Quote:
Originally Posted by jsimms3
Most of you guys are listing proposals, some or many (maybe most) will not actually come to fruition. I know in Philadelphia's case, while there are a plethora of buildings in the 10-25 story range UC, one greater than 30, and a few that will certainly break ground that are 400+ ft high (I'm not saying CITC is a definite go until I see some action), most of that list will not happen.
If CITC happens, then I'll eventually move Philly up beyond Boston for significant projects coming out of the ground, but there is no way it's even close to Boston in the here and now. Boston's economy is exponentially better than Philly's, and the fundamentals that attract the capital to build these projects is there, not nearly so much in Philly.
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Your perception on the Philadelphia market seems to be a few years outdated. Let me update you on what's been going as of late. Philadelphia's residential vacancy rate in Center City is 2%... University City is around 4%... that is drawing a lot of demand for new apartment/condo buildings. The office vacancy is shrinking quickly. There is not a lot of large continuous space available in the office market. Companies are expanding (Comcast, Urban Outfitters, Beneficial Bank, etc.), companies are moving to Philly, and small tech companies are popping up and moving into the city from the burbs. The hospitals and universities in Philly are expanding at a rapid rate. Lastly, Philly is under-served by hotels and is in desperate need of a couple thousands rooms.
ALL OF THE PROJECTS I LISTED ARE EITHER UNDER CONSTRUCTION OR ARE A GO FOR CONSTRUCTION THIS YEAR.... so IDK what you mean when you say "most of that list will not happen."
Let me help you understand:
1. Comcast Innovation and Technology Center- 59 floors- 1,121 feet
80% of office space occupied by Comcast and 80% OWNED by Comcast. They are not going to be leasing this building, they will own 80% of the office space. Comcast will consolidate 1,000 of it's employees around the city into CITC, bring 800 NBC/Comcast employees into the city from the suburbs and other states, and create 1,000 new jobs. Comcast owns NBC/Universal and is about to own Time Warner Cable as well. They are experiencing explosive growth. The rest of the 20% will be leased. The top of the tower will include a 220 room Four Seasons hotel, which will relocate from it's current location in Philly and that location will become another hotel. Since this tower has financing and 80% of the office space is already occupied, it is a go. Groundbreaking is set for no later than the summer.
2. FMC Tower at Cira Centre South- 47 floors- 656 feet
Already 61% leased by FMC and the University of Pennsylvania. Brandywine (the developer) said it would start construction once the building was more than 50% leased. The top of the tower will inculde 260 apartments. The tower has financing. Groundbreaking will occur no later than the spring. Site prep has already started on the site.
3. SLS International- 47 floors- 567 feet
SLS Hotel and condos. Tower has financing. Groundbreaking set for fall.
4. W & Element by Westin- 50 floors- 550 feet
W hotel and Element hotel. Tower has financing. Set to break ground in May.
5. The Evo at Cira Centre South- 33 floors- 430 feet
Already under construction and 31 floors up.
6. Children's Hospital of Philadelphia at 700 Schuylkill Avenue- 23 floors- 375 feet
100% occupied by the Children's Hospital of Philadelphia which is in desperate need of more space. This tower will house 1,000 researchers. This is just one tower in what will be a 3 tower complex by 2017. Groundbreaking no later than summer.
7. 1919 Market- 28 floors- 347 feet
Apartments. Only has half of financing. This is a Brandywine development. If this exact tower doesn't go through, a larger one will with office space. Brandywine claims groundbreaking will occur this year.
8. 1601 Vine- 32 floors- 350 feet
Apartments. Already has financing. Being developed by the Mormons who are building a new Temple right next door. They have big pockets and get things done.
9. 3601 Market- 28 floors- 320 feet
Already under construction- apartments.
10. 1213 Walnut- 26 floors- 294 feet
Site prep- apartments
11. Buerger Center for Advanced Pediatric Care- 14 floors- 292 feet
Research/Medical space for the Children's Hospital of Philadelphia- already under construction
12. Chinatown Eastern Tower- 23 floors- 282 feet
Has 70% of financing. Looking to acquire the rest through international investors. Already have two interested parties. Hoping to break ground by summer. Project includes apartments, office space, and a community center.
13. Lancaster Square- 25 floors- 279 feet
Drexel University Dorm- already under construction.
14. 38Chestnut- 25 floors- 278 feet
Apartments- site prep. Groundbreaking next month
15. Family Court Building- 15 floors- 265 feet
Court/government office space- already under construction
16. One Riverside- 21 floors- 249 feet
Apartments- has full financing- construction set to begin this summer.
17. 3737 Market- 13 floors- 221 feet
Office/research/tech incubator space for the University City Science Center- 100% leased- already under construction and topped out.
18. Museum Towers II- 16 floors
Apartments- has financing- construction set to begin this spring.
19. 1900 Arch- 14 floors
Apartments- already under construction
20. Rodin Square- 10 floors- 2 cranes
Apartments- has financing- existing building on site undergoing interior demo now. Groundbreaking in april for new construction.
Soooooo what project is not happening again? Maybe the Chinatown Eastern Tower sure... maybe 1919 Market, but it will be reincarnated as a larger tower if it doesn't go through. Every other project is a 100% go.
You want to see proposals? There's about 35 more proposals for highrises in Philly.
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