Philadelphia 2035 (Oxford, Dallas, Houston: infants, leases, townhouses)

[cpomp]

I normally can't stand Jenice Armstrong's pieces, but this is spot on. Why is Philadelphia leadership different than the other 9 largest cities in the US...? Kenney's quotes are especially embarrassing.

City Council needs to come out of its ivory tower and hold in-person meetings again

https://www.inquirer.com/opinion/cit...-20220502.html

[cpomp]

Originally Posted by cjseliga

The summer of 2026 is going quite a busy one for Philly, you have the country's 250th birthday, the MLB All-Star game and possible World Cup games.....................oh, you also have the PGA Championship in May 2026 at Aronimink Golf Club in Newtown Square!

Originally Posted by Pennsport

The Delaware waterfront is going to look very different in the coming years. And, most of these projects are either already underway or fully funded. Unlike previous years, most of these will probably come to fruition...

https://www.ocfrealty.com/naked-phil...ver-waterfront

Originally Posted by Pennsport

Very encouraging! It would be amazing to have World Cup game(s) here!

2026 will be quite the year. The PGA tournament will be huge.

And the lineup of projects along the Delaware is impressive and it's great that most (if not all) will actually come to fruition by 2026.

[thedirtypirate]

Now that interest rates are rising and the new construction abatement is winding down, I think it's safe to say there's probably going to be a pretty big slow down of big projects being announced in the city. The skyscraper/high-rise/multi-family apartment boom of the last decade was pretty unprecedented for the 'city of homes'. And there is still a significant amount of projects in the pipeline, but I highly doubt every one of them will come to pass.

I think the FMC is the best building built in this era. It's sleek, modern, and really changed the dynamic of the skyline. The W would have been so much better had the 'back' of the building been built like the southern facade. The concrete back with a single line of windows is borderline disgraceful as a backdrop for Billy Penn. The Arthaus and Laurel are interesting, but I think I prefer the designs of the Murano and St. James condo buildings. The CTC has grown on me. I really disliked it for a while. It's design from north-south vantage points is so wide and bulky, but when you view it from more east/west angles, it's much more attractive.

I would say though it stinks that 13th and Market and 8th and Market still have parking lots. A lot of blocks of Market Street received big face lifts in the past decade, but still would have loved to see those lots filled in.


Probably the best thing that came out of this era from a socioeconomic standpoint is the evolution of University City into a full blown secondary business district.

[cpomp]

Originally Posted by thedirtypirate

Now that interest rates are rising and the new construction abatement is winding down, I think it's safe to say there's probably going to be a pretty big slow down of big projects being announced in the city. The skyscraper/high-rise/multi-family apartment boom of the last decade was pretty unprecedented for the 'city of homes'. And there is still a significant amount of projects in the pipeline, but I highly doubt every one of them will come to pass.

I think the FMC is the best building built in this era. It's sleek, modern, and really changed the dynamic of the skyline. The W would have been so much better had the 'back' of the building been built like the southern facade. The concrete back with a single line of windows is borderline disgraceful as a backdrop for Billy Penn. The Arthaus and Laurel are interesting, but I think I prefer the designs of the Murano and St. James condo buildings. The CTC has grown on me. I really disliked it for a while. It's design from north-south vantage points is so wide and bulky, but when you view it from more east/west angles, it's much more attractive.

I would say though it stinks that 13th and Market and 8th and Market still have parking lots. A lot of blocks of Market Street received big face lifts in the past decade, but still would have loved to see those lots filled in.


Probably the best thing that came out of this era from a socioeconomic standpoint is the evolution of University City into a full blown secondary business district.

It will be interesting to see if residential housing permits remain higher than 2010-2020, which averaged ~4000-5000/year, a puny number. 2021 was ~26,000. If Philly averages ~10,000/year going forward with the abatement revisions and increased interest rates, then that is a good sign of a strong market. There are a lot of nice projects in the pipeline, and I hope all of them come to fruition.

I like FMC a lot, and I've always liked CTC. It really is a high-end building and architectural detail is apparent up-close. But yes, it is a bit bulky from certain angles.

I like Arthaus a lot, and The Laurel is looking better now that balcony glass is installed and the crown is finished. But I'd still rank The Murano and St. James above The Laurel. Arthaus is equally stunning, I just wish the SLS Hotel concept didn't fall through, because the building would have been taller, and Philly would have another 5 star hotel.

