PHILADELPHIA | The Development Thread VIII - Page 248

Cro Burnham · #**4941** Posted: **Apr 5, 2012, 9:37 PM**

I think schwarzman is head of Blackstone, a private equity firm. I think Blackrock is run by Larry Fink. Is Fink also a Philly guy?

summersm343 · #**4942** Posted: **Apr 5, 2012, 10:09 PM**

Quote:

Originally Posted by Cro Burnham

I think schwarzman is head of Blackstone, a private equity firm. I think Blackrock is run by Larry Fink. Is Fink also a Philly guy?

Nope... pretty sure he grew up in California

Jelly Roll · #**4943** Posted: **Apr 5, 2012, 11:25 PM**

Quote:

Originally Posted by skyhigh07

While I think immigrants have contributed to Philadelphia's overall population growth over the past decade, I don't believe they've driven the the city's recent uptick. Immigration from Latin America has been extremely low during the last few years because of the recession. Furthermore, restaurant, hospitality and construction related jobs have not been readily abundant since 2007.

If anything, the recent uptick is more likely attributed to the rise of young professionals who are choosing to stay in Philadelphia after graduation.

The hospitality industry has been growing in Philadelphia even during the recession. Which would make sense given the expansion of the convention center and the rise in population. And most major construction jobs in Philadelphia are union which is not immigrant labor and the smaller infill stuff has still been going strong in parts of the city.

skyhigh07 · #**4944** Posted: **Apr 6, 2012, 12:07 AM**

Quote:

Originally Posted by Jelly Roll

The hospitality industry has been growing in Philadelphia even during the recession. Which would make sense given the expansion of the convention center and the rise in population. And most major construction jobs in Philadelphia are union which is not immigrant labor and the smaller infill stuff has still been going strong in parts of the city.

True, but the city has yet to replicate the condo construction boom of the 2000's.

Immigration from Mexico in fast retreat, data show
http://articles.latimes.com/2011/nov...ation-20111115

Jelly Roll · #**4945** Posted: **Apr 6, 2012, 12:25 AM**

Quote:

Originally Posted by skyhigh07

True, but the city has yet to replicate the condo construction boom of the 2000's.

Immigration from Mexico in fast retreat, data show
http://articles.latimes.com/2011/nov...ation-20111115

The condo boom is about to be replicated by an apartment boom. That coupled with the continued boom around Temple and University City and the construction industry will be fine in Philly. Add in an office tower or two and Philadelphia will be in a boom once again.

We Got Five · #**4946** Posted: **Apr 6, 2012, 2:42 AM**

Blackrock is not moving here. They chose to stay in North Jersey and grow in Wilmington. It was close, very close. It's now dead and won't happen in our lifetime.

summersm343 · #**4947** Posted: **Apr 6, 2012, 3:13 AM**

Quote:

Originally Posted by Jelly Roll

The condo boom is about to be replicated by an apartment boom. That coupled with the continued boom around Temple and University City and the construction industry will be fine in Philly. Add in an office tower or two and Philadelphia will be in a boom once again.

I agree with this... we're seeing the starting phases of a new construction boom now.

Swinefeld · #**4948** Posted: **Apr 6, 2012, 4:07 AM**

Quote:

Originally Posted by PhiLaw

Most people moving into the city are young professionals - around the adjacent neighborhoods of center city. This has been happening for a while now. The difference is, the ones who moved here a few years ago haven't moved out like was the case in the past. Better buy in Southwark/Bella Vista while you can!

And Point Breeze, and Hawethorne, and Graduate Hospital, and Passyunk Square, and Newbold, and, well anywhere in South Philly.

PhiLaw · #**4949** Posted: **Apr 6, 2012, 6:08 PM**

Quote:

Originally Posted by Swinefeld

And Point Breeze, and Hawethorne, and Graduate Hospital, and Passyunk Square, and Newbold, and, well anywhere in South Philly.

Agreed 100%. We are seeing Philly replicate the case of New York, although about 20 years behind. In the near future, you will see many presently livable neighborhoods transform into upper-middle class enclaves. People will be priced out, and they will have a choice:

1. Gentrify some of the rough neighborhoods; or
2. Move out of the city, into the suburbs (Ie. DelCo).

I believe either scenario is ok for me. Either way, you will have net increases in city revenue. The ideal scenario would be to rein in the NIMBY's and other Neighborhood Associations to increase housing supply. Prices won't rise as fast, and we can have the best of both worlds. We'll see.

PhiLaw · #**4950** Posted: **Apr 6, 2012, 6:27 PM**

PhiLaw · #**4951** Posted: **Apr 6, 2012, 6:29 PM**

PhiLaw · #**4952** Posted: **Apr 6, 2012, 6:31 PM**

Looks like the crane has been assembled, and construction is near

summersm343 · #**4953** Posted: **Apr 6, 2012, 7:00 PM**

Thanks for the pics PhiLaw! I was at Reading Terminal Market today and completely did not even notice the crane was up at the Home2 site...great to see!

Ninjawho · #**4954** Posted: **Apr 6, 2012, 7:05 PM**

Quote:

Originally Posted by PhiLaw

Looks like the crane has been assembled, and construction is near

Isnt that the parking garage? HomeSuites is down two blocks i thought...

volguus zildrohar · #**4955** Posted: **Apr 6, 2012, 10:13 PM**

That is the parking garage.

PhiLaw · #**4956** Posted: **Apr 6, 2012, 11:07 PM**

Quote:

Originally Posted by Ninjawho

Isnt that the parking garage? HomeSuites is down two blocks i thought...

I stand corrected. I thought this was the sight of the Hotel. Does anybody know the address?

PhiLaw · #**4957** Posted: **Apr 7, 2012, 3:07 AM**

Looks like the oligopolists are at it again...
http://www.philly.com/philly/busines...mpid=138890509

3rd&Brown · #**4958** Posted: **Apr 7, 2012, 9:10 PM**

Quote:

Originally Posted by We Got Five

They chose to stay in North Jersey and grow in Wilmington.

Link?

Plainsboro is not Northern New Jersey. It's in Mercer County.

If you're talking about what I think you're talking about, I do recall BlackRock built a new building in Plainsboro a few years back. But that building would have been built with or without their decision about Philly. To sign onto a skyscraper as a lead tenant, wait for the building to be built, and go through the logistics of managing the move of so many employees is a MANY years process.

That building that was being built in Plainsboro was a spec building and BlackRock occupied it in order to accommodate immediate needs. IMO, it is not a long term commitment to the Plainsboro location.

summersm343 · #**4959** Posted: **Apr 9, 2012, 7:32 PM**

We may be getting the 219 foot tower behind the Dilworth House after all.

http://planphilly.com/commonwealth-c...h-house-appeal

This is the kind of stuff that pisses me off. NIMBY's and the ZBA have FARRRR to much power in this city.

PhiLaw · #**4960** Posted: **Apr 9, 2012, 8:01 PM**

Just ran up TempleTown today. Wow, haven't been up there for a while and I was blown away by all the development (this was before Summerism's recent photos). I think Temple is transforming this neighborhood - hopefully some of the other area residents can take advantage of this as well.