Brandywine Finds Partner For 29-Story Apt. Tower At 1919 Market St.

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

Brandywine Realty Trust, the Radnor company that is the dominant office landlord in Center City, says it has a partner and detailed plans to build a 29-story, 321-apartment, $140 million tower on the grassy lot it controls at 1919 Market St. in Center City. The tower will also feature 24,000 sq. ft. of commercial space, mostly leased to Independence Blue Cross (IBC) and the CVS drugstore chain. Statement here.

Brandywine’s 50-50 joint venture partner for 1919 Market is Berwyn-based LCOR CalSTERS, a successor to the former Linpro Co., which now manages property investments for the California State Teachers Retirement System. The partners arranged to borrow $88.9 million for the project, pricing the credit at Libor plus 2.25%. Equity investment is $59.2 million, split by the two partners; Brandywine’s half includes the $13 million value of the land. The company projects a cash yield (rent/cost) of 7% a year (vs 8% for Brandywine’s $385 million FMC office/apartment tower, and 7.6% at Brandywine’s $158 million Evo apartment project, both in University City).

Read more at http://www.philly.com/philly/blogs/inq-phillydeals/New-29-story-tower-proposed-for-1919-Market-St-.html#bOWzSHLeSA7BBpJU.99

Future On Hold For 30th Street Station

English: 30th Street Station In Philadelphia. ...

English: 30th Street Station In Philadelphia. Roughly speaking, the center of commuting in Philly, the former center of the Pennsylvania Railroad. Philly’s main Amtrak station (Photo credit: Wikipedia)

Even as grand plans proceed for development around 30th Street Station, the iconic station will remain wrapped in scaffolding and netting for lack of funds for repairs, a top Amtrak official said Friday.

A $60 million restoration project, to repair the 81-year-old station’s limestone, clean its facade, and waterproof the exterior, is included in Amtrak’s nationwide five-year plan for construction and repairs.

But Congress has not authorized the money, and there is no indication when – or if – it will, Amtrak’s chief of Northeast Corridor planning and performance, Drew Galloway, said Friday.

“We’re ever hopeful,” Galloway said, after addressing a gathering of commuter and transit advocates in Old City.

Read more at http://www.philly.com/philly/business/transportation/20140503_Future_on_hold_for_30th_Street_Station.html#WIFShYEgF0asQjTu.99

Enhanced by Zemanta

Drexel, Amtrak, Brandywine Weigh Giant Development Plans

English: 30th Street Station In Philadelphia. ...

English: 30th Street Station In Philadelphia. Roughly speaking, the center of commuting in Philly, the former center of the Pennsylvania Railroad. Philly’s main Amtrak station (Photo credit: Wikipedia)

Officials at Drexel University, Amtrak, Brandywine Realty Trust and other city and West Philly institutions have been sitting down with developers in recent days to review proposals to build over the tracks at 30th Street Station and link the grandiose proposed Drexel Innovation Neighborhood and its high-rise, Rockefeller Center-like “Superblock” at 33rd and Market — whose 6.5 milllion sq ft, by itself, would be more than four times larger than the proposed new Comcast office tower — and other new Drexel-area construction to Center City, highways, the airport, Penn, and, you know, the rest of the world.

Read more at http://www.philly.com/philly/blogs/inq-phillydeals/Drexel-Amtrak-Brandywine-weighing-giant-West-Philly-redevelopment.html#cKEU5LqSCK8zdcLb.99

Enhanced by Zemanta

Developer’s Agreement For $200 Million Plan Adopted In Conshohocken

Map of Pennsylvania highlighting Montgomery County

Map of Pennsylvania highlighting Montgomery County (Photo credit: Wikipedia)

CONSHOHOCKEN, PA — A developer’s agreement with  Keystone Property Group (KPG) of Lower Merion to build a hotel, an office tower and a parking garage on Fayette Street and a new borough building for police and borough workers was unanimously approved Wednesday by Borough Council.

The $200 million KPG plan was selected by council in mid-September over a competing proposal by Brandywine Realty Trust (BRT) of Radnor.

The 32-page agreement will be ratified Friday by the Montgomery County Redevelopment Authority.

KPG agreed to build an 18-story, 200-room hotel at the intersection of Fayette and Elm streets, an eight-story parking garage to replace an existing three-story garage and a new, 16-story, 200,000-square-foot office building at the intersection of First Avenue and Fayette Street.

Read more: http://www.timesherald.com/general-news/20131218/developers-agreement-for-200-million-plan-adopted-in-conshohocken

Changing Skyline: For A West Schuylkill Site, Time To Bridge Its Moat

English: 30th Street Station In Philadelphia. ...

English: 30th Street Station In Philadelphia. Roughly speaking, the center of commuting in Philly, the former center of the Pennsylvania Railroad. Philly’s main Amtrak station (Photo credit: Wikipedia)

Editor’s note:  There are some really exciting projects going on in Philadelphia as of late.

To hear the champions of Philadelphia’s university district tell it, the west bank of the Schuylkill is poised to give Center City’s skyline a run for its money.

