HomeDiagramsDatabaseMapsForumSkyscraper Posters
     

Go Back   SkyscraperPage Forum > Global Projects & Construction > Highrise & Supertall Proposals

Reply

 
Thread Tools Display Modes
     
     
  #1  
Old Posted Mar 18, 2017, 3:24 PM
summersm343's Avatar
summersm343 summersm343 is offline
Moderator
 
Join Date: Oct 2011
Location: Philadelphia
Posts: 10,705
PHILADELPHIA | North Station District | 273 FT | 21 FLOORS

Title: North Station District
Project: luxury apartments, office, lab space, commercial, retail
Architect: Spagnolo Group
Developer: HFZ Capital Group
Location: Broad Street and Indiana Ave., Philadelphia, PA
Neighborhood: Glenwood
District: North Philadelphia
Floors: 21
Height: 273 FT







Working quietly, N.Y. group moves to develop massive new North Philly enclave

Quote:
Real estate magnate Ziel Feldman’s properties are in some of Manhattan’s poshest neighborhoods.

Now, he wants to build in one of Philadelphia’s most destitute.

Feldman’s HFZ Capital Group is part of a consortium of New York investors planning a complex of homes, offices, labs, and start-up work spaces in what is now an enclave of vacant warehouse properties and empty lots around Amtrak’s North Philadelphia station.

The $162 million first phase of North Philadelphia District LLC’s proposal calls for two new buildings on what is now the train station’s parking lot, and the renovation of a hulking dilapidated factory site nearby, said Michael Shenot, who is leading the project as a managing director with the real estate services firm JLL, in an interview Friday.

Work could begin before the end of the year if the investor group is granted its request for a $20 million state redevelopment grant to cover parts of the project, said Shenot, who previously participated in developing the World Trade Center Transportation Hub. He is now working on an expansion of New York’s Penn Station involving a historic postal building to its west.

Joining HFZ on the Philadelphia project are the Arete Group, a New York-based developer whose principals include attorney Michael Bailkin, previously a New York City government official, and former Trenton Mayor Douglas Palmer; and Amtrak, which holds a minority stake in the venture. The investment company Merchant Equity Group LLC of New York is a part owner of the development site.

The group envisions up to 1.7 million square feet of residential, office, and retail space at full build-out, bounded by Broad Street and 17th Streets, between Glenwood and Indiana Avenues, according to its application for a state Redevelopment Assistance Capital Program grant.

Planned for the site are a six-story, 105-unit apartment building and a 21-story tower with 128 apartments on nine floors above about 214,000 square feet of offices, Shenot said. Both buildings would feature ground-floor retail spaces that open onto a pedestrian plaza.

Also part of the initial phase is the transformation of the 180,000-square-foot decayed industrial building on an adjacent parcel to the west into work spaces for start-ups and light manufacturers. The developers have that parcel under agreement, Shenot said.

mprovements to the station itself include the restoration of an underground tunnel linking it to SEPTA’s Broad Street Line subway platforms just to the south, he said.

Completion of the apartment building and factory rehab are envisioned in September 2019, with the residential-and-office tower being finished in October 2021, according to the grant application.
Read more here:
http://www.philly.com/philly/busines...t.html?photo_2
Reply With Quote
     
     
  #2  
Old Posted Mar 18, 2017, 3:48 PM
Larry King Larry King is online now
Registered User
 
Join Date: Apr 2011
Location: Philadelphia
Posts: 741
Love the idea... how realistic is this grant?
Reply With Quote
     
     
  #3  
Old Posted Mar 18, 2017, 4:41 PM
allovertown allovertown is offline
Registered User
 
Join Date: Sep 2013
Posts: 439
Quote:
Originally Posted by Larry King View Post
Love the idea... how realistic is this grant?
No idea. Past projects have certainly received a lot of cash despite being in much less depressed areas than this project, so you have to think this project gets SOMETHING. But who knows, especially with all the uncertainty surrounding the congressional budget and the terrifying proposal put forth by the executive branch, may mean that the state is less willing to put forth any type of money at the moment.

That said, as I mentioned in the last thread I don't think this is as much of a stumbling as it could be for other projects. Reading the article it seems that funding is already in place for nearly 90% of the project. I'm sure funding could be secured for the remaining 20 million if state funding fell through, especially considering this developer is so deep pocketed, they dropped 7 million just purely on speculative research on the viability and design of the project.

Considering they've already purchased the land and spent 7 million on research, it seems hard to believe they'd let this all fall apart around a sum of money that represents such a small percentage of the entire project and only about twice what they've spent already just on research and land acquisition.

