Philadelphia 2035 (Reading, Media: sushi, remodeling, repairing)

[rotodome]

Originally Posted by AJNEOA

My impression is that there are a few reasons. Market East (East Market now?) has not caught fire like Rittenhouse, Old City, etc, until recently. With lower property values, it's probably been rewarding to own that size lot with what is nearby. I also assume that the lower property values come from being close to the Gallery and with other more desirable lots not being developed earlier, it has stayed as is.

I'm also guessing that whoever owns the lot is probably hanging on to it until they can make as much as possible. While I understand why they'd do that, and maybe I would do the same to some extent, it sucks if that is the case. It holds the city back from developing.

My third thought is that it's a HUGE property. I'm assuming it will be developed into multiple structures. Or if it is one structure (kind of like the monster that's proposed between 19th and 20th on Walnut), it will take a lot of funding and lots of reviews.

Doesnt the PPA own that lot?

[AJNEOA]

Originally Posted by rotodome

Doesnt the PPA own that lot?

Don't know. But I would imagine the same dynamics exist for the PPA. Maybe I'm wrong?

[kyb01]

Originally Posted by rotodome

Doesnt the PPA own that lot?

Maybe they do now but for many years it was owned by the Goldenberger Group.

[rotodome]

Originally Posted by kyb01

Maybe they do now but for many years it was owned by the Goldenberger Group.

The PPA was forced to buy it from Goldenberger in 2002, in the final chapter of the whole Disney debacle.

[MarketStEl]

Originally Posted by AJNEOA

My impression is that there are a few reasons. Market East (East Market now?) has not caught fire like Rittenhouse, Old City, etc, until recently. With lower property values, it's probably been rewarding to own that size lot with what is nearby. I also assume that the lower property values come from being close to the Gallery and with other more desirable lots not being developed earlier, it has stayed as is.

I'm also guessing that whoever owns the lot is probably hanging on to it until they can make as much as possible. While I understand why they'd do that, and maybe I would do the same to some extent, it sucks if that is the case. It holds the city back from developing.

My third thought is that it's a HUGE property. I'm assuming it will be developed into multiple structures. Or if it is one structure (kind of like the monster that's proposed between 19th and 20th on Walnut), it will take a lot of funding and lots of reviews.

East Market is NRED's mixed-use, five-building (assuming the third phase is built as originally announced) development that will occupy one entire block in Market East. (I forget whether the Stephen Girard Building, which will remain standing, is part of their plan or not. If it is, make it six buildings.)

If the former Gimbels site that many now know as the "Disney Hole" is developed as a single structure, it will be about as large in size as East Market and far larger than anything that could be built at 1911 Walnut unless Southern Land Company decides to go supertall (not likely here).

[cpomp]

I head that SLS is finally scheduled to break ground in the next week or 2. Can anyone confirm that?


Also, any updates on the hotel that will replace that garage and Little Petes?

[kyb01]

Originally Posted by cpomp

I head that SLS is finally scheduled to break ground in the next week or 2. Can anyone confirm that?


Also, any updates on the hotel that will replace that garage and Little Petes?

According to the Philly curbed site, that SLS info is inaccurate if you read about it from CC district news. The actual start date will likely be Spring, 2017. There's also another SLS hotel project that Dranoff is the co-developer for as Broad and Pine. That one may launch Spring, 2017 too.

And, yes, there are some zoning signs posted near Little Pete's so something may be happening there soon.

All of the hotel development announcements are on Philly Curbed. Good news all around.

[cpomp]

State resumes awarding grants awaited by Philly developers

[kyb01]

Originally Posted by cpomp

State resumes awarding grants awaited by Philly developers

Yippee, regarding the Rail Park project!

[MarketStEl]

Originally Posted by kyb01

Yippee, regarding the Rail Park project!

As long as they keep it on that side of Broad Street.