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  #19081  
Old Posted Jan 18, 2019, 3:13 PM
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Thanks McGrath!
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  #19082  
Old Posted Jan 18, 2019, 8:54 PM
tsarstruck tsarstruck is offline
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The Greyhound Lot at 10th and Filbert just sold.

Quote:
The property at 1018 Arch St., which is a 12,396-square-foot paved lot along with 44 N. 10th St., a 1,485-square-foot retail building leased by Discover Travel, sold together for $8.4 million. The most appealing aspect of the deal was the surface lot, according to the brokers involved in the deal.

...

The parcel is zoned CMX-5, which allows for dense development and the buyer plans to begin the pre-development process during the next year. The site is in the proximity of Fashion District Philadelphia, Reading Terminal Market, the Pennsylvania Convention Center and Jefferson Station.

https://www.bizjournals.com/philadel..._news_headline
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  #19083  
Old Posted Jan 18, 2019, 9:02 PM
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Originally Posted by tsarstruck View Post
The Greyhound Lot at 10th and Filbert just sold.




https://www.bizjournals.com/philadel..._news_headline
Wow! Chinatown location for over $8MM. Any speculation of what might go here for CMX-5? Go big or go home, right?
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  #19084  
Old Posted Jan 18, 2019, 9:25 PM
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Originally Posted by The Article
The most appealing aspect of the deal was the surface lot, according to the brokers involved in the deal.
What do they mean by this?
I don't think there's any way someone would buy a vacant lot for 8 mil and not intend to develop it, but this excerpt confuses me.
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  #19085  
Old Posted Jan 18, 2019, 9:28 PM
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Originally Posted by mcgrath618 View Post
What do they mean by this?
I don't think there's any way someone would buy a vacant lot for 8 mil and not intend to develop it, but this excerpt confuses me.
I think it is just awkward phrasing for the buyers saying that they are excited to acquire a blank slate parking lot in Center City that they are free to develop without much resistance.
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  #19086  
Old Posted Jan 18, 2019, 9:32 PM
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Is it me or is 2019 already shaping up to be a great year for Philly in terms of construction and skyscraper announcements? With the way the market seems to be shaping up I wouldn't be surprised if sometime this year we FINALLY see Broad + Pine and/or SLS going up.
(I'm calling it now, someone remember this post )
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  #19087  
Old Posted Jan 18, 2019, 9:51 PM
Nova08 Nova08 is offline
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Originally Posted by mcgrath618 View Post
Is it me or is 2019 already shaping up to be a great year for Philly in terms of construction and skyscraper announcements? With the way the market seems to be shaping up I wouldn't be surprised if sometime this year we FINALLY see Broad + Pine and/or SLS going up.
(I'm calling it now, someone remember this post )
I was just thinking the same thing...Riverwalk, 3720 Chestnut, Hyatt Centric, The Laurel, Penn New College House West...all off the ground or pretty much guaranteed to get off the ground in 2019
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  #19088  
Old Posted Jan 18, 2019, 9:58 PM
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I was just thinking the same thing...Riverwalk, 3720 Chestnut, Hyatt Centric, The Laurel, Penn New College House West...all off the ground or pretty much guaranteed to get off the ground in 2019
Don't forget 709 Chestnut and 1300 Fairmount!
Add that to the possibility of Schuylkill yards getting off the ground, One Dock St, whatever Scannapieco has planned for 2nd and Walnut, UCity Square, 1001 S Broad, Xfinity Live!, and the Equal Justice Center and you have a pretty exciting year shaping up for Philadelphia.
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  #19089  
Old Posted Jan 18, 2019, 10:01 PM
City Wide City Wide is offline
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Vanguard

The death of John Bogle, RIP, makes me wonder----just think what CC and the rest of the City might be like if Vanguard had committed to being Philly company and not stuck out in the burbs, wondering whether to have 45 or 50 people actually work in the City.
I realize there are a variety of complex reasons why Bogle left the City when he founded his own business and some of them still apply, but just think---20K+- good paying jobs in CC. That could have been a game changer.
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  #19090  
Old Posted Jan 18, 2019, 10:34 PM
Nova08 Nova08 is offline
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Center City lot where Greyhound parks buses is sold

https://www.bizjournals.com/philadel...es-issold.html
Quote:
A surface lot on Arch Street in Philadelphia that has been used for years by Greyhound Lines Inc. to park its buses and has been controlled by the same owner for decades has sold.

