Category university city

The building boom has begun

One of Center City’s latest residential high-rises | 2116 Chestnut

 
At least, in the City of Brotherly Love, it has begun.

It’s been a long-time-coming, but the real estate market has finally started to pick up steam once again. Both residential and commercial projects (big and small) are popping up left and right, and in varying areas; underway and on-the-books. Center City, University City, The Navy Yard, as well as within many of Philadelphia’s different neighborhoods spread throughout the city.

In other words, it’s healthy growth.

The only issue that seems to be popping up is labor. When things were pumping back in the early 2000s, the construction industry was seeing record gains in both employment numbers as well as in profits.

When The Great Recession hit, the US lost 2 million construction jobs. Since that time, many of those workers retired, left the industry altogether, or got into another line of work. This is creating a shortage of specialized labor in Philadelphia, which in turn is causing prices to go up. High demand and low supply, prices go up.

So enough with the negative, as you all know that’s not my bag. Here’s a section from the article that caught my attention:

“A construction boom underscores a bigger trend at work,” said Stephen Mullin of Econsult Solutions. “It’s in response to a city embracing demographic shifts in people, including immigrants, wanting to live in urban areas. It’s an adjustment in people’s behavior on where they want to live, relax, and shop. Philadelphia is an attractive place to live, and the vibe and vitality of the city is infectious and generating a ton of infrastructure and capital investment to the tune of billions of dollars. We are nowhere near the end of that.”

Good stuff, Mullin. And right on point, if I do say so myself.

So, now that Mr. Mullin has named a few of the reasons why things are changing for the better in Philadelphia, here is a list of the larger, upcoming projects that are sure to keep that momentum going (“20-To-Watch,” as Natalie Kostelni from PBJ has coined it):

10 Big Projects – Under Way

– 38 Chestnut: 38th St & Chestnut St, $110M
– New College House on Hill Field: Bounded by 33rd, 34th, Walnut, & Chestnut Sts, $127M
– Southstar Lofts: 521-31 S Broad St, $32M
– 3601 Market St: 36th St & Market St, $110M
– Church of Jesus Christ of Latter-Day Saints Temple: 1601 Vine St, $70M
– Philadelphia Family Court: 15th St & Arch St, $160M
– Children’s Hospital of Philadelphia Buerger Center: CHOP’s Main Campus, $425M
– EVO at Cira Centre South: 2930 Chestnut St, $160M
– Drexel University, Mixed-Use Project: Lancaster Ave & 34th St, $160M
– Wistar Institute: 3601 Spruce St, $100M
– Total, In-Progress = $1.454B

10 Big Projects – For The Future

– Comcast Innovation + Technology Center: 18th St & Arch St, $1.2B
– FMC Tower at Cira Centre South: 30th St & Walnut St, $340M
– 1919 Market St, Mixed-Use Project: $100M
– W Hotel: 1441 Chestnut St, $280M
– SugarHouse Casino, Expansion: 1001 N Delaware Ave, $155M
– Lincoln Financial Field, Expansion: 1 Lincoln Financial Field Way, $125M
– University of Pennsylvania, Neural Behavior Sciences Building: Between Leidy Labs at 3740 Hamilton Walk & Carolyn Lynch Labs at 433 S University Ave, $78.5M
– Temple University Library: N 13th St, $150M
– Rodin Square: 21st St & Hamilton St, $140M
– Total, On-The-Books = $2.568B

Wow, that’s an impressive list!

But in reality, it’s just the list showing major projects. This does not include smaller, infill development in neighborhoods like Northern Liberties, Francisville, Pennsport, Chestnut Hill, and even in my own ‘hood of Manayunk/Roxborough.

All of this activity will make the next few years in Philadelphia very exciting, as we start to see these projects come to life.

Will Drexel’s Innovation Neighborhood look like this?

 
Hmm, not sure how to feel about this one yet.

The plan looks awesome and super-possible. But when you look at all of the moving parts involved with a project this impressive, it can be hard to fathom.

On the other hand, John Fry and Drexel have not been messing around in recent years. New buildings, new signage, and new plans. Not only have they done their homework, but they seem to have enough players in place (Drexel, Amtrak, & Brandywine) to get a big part of the project moving forward: Building over the 30th Street rail yards.

