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  #1  
Old Posted Mar 11, 2014, 2:20 PM
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summersm343 summersm343 is offline
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PHILADELPHIA | 500 Walnut | 380 FT | 26 FLOORS





Title: 500 Walnut
Project: 40 condominium units
Architect: Cecil Baker & Associates
Developer: Scannapieco
Location: 500 Walnut St., Philadelphia, PA
Neighborhood: Society Hill
District: Center City
Floors: 26
Height: 380 ft

Quote:
The developer of Center City's luxury 1706 Rittenhouse Square Street condominiums said Monday that he plans to build a 26-story, 40-unit condo tower at Fifth and Walnut Streets at a cost of $150 million.

The tower will overlook Independence Hall, developer Tom Scannapieco said, and will be built on an 18,155-square-foot site vacant for more than a decade. A number of proposals for the land have been made, most recently in 2004.

Scannapieco said construction should begin in spring 2015, with units ready for occupancy in March 2017.

http://www.philly.com/philly/classif...oric_area.html

Last edited by summersm343; Mar 28, 2016 at 5:01 AM.
     
     
  #2  
Old Posted Mar 11, 2014, 2:43 PM
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summersm343 summersm343 is offline
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Another article on this:

Construction planned to begin in early 2015

http://www.bizjournals.com/philadelp...-old-city.html
     
     
  #3  
Old Posted Mar 11, 2014, 3:47 PM
Pennsgrant Pennsgrant is offline
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Very interesting project. Location is excellent(Society Hill). The views to Center City from that location are exceptional except that those CC views appear to completely blocked by adjacent tower which would be a buzzkill for me. The main view here is going to be of Camden yuck and Independence Mall.

40 Unit project which the developer is going to invest $160 M in ? The Penthouses will most likely have to be in the $12M-$15 M range and the average unit will have to go for $5.5 M for the developer to make a nice $50 M profit.

I give Scannapieco credit though. He goes high end which comes with alot of financial risk but leaves quite a legacy. For instance Pearl just flipped The Granary for a $50 M profit but they only invested/risked $60 M in the project.

The fact that they expect this tower to be sold out before it breaks ground speaks volumes of how hot Center City is right now.
     
     
  #4  
Old Posted Mar 11, 2014, 3:49 PM
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Quote:
Originally Posted by Pennsgrant View Post
Very interesting project. Location is excellent(Society Hill). The views to Center City from that location are exceptional except that those CC views appear to completely blocked by adjacent tower which would be a buzzkill for me. The main view here is going to be of Camden yuck and Independence Mall.

40 Unit project which the developer is going to invest $160 M in ? The Penthouses will most likely have to be in the $12M-$15 M range and the average unit will have to go for $5.5 M for the developer to make a nice $50 M profit.

I give Scannapieco credit though. He goes high end which comes with alot of financial risk but leaves quite a legacy. For instance Pearl just flipped The Granary for a $50 M profit but they only invested/risked $60 M in the project.
Scannapieco built 1706 Rittenhouse which has been HIGHLY HIGHLY successful and a rarity when units come on the market. I would imagine he has now made a big name for himself. Any units here will likely go QUICK. It is not often that high end condo towers are built in Society Hill. If anyone where to do it, I'm glad it is Scannapieco.
     
     
  #5  
Old Posted Mar 11, 2014, 3:54 PM
Pennsgrant Pennsgrant is offline
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Originally Posted by summersm343 View Post
Scannapieco built 1706 Rittenhouse which has been HIGHLY HIGHLY successful and a rarity when units come on the market. I would imagine he has now made a big name for himself. Any units here will likely go QUICK. It is not often that high end condo towers are built in Society Hill. If anyone where to do it, I'm glad it is Scannapieco.

Yes the realtor predicts that the entire 40 unit $160 M tower will be sold out before the foundation is dug. Thats impressive. And unimaginable from as little as ten years ago.
     
     
  #6  
Old Posted Mar 11, 2014, 4:02 PM
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Originally Posted by Pennsgrant View Post
Yes the realtor predicts that the entire 40 unit $160 M tower will be sold out before the foundation is dug. Thats impressive. And unimaginable from as little as ten years ago.
Agreed! Big things happening in Philadelphia now. It's exciting

This tower selling out, as well as Toll's 401 Front and 2400 South projects will bode well for future condo tower construction in Philadelphia. Namely, Dranoff's SLS International and Toll Brother's building at 19th and Walnut which could rise over 600 feet
     
     
  #7  
Old Posted Mar 11, 2014, 9:17 PM
iheartphilly iheartphilly is offline
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If I could afford it, put me down for 1 of these units-doesn't have to be the penthouse...LOL. Anyone know what the restaurant scene within a 5 block radius looks like. Thanks!
     
     
  #8  
Old Posted Mar 11, 2014, 9:28 PM
Insoluble Insoluble is offline
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Wow! Nice! This will fit in beautifully at that location too. Perfect views of Independence Hall. Scannapieco has experience with the ultra-high end condos with 1706 Rittenhouse so I'm confident he knows what he's doing here. I'm just glad he decided to go with a different architect this time. This building actually looks pretty classy from the rendering.
     
     
  #9  
Old Posted Mar 12, 2014, 3:09 AM
MikeNigh MikeNigh is offline
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Nice!!!
     
