Philadelphia 2035 (Washington, Progress, Penn: synagogue, apartments, rentals)

[cpomp]

Something OT.

Over 1,200 apartments proposed in West Philly near Provident Mutual building

https://www.inquirer.com/real-estate...-20220822.html

But today, as housing construction surges in the parts of West Philadelphia close to University City, developers want to fill in the empty spaces. That’s why Iron Stone Real Estate Partners, the developer of 4601 Market, is planning 1,240 apartments in five seven-story buildings and one 18-story tower surrounding its newly renovated health and education campus.
“West Philadelphia is a fabulous market,” said Jason Friedland, one of Iron Stone’s five partners. “Some of the city’s biggest employment centers are in University City. People want to live near work. They want to be able to commute without driving.”

[MarketStEl]

Originally Posted by cpomp

Something OT.

Over 1,200 apartments proposed in West Philly near Provident Mutual building

https://www.inquirer.com/real-estate...-20220822.html

But today, as housing construction surges in the parts of West Philadelphia close to University City, developers want to fill in the empty spaces. That’s why Iron Stone Real Estate Partners, the developer of 4601 Market, is planning 1,240 apartments in five seven-story buildings and one 18-story tower surrounding its newly renovated health and education campus.
“West Philadelphia is a fabulous market,” said Jason Friedland, one of Iron Stone’s five partners. “Some of the city’s biggest employment centers are in University City. People want to live near work. They want to be able to commute without driving.”

Whoa, that's massive.

Now I'm beginning to wonder where all the people who are going to fill all these new apartments will come from. The just-about-as-massive Post Brothers/Tower Investments project at the NEC of Broad and Washington should get underway soon if it hasn't already as well.

[cpomp]

Originally Posted by MarketStEl

Whoa, that's massive.

Now I'm beginning to wonder where all the people who are going to fill all these new apartments will come from. The just-about-as-massive Post Brothers/Tower Investments project at the NEC of Broad and Washington should get underway soon if it hasn't already as well.

It appears the rental vacancy rate in new buildings in Center City is still extremely low. It will be interesting to see how the population rebounds (from Covid) with thousands of new units.

[MarketStEl]

Originally Posted by cpomp

It appears the rental vacancy rate in new buildings in Center City is still extremely low. It will be interesting to see how the population rebounds (from Covid) with thousands of new units.

The thing is, it's not just Greater Center City — new apartment buildings are sprouting like weeds in a bunch of outlying neighborhoods, too.

Including mine.

Of course, none of these are as massive as either Broad & Washington or 46th & Market, but taken together, they're adding (IME) the equivalent of at least of these projects to the supply.

And I'm not including several projects working their way to completion right now along North Broad Street in that number.

When all this new rental stock comes on line, we may well at last finally enter the camp of majority-renter cities. I'm not sure that's a good thing. Especially if it makes rent control more likely.

[Pennsport]

Originally Posted by MarketStEl

The thing is, it's not just Greater Center City — new apartment buildings are sprouting like weeds in a bunch of outlying neighborhoods, too.

Including mine.

Of course, none of these are as massive as either Broad & Washington or 46th & Market, but taken together, they're adding (IME) the equivalent of at least of these projects to the supply.

And I'm not including several projects working their way to completion right now along North Broad Street in that number.

When all this new rental stock comes on line, we may well at last finally enter the camp of majority-renter cities. I'm not sure that's a good thing. Especially if it makes rent control more likely.

Yeah, there are a TON of rental projects all over the place. I'm a bit skeptical we have the people to fill all of these new units, but holding out hope we'll continue to get transplants from more expensive NE cities and our suburbs. Guess we'll see. And regardless, at the very least, even if many units sit vacant, we'll still have brand new buildings where previously sat empty lots or decrepit abandoned factories.

I seriously doubt our city government has the expertise or ability to put a rent control program in place as they can barely figure out trash pick-up and real estate taxes, so that doesn't really concern me at all.

[MarketStEl]

Originally Posted by Pennsport

Yeah, there are a TON of rental projects all over the place. I'm a bit skeptical we have the people to fill all of these new units, but holding out hope we'll continue to get transplants from more expensive NE cities and our suburbs. Guess we'll see. And regardless, at the very least, even if many units sit vacant, we'll still have brand new buildings where previously sat empty lots or decrepit abandoned factories.

I seriously doubt our city government has the expertise or ability to put a rent control program in place as they can barely figure out trash pick-up and real estate taxes, so that doesn't really concern me at all.

But if City Council votes to authorize one and either the Mayor doesn't veto it or Council overrides the veto, then the city will have to put a program in place.

