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  #41  
Old Posted Feb 15, 2016, 8:31 PM
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Not yet. Patience young Jedi.
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  #42  
Old Posted Feb 15, 2016, 9:24 PM
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Not yet. Patience young Jedi.
Must be around the corner. Boxbot has been in touch with the developer and I think was told renderings are soon to be released.
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  #43  
Old Posted Feb 15, 2016, 10:34 PM
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Must be around the corner. Boxbot has been in touch with the developer and I think was told renderings are soon to be released.
Nah. That was 2400 Market. I'm sure if I asserted myself I could get blown off by the developer on this one too, though.
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  #44  
Old Posted Apr 25, 2016, 4:34 PM
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Disappointing to hear but hopefully won't be long lasting

http://www.philly.com/philly/busines..._building.html
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  #45  
Old Posted Apr 25, 2016, 5:09 PM
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^^ this is very temporary. Brandywine is still in the planning stages with this one. And once they have the plan together, they'll have to go through the approval process. They're at least a year or two out from groundbreaking on this. The parking lot will be temporary to make money on the site until they're ready to move forward with construction. What this does is also consolidates the lot, gets demo out of the way, and preps the site for shovels to hit the ground and get moving whenever they're ready. I'm thinking mid 2018 groundbreaking here.
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  #46  
Old Posted Apr 25, 2016, 5:25 PM
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^^ this is very temporary.
The problem is that nobody can know for sure. It's something we've been told by other developers before with very long-term consequences.
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  #47  
Old Posted Apr 25, 2016, 5:28 PM
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^^ this is very temporary. Brandywine is still in the planning stages with this one. And once they have the plan together, they'll have to go through the approval process. They're at least a year or two out from groundbreaking on this. The parking lot will be temporary to make money on the site until they're ready to move forward with construction. What this does is also consolidates the lot, gets demo out of the way, and preps the site for shovels to hit the ground and get moving whenever they're ready. I'm thinking mid 2018 groundbreaking here.
I get it but if that is all it takes to justify a surface parking lot, Southern should do the same at 1911 Walnut.

In my mind, not making any income on an undeveloped property is exactly the kind of incentive we need to stop speculation. Suck up the carrying costs, build, or sell - your choice Brandywine.
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  #48  
Old Posted Apr 25, 2016, 5:38 PM
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I get it but if that is all it takes to justify a surface parking lot, Southern should do the same at 1911 Walnut.

In my mind, not making any income on an undeveloped property is exactly the kind of incentive we need to stop speculation. Suck up the carrying costs, build, or sell - your choice Brandywine.
This is why land value taxes are so useful: the least developed properties carry the highest relative tax burden. Scale it right and parking lots become among the least profitable land uses instead of the most profitable ones.
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  #49  
Old Posted Apr 25, 2016, 6:07 PM
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^^ this is very temporary. Brandywine is still in the planning stages with this one. And once they have the plan together, they'll have to go through the approval process. They're at least a year or two out from groundbreaking on this. The parking lot will be temporary to make money on the site until they're ready to move forward with construction. What this does is also consolidates the lot, gets demo out of the way, and preps the site for shovels to hit the ground and get moving whenever they're ready. I'm thinking mid 2018 groundbreaking here.
I wish I could be as optimistic.
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  #50  
Old Posted Apr 25, 2016, 6:07 PM
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This is why land value taxes are so useful: the least developed properties carry the highest relative tax burden. Scale it right and parking lots become among the least profitable land uses instead of the most profitable ones.
but if they arent ready to break ground having such a tax wouldn't change anything here. If they were a parking operation I would be a little more concerned because it would mean their long term goal would be to operate a parking lot here. This is less than ideal, but probably inevitable until they close out some of their active projects and determine what will get built here.
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  #51  
Old Posted Apr 25, 2016, 6:12 PM
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what is the deal with the huge lot on the side of Market opposite the Peco building

this is an ideal spot for a large tower
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  #52  
Old Posted Apr 25, 2016, 6:23 PM
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but if they arent ready to break ground having such a tax wouldn't change anything here. If they were a parking operation I would be a little more concerned because it would mean their long term goal would be to operate a parking lot here. This is less than ideal, but probably inevitable until they close out some of their active projects and determine what will get built here.
I doubt Brandywine would operate this as its own parking lot, they would lease the whole ball of wax out to Parkway or somebody else.

If I understand whats being proposed is that the existing 2 story building, which is used as a parking operation, is going to be flattened and Brandywine wants to combine all its lots along that block into one parking lot. This would include the building site of the porn theater and the building that fell down. Apparently there is some City provision that blocks adding new surface parking lots. Good. Brandywine is smart enough to know that when they spent nearly 20 million for the sites.

