GSK to relocate to Navy Yard (Philadelphia, Penn: real estate, condos, hotels)

[kidphilly]

GlaxoSmithKline Moving to New Building at Philadelphia Navy Yard -- PHILADELPHIA, Feb. 8, 2011 /PRNewswire/ --

[Pennsport]

This is great news! RIght on the back of the announced Urban Outfitters expansion too! There was a rumor that Nutter was going to annouce the retention of a company that was seriously considering moving out of the city. This not only bolsters the Navy Yard tenant base (Urban was getting awfully lonely down there), but it also frees up two great Center City locations that should be filled rather quickly.

[kidphilly]

Maybe this will kick start the light rail line on Delaware Ave that is supposed to run to the navy yard and link with the Sports complex station of the Broad street line.

Probably bad news for the ACC though as this opens up 800K of unoccupied office space in Center City

[kidphilly]

http://www.libertyproperty.com/pdfs/5Crescent.pdf

[pman]

Originally Posted by Pennsport

This is great news! RIght on the back of the announced Urban Outfitters expansion too! There was a rumor that Nutter was going to annouce the retention of a company that was seriously considering moving out of the city. This not only bolsters the Navy Yard tenant base (Urban was getting awfully lonely down there), but it also frees up two great Center City locations that should be filled rather quickly.

this is bad news. you have a company with an eight story building that had an option for eight more moving out of the central business area to a tax free location and building a four story building (major downsizing). you've been misled, this is bad news with a positive spin.

their current location is just a few blocks from suburban station, building some worthless light rail isn't going to get those people back onto transit.

[Pennsport]

Originally Posted by pman

this is bad news. you have a company with an eight story building that had an option for eight more moving out of the central business area to a tax free location and building a four story building (major downsizing). you've been misled, this is bad news with a positive spin.

their current location is just a few blocks from suburban station, building some worthless light rail isn't going to get those people back onto transit.

Ohhh.. did they get a tax free deal at Navy Yard?! I didn't read that too closely. Crafty! I guess that's probably what it took to keep them in the city though. I guess a tax free deal to keep thousands of employees in the city is better than the alternative of the entire company up and moving to North Carolina. They already moved half of their NA operations outta Philly.

[bryson662001]

Originally Posted by Pennsport

............ but it also frees up two great Center City locations that should be filled rather quickly.

Who is going to fill them, people from the Twiight Zone?

[rotodome]

Originally Posted by pman

this is bad news. you have a company with an eight story building that had an option for eight more moving out of the central business area to a tax free location and building a four story building (major downsizing). you've been misled, this is bad news with a positive spin.

their current location is just a few blocks from suburban station, building some worthless light rail isn't going to get those people back onto transit.

Yes. With all the tax breaks that the City has been so eager to give out to companies just to "stay in the city", you'd think that at some point a light would go on in someone's head that the whole city's business tax laws need to be overhauled. I'm sick of big profitable corporations using these kinds of blackmail methods to extort sweetheart tax deals out of the city. It's not fair to small businesses, and it's bad news for the city in the long run.
Reminds me of sports teams threatening to leave unless they get new taxpayer-funded stadiums.

[rotodome]

Originally Posted by bryson662001

Who is going to fill them, people from the Twiight Zone?

Seriously. There's got to be a market limit on how many hotels and luxury condos you can viably convert tax-break-vacated commercial real estate into - if that limit hasn't already been hit.

[kidphilly]

I am all for Navy Yard development but at the behest of CC, may not be the best overall for the city

I wonder if to lure new tenants to cc there can be a 50% reduction in wage and 50% reduction in local tax to the company.

I wish (pipe dream) the city could better benefit from a regioanl tax base, probably an increas of .25 to .5% in the sorrounding counties would make up the differential. The city is burdened with the services and limited ways to generate tax revenue. This is one area where cities that have grown and annexed close in suburbs have benefited, better spread of the tax and service burden.