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Old 06-22-2008, 12:09 PM
 
Location: TwilightZone
5,296 posts, read 5,205,537 times
Reputation: 1031

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Apparently people are still clamoring for those overpriced homes in NYC.
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Old 06-22-2008, 01:57 PM
 
Location: Jersey City
6,488 posts, read 16,148,250 times
Reputation: 5632
Does anyone else think the Commerce Center looks just a bit like the old Freedom Tower design???
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Old 06-22-2008, 03:19 PM
 
Location: Omaha
1,137 posts, read 2,049,865 times
Reputation: 321
didn't Philly just finish a skyscraper? At this rate it'll be a skyscraper per person by 2040!
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Old 06-22-2008, 03:20 PM
 
Location: moving again
4,382 posts, read 15,319,905 times
Reputation: 1589
^ They just finished Comcast and the Murano.
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Old 06-22-2008, 05:36 PM
 
2,506 posts, read 7,755,794 times
Reputation: 828
The "neighbors" are worried about traffic? Seriously? You live in the City Center of Philadelphia, traffic obviously wasn't a factor in you choosing where to live. Most people would get to it by way of public transportation anyways.
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Old 06-23-2008, 09:17 AM
 
Location: Villanova Pa.
4,908 posts, read 12,520,941 times
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I dont think Nimbys could stop a project like this. Economic reality is a different story.First off the developer doesnt exactly have a track record of skyscrapers let alone 1500' sktscrapers. Secondly this is close to a $1 B dollar project and in this day and age of tight construction lending this project would seem to be an impossibility. I hope they prove me wrong and there are currently 6 or 7 major condo/office towers underway in center city Philly, but I'm skeptical on this one.

Props to image takers




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Old 06-23-2008, 09:33 AM
 
Location: Boston Metrowest (via the Philly area)
4,448 posts, read 7,517,195 times
Reputation: 4334
Quote:
Originally Posted by Minnehahapolitan View Post
The "neighbors" are worried about traffic? Seriously? You live in the City Center of Philadelphia, traffic obviously wasn't a factor in you choosing where to live. Most people would get to it by way of public transportation anyways.
Very true, but you're thinking too logically here. That's not always the forte of NIMBYs.
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Old 06-23-2008, 09:44 AM
 
Location: Boston Metrowest (via the Philly area)
4,448 posts, read 7,517,195 times
Reputation: 4334
Quote:
Originally Posted by rainrock View Post
I dont think Nimbys could stop a project like this. Economic reality is a different story.First off the developer doesnt exactly have a track record of skyscrapers let alone 1500' sktscrapers. Secondly this is close to a $1 B dollar project and in this day and age of tight construction lending this project would seem to be an impossibility. I hope they prove me wrong and there are currently 6 or 7 major condo/office towers underway in center city Philly, but I'm skeptical on this one.
Actually, the financing would be secured through a pension fund with over $6 billion in assets:

"Walnut Street Capital, a Philadelphia development company, and a pension fund from Washington state are allying to develop the project. The pension fund, which has $6.18 billion in assets, is financing the project, Miller said. This enables the project to skirt around the current credit crunch that is starting to put a damper on commercial projects."

Giant skyscraper proposed - Philadelphia Business Journal:

So, bypassing the zoning scrutiny that will undoubtedly ensue, this project looks pretty promising. The real issue is getting a tenant, but keeping in mind the notion of "build it and they will come," there has to be some candidates that would consider relocating their headquarters to a dynamic signature tower from, say, New York, who has drastically higher office rental rates.

I'm crossing my fingers.
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Old 06-23-2008, 09:53 AM
 
Location: Villanova Pa.
4,908 posts, read 12,520,941 times
Reputation: 2631
Quote:
Originally Posted by Duderino View Post
Actually, the financing would be secured through a pension fund with over $6 billion in assets:
I read about the pension fund backing duderino. Looks good on paper but there is a good reason that billion dollar skyscrapers are about as rare as professional championships in Philadlephia. Big risks in a perfect economy let alone in perhaps the worst economy this country has seen since the great depression. Things are going to get alot worse economically in the near term.

I hope I'm dead wrong and you are right, but I have my doubts on this one.
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Old 06-23-2008, 04:31 PM
 
Location: Galewood
3,738 posts, read 8,682,749 times
Reputation: 2169
Is Philly trying to get in the skyscraper race?
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