Obviously the more money they get, the more profitable this project becomes, so if they get nothing, that may change the calculus on this just enough that they walk away. But again, I have to imagine they get SOMETHING and once they get that, I can't imagine the sum left over will be large enough for them to walk away from something they've already spent a lot of time and money on.
Reply With Quote
     
     
  #4  
Old Posted Mar 18, 2017, 4:43 PM
cafeguy cafeguy is offline
Registered User
 
Join Date: May 2014
Posts: 325
given the unmet need for housing in the area for scientists and healthcare experts around north phila temple campus, this is a great idea and very realistic. This is also seemingly and potentially the third science incubator...science center, pennovation, and now this.
Reply With Quote
     
     
  #5  
Old Posted Mar 18, 2017, 7:31 PM
mcgrath618 mcgrath618 is offline
Registered User
 
Join Date: Jan 2017
Posts: 93
This could be the birth of something huuuuuge
Reply With Quote
     
     
  #6  
Old Posted Mar 18, 2017, 8:17 PM
christof christof is offline
Registered User
 
Join Date: Apr 2006
Location: Philadelphia, PA
Posts: 456
Does anyone know what Councilman Clarke thinks of this proposal?
Reply With Quote
     
     
  #7  
Old Posted Mar 18, 2017, 8:22 PM
summersm343's Avatar
summersm343 summersm343 is offline
Moderator
 
Join Date: Oct 2011
Location: Philadelphia
Posts: 10,705
Quote:
Originally Posted by christof View Post
Does anyone know what Councilman Clarke thinks of this proposal?
I'm 100% sure he'll be against it. More gentrification in his district means it's less likely he'll be reelected.
Reply With Quote
     
     
  #8  
Old Posted Mar 18, 2017, 8:47 PM
PhilliesPhan's Avatar
PhilliesPhan PhilliesPhan is offline
Registered User
 
Join Date: Aug 2014
Location: Philadelphia Area
Posts: 362
I sure hope that this project will break ground, and I'm fairly confident that it will based off of the article.

This is a truly transformative proposal that will accelerate the pace of development in the center of North Philly. That area, with its transit-accessibility and collection of beautiful three-story rowhomes should have never fallen into disarray in the first place. Sure, the shuttering of the factories that lined the Northeast Corridor along Glenwood Avenue did contribute to the eventual decline of that area, but it had many assets. This project will bring vitality back to an area, which, IMO, is prime for development.

I have long been advocating for a Temple University-based innovation corridor along North Broad Street, but I have previously thought of it extending from Girard to Susquehanna. This project could be the catalyst of realizing an innovation corridor between Girard and Erie, which would connect our Main and Health Sciences campuses together.

Great news, and I hope it actually breaks ground! I've been rooting for North Philly for quite a while, even in the face of doubt from its detractors.
__________________
"'Cause I live and breathe this Philadelphia Freedom
From the day that I was born, I've waved the flag"
-Elton John, "Philadelphia Freedom"

Cardinal O'Hara Class of 2013--->Temple University '18
Reply With Quote
     
     
  #9  
Old Posted Mar 18, 2017, 10:09 PM
christof christof is offline
Registered User
 
Join Date: Apr 2006
Location: Philadelphia, PA
Posts: 456
Quote:
Originally Posted by summersm343 View Post
I'm 100% sure he'll be against it. More gentrification in his district means it's less likely he'll be reelected.
Unless you please Mr. Clarke, this project ain't going anywhere...
Reply With Quote
     
     
  #10  
Old Posted Mar 18, 2017, 11:12 PM
Larry King Larry King is online now
Registered User
 
Join Date: Apr 2011
Location: Philadelphia
Posts: 741
I'd say financial feasibility is much more of a roadblock than city council. I think Clarke is better to deal with than given credit for. Question is if money is coming out of Harrisburg these days... is a big grant actually in the cards here?
Reply With Quote
     
     
  #11  
Old Posted Mar 19, 2017, 12:30 AM
Nova08 Nova08 is offline
Registered User
 
Join Date: Jan 2017
Posts: 24
What is the business environment in North Philly for 215,00 sq of business/labs/start-up space and "luxury apartments?"

Call me short sighted but I get a little cautious when we start to spread our start-up/research/lab type development so thin across various parts of the city. Get's me a little worried that developments like the Science Center will take longer to get all of the buildings off the ground.