The property at 1018 Arch St., which is a 12,396-square-foot paved lot along with 44 N. 10th St., a 1,485-square-foot retail building leased by Discover Travel, sold together for $8.4 million. The most appealing aspect of the deal was the surface lot, according to the brokers involved in the deal.

The name of the seller was undisclosed but involved a local partnership. It was represented by Clarke Talone, Andrew Townsend and Ridge MacLaren of Marcus & Millichap. The buyer, who was also undisclosed, was represented by Phil Sharrow, Jonathan Massaro and Fahd Malik, also of Marcus & Millichap.

The parcel is zoned CMX-5, which allows for dense development and the buyer plans to begin the pre-development process during the next year. The site is in the proximity of Fashion District Philadelphia, Reading Terminal Market, the Pennsylvania Convention Center and Jefferson Station.

“The buyer sees the extreme value in the land and being so close to the convention center,” Sharrow said. The buyer is deliberating what type of project might work best on the parcel, whether it's hospitality, office or multifamily. “They have time to figure that out,” he said.

The partnership that owned the properties had owned them for several decades and decided it was time to sell, Talone said. There was a lot of interest in them, particularly the surface lot, from investors outside of Philadelphia, including from New York and Washington, D.C.

“People outside of the market recognized the importance of the location,” Talone said.

Greyhound continues to have a lease on the property and there’s an option to extend it. A spokesperson from Greyhound couldn’t be immediately reached for comment.
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  #19091  
Old Posted Jan 18, 2019, 10:39 PM
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Center City lot where Greyhound parks buses is sold

https://www.bizjournals.com/philadel...es-issold.html
Thank you for the added clarification. Sounds like the new owner is trying to figure out whether to capitalize off of the Convention Center, or if he wants to capitalize off of Jefferson station and all of the nearby stores and amenities for homeowners.
I personally think that with East Market already up nearby, with a Phase II to begin soon, that a hotel would better serve this lot.

Last edited by mcgrath618; Jan 18, 2019 at 10:53 PM.
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  #19092  
Old Posted Jan 18, 2019, 11:22 PM
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Would love to see the bus terminal moved adjacent to 30th St., as the plan calls for. I'm guessing this won't really affect the current terminal, just ancillary bus parking.
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  #19093  
Old Posted Jan 18, 2019, 11:58 PM
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Originally Posted by City Wide View Post
The death of John Bogle, RIP, makes me wonder----just think what CC and the rest of the City might be like if Vanguard had committed to being Philly company and not stuck out in the burbs, wondering whether to have 45 or 50 people actually work in the City.
I realize there are a variety of complex reasons why Bogle left the City when he founded his own business and some of them still apply, but just think---20K+- good paying jobs in CC. That could have been a game changer.
Still seems unlikely, but certainly more likely now that he's died. Still, they have invested out in the burbs, inertia makes it unlikely they reverse course. I think what actually needs to happen is we need to attract more finance jobs to Philly that have nothing to do with vanguard to start to give people some options. I've known multiple people who have worked for vanguard and reverse commuted, one eventually just moved to the burbs. I'm sure for a lot of the young people they hire would prefer to stay in the city, but because there is so little competition for talent, vanguard is still able to get the talent they need. If that competition became more fierce and they started to routinely lose out on talent because people don't want to work out in the suburbs, then something might happen, but likely not before.
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  #19094  
Old Posted Jan 19, 2019, 2:39 AM
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I don't think there's a fat chance Vanguard will move its corporate HQ to the city, notwithstanding Bogle death, RIP. Malvern is a great fit for them with access to all the private schools, big homes, land, whatnot. They do however have an outpost at 23 and Chestnut with a small group of employees. I do wonder how that's doing and whether it will last or not.
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  #19095  
Old Posted Jan 19, 2019, 6:45 PM
City Wide City Wide is offline
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The City's tax code relating to gains made on financial investments (so I've been told) makes it next to impossible that Vanguard will move it's HQ into the City. My question was more a matter of dreaming 'what if' Vanguard had started in and grown up in the City. What would CC look like if 5K to 20K Vanguard jobs were based there and not in the burbs, what if------but not going to happen.
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  #19096  
Old Posted Jan 19, 2019, 7:42 PM
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^@ CityWide.