     
  #10  
Old Posted Mar 12, 2014, 4:45 PM
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Even if this does not get built, someone needs to build up the retail/commercial properties of Walnut St on Washington Sq if they are really trying to create a "Rittenhouse Sq east" vibe - which seems to be the idea here.
Something more serious than palm reading and bible shops needs to go here to diversify purposes of foot traffic through/to the area.
     
     
  #11  
Old Posted Mar 12, 2014, 5:19 PM
Insoluble Insoluble is offline
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Originally Posted by Mappy View Post
Even if this does not get built, someone needs to build up the retail/commercial properties of Walnut St on Washington Sq if they are really trying to create a "Rittenhouse Sq east" vibe - which seems to be the idea here.
Something more serious than palm reading and bible shops needs to go here to diversify purposes of foot traffic through/to the area.
There's plenty of great retail along Walnut west of 7th street. The one bible shop is a bit strange, but next to it you have some great restaurants, a nice children's store, Nuts to You, etc. It's a nice retail mix, I'm not sure what you mean by "more serious". There's plenty of foot traffic along Walnut and things are pretty cohesive West of the square at least.

The thing with Washington Square is that it's ringed by large buildings that don't have convenient retail floor plates for various reasons (Curtis Building and Penn Mutual are unlikely to alter the historic facade for many reasons. Hopkinson House has retail, but it's set back behind a driveway and doesn't really add much to the vibe.) The Talutia's Garden Cafe which recently opened up in the Aria Building is a nice little addition, but aside from that you're not likely to get much retail facing the square. Given the federal grass lot collection along the north side of Walnut to the east of Washington Square, I don't think there's ever going to be a humming retail district there. I don't think this is necessarily a bad thing, the area is very nice as it is.
     
     
  #12  
Old Posted Mar 12, 2014, 5:30 PM
Kidphilly Kidphilly is offline
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Quote:
Originally Posted by Insoluble View Post
There's plenty of great retail along Walnut west of 7th street. The one bible shop is a bit strange, but next to it you have some great restaurants, a nice children's store, Nuts to You, etc. It's a nice retail mix, I'm not sure what you mean by "more serious". There's plenty of foot traffic along Walnut and things are pretty cohesive West of the square at least.

The thing with Washington Square is that it's ringed by large buildings that don't have convenient retail floor plates for various reasons (Curtis Building and Penn Mutual are unlikely to alter the historic facade for many reasons. Hopkinson House has retail, but it's set back behind a driveway and doesn't really add much to the vibe.) The Talutia's Garden Cafe which recently opened up in the Aria Building is a nice little addition, but aside from that you're not likely to get much retail facing the square. Given the federal grass lot collection along the north side of Walnut to the east of Washington Square, I don't think there's ever going to be a humming retail district there. I don't think this is necessarily a bad thing, the area is very nice as it is.

Yes is an alternative to Rittenhouse - actually all 4 squares have sort of a different flair which is fine


The proposed restaurants on the Love Park footprint should actually be in Wash Sq. Closer to the the NE corner could be more casual for tourists integration and something more NW more stately could work well as more a great brunch/early dinner outdoor spot
     
     
  #13  
Old Posted May 19, 2014, 1:09 AM
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There is a drilling rig vehicle on the lot at 5th & Walnut where this tower is planned behind Independence Hall. It looks like something that would be drilling for soil samples.
     
     
  #14  
Old Posted May 19, 2014, 1:44 AM
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Originally Posted by SJPhillyBoy View Post
There is a drilling rig vehicle on the lot at 5th & Walnut where this tower is planned behind Independence Hall. It looks like something that would be drilling for soil samples.
Nice! Great news!
     
     
  #15  
Old Posted May 29, 2014, 11:02 PM
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Quote:
Tom Scannapieco (Scannapieco Development Corp.) says he has settled his planned $8.5 million purchase from an affiliate of parking mogul Joseph Zuritsky's Parkway Corp. of the ground at 500 Walnut St. in Philadelphia's historic district, and has so far booked sales for 11 units worth "almost $40 million" in his proposed $140 million, 26-story "ultra-luxury high rise" tower.

Pre-sales "are going at a much faster pace" than for his 1706 Rittenhouse Sq. back in 2005-06, Scannapieco told me. And this is "a very similar building with a very similar buyer" and a slightly higher per-square-foot cost, he added. Back in March, my colleague Al Heavens wrote about the plan and the ground's tortured financial and development history here. Scannapieco plans to break ground next year, building to open in 2017.
http://www.philly.com/philly/blogs/i...ut-condos.html
     
     
  #16  
Old Posted May 30, 2014, 12:45 AM
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  #17  
Old Posted May 30, 2014, 1:51 AM
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Insane. This building already has 11/37 units leased and it doesn't even break ground for another 9-12 months.
     
     
  #18  
Old Posted May 30, 2014, 2:26 AM
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Insane. This building already has 11/37 units leased and it doesn't even break ground for another 9-12 months.
"leased"?
     
     
  #19  
Old Posted May 30, 2014, 3:06 AM
domodeez domodeez is offline
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"leased"?
Sold. My mistake.
     
     
  #20  
Old Posted Oct 28, 2014, 7:11 PM
JR Ewing JR Ewing is offline
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Philly is booming.
     
     
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