If they can pull it off, it may be one of Philadelphia’s most impressive developments in it’s 300+ year history as a US city.

Drexel now has an extensive double-plan in place for Philadelphia called, “Transforming the Modern Urban University + Drexel University Campus Master Plan.” Both plans were recently presented as one, and were the findings of a year-long study to figure out how to best grow Drexel.

For starters, and probably most important, Drexel wants to expand its student population by 1/3 over the next 7 years (from the mid-20,000 range to the mid-30,000 range). Accomplishing this will not only be a boon to University City, but to all of the burgeoning neighborhoods surrounding the university as well.

Not to mention all of the additional jobs, housing, and retail that could/should follow a project of this size/scope.

There are 4 main principles in the Master Plan:

1. Distinguish Drexel’s campus as a modern urban university district.
2. Bring the campus to the street.
3. Draw the community together around shared spaces.
4. Expand the innovation community.

Out of all 4 principles, I personally feel that #4 resonates the most for Philadelphia.

Our city has changed greatly in the past 10 years, and it’s starting to dictate where the city might be headed in the foreseeable future. I have written posts about “Philacon Valley,” as well as dropping an informational perspective on the new Comcast Innovation + Technology Center, and I’m starting to see a pattern.

Philadelphia is preparing itself for the new, urban, compact, shared tech economy.

Location … check.

Dense city … check.

Good bones … check.

Public transportation … check.

One of the best higher-education systems in the world … check.

Annual population increases (with lots of millennials) … check.

Affordable cost-of-living, as compared to local, neighboring metropolises … check.

These are things people all over the world are interested in today, and it’s why major metropolitan areas are growing at a rapid pace across the US. So it only makes sense for Drexel to play off of our city’s strengths, and start planning for a future where skyscrapers may in fact sit above railroad tracks at 30th Street Station.

Nothing wrong with dreaming big, Mr. Fry. Keep up the good work.

Cira Centre South is finally taking shape with FMC Tower

Cira Centre South – 2016

 
If it was said that I haven’t wrote enough about University City over the past few years, it would be an understatement.

Well, here is some more cool news for UCity.

After much hype and debate over the last few years, coupled with a slowdown in high-rise commercial development across the city, Brandywine is now set to break ground on FMC Tower (aka FMC Tower at Cire Centre South). This will be the end cap to the Cira Centre development in University City, Philadelphia.

Here are the details:

– 650 feet tall, or 47 stories tall
– Designed by Pelli Clarke Pelli (who also designed UCity’s Cira Centre, next to 30th Street Station)
– Almost 1,000,000 sq ft of usable space (with over 60% already pre-leased to FMC & UPenn)
– FMC will have a skybridge connected to Cira Green (a new, 1-acre park on top of a parking garage)

All I can say is, awesome!

Not only for the fact that another cool, architecturally pleasing building will join the likes of Cira Centre and the upcoming Evo at Cira Centre South (formerly known as The Grove), but because another large company is putting their Global HQ in Philadelphia, while joining the likes of UPenn (Philadelphia’s largest, private employer). This type of development further justifies UCity’s place as Philadelphia’s 2nd leading center for jobs/entertainment.

All good stuff.

A few other things that make this project cool, IMHO:

– It’s Mixed-Use: FMC Tower will house FMC, UPenn, and rental housing; 3 different uses (commercial, educational, and residential), 1 building. These tenants will all be on top of the future tenants taking space in the building.

– It’s Green: FMC Tower is shooting for LEED Silver Certification, with the plan of adding a 1-acre park on top of a parking garage. This will help with stormwater management, as well as provide a new park for Philadelphians to enjoy. Also, the views will be nothing short of spectacular.

– It’s Smart: The design is great, it’s right next to 30th Street Station, it still has the option to comfortably park your car (for both travelers and suburbanites alike), and it’s building on UCity’s current momentum as a global city-within-a-city.

For further reading, check out these other helpful links:

All The Renderings: Cira Centre South’s Final Tower

650 Foot Tall Monster Building Coming to West Philly

Many More Details About the Skyscraping FMC Tower