I don't understand what tax code the city would apply to the financial sector that would prevent their move. Can you please elaborate? Precedent has been set that Philly has a small financial sector. Philly NASDAQ is in FMC. FS Investment does business in the Navy Yard. Attalus Capital and Cohen and Company in Cira Center.

Vanguard operations are spread out with 16-17k employees in the US and abroad. I'm guessing a few thousand (i.e., up to 3k) at the corporate location in Malvern. So, for the sake of fantasy, if corporate moved to the city, you would probably net 1 tall high-rise like CTC, assuming 3k in corporate jobs moved there. Not all Vanguard jobs are high paying jobs...the average non-executive salary is probably 40-60k. But, if there was more employees besides corporate employees, then you would probably see maybe a few buildings. Maybe they would have gone with a urban campus if a developer could string up enough parcels for buildings on the same block which probably wouldn't of been an issue 15-20 years ago.

Just take a look at Fidelity Investment in Boston as an example under this scenario with one building that houses corporate.
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  #19097  
Old Posted Jan 19, 2019, 7:55 PM
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Originally Posted by iheartphilly View Post
^@ CityWide.

I don't understand what tax code the city would apply to the financial sector that would prevent their move. Can you please elaborate? Precedent has been set that Philly has a small financial sector. Philly NASDAQ is in FMC. FS Investment does business in the Navy Yard. Attalus Capital and Cohen and Company in Cira Center.

Vanguard operations are spread out with 16-17k employees in the US and abroad. I'm guessing a few thousand (i.e., up to 3k) at the corporate location in Malvern. So, for the sake of fantasy, if corporate moved to the city, you would probably net 1 tall high-rise like CTC, assuming 3k in corporate jobs moved there. Not all Vanguard jobs are high paying jobs...the average non-executive salary is probably 40-60k. But, if there was more employees besides corporate employees, then you would probably see maybe a few buildings. Maybe they would have gone with a urban campus them if a develop could string up enough parcels for buildings on the same block.

Just take a look at Fidelity Investment in Boston as an example under this scenario with one building that houses corporate.
I’m not aware of any special code provisions that apply only to the financial sector. Our corporate profits tax and other related taxes are insane, and I’m sure that’s a big disincentive for Vanguard just as it is for any business. They could largely mitigate this by moving to a KOZ and financial opportunity zone, say 30th Street District or Schuylkill Yards. But I see it as unlikely absent a real business need to come to the city. To attract talent, for example. So far, they’ve gotten who they need to work in Malvern.
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  #19098  
Old Posted Jan 19, 2019, 7:58 PM
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Originally Posted by iheartphilly View Post
^@ CityWide.

I don't understand what tax code the city would apply to the financial sector that would prevent their move. Can you please elaborate? Precedent has been set that Philly has a small financial sector. Philly NASDAQ is in FMC. FS Investment does business in the Navy Yard. Attalus Capital and Cohen and Company in Cira Center.

Vanguard operations are spread out with 16-17k employees in the US and abroad. I'm guessing a few thousand (i.e., up to 3k) at the corporate location in Malvern. So, for the sake of fantasy, if corporate moved to the city, you would probably net 1 tall high-rise like CTC, assuming 3k in corporate jobs moved there. Not all Vanguard jobs are high paying jobs...the average non-executive salary is probably 40-60k. But, if there was more employees besides corporate employees, then you would probably see maybe a few buildings. Maybe they would have gone with a urban campus if a developer could string up enough parcels for buildings on the same block which probably wouldn't of been an issue 15-20 years ago.

Just take a look at Fidelity Investment in Boston as an example under this scenario with one building that houses corporate.
You're way off. Vanguard's Malvern employee headcount was 12,000 as of June 2018. Their global employee count is 17,000 now. Only 5,000 employees of the company DON'T work in Chester County.
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  #19099  
Old Posted Jan 19, 2019, 8:14 PM
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^
ok. you're right and i confirmed.

https://patch.com/pennsylvania/malve...rn-west-campus
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  #19100  
Old Posted Jan 19, 2019, 10:57 PM
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The School District has a tax on dividends at the same rate as the wage tax. I pay this every year on my vanguard investments that are not in a tax-defered fund. Maybe that is what City Wide is referring to?

From phila.gov:

Quote:
If you are a Philadelphia resident who receives certain types of unearned income, you must pay School Income Tax (SIT). Taxable forms of unearned income include dividends, royalties, short-term rental income, cash lottery winnings from the Pennsylvania Lottery, and some types of interest.
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