If Brandywine needs a variance I hope the City tries to get something in return, a pocket park? Something that makes it hard for them to profit by parking. If nothing else any variance that allows additional surface parking should be time limited, 2 years maybe.
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  #53  
Old Posted Apr 25, 2016, 6:47 PM
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Originally Posted by summersm343 View Post
^^ this is very temporary. Brandywine is still in the planning stages with this one. And once they have the plan together, they'll have to go through the approval process. They're at least a year or two out from groundbreaking on this. The parking lot will be temporary to make money on the site until they're ready to move forward with construction. What this does is also consolidates the lot, gets demo out of the way, and preps the site for shovels to hit the ground and get moving whenever they're ready. I'm thinking mid 2018 groundbreaking here.
Yup, what he said. Same happened at UCity Square with UCity HS and everybody seemed to understand the rationale. If this were Realen or Parkway Corp, I'd be worried. It's Brandywine. I'm not even remotely concerned.

Plus the parking tax recently went up in Philly from 20.5% to 22.5% (and is generating something like $12m in additional revenues in FY16 vs FY15, which is $2-3m more than was expected from the tax increase), so this site will likely now bring in more tax revenues for the city than in its current condition.
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  #54  
Old Posted Apr 25, 2016, 7:10 PM
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Yup, what he said. Same happened at UCity Square with UCity HS and everybody seemed to understand the rationale. If this were Realen or Parkway Corp, I'd be worried. It's Brandywine. I'm not even remotely concerned.

Plus the parking tax recently went up in Philly from 20.5% to 22.5% (and is generating something like $12m in additional revenues in FY16 vs FY15, which is $2-3m more than was expected from the tax increase), so this site will likely now bring in more tax revenues for the city than in its current condition.
Yup, that's the percentage that I paid at the Parking Spot near the airport. This tax gets pass to the consumer. Keeping a car near the airport for a week is not cheap.
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  #55  
Old Posted Apr 25, 2016, 9:57 PM
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I doubt Brandywine would operate this as its own parking lot, they would lease the whole ball of wax out to Parkway or somebody else.

If I understand whats being proposed is that the existing 2 story building, which is used as a parking operation, is going to be flattened and Brandywine wants to combine all its lots along that block into one parking lot. This would include the building site of the porn theater and the building that fell down. Apparently there is some City provision that blocks adding new surface parking lots. Good. Brandywine is smart enough to know that when they spent nearly 20 million for the sites.

If Brandywine needs a variance I hope the City tries to get something in return, a pocket park? Something that makes it hard for them to profit by parking. If nothing else any variance that allows additional surface parking should be time limited, 2 years maybe.
well didn't they buy a parking garage to use as a parking garage on Market st?

who knows maybe it's a land speculation play
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  #56  
Old Posted Apr 25, 2016, 10:21 PM
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Originally Posted by 1487 View Post
but if they arent ready to break ground having such a tax wouldn't change anything here. If they were a parking operation I would be a little more concerned because it would mean their long term goal would be to operate a parking lot here. This is less than ideal, but probably inevitable until they close out some of their active projects and determine what will get built here.
A priest once went to visit the noted bank robber Willie Sutton, during one of his many prison stints.

"Why do you rob banks?" he asked him.

"Because that's where the money is," Willie Sutton said back.

-------------------------------------------------------------------------------------

What happened here is a breakdown of communication. The question the priest was asking was: "Why do you rob banks [at all]?"; the question Willie Sutton answered was "Why do you rob banks [as opposed to museums, toy stores, burger joints, houses, etc]?" The question was asked in one explanatory space; it was answered in a completely different one.

So, let's try this again, shall we? Is the explanatory space "Why should we have a land value tax on this particular parcel?" -- the question you answered, which now that I pointed this out, makes you seem more than a little silly for thinking I asked it, or "Why should we have a land value tax at all?"?
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  #57  
Old Posted Apr 26, 2016, 4:49 PM
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Originally Posted by hammersklavier View Post
What happened here is a breakdown of communication. The question the priest was asking was: "Why do you rob banks [at all]?"; the question Willie Sutton answered was "Why do you rob banks [as opposed to museums, toy stores, burger joints, houses, etc]?" The question was asked in one explanatory space; it was answered in a completely different one.

So, let's try this again, shall we? Is the explanatory space "Why should we have a land value tax on this particular parcel?" -- the question you answered, which now that I pointed this out, makes you seem more than a little silly for thinking I asked it, or "Why should we have a land value tax at all?"?
??? You asked no question in the post 1487 and I didn't read his response as replying to any. You made a statement about land tax. His post was more of a statement about why we probably don't have to worry too much in this particular instance. I think the only reason he quoted you was for context. I really don't see a need to jump down his throat.
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  #58  
Old Posted Apr 26, 2016, 8:31 PM
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I am not to concerned. Brandywine gets stuff done. Proposing a parking lot at this time is moving the process along in regards to demolition of existing structures. Brandywine has a lot going on right now, I can see them taking their time here, but something will definitely get built in the near future, 2-3 years, imo.
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  #59  
Old Posted Jun 22, 2016, 11:56 PM
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Private lots on this block are being quietly negotiated for. Rather deliberately acquiring properties. Hopefully a good sign of progress on this building.
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  #60  
Old Posted Jun 23, 2016, 11:35 AM
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Private lots on this block are being quietly negotiated for. Rather deliberately acquiring properties. Hopefully a good sign of progress on this building.
I can vouch for this with a personal story concerning this block but I won't for privacy reasons.
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