The 8th & Market hole is criminal, and I wish the city would fine or tax the hell out of Goldenberg for sitting on the land this long. They are doing the same crap at the former Health Center site at Broad & Lombard. Why the city awarded them the contract for that development is beyond me...

13th & Market (and other lots) is still disappointing, but that entire stretch of Market from 8th to 11th (south side of block) is awful and is the biggest missing link along Market.

And yes, the evolution of U City is extraordinary, and put Philadelphia on the map as a global center for higher ed, research, and Life Sciences, and the momentum shows no signs of slowing down.

[thedirtypirate]

Originally Posted by cpomp

It will be interesting to see if residential housing permits remain higher than 2010-2020, which averaged ~4000-5000/year, a puny number. 2021 was ~26,000. If Philly averages ~10,000/year going forward with the abatement revisions and increased interest rates, then that is a good sign of a strong market.

I just can't see the apartment construction continuing to be that strong at 10,000 units a year. Obviously last year was an anomaly given the circumstances. Couple the huge amount of apartments coming online in the next few years, with a lagging condo market, I just don't think there is going to be that much demand.

Like it or not, IMO, I could see developments like North Bank becoming a bigger % of what gets built in the city. People like having a whole house to themselves with a their own private outside space.

[cpomp]

Midwood starts work on $200M apartment tower on 12th Street in Center City

https://www.bizjournals.com/philadel...ate=2022-05-04

"Midwood Investment & Development has broken ground on a more than $200 million, 32-story apartment tower on 12th Street in Center City and is setting its sights to move ahead later this year with another multifamily project that will be in the heart of the Italian Market in South Philadelphia."

"The New York real estate company expects to move forward sometime later this year with the development of an $80 million apartment building at the corner of 9th Street and Washington Avenue in South Philadelphia. Midwood has been working on that project for seven years, tweaking several times after facing complaints from neighbors about its size and scope. It will have 164 units, 15,500 square feet of retail space and 125 parking spaces."

"“The principal reason is Philadelphia is going through a transformation,” he said. “What has attracted us to Philadelphia is that there is all of this intellectual capital in the city. We want to be in places of innovation and it is creating demand for different types of housing.”"

[cpomp]

Some big and good Drexel news. The Drexel U Board approved a 5 year contract extension for President John Fry. He will through 2028. And The Philadelphia History Museum collection is now under Drexel ownership.

John A. Fry’s contract extended to lead Drexel another five years

https://www.inquirer.com/news/drexel...-20220505.html

Philadelphia History Museum

[AshbyQuin]

Originally Posted by cpomp

Midwood starts work on $200M apartment tower on 12th Street in Center City

https://www.bizjournals.com/philadel...ate=2022-05-04

"Midwood Investment & Development has broken ground on a more than $200 million, 32-story apartment tower on 12th Street in Center City and is setting its sights to move ahead later this year with another multifamily project that will be in the heart of the Italian Market in South Philadelphia."

"The New York real estate company expects to move forward sometime later this year with the development of an $80 million apartment building at the corner of 9th Street and Washington Avenue in South Philadelphia. Midwood has been working on that project for seven years, tweaking several times after facing complaints from neighbors about its size and scope. It will have 164 units, 15,500 square feet of retail space and 125 parking spaces."

"“The principal reason is Philadelphia is going through a transformation,” he said. “What has attracted us to Philadelphia is that there is all of this intellectual capital in the city. We want to be in places of innovation and it is creating demand for different types of housing.”"

Any idea if it'll be luxury? Sounds like it'll be some bland modern facade instead of something more traditional or brick to fit the current vibe.

[cpomp]

Originally Posted by AshbyQuin

Any idea if it'll be luxury? Sounds like it'll be some bland modern facade instead of something more traditional or brick to fit the current vibe.

The design architect is a good one, Rogers Stirk Harbour & Partners , so hopefully the façade doesn't turn out to be cheap glazing and metal.

And definitely luxury. Quote from Midwood in at the end of the article...

"“Our strategy is to build of the highest quality because over time that will differentiate us,” he said. “The higher design and better quality, the less risk you have. The Philadelphia customer is highly educated, very sophisticated and smart and will understand the fit and finish, the amenities and quality of design.”"

[thedirtypirate]

Center City annual report is out. Pedestrian levels have returned to normal which is good to see. It's tangible on the ground since the weather started to get nicer. I love the midwood project on 12th. It covers up a lot of the PSFS blank wall which is awesome.