In which case, be afraid. Be very afraid.

[thedirtypirate]

Originally Posted by MarketStEl

But if City Council votes to authorize one and either the Mayor doesn't veto it or Council overrides the veto, then the city will have to put a program in place.

In which case, be afraid. Be very afraid.

Well if it's like anything else, nothing will be enforced.


The city is exploding at the seams with construction at the moment. Pretty much every single development that was announced over the last several years is well on it's way now. Really nowhere do I find it more impressive than around Spring Garden/Callowhill/Vine area. That area was dead as could be just a few years ago. PennDot is taking a ridiculously long time redoing the deck in front of the new Police HQ. It's a traffic nightmare right now.

[Tweb66]

Originally Posted by thedirtypirate

Well if it's like anything else, nothing will be enforced.


The city is exploding at the seams with construction at the moment. Pretty much every single development that was announced over the last several years is well on it's way now. Really nowhere do I find it more impressive than around Spring Garden/Callowhill/Vine area. That area was dead as could be just a few years ago. PennDot is taking a ridiculously long time redoing the deck in front of the new Police HQ. It's a traffic nightmare right now.

Those areas are just canyons of cheaply built, overpriced townhomes. I have a feeling 20 years from now it will look really bad. I lived around there in 2012 and parking was bad then, I cannot imagine it now.


As for the explosion of rental units overall, if we have a glut of apartments that should keep rents in check to a degree. Personally, I'd prefer if more of these were condos. Almost all the new multi unit buildings are rentals. Heck, I cannot think of any condo developments in the area. On a related note, I had dinner in East Falls last night and it is nice to see a building boom along Ridge.

[cpomp]

Originally Posted by MarketStEl

The thing is, it's not just Greater Center City — new apartment buildings are sprouting like weeds in a bunch of outlying neighborhoods, too.

Including mine.

Of course, none of these are as massive as either Broad & Washington or 46th & Market, but taken together, they're adding (IME) the equivalent of at least of these projects to the supply.

And I'm not including several projects working their way to completion right now along North Broad Street in that number.

When all this new rental stock comes on line, we may well at last finally enter the camp of majority-renter cities. I'm not sure that's a good thing. Especially if it makes rent control more likely.

As of 2019, Philadelphia has a home ownership rate of ~53%. I expect that number to be at or under 50% very soon. But Philadelphia still fares better than NYC, Boston, DC, etc.

There still is a heavy amount of for-sale residential development, but certainly outpaced by the large and small rental projects popping up everywhere.

Originally Posted by Pennsport

Yeah, there are a TON of rental projects all over the place. I'm a bit skeptical we have the people to fill all of these new units, but holding out hope we'll continue to get transplants from more expensive NE cities and our suburbs. Guess we'll see. And regardless, at the very least, even if many units sit vacant, we'll still have brand new buildings where previously sat empty lots or decrepit abandoned factories.

I seriously doubt our city government has the expertise or ability to put a rent control program in place as they can barely figure out trash pick-up and real estate taxes, so that doesn't really concern me at all.

I'm optimistic and not worried. The market is strong, and while the amount of construction appears dizzying, approved permits are at a healthy rate for a city this size. The pace of development since ~2019 overwhelmingly outpaced the standard we were used to, but this may be the new standard, which makes me happy. If only exterior aesthetics would improve, because a lot of projects are ugly.

Also, I think Philadelphia is at point where people choose to live in Philadelphia because its a good city OR their careers brought them here. The overflow from NYC/DC is fine, but it's good to see Philadelphia lure people in just because it's Philadelphia, not only because it's cheaper than NYC. (if that makes sense)

Originally Posted by thedirtypirate

Well if it's like anything else, nothing will be enforced.

The city is exploding at the seams with construction at the moment. Pretty much every single development that was announced over the last several years is well on it's way now. Really nowhere do I find it more impressive than around Spring Garden/Callowhill/Vine area. That area was dead as could be just a few years ago. PennDot is taking a ridiculously long time redoing the deck in front of the new Police HQ. It's a traffic nightmare right now.

I hope the Spring Garden redo goes well. That could be a premiere boulevard that conveniently connects the East & West. Callowhill also needs a revamp and a major road diet East of 8th Street, and the spaghetti mess of roads at the base of the BF Bridge needs to go.

[cpomp]

Speaking of big developments. This is how new townhomes and small mixed-use infill projects should look. I love the terraces too.

If only the awful powerlines that ruin so many streets (IMO) could be buried.

More on Moore: Apartments Making Progress in East Passyunk
https://www.ocfrealty.com/naked-phil...-east-passyunk