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  #1  
Old Posted Aug 5, 2015, 5:21 AM
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summersm343 summersm343 is offline
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PHILADELPHIA | 740 South Broad | 270 FT | 22 FLOORS









Title: 740 South Broad
Project: Condo, Commercial/Retail
Architect: Coscia Moos Architecture
Developer: Beverley Strategic Development Group LLC
Location: Broad and Fitzwater, Philadelphia, PA
Neighborhood: Graduate Hospital
District: South Philadelphia
Floors: 22
Height: 270 feet

Quote:
There’s been an interesting change of plans for the long-vacant lot at 740-48 South Broad Street. Conceptual designs for a tall-ish condo building were posted on the site at Broad and Fitzwater a while back. Then, it morphed into a few projects consisting of 8 single-family homes listed at $1 million (plus) a piece. One such development was dubbed Mona Lisa’s on the Avenue of the Arts.

So, what's now in store for the vacant lot on a prime spit of land on South Broad Street?

Beverley said they have approvals for a 20-story high-rise project that would be comprised of 120 luxury condo units–valued at $1 million a piece. The land and plans could be sold outright, or Beverley said the company would be open to a joint venture as well. Although the future of the condo project is up in the air, one thing is certain–the Mona Lisa development is no longer in the picture. "We are not moving forward with the townhomes," confirmed Beverley.
Read more at http://www.phillymag.com/property/20...URkwMhd6xJj.99

Last edited by summersm343; Jun 16, 2016 at 2:00 PM.
     
     
  #2  
Old Posted Aug 5, 2015, 2:56 PM
Londonee Londonee is offline
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^^^this feels like an approval and flip situation. The guy basically said that in the article. They want to sell with approvals in place or bring on a co-developer to actually get this thing off the ground.

It's a bummer that companies with no ability to actually build or develop anything can get a hold of such a prime parcel. A quick Google search returned very little on Beverley Strategic Development Group - not even a website.

Long story short, i wouldn't expect anything to be done here for several years.
     
     
  #3  
Old Posted Aug 5, 2015, 4:32 PM
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Cool design, another 20 stories and it would look even better.
     
     
  #4  
Old Posted Aug 5, 2015, 6:07 PM
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Quote:
Originally Posted by Flyers2001 View Post
Cool design, another 20 stories and it would look even better.
This is Broad and Fitzwater. We'll be lucky to get 10 floors here let alone 40. Don't push it.
     
     
  #5  
Old Posted Aug 6, 2015, 4:30 PM
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Originally Posted by summersm343 View Post
This is Broad and Fitzwater. We'll be lucky to get 10 floors here let alone 40. Don't push it.
Hey we can all dream... For bigger and better..
     
     
  #6  
Old Posted Aug 7, 2015, 7:40 PM
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Quote:
Originally Posted by Londonee View Post
^^^this feels like an approval and flip situation. The guy basically said that in the article. They want to sell with approvals in place or bring on a co-developer to actually get this thing off the ground.

It's a bummer that companies with no ability to actually build or develop anything can get a hold of such a prime parcel. A quick Google search returned very little on Beverley Strategic Development Group - not even a website.

Long story short, i wouldn't expect anything to be done here for several years.
I agree. It may be have been a little premature to create a thread for this. The design is nice and I'd love to see a reputable developer pick this up and do something with it. But any reputable builder will probably start from scratch. At this location, I'd be minimally satisfied with ground floor retail and a few floors of residential above.
     
     
  #7  
Old Posted Aug 7, 2015, 10:17 PM
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Quote:
Originally Posted by McBane View Post
I agree. It may be have been a little premature to create a thread for this. The design is nice and I'd love to see a reputable developer pick this up and do something with it. But any reputable builder will probably start from scratch. At this location, I'd be minimally satisfied with ground floor retail and a few floors of residential above.
Exactly. 777 South Broad scale will work perfectly fine on this site. But hey, if a 20-story project can get done, why not?
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  #8  
Old Posted Mar 21, 2016, 2:10 AM
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740 South Broad - 22 floors
120 apartments - ground floor retail








Last edited by summersm343; Jun 16, 2016 at 2:00 PM.
     
     
  #9  
Old Posted Mar 21, 2016, 2:57 AM
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I'm a big fan of these renderings! This is good density for this area.
     