Last week, Brandywine Realty Trust announced plans for its third riverfront skyscraper, a sharply faceted, 47-story office-and-apartment tower at 30th and Walnut Streets. West Philadelphia office space now commands higher rents than the aging behemoths in the city’s legacy downtown. Such is the clamor to live close to the big campuses that at least five residential high-rises are in the works.

It’s nice to see the city’s skyline stretching west. But a clutch of shimmering skyscrapers do not a neighborhood make.

Overlooked in all the hoopla over Brandywine’s latest project, FMC Tower at Cira Centre South, are the conditions on the ground. The site is cut off from the Schuylkill waterfront by a large, triangular moat, which looks down on the train tracks that feed into 30th Street Station and is one of several barriers that make walking there an unpleasant, and often hair-raising, experience.

Read more at http://www.philly.com/philly/home/20131108_Changing_Skyline__For_a_West_Schuylkill__time_to_bridge_its_moat.html#4677tKeG0ScuYbfb.99

Brandywine To Build 47-Story FMC Tower In University City

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

FMC Corp. has agreed to move its headquarters from 1745 Market St. in Center City into the new tower that Brandywine Realty Trust has been trying to build, NE corner of 30th and Walnut Sts. in University City, for the past 5 years. The $341 million FMC Tower will rise 47 stories — 650 feet — and include 575,000 sq ft of offices, 10,000 sq ft of retail — plus 260 apartments. Adjoins a 2,000-space parking garage built by Brandywine that also serves IRS workers at Brandywine’s former 30th St post office nearby.

FMC will move its headquarters staff — currently 546 bosses and workers — to the new tower by June 2016, spokesman Jim Fitzwater told me. FMC will lease 253,000 sq ft for 16 years; the University of Pennsylvania will rent another 100,000 sq ft on four floors for 20 years.

Read more at http://www.philly.com/philly/blogs/inq-phillydeals/Brandywine-to-build-47-story-West-Philly-tower-FMC-a-tenant.html#w8IKD7yI7Ry0uc0p.99

Two Developers Set Sights On Fayette And Elm, Conshohocken

Location of Conshohocken in Montgomery County

Location of Conshohocken in Montgomery County (Photo credit: Wikipedia)

CONSHOHOCKEN — The Montgomery County Redevelopment Authority (RDA) has released redacted copies of two proposals to redevelop the Verizon building and a vacant parcel at the intersection of Fayette and Elm streets, reuse the historic Washington Fire Co. building and provide additional parking for Fayette Street merchants and shoppers.

The Times Herald filed a Right to Know request July 26 for the two proposals from Brandywine Realty Trust (BRT) of Radnor, Delaware County, and Keystone Property Group (KPG) of Lower Merion after officials at the RDA refused to provide the proposals without allowing the two realty development companies to redact “confidential and proprietary information.”

Jerry Nugent III, the executive director of the RDA, said in a July 31 letter that the information was “commercial or financial information received by an agency which is privileged or confidential and the disclosure of which would cause substantial harm to the competitive position of the person that submitted the information.”

The redacted version of the BRT proposal included an executive summary and six conceptual drawings illustrating the firm’s plans for replacing the Verizon building at 402 Fayette St., with a 24,000-square-foot building for borough workers and the police department.

Read more:  http://www.timesherald.com/article/20130802/NEWS01/130809921/two-developers-set-sights-on-fayette-and-elm-conshohocken-#full_story

The Guys Behind West Philly’s New High Rise

English: This is my own work, Public Domain Ph...

English: This is my own work, Public Domain Photograph, not copyrighted Ed Yakovich http://www.flickr.com/photos/10396190@N04 (Photo credit: Wikipedia)

The $158 million, 33-story Grove high-rise, planned for 850 Penn and Drexel students, adjoining the two campuses on a Penn-owned property at 2930 Chestnut St. in Brandywine Realty Trust‘s Cira South development, will stand out among East Coast college housing projects.

For one thing, it’s taller. Boston University boasts a landmark 26-story dorm with spectacular views.  New York University cancelled plans for a 38-story tower after Greenwich Village neighbors and architect I.M. Pei protested.  Penn’s three 25-story undergrad dorms have anchored “Superblock” (“an architectual conceptual disaster,” according to this 1999 Pa. Gazette review) on the west end of campus since the 1970s.  Temple’s new Morgan Hall dominates the view to Center City from 21 stories above North Philly.

Also, like other Penn student housing projects in recent years, Grove is a private effort, though on a bigger scale: It will boast its own health club and pool, Internet and cable, and rents starting above $1,300/month for a single (there’ll also be suites with up to three bedrooms.)

The project’s backers hope it will reverse the long flow of graduate students into West Philly‘s mixed residential neighborhoods and booming Center City and slowing growth to the student ghetto locally dominated by outfits like Michael Karp’s University City Housing Corp. and David Adelman’s more upscale Campus Apartments (home of the Beige Blocks).

Read more: http://www.philly.com/philly/blogs/inq-phillydeals/The-guys-behind-West-Phillys-new-high-rise.html