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  #81  
Old Posted Sep 24, 2014, 2:06 PM
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Originally Posted by McBane View Post
Yes, a tax code based on land value (in turn based on the zoning code and location) rather than improvements. Today, as I understand, under-utilized lots (parking lots, grass fields, and places like the Rite Aid on 21st and Walnut) pay less in real estate taxes than do owners of high-rises. This, despite the fact that high rises contribute FAR more to the city's economy than does an under-utilized lot. Taxing these speculators would force them to develop, sell, or at least pay a steep price for maintaining an eyesore.
This must be the way to attack neglect, long-term speculation, and underutilization of land.

I assume the reason it never hits the legislators agenda is that the parking lot/property speculation lobby (folks like, say, Zuritsky) is pretty formidable.
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  #82  
Old Posted Oct 16, 2014, 12:30 AM
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Does anyone have any news on this tower? I heard that it was cancelled
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  #83  
Old Posted Jan 29, 2015, 11:41 PM
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1/29/2015 update. Soil samples.

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  #84  
Old Posted Jan 29, 2015, 11:46 PM
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1/29/2015 update. Soil samples.

Can someone with expertise explain why a soil sample is needed and for what? Thanks!
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  #85  
Old Posted Jan 29, 2015, 11:58 PM
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Can someone with expertise explain why a soil sample is needed and for what? Thanks!
Quote:
As the basic structural foundation for almost all construction, soil materials play an important role in the ultimate success of a project. Whether you're working in clay, silt, sand, gravel, peat, or loam, understanding the soil properties of your site help you make good construction decisions.

In-lab and onsite

Element laboratories perform in-house and onsite testing of soil materials used for subgrades, structural fills, roadways, and earthen dams, providing valuable information that assists design engineers in achieving sound engineering practices.

Element soils laboratory scientists sample, analyze, and classify soil materials, utilizing the most current state, federal, and industry standards and specifications. Our highly skilled geotechnical engineers interpret these results and make recommendations and/or conclusions regarding material compliance in accordance with the project requirements. Some of the services we offer include:
http://www.element.com/services-inde...estinganalysis
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  #86  
Old Posted Jan 30, 2015, 6:03 AM
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Didn't Castleway do soil samples back in 2013? Do they still own the lot?
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  #87  
Old Posted Jan 30, 2015, 2:21 PM
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To me, all signs point to a possible sale of the lot. My guess is that a prospective buyer wants to take soil samples. It's akin to buying a home and conducting an inspection - you wouldn't rely on past inspections, would you? It makes me think it's a prospective buyer doing their due diligence. Fingers crossed.
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  #88  
Old Posted Jan 30, 2015, 2:36 PM
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Originally Posted by McBane View Post
To me, all signs point to a possible sale of the lot. My guess is that a prospective buyer wants to take soil samples. It's akin to buying a home and conducting an inspection - you wouldn't rely on past inspections, would you? It makes me think it's a prospective buyer doing their due diligence. Fingers crossed.
or construction is about to begin on this beast:


Fingers crossed. Hey, we can dream, can't we?
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  #89  
Old Posted Jan 30, 2015, 3:57 PM
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or construction is about to begin on this beast:


Fingers crossed. Hey, we can dream, can't we?
actually the final plan just came available

http://thecraftsmanblog.com/wp-conte...Foursquare.jpg
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  #90  
Old Posted Jan 30, 2015, 4:12 PM
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it is definitely baffling that such an ideal site can sit vacant for this long. Its crazy.
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  #91  
Old Posted Jan 31, 2015, 2:50 PM
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Drove by yesterday. People on the site once again. Couldn't tell if they were doing more soil sampling or what they're doing. But there is definitely continued activity.
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  #92  
Old Posted Jan 31, 2015, 5:04 PM
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Who is the architect of this project?

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Originally Posted by Londonee View Post
or construction is about to begin on this beast:


Fingers crossed. Hey, we can dream, can't we?
Does anyone know who designed this? Could HOK be on this??
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  #93  
Old Posted Jan 31, 2015, 8:33 PM
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Does anyone know who designed this? Could HOK be on this??
KlingStubbins did the design in that rendering.
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  #94  
Old Posted Feb 1, 2015, 2:31 AM
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I was told today that the new potential buyer (yet to be named but supposedly from outside of the Philly area) is evaluating the land for purchase to deem if construction costs coupled with the high cost of the land is worth investment.

