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  #41  
Old Posted Feb 28, 2017, 9:57 PM
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Update from Philadelphia Business Journal

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The first phase of Liberty on the River, a vast master planned community of 10 highrise towers fronting the Delaware River, was expected to move forward this spring but has now been pushed to a fall ground breaking.

“I was a little overly optimistic,” said Jeffrey Kozero of K4 Associates, a real estate firm based in Rockville, Md., that owns the 18-acre property.

That hasn’t lessened Kozero’s optimism about building a $1.2 billion community consisting of 10 buildings on the river between Washington Avenue and Reed Street. The initial phase would involve constructing a 280-unit apartment building with 15,000 square feet of retail and Kozero is bullish not only on the Delaware River waterfront but a multifamily market that some have worried is getting over built.

“All indications and research show we should be successful,” Kozero said. “The millennials need a place to live and we’re right between two bridges with direct access. Our site has a lot going for it and I feel we can really make a market. It’s the right place at the right time.”

Kozero has company in that regard. Liberty on the River joins a growing list of mixed-use projects along the Delaware that are in the works in what could potentially be the next frontier of development activity in Philadelphia and have the Delaware waterfront finally come into its own.

A parcel at Liberty on the River that has been set aside for senior housing is also on the market since that’s not K4’s speciality, Kozero said. CBRE Inc. is marketing the site.
http://www.bizjournals.com/philadelp...developer.html
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  #42  
Old Posted Feb 28, 2017, 10:11 PM
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This will only work with a trans-river soda pipeline from South Jersey.
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  #43  
Old Posted Feb 28, 2017, 10:19 PM
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“I was a little overly optimistic,” said Jeffrey Kozero of K4 Associates, a real estate firm based in Rockville, Md., that owns the 18-acre property.

Don't be so modest. Why, I'm sure you'll get this $1.2bn project completed in no time! Don't let the fact that so many others have failed or that you have never attempted any projects in this region or that your website doesn't indicate you've ever built anything to completion, or that this is only a master plan get you down. I'm sure this one will be smooth sailing.
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  #44  
Old Posted Feb 28, 2017, 11:37 PM
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"Expected to move forward in spring."

Lol who exactly expected that?
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  #45  
Old Posted Mar 1, 2017, 12:51 AM
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Quote:
Originally Posted by summersm343 View Post
Update from Philadelphia Business Journal



http://www.bizjournals.com/philadelp...developer.html
"The Millennials need a place to live and we're right between two bridges with direct access".

That quote from the article makes me question the integrity of the market research conducted. Research has shown that Millennials have less of a preference to drive cars; we like to bike, take public transportation, walk, and use car-sharing/ride-sharing services. What transit connections exist in that area besides the buses that serve the Pier 70 Shopping Center? That area isn't exactly walkable either. Additionally, that area is cut off and fairly isolated from the activity within Center City. I don't think many Millennials and young people move to a large city to be far from the amenities that come with urban city living.

Maybe the focus is on Millennials who work in the suburbs and older Millennials with families (and, thus, a car), but I don't those specific demographics are ones that he was referring to. If this development is primarily aimed at capturing younger Millennials, such as myself, then I don't believe it will perform well when compared to other buildings completed/under construction that offer superior locations, transit connections, urbanity, nightlife, etc. Maybe the lure will be lower rents? I can't imagine this location commanding top-level rents due to its location. The one thing we younger Millennials do have a lot of is student debt, so maybe this is the key demographic.
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  #46  
Old Posted Mar 1, 2017, 1:00 AM
OslPhlWasChi OslPhlWasChi is offline
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This plan makes me very nervous.

First, I agree with the nature of the DRWC Master Plan - it is MUCH more advantageous to spread out this level of development over 10 piers instead of concentrating it in 2 piers. There is so much vacant and privately-held land along the water that lack of land is not a reality for the Delaware in the next 20 years or so at least. Therefore, there is not risk and only benefit of spreading it out so that more of the public realm is improved. For those high-rise developments further north on the Delaware like Waterfront Square - what was gained from those? Select developers may have profited more (and maybe not given the condo-bust) and a few buildings are taller, but in isolation they contribute hardly anything to the neighborhood.

Second, what happens if this plan is only partially implemented (i.e. like Waterfront Square)? Yes the renderings look like lovely and active urban spaces but this whole plan will require it seems 3,000+ units of residential demand. Does anyone think that could realistically happen, even in a 10 year period? Instead, when this ends up being a few high-rises and a partially undeveloped pier, what will that contribute to the neighborhood? Nothing more than Waterfront Square did. If this is permissible than the city needs to be ready for the risks of a partial version of this to happen. This particular site is no better located than prior failed high-rise visions on the Delaware - there is no better transit access, arguably a worse neighborhood than prior attempts near Northern Liberties and Fishtown, and even if no housing bubble bursts there is no reason to think there is this much demand. So be ready for a partial vision.

I hope my nerves are misplaced and I would love to be proved wrong, but this to me is a recipe for disaster and repeating the mistakes we have already learned elsewhere on the Delaware.
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  #47  
Old Posted Mar 1, 2017, 2:27 PM
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Never. Gonna. Happen.
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  #48  
Old Posted Mar 2, 2017, 8:23 PM
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Originally Posted by Redddog View Post
Never. Gonna. Happen.
People would have said that 15 years ago about building a 700ft building on the West side of the Schuylkill.

Just saying...
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  #49  
Old Posted Mar 2, 2017, 8:53 PM
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Unlike Blatstein, I don't know enough about this guy to dis' him. I'll believe this when (a) I see it or (b) Waterfront Square builds out its remaining towers.
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  #50  
Old Posted Mar 22, 2017, 3:32 AM
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http://philly.curbed.com/maps/delawa...t-philadelphia

Summers posted this article back on the Philadelphia Highrise Thread, but did anyone catch the following phrase: "The developers also have applied for $44 million total in RACP state grants for the project."?

If SLS only received $1M out of $20M in requested RACP funds, what the hell makes K4 think that they'll receive $44M?
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