaces in town within the past few years. Now that this is no longer an outlet center hopefully they will consider one of the parcels.
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  #15237  
Old Posted Aug 17, 2017, 2:51 PM
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Originally Posted by Animetuc View Post
Any word on Lord & Taylor or Bloomingdales? Both were seeking large spaces in town within the past few years. Now that this is no longer an outlet center hopefully they will consider one of the parcels.
I was told that Burlington Coat Factory is being moved to make way for a more upscale chain a la Bloomingdales.... no idea if that's official or not though.
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  #15238  
Old Posted Aug 17, 2017, 3:15 PM
skiesthelimit skiesthelimit is offline
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Originally Posted by summersm343 View Post
Movie theater chain is AMC. Primark is also on board. Last I heard, PREIT had commitments from at least 25 other retailers. It's possible their leases are not finalized yet.
I heard a F21 was also going in.

Isn't there also supposed to be another Target?
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  #15239  
Old Posted Aug 17, 2017, 3:44 PM
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They could definitely go "full Target" in a location like that.
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  #15240  
Old Posted Aug 17, 2017, 4:03 PM
City Wide City Wide is offline
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Originally Posted by shadowbat2 View Post
Outlets are out, H&M and movies are in, as Gallery redevelopers retool

http://www.philly.com/philly/busines...-20170816.html

In the larger game plan I've got no idea if this name change means much, but "Fashion District Philadelphia" to me doesn't really sound like much of a place I'd think of as a spot for dining, entertainment and retail. How about fashion, food, and fun.
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