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  #101  
Old Posted May 30, 2019, 9:36 PM
Plokoon11 Plokoon11 is offline
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Originally Posted by Knight Hospitaller View Post
^ 323 N. Broad isn't ringing any liberty bells...
Fixed it for you.
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  #102  
Old Posted May 30, 2019, 9:52 PM
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Fixed it for you.
I'm also confused. That's the Ballet property, right?
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  #103  
Old Posted May 30, 2019, 10:01 PM
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My bad, 523 N Broad. Even then, it's only partially office. My mistake.
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  #104  
Old Posted May 31, 2019, 12:52 PM
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Originally Posted by cardeza View Post
308k isnt that big, I'm assuming that would be 15 floors or less. But better than a parking lot.
The articles only mention the 1701 Market building, I think it's important to add that Morgan Lewis also has 4 floors leased over in 1801 Market (Ten Penn Center) and a giant data center-document review space in Suburban Station. So it's probably a lot more than 289,000 sq. ft of space that Morgan Lewis is looking for to completely house all operations, and plan for future growth (the firm has grown a lot over the last decade).

Some more info: when Parkway Corp. applied for a state grant seeking $5 mil, the building was described as: "a 331,500 square-foot Class A office building with a green roof, public commercial space and 50-spot underground garage. The project would be LEED certified and feature “an ergonomically designed office layout, fostering productivity and collaboration among workers.”

Morgan Lewis currently has a 6 floor parking garage at 1701, and a lot of employees still do drive in from the burbs/South Jersey... so ultimately, if Morgan signs on here, I think sq. footage/building design are all really a work in progress. They will want a lot more than 50 parking spaces.

Last edited by Jawnadelphia; May 31, 2019 at 1:05 PM.
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  #105  
Old Posted Jun 1, 2019, 3:29 PM
jsbrook jsbrook is offline
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Very good points, Jawn.
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  #106  
Old Posted Jun 2, 2019, 5:58 PM
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"Next on my wish list would be a highrise condo to take out the one-story CVS at 15th and Spruce."
Nooooooo! That would block the view of the Drake! That's one of the great, iconic buildings in that vicinity. Replacing the CVS would be fine, but with something shorter, I'd keep it well below the roofline of the Kimmel Center.
A metal-panel-clad condo tower (all anyone can seem to build these days) would be a travesty on that site.
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  #107  
Old Posted Jun 2, 2019, 6:10 PM
jsbrook jsbrook is offline
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Originally Posted by Tatts View Post
"Next on my wish list would be a highrise condo to take out the one-story CVS at 15th and Spruce."
Nooooooo! That would block the view of the Drake! That's one of the great, iconic buildings in that vicinity. Replacing the CVS would be fine, but with something shorter, I'd keep it well below the roofline of the Kimmel Center.
A metal-panel-clad condo tower (all anyone can seem to build these days) would be a travesty on that site.
Well, only from one angle...the Drake would still be front and center from every other vantage point. I'd be good with a shorter building too, but I'm not sure any developer would be able to buy the lot cheap enough such that anything but a highrise pencils out. Something like the Mormon Tower on Vine would look tremendous here, though it seems unlikely we can get architecture like that without Church involvement. I don't have hope of Philly building new construction highrises from limestone any time in the foreseeable future. That is too costly for this market. But I'd love to see us get to a point where precast concrete like 30 Park Place is viable. Still looks pretty good. https://newyorkyimby.com/2018/05/yim...penthouse.html http://fieldcondition.com/blog/2016/8/30/30-park-place Or we could just do a solid brick building in a location like 15th and Spruce, which is cost efficient: https://www.concreteconstruction.net...al-and-glass_o Do it like 10 Rittenhouse, except actually make it attractive and nice-looking...
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  #108  
Old Posted Jun 3, 2019, 5:29 PM
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A Robert Stern masterpiece
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  #109  
Old Posted Jun 4, 2019, 1:47 PM
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Philadelphia's second-largest hotel sells, $28M renovation planned

About time...some other older hotels should follow suit if they want to stay competitive.

https://www.bizjournals.com/philadel..._news_headline
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  #110  
Old Posted Jun 4, 2019, 2:08 PM
cardeza cardeza is offline
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Originally Posted by iheartphilly View Post
Philadelphia's second-largest hotel sells, $28M renovation planned

About time...some other older hotels should follow suit if they want to stay competitive.

https://www.bizjournals.com/philadel..._news_headline
Good news, but $28M isn't that much money. I want to see how much of a transformation they are planning for that sum.
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  #111  
Old Posted Jun 4, 2019, 2:34 PM
reparcsyks reparcsyks is offline
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Originally Posted by iheartphilly View Post
Philadelphia's second-largest hotel sells, $28M renovation planned

About time...some other older hotels should follow suit if they want to stay competitive.
Can't access the article - is this the Sheraton by the Parkway? Hope they reclad it if they're going to renovate, but that doesn't sound doable for $28 million.
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  #112  
Old Posted Jun 4, 2019, 2:43 PM
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@cardeza and reparcsyks

The PBJ doesn't say. But this link does:

https://www.hotel-online.com/press_r...lphia-from-the

"With the closing of this transaction, a new franchise agreement has been signed with Marriott International for the property to regain the Sheraton brand upon completion of a $28-million renovation focused on upgrading the rooms, creating new suites, enhancing the lobby and meeting space, and adding a new Sheraton Club Lounge."