The new project if it goes through could include residential in a mix of high end rentals AND condo units, a hotel and retail.
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  #95  
Old Posted Feb 1, 2015, 2:46 AM
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Originally Posted by summersm343 View Post
I was told today that the new potential buyer (yet to be named but supposedly from outside of the Philly area) is evaluating the land for purchase to deem if construction costs coupled with the high cost of the land is worth investment.

The new project if it goes through could include residential in a mix of high end rentals AND condo units, a hotel and retail.
That's really good news that this property could change hands. Further, the mixed uses could mean a tower in the 500+ range.
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  #96  
Old Posted Feb 1, 2015, 6:18 AM
kingtut kingtut is offline
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Rittenhouse Square one of the premiere residences in the U.S.

Rittenhouse Square is certiainly the premiere location in Philly , also known nationally . Why is this thing not alreadly built ? They're are only few hundred condos on the sq. and not much room for more . Like any thing thats rare it only increases in value .

Last edited by kingtut; Feb 1, 2015 at 6:45 AM.
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  #97  
Old Posted Feb 1, 2015, 2:55 PM
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Hopefully, this helps development of this site to get moving:

Tight Philadelphia condominium market means high prices

http://www.philly.com/philly/classif...gh_prices.html
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  #98  
Old Posted Feb 1, 2015, 4:02 PM
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Originally Posted by Philly Fan View Post
Hopefully, this helps development of this site to get moving:

Tight Philadelphia condominium market means high prices

http://www.philly.com/philly/classif...gh_prices.html
I hope so...however there are a number of luxury condo projects that are ahead of this and will be completed earlier. Developers are not looking at the market in 2015 or 2016 except as a baseline to extrapolate and try to anticipate what demand like look like on completion. The potential mixed use of this project is encouraging. With commercial/office, retail, and rental, it is not completely dependent on condos to be profitable. At least not in the shorrterm. There is some wiggle room for the market to absorb the luxury condos that hit before it as a result of funds coming in from the non-condo portion. And potential hotel. Almost forgot. That's important too.
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  #99  
Old Posted Feb 1, 2015, 4:10 PM
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I hope so...however there are a number of luxury condo projects that are ahead of this and will be completed earlier. Developers are not looking at the market in 2015 or 2016 except as a baseline to extrapolate and try to anticipate what demand like look like on completion. The potential mixed use of this project is encouraging. With commercial/office, retail, and rental, it is not completely dependent on condos to be profitable. At least not in the shorrterm. There is some wiggle room for the market to absorb the luxury condos that hit before it as a result of funds coming in from the non-condo portion.
I agree--and the mixed-use model definitely seems to be taking hold: CITC, FMC, SLS International, etc.

But I think this article's focus on Rittenhouse Square, in particular, is somewhat encouraging in terms of the luxury condo market in that area, since this lot is really one-of-a-kind in terms of a vacant lot's proximity to the Square, itself, and its micro-market. And of course, the hotel component can also be a winner in that regard.
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  #100  
Old Posted Feb 1, 2015, 4:25 PM
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Originally Posted by Philly Fan View Post
I agree--and the mixed-use model definitely seems to be taking hold: CITC, FMC, SLS International, etc.

But I think this article's focus on Rittenhouse Square, in particular, is somewhat encouraging in terms of the luxury condo market in that area, since this lot is really one-of-a-kind in terms of a vacant lot's proximity to the Square, itself, and its micro-market. And of course, the hotel component can also be a winner in that regard.
Yep. Perfect location for nice hotel/residence combo (with separate entrances). I think you want to try and maintain as much privacy for residents as possible. The model is exploding in other cities. 30 Park Place in New York is a good example. In addition to getting use of the hotel services, when retail and the hotel occupies the first floors of a building, all the residents benefit and get better views by being on a higher floor (with ensuing higher prices). I agree it's a one-of-a kind location and would be preferable to many buyers over other locations. Hope we get more details on this potential project soon!
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