I think someone miscalculated the initial square footage and that this is just a correction, my personal opinion. They are still calling it 59 stories.
What I don't understand is how the cost of the building went from $1.2 billion to $933 million. Have they value engineered $300 million out of this thing?
Im pretty sure interior fit out isnt normally included in price in a leased office building where tenant is going to fund that work. Then again, Im not sure that most tenants take on that expense in the way comcast is doing. Its incredible that they are projecting this building to be $400M more than the comcast center which is only 6 years old.
Im pretty sure interior fit out isnt normally included in price in a leased office building where tenant is going to fund that work. Then again, Im not sure that most tenants take on that expense in the way comcast is doing. Its incredible that they are projecting this building to be $400M more than the comcast center which is only 6 years old.
Probably due to the radical design of this building that caused an increase in both labor cost and structural materials to support the huge floor plates and "open floor plan" per each floor (1 floor plate equals 12 tennis courts), 13 three-story collaborative work lofts, each of them will have a three-story atrium, and all glass elevators on the north side of the building, etc. Not your typical office building. Fit and finish looks very high quality too. LEED Platinum too adds to the costs.
Last edited by iheartphilly; Jul 7, 2014 at 7:51 PM.
Reason: clarification
I think someone miscalculated the initial square footage and that this is just a correction, my personal opinion. They are still calling it 59 stories.
What I don't understand is how the cost of the building went from $1.2 billion to $933 million. Have they value engineered $300 million out of this thing?
That's the six month introductory rate. After that it goes back to $1.2 billion.
Probably due to the radical design of this building that caused an increase in both labor cost and structural materials to support the huge floor plates and "open floor plan" per each floor (1 floor plate equals 12 tennis courts), 13 three-story collaborative work lofts, each of them will have a three-story atrium, and all glass elevators on the north side of the building, etc. Not your typical office building. Fit and finish looks very high quality too. LEED Platinum too adds to the costs.
Agreed, its obvious they really have architect free hand to design a building without cost constraints because the cost per sf is going to be astronomical for this building. And it's not like the CC was a cheap building. when you consider FMC tower is projected to be only $385M for a 49 story building with over 700k sf this building is priced at a serious premium. Makes me wonder about ther chances of filling the balance of the space.
Agreed, its obvious they really have architect free hand to design a building without cost constraints because the cost per sf is going to be astronomical for this building. And it's not like the CC was a cheap building. when you consider FMC tower is projected to be only $385M for a 49 story building with over 700k sf this building is priced at a serious premium. Makes me wonder about ther chances of filling the balance of the space.
The reason for the price being higher than FMC is due to FMC is not completely leased and the interior fitout of the office space is not included in that cost. Only the fitout of the residential units are included in that cost of FMC. Where as the cost for CITC includes the fitout for the hotel and also all of the Comcast Space. Also a large driving factor would be the excavation cost because of how deep they are digging from grade. That could add at least an extra $7 million. To excavate and truck of a cubic yard of dirt in the city is somewhere around $40-$50 /cy. for a non difficult excavation which CITC is the complete opposite.
The reason for the price being higher than FMC is due to FMC is not completely leased and the interior fitout of the office space is not included in that cost. Only the fitout of the residential units are included in that cost of FMC. Where as the cost for CITC includes the fitout for the hotel and also all of the Comcast Space. Also a large driving factor would be the excavation cost because of how deep they are digging from grade. That could add at least an extra $7 million. To excavate and truck of a cubic yard of dirt in the city is somewhere around $40-$50 /cy. for a non difficult excavation which CITC is the complete opposite.
I was comparing the $385M to the $933M figure so I was not counting the comcast funded fit out of the office space in the building. even with the differences in the foundation excavation costs there is a huge differential in cost per sf between the buildings. FMC is a very standard issue, almost cookie cutter skyscraper so i suppose its cost is more in line with what a "typical" high rise commercial building would cost in Philly. CITC is obviously a building that was designed with few cost constraints.
I updated some rather boring pictures on Building Philly although I'm fairly sure there was more than just a test drill on site around 4:45 today.
That being said, I did see one test drill on the western portion of the site.
Give yourself more credit than that, those pics show a good use of perspective and framing your subject matter to reflect the struggles of contemporary construction in the early 21st century.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
^Yes, I believe it was posted a few pages back. To be honest, seeing it again, I much prefer it to the current proposal. (Even though I do like the current proposal.)
Current version is probably better...the older one isn't bad.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Current version is probably better...the older one isn't bad.
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went by the site today, back hoes are digging and steel beams for the retaining walls are on site as well as a green privacy? fence with openings at certain pints.
went by the site today, back hoes are digging and steel beams for the retaining walls are on site as well as a green privacy? fence with openings at certain pints.
Is it a tarp attached to a chain link fence?
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