I was hoping they budgeted for re-cladding, including work on the entrance/drop off-pick up area, but that's not likely to happen anytime now. This hotel is so dated from the outside, but I guess being so close to the convention center they could get away with not doing exterior renovations, but still get the business.
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  #113  
Old Posted Jun 4, 2019, 2:47 PM
reparcsyks reparcsyks is offline
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Originally Posted by iheartphilly View Post
@cardeza and reparcsyks

The PBJ doesn't say. But this link does:
Thanks! That's a huge miss, as this is easily one of the Top 10 ugly-ass buildings in Philly.
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  #114  
Old Posted Jun 4, 2019, 2:48 PM
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Originally Posted by reparcsyks View Post
Can't access the article - is this the Sheraton by the Parkway? Hope they reclad it if they're going to renovate, but that doesn't sound doable for $28 million.
Here's the article:

Quote:
Cambridge Landmark paid $77.4 million to buy the former Sheraton Downtown Philadelphia and, in a sale-lease back transaction, sold the property to Net Lease Capital Advisors.

The company plans a $28 million renovation to guest rooms and other public spaces in an attempt to bring Philadelphia’s second largest hotel back to its star status in what is an increasingly competitive hotel environment.

The former Sheraton at 201 N. 17th St. has 757 rooms and 58,000 square feet of event space. It was bought from Blackstone Group and a new franchise agreement was signed with Marriott International to regain use of the Sheraton brand. The hotel is being branded as Philadelphia 201. Interstate Hotels and Resorts, a third-party hotel management company, will continue to manage and operate the property.

Built in 1980, the hotel is located two blocks from the Pennsylvania Convention Center and was once known as the Wyndham Franklin Plaza. It has had various owners over the years including Patriot American Hospitality Inc., which was a high-flying real estate investment trust in the 1990s that was then aggressively spending on acquisitions.

In 1998, it bought Wyndham Hotel Corp. and inherited the Philadelphia hotel through that acquisition. By 1999, American Patriot Hospitality was over-leveraged and was bailed out that year by entities affiliated with Apollo Real Estate Advisors. The company’s name was then changed to Wyndham International Inc.

Blackstone entered the scene in 2005 when it arranged a transaction valued at $3.2 billion to buy Wyndham International Inc. Blackstone then turned around and sold a portion of the Wyndham portfolio to Columbia Sussex. Then in 2010, Blackstone Group bought the debt backed by 14 hotels sold to Columbia Sussex and regained control of the properties, including the Sheraton, which was part of that portfolio.

The most recent transaction involved Cambridge Landmark, based in Miami, Fla., which invests in hospitality real estate. Net Lease is headquartered in Nashua, N.H., and is a real estate investment and advisory firm.
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  #115  
Old Posted Jun 4, 2019, 2:59 PM
Capsule F Capsule F is offline
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Re:Sheraton

I actually think cleaning the building will go a long way. I am sure they intend on cleaning the building with this renovation. I am going to wager there will be at least 20 of that 28 million for individual room renovations.

Thats over 26k budget for each room, I feel like they can do quite a lot with this budget IMO.
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  #116  
Old Posted Jun 4, 2019, 3:00 PM
Londonee Londonee is offline
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Quote:
Originally Posted by iheartphilly View Post
@cardeza and reparcsyks

The PBJ doesn't say. But this link does:

https://www.hotel-online.com/press_r...lphia-from-the

"With the closing of this transaction, a new franchise agreement has been signed with Marriott International for the property to regain the Sheraton brand upon completion of a $28-million renovation focused on upgrading the rooms, creating new suites, enhancing the lobby and meeting space, and adding a new Sheraton Club Lounge."

I was hoping they budgeted for re-cladding, including work on the entrance/drop off-pick up area, but that's not likely to happen anytime now. This hotel is so dated from the outside, but I guess being so close to the convention center they could get away with not doing exterior renovations, but still get the business.
My guess is they'll paint it - similar to the exterior work they did on the [now] Sonesta at 18th and Market - some sleek grey color. I'd prefer they spend more $$ on how that building interacts with the street - it's street interaction is on par with a jail. One of the worst block-long buildings in the city.

Reminder - here is how the hotel greets the corner of 17th and Race:
https://goo.gl/maps/HgS3h7G1tCoAAdKU8

And how it greets Race street. What a travesty:
https://goo.gl/maps/NGfT943uckaMqaas7

Urban architectural planning in the late 70s early 80s was so f**cking destructive.
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  #117  
Old Posted Jun 4, 2019, 3:03 PM
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I don't think think that the Sheraton is the ugliest product of pomo in this city. I'd argue that the building across the street owned by the church is 100000000x uglier.

After these renovations, along with Residences on Race and the Cathedral Project, this area is going to be thousands of times better than it currently is.
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  #118  
Old Posted Jun 4, 2019, 3:58 PM
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Good re the Sheraton! Even if the renovation is not as extensive as it could be. Now can Hilton please upgrade the Doubletree to a real Hilton and give the exterior a paint treatment like 1919 Market?
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  #119  
Old Posted Jun 4, 2019, 4:02 PM
Londonee Londonee is offline
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Originally Posted by mcgrath618 View Post
I don't think think that the Sheraton is the ugliest product of pomo in this city. I'd argue that the building across the street owned by the church is 100000000x uglier.

After these renovations, along with Residences on Race and the Cathedral Project, this area is going to be thousands of times better than it currently is.
I dont hate the upstairs architecture. On the other hand, how it interacts with the cityscape is offensive to people w/ brains and eyeballs and that should be changed.
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  #120  
Old Posted Jun 4, 2019, 4:45 PM
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I dont hate the upstairs architecture. On the other hand, how it interacts with the cityscape is offensive to people w/ brains and eyeballs and that should be changed.
Oh 100%. At ground level this thing is abhorrent. I drove by it every day on the way to high school.
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