PHILADELPHIA | East Market | 284 & 248 FT | 24 & 20 FLOORS

[PhilliesPhan]

Originally Posted by McBane

I agree with all of this but can you tell me why you are so confident about 1300 Market? Do you have inside information or are is it more of a gut feeling you have?

It's more of a gut feeling than anything! I'm a senior finance major at Temple specializing my studies in real estate investment, so no inside info yet (check back with me next year!).

What makes 1300 Market special, is the fact that it is currently scheduled to be the only large office project in the Center City market that is fully accessible to all types of transit. What you have is a building with a connection to the MFL, BSL, Subway-Surface lines, both Suburban and Jefferson Stations via concourse, bike lanes on 13th Street, and even to the Vine Street Expressway. There is nothing currently proposed that can even come close to the transit access that 1300 Market has. Now that Market East is gaining new residents who can walk to work from the neighborhood, the time to capitalize on this valuable parcel comes either within this or the next cycle.

[Mr Saturn64]

Because of that, I would expect to see new development around Market East (which I still don't call Jefferson) in the coming years. 1300 Market should be a sure bet. There is that huge lot at 8th and Market that could easily be something very tall, although that may be unlikely. There's also that space where the ugly-as-hell Police Headquarters is, which could be big, given that the police HQ will likely be demolished. As for East Market, the tourist attention should also be good, as it's close enough to Old City.

[Sgalla04]

A couple pics on this sunny Sunday...

[Scottydont]

^ now all of a sudden I wish East Market was a curved building

[photoLith]

Dang, I really like that design, wish Pittsburgh would get some nice new construction like that.

[1487]

They have set the new curb along 11th street near the future market and they were preparing for new sidewalk to be poured last week. I assume this means the long delayed MOM's market is getting close to it's debut.

[Knight Hospitaller]

Originally Posted by photoLith

Dang, I really like that design, wish Pittsburgh would get some nice new construction like that.

It's a "re-skinning," but I agree that it's quite handsome.

[Kfmcshan]

Originally Posted by Knight Hospitaller

It's a "re-skinning," but I agree that it's quite handsome.

More of a "de-skinning"

[City Wide]

Originally Posted by PhilliesPhan

It's more of a gut feeling than anything! I'm a senior finance major at Temple specializing my studies in real estate investment, so no inside info yet (check back with me next year!).

What makes 1300 Market special, is the fact that it is currently scheduled to be the only large office project in the Center City market that is fully accessible to all types of transit. What you have is a building with a connection to the MFL, BSL, Subway-Surface lines, both Suburban and Jefferson Stations via concourse, bike lanes on 13th Street, and even to the Vine Street Expressway. There is nothing currently proposed that can even come close to the transit access that 1300 Market has. Now that Market East is gaining new residents who can walk to work from the neighborhood, the time to capitalize on this valuable parcel comes either within this or the next cycle.

Wow, a true believer! Its refreshing to hear such optimism, says the winkled old prune. Your lips to god's ear.

[hammersklavier]

Originally Posted by photoLith

Dang, I really like that design, wish Pittsburgh would get some nice new construction like that.

If you like that, you should've seen it when it still had a terra cotta façade!

[summersm343]

East Market’s 20-story tower secures $57M construction loan

A $57 million construction loan has been secured to begin construction on the second, taller residential tower at East Market.

National Real Estate Development announced today that Wells Fargo will finance construction of the 20-story, 240-unit tower. Work on the building’s two-story retail base, which will include Iron Hill Brewery, has already begun at 1199 Ludlow.

It’s the second loan that Wells Fargo has provided for the massive $600 million East Market project. It first loaned $38.5 million for the construction of 1100 Ludlow, an office building that will house Bohlin Cywinski Jackson, the Design Center, and Mom’s Organic Market.

Designed by Morris Adjimi and BLT Architects, 1199 Ludlow will be slightly different from the first 17-story residential tower, the Ludlow, which topped off late last year and will include 322 units. The second tower will be slightly taller and offer fewer 1-bedroom and 2-bedroom units, allowing more square footage per apartment.

From the sounds of it, the second tower will be geared more toward established professionals, couples, and families, while the Ludlow has been marketed toward millennials.

The second tower is expected to begin leasing in summer 2018 and be move-in ready by the fall.

http://philly.curbed.com/2017/3/1/14...struction-loan

[summersm343]

Second East Market Apartment Tower Echoes a Grande Dame

Read more at http://www.phillymag.com/property/20...AP86GFFmzTk.99

[Guipos08]

Are we going to start a seperate thread for the 2nd tower? Or just keep both in this one.

[summersm343]

Originally Posted by Guipos08

Are we going to start a seperate thread for the 2nd tower? Or just keep both in this one.

I'm just going to keep these together in one thread. They're kind of happening simultaneously and everybody seemed to want these together in one thread.

[jsbrook]

Originally Posted by hammersklavier

If you like that, you should've seen it when it still had a terra cotta façade!

Yep. The renovated Steele Building across the street still has a very nice one, though!

[1487]

They are taking the mobile crane apart today. I guess that means tower crane is coming.

[GtownFriend]

Originally Posted by 1487

They are taking the mobile crane apart today. I guess that means tower crane is coming.

Seems that they simply moved it back into a corner. It was parked underneath the first building for a night. Back to piecing the lower levels together today.

I have been wondering if they will use the same tower crane, or bring in a new one?

[1487]

Originally Posted by GtownFriend

Seems that they simply moved it back into a corner. It was parked underneath the first building for a night. Back to piecing the lower levels together today.

I have been wondering if they will use the same tower crane, or bring in a new one?

you are correct. When I saw the activity last week they were either adding or removing counterweights from the crane- I thought they were removing as part of taking it apart. I think a new tower crane is needed- the current one can't reach all the way to the east side of the site and I think there would visibility issues for the operator from the current location.

[GtownFriend]

Originally Posted by 1487

you are correct. When I saw the activity last week they were either adding or removing counterweights from the crane- I thought they were removing as part of taking it apart. I think a new tower crane is needed- the current one can't reach all the way to the east side of the site and I think there would visibility issues for the operator from the current location.

Agreed about those yellow pieces that they trucked out.. I thought the same thing.
As for the crane, if you look at the site plan, the current crane is positioned equi-distant from the east wall of the first tower and the west wall of the second one, which will be well back from 12th st. It probably can't reach all of the retail pedistal, but should cover the residential tower. Either way we should know pretty soon

[1487]

Originally Posted by GtownFriend

Agreed about those yellow pieces that they trucked out.. I thought the same thing.
As for the crane, if you look at the site plan, the current crane is positioned equi-distant from the east wall of the first tower and the west wall of the second one, which will be well back from 12th st. It probably can't reach all of the retail pedistal, but should cover the residential tower. Either way we should know pretty soon

good point. The new tower sits in the middle of the podium so the crane wouldn't need to reach the 12th st side of the site. There is still quite a bit of cladding to go up on tower 1- the pace has slowed a lot lately so I'm wondering if we will see tower 2 start to rise before tower 1 is totally enclosed