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Supertalls Discussions of projects under construction between 300-599m/1,000-1,999ft tall.
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Old May 6th, 2010, 09:43 PM   #481
kingsc
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I want say it going be built. But it's look more and more likely. Philly need more buildings its to big to have Pittsburg skyline looking better then it. A few more towers will do them some good.
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Old June 15th, 2010, 12:51 AM   #482
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Hey guys, I don't mean to be an ass and bump this thread for no reason, but I'm really interested in this tower and I was wondering if there had been any revelations? What current state is the site in? I lived in B-more for a while, and fell in love with Philly's skyline when I visited there, so I have great hopes for this one.
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Old June 15th, 2010, 11:14 AM   #483
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The status on this building has been essentially the same since the project was announced. Even though funding was pretty much guaranteed from the beginning, no major tenant has decided to lease space.

Philly has a tough time convincing companies to set up shop in Center City. Despite the huge size of the Philadelphia Metropolitan Area Economy (in the top 10 of world cities), the vast majority of jobs are outside the city. It's also sandwiched between Washington and New York. So I think the developers of this project will be having a tough time for awhile...although it's not an impossible task.
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Old June 15th, 2010, 04:22 PM   #484
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I have to admit, I wasn't thrilled with the look until I saw the renders on the skyline. Now I think it would be a nice addition to Philly. I'm just not optimistic about it. This is going to be a tough sell...SAD
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Old June 15th, 2010, 07:04 PM   #485
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Quote:
Originally Posted by nouveau.ukiyo View Post
The status on this building has been essentially the same since the project was announced. Even though funding was pretty much guaranteed from the beginning, no major tenant has decided to lease space.

Philly has a tough time convincing companies to set up shop in Center City. Despite the huge size of the Philadelphia Metropolitan Area Economy (in the top 10 of world cities), the vast majority of jobs are outside the city. It's also sandwiched between Washington and New York. So I think the developers of this project will be having a tough time for awhile...although it's not an impossible task.
This developer needs to reduce the rental rate on per sq/ft to attract tenants. That's how many developers did in downtown Seattle. It worked for downtown Seattle. They're attracting a lot of tenants to downtown area lately. The vacant rate is going down now. This developer should give it a try. I'd love to see this neat tower to get built.
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Old June 15th, 2010, 10:21 PM   #486
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This developer needs to reduce the rental rate on per sq/ft to attract tenants. That's how many developers did in downtown Seattle. It worked for downtown Seattle. They're attracting a lot of tenants to downtown area lately. The vacant rate is going down now. This developer should give it a try. I'd love to see this neat tower to get built.
Did developers in Seattle reduce rents on projects in the pipeline or on existing built inventory? I can't imagine a reduction in any pre-lease deal given the unknowns in the costs of getting a major supertall built...
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Old June 15th, 2010, 10:25 PM   #487
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Did developers in Seattle reduce rents on projects in the pipeline or on existing built inventory? I can't imagine a reduction in any pre-lease deal given the unknowns in the costs of getting a major supertall built...
Many developers usually charge the leases higher than what their buildings worth.

All new office buildings in downtown Seattle that got built within last two years stood almost empty for little over 6 months so these developers decided to reduce the rental rates so they attracted a lot of tenants to their buildings. Some of newer buildings got 100% leased and some of them are filling up by now.
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Old June 24th, 2010, 12:34 AM   #488
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I like Philly but I think this might look a little better in Pittsburgh
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Old June 28th, 2010, 06:44 PM   #489
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Quote:
Originally Posted by CrazyAboutCities View Post
Many developers usually charge the leases higher than what their buildings worth.

All new office buildings in downtown Seattle that got built within last two years stood almost empty for little over 6 months so these developers decided to reduce the rental rates so they attracted a lot of tenants to their buildings. Some of newer buildings got 100% leased and some of them are filling up by now.
One thing developers do is offer to pay the build-out costs for a tennant that signs on to a new tower. That can be many millions towards getting a building leased. I've heard of developers slashing rents after a building is complete to fill it out and sell a fully leased building to a REIT for a profit. For this tower, the financing mechanism probably hinges on a major portion of the tower getting leased out at market rents or higher. What bank would finance a tower with dropping rents at pre-lease? Worse yet, I'm reading the trade blogs in Philly and businesses are either contracting their Center City operations or moving out entirely. It's a fluid environment that's moving in the wrong direction.
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Old October 16th, 2010, 03:01 AM   #490
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From: http://www.philly.com/philly/blogs/i...ment_fund.html

Quote:
Thursday, October 14, 2010

Philly tower developers: We'll raise $100M+


The people behind the American Commerce Center, the proposed 1,500-foot tower for the site west of Comcast Corp.'s not-quite-1,000-foot Center City headquarters, say they're raising a $100 million-plus development fund to buy more property at today's bargain prices.

"We're three to six months from our first closing," said David Richter, partner with Garrett Miller in Hill Opportunity Real Estate Fund, and boss with his father, Irving Richter, at Hill International Corp., the Marlton-based project management firm that employs 2,600 in Europe, the Americas and the Middle East.

While raising funds from rich people, they're hanging onto the high-rise site, currently a parking lot, co-owned with the Multi Employer Property Trust of Bethesda, Md., that more than pays for itself from parking fees, according to Richter. They've turned down an offer, he says, from Liberty Property Trust, which built the Comcast building: "It was so low as to be laughable."

So the tower's not dead? "It's still in the works, and it'll be in the works until we find an anchor tenant," Miller affirmed.

"For the time being, we're in the parking business," added Richter.


Posted by Joseph N. DiStefano @ 4:19 PM
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Last edited by desertpunk; October 16th, 2010 at 03:08 AM.
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Old October 16th, 2010, 03:46 AM   #491
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Great to hear the developers aren't giving up. Thanks for the update.
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Old October 16th, 2010, 06:12 PM   #492
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Great to hear that. I'd love to see this sexy tower to get built.
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Old October 16th, 2010, 09:20 PM   #493
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So everybody in the area can help getting this built by doing a lot of parking in Philly.
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Old October 17th, 2010, 03:36 AM   #494
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Ditch the spire, and stretch the building to that height.
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Old October 17th, 2010, 03:55 AM   #495
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+1
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Old October 17th, 2010, 07:31 AM   #496
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Quote:
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Ditch the spire, and stretch the building to that height.
I like the spire. How about a compromise? First stretch the building to 1,500 feet like you propose, then put a stretched version of the spire on top so it looks like the rendered design again? That way we're both happy.
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Old October 17th, 2010, 07:45 AM   #497
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I like the building the way it is now. The current heights of the roof and spire complement the rest of the Philly skyline very nicely in my opinion.
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Old October 28th, 2010, 02:31 PM   #498
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I certainly hope they will...
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Old November 22nd, 2010, 04:13 AM   #499
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Reported in The Philadelphia Inquirer (which we locals refer to as "The Inky") the other day: same old story ... "we'll begin construction as soon as we find a major tenant." Meanwhile there is still a big sign on the property announcing the construction of the American Commerce Center ... soon.
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Old November 23rd, 2010, 08:11 AM   #500
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They should keep that height it works well but put the spire in the center and have two sides slant like that, also that podium is abnoxious Id be surprised if that didnt change by the time its being built.
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