I mean for all intents and purposes we should just call this Septa North Philadelphia station. You can probably count the number of Amtrak trains that stop at North Philly on two hands. It has no where near the importance that North Philadelphia station held with the Pennsylvania Railroad.
Reply With Quote
     
     
  #12  
Old Posted Mar 19, 2017, 2:20 AM
kingtut kingtut is offline
Registered User
 
Join Date: Jan 2015
Posts: 107
One of Philly's biggest negatives is it's poverty rate and N. Philly is ground zero in that respect . Any capital investment will only , especially from outside of government , be of great benefit for the people of N. Philly . Temple being a R1 rated research university has great potential for innovation and this project would provide an inexpensive lab and office space for start-ups . I hope this happens as planned .
Reply With Quote
     
     
  #13  
Old Posted Mar 19, 2017, 3:17 AM
El Duderino's Avatar
El Duderino El Duderino is offline
build awesome buildings
 
Join Date: Aug 2016
Location: Philadelphia
Posts: 51
what about temple as a potential institutional investor? seems like it could be a worthwhile investment into the neighborhood, though i admittedly have no idea the likelihood. but if drexel has a few billion to drop...
Reply With Quote
     
     
  #14  
Old Posted Mar 19, 2017, 5:18 AM
kingtut kingtut is offline
Registered User
 
Join Date: Jan 2015
Posts: 107
Quote:
Originally Posted by El Duderino View Post
what about temple as a potential institutional investor? seems like it could be a worthwhile investment into the neighborhood, though i admittedly have no idea the likelihood. but if drexel has a few billion to drop...
I don't think Drexel is the main driver of 30th st or the N.station projects . It looks like Amtrak is trying to get into developing it's real estate holdings along with Septa .

Last edited by kingtut; Mar 19, 2017 at 5:30 AM.
Reply With Quote
     
     
  #15  
Old Posted Mar 19, 2017, 1:28 PM
jhdiesel jhdiesel is offline
Registered User
 
Join Date: Jul 2010
Posts: 35
Quote:
Originally Posted by kingtut View Post
I don't think Drexel is the main driver of 30th st or the N.station projects . It looks like Amtrak is trying to get into developing it's real estate holdings along with Septa .
There are two developments in the works at 30th St, and Drexel is the main driver for one of them.

As for this proposal, seems like this could be a good opportunity to make the Swampoodle Connection happen.
Reply With Quote
     
     
  #16  
Old Posted Mar 19, 2017, 2:27 PM
christof christof is offline
Registered User
 
Join Date: Apr 2006
Location: Philadelphia, PA
Posts: 456
Quote:
Originally Posted by El Duderino View Post
what about temple as a potential institutional investor? seems like it could be a worthwhile investment into the neighborhood, though i admittedly have no idea the likelihood. but if drexel has a few billion to drop...
With the state leveling off funding, and with cuts all but certain in future years, I doubt Temple will get involved with this project.
Reply With Quote
     
     
  #17  
Old Posted Mar 19, 2017, 3:05 PM
El Duderino's Avatar
El Duderino El Duderino is offline
build awesome buildings
 
Join Date: Aug 2016
Location: Philadelphia
Posts: 51
Quote:
Originally Posted by christof View Post
With the state leveling off funding, and with cuts all but certain in future years, I doubt Temple will get involved with this project.
isn't that even more motivation for temple to contribute? it seems as if a $20m investment would be at least intriguing from their side considering how much more attractive the area would be for potential undergrads/grad students/faculty and staff. my previous note re: drexel was just to point out how they are willing to spend multiple billions to create something similar (mixed use, innovation, transit connections, etc.) to what temple could help enable by contributing a very small fraction of that drexel number.

again, i have absolutely no insight into how funding shakes out for something like this, but from a practical standpoint, i can't see how both sides (developer team and temple) wouldn't at least be willing to have a conversation.

now i'm just waiting for someone to tell me exactly how and why i'm wrong B-)
Reply With Quote
     
     
  #18  
Old Posted Mar 19, 2017, 3:17 PM
Scottydont Scottydont is offline
Registered User
 
Join Date: Oct 2015
Posts: 56
I'm not about to say this one project would make the next University city, but I think this line is interesting:

Quote:
It also echoes the projects now springing up on other vacant and disused University City parcels, such as the Schuylkill Yards development planned west of 30th Street Station by Brandywine Realty Trust and Drexel, and uCity Square, which Wexford Science & Technology LLC is building with the University City Science Center, he said
Reply With Quote
     
     
  #19  
Old Posted Mar 19, 2017, 4:48 PM
Mr Saturn64 Mr Saturn64 is offline
Registered User
 
Join Date: Nov 2015
Location: Philly
Posts: 247
I would expect a lot of community backlash for this one, especially how bad it was when Temple proposed a football stadium on campus.
Reply With Quote
     
     
  #20  
Old Posted Mar 19, 2017, 7:44 PM
CCGuy CCGuy is offline
Registered User
 
Join Date: Mar 2016
Location: Philadelphia
Posts: 12
Why would the community be against fixing up a derelict factory and filling in an empty lot with retail and jobs? Parking? I live in Philly and can understand not wanting a football stadium built accross the street from me. But fixing an empty bulding and adding retail- I would welcome that.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Global Projects & Construction > Highrise & Supertall Proposals
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 2:41 PM.

     

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.