     
  #10  
Old Posted Mar 21, 2016, 12:26 PM
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where are these updated images coming from? I didn't even know about this one.
     
     
  #11  
Old Posted Mar 21, 2016, 12:44 PM
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Human Scale Human Scale is offline
More of that.
 
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Not bad. Not bad at all.
     
     
  #12  
Old Posted Mar 21, 2016, 2:18 PM
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It'd be interesting to know if anything has changed in regards to this property's situation? As I noted in the 2nd post upthread, from the Aug. 2015 Philly Mag article linked above, the developers who own the property are on record saying they want to get approvals and flip, or find a co-developer to spearhead the actual construction/development.

Any reason (other than ego) Dranoff wouldn't want to co-develop and see this lot turn into something other than weeds? After all, his 777 S. Broad development has 4 massive retail spaces to fill immediately across the street...
     
     
  #13  
Old Posted Mar 21, 2016, 3:30 PM
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I would like to see more rooftop villages here
     
     
  #14  
Old Posted Mar 21, 2016, 9:44 PM
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I think this is a dead proposal. When I walked past the site the other weekend it was covered in signs for the group that has been working on townhomes up and down Lombard and at 22nd and Walnut. There is a website, although it doesn't provide much info:

http://www.broadandfitzwater.com

I believe this is different to the previous "Mona Lisa townhomes" or whatever they were called. Good news is this means the parking lot is likely done for, bad news is this will not provide the density lots of people here would be looking for.

Glad to be told I'm wrong if someone has better info...
     
     
  #15  
Old Posted Mar 21, 2016, 10:46 PM
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I missed this chestnut:

Beverley said they have approvals for a 20-story high-rise project that would be comprised of 120 luxury condo units–valued at $1 million a piece.

At Broad and Fitz? They're outpacing gentrification by 30 years.
     
     
  #16  
Old Posted Mar 21, 2016, 11:24 PM
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Quote:
Originally Posted by 39.95n View Post
I think this is a dead proposal. When I walked past the site the other weekend it was covered in signs for the group that has been working on townhomes up and down Lombard and at 22nd and Walnut. There is a website, although it doesn't provide much info:

http://www.broadandfitzwater.com

I believe this is different to the previous "Mona Lisa townhomes" or whatever they were called. Good news is this means the parking lot is likely done for, bad news is this will not provide the density lots of people here would be looking for.

Glad to be told I'm wrong if someone has better info...
Nope, these townhomes are actually the dead project.

The owners originally planned for a 20 story highrise, then the crash happened, then they planned for these townhomes to be developed Noah Ostroff, but they then cancelled those plans in favor of the highrise again.

Here is the article claiming the highrise is back in play:
http://www.phillymag.com/property/20...-street-condo/

They originally stated condos, but obviously there is no market for million+ luxury condos here. The plan in play now is 22-story 120 luxury apartment building with ground floor retail.

Owners of the lot will be partnering with a developer or selling the land and approvals to the developer but apparently they have been already speaking with one.

These renderings were just completed this past month. Nobody would pay an architect to create renderings for a dead proposal.

This highrise is definitely alive and kicking
     
     
  #17  
Old Posted Mar 21, 2016, 11:24 PM
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Quote:
Originally Posted by boxbot View Post
I missed this chestnut:

Beverley said they have approvals for a 20-story high-rise project that would be comprised of 120 luxury condo units–valued at $1 million a piece.

At Broad and Fitz? They're outpacing gentrification by 30 years.
Correct, there is no market for that here, which is why the plan in play now is 120 luxury apartments and ground floor retail.
     
     
  #18  
Old Posted Mar 22, 2016, 12:04 AM
39.95n 39.95n is offline
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Glad to hear it. Incidentally, planned changes to CMX-3 zoning would forbid townhomes by right on a site like this:

http://planphilly.com/articles/2016/...ban-mcmansions
     
     
  #19  
Old Posted Mar 22, 2016, 12:50 AM
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Quote:
Originally Posted by summersm343 View Post
Correct, there is no market for that here, which is why the plan in play now is 120 luxury apartments and ground floor retail.
I am well versed in sarcasm. It is my belief that this many apartments at this price point at this location are a complete non-starter.
     
     
  #20  
Old Posted Mar 22, 2016, 1:37 AM
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But---------what about the parking
     
     
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