[EMAIL PROTECTED] wrote:
Developing situations: Place for parents, patients
by solomon d. leach / metro philadelphia
NOV 12, 2008
UNIVERSITY CITY. Families visiting the University of Pennsylvania or
either of the university’s hospitals could soon be taking solace in a
new extended-stay hotel in University City.
Campus Apartments, a campus-housing developer, and Hersha Hotels plan to
start construction on a 10-story Hilton Homewood Suites at 40th and Pine
Streets early next year. The project got a $2 million loan last week
from the state’s Building Pennsylvania program, which invests in
development that will create good-paying construction jobs.
The project still needs approval from the Zoning Board of Adjustments as
it seeks to adapt the David Leas Mansion, but has already gotten the
thumbs up from the Planning Commission and conceptual approval from the
Philadelphia Historical Commission.
“With all the extended stay demand generated by the health system, Penn
and [Children’s Hospital of Pennsylvania], that’s why we’re developing
this property where we are,” said Tom Lussenhop, a partner in Hersha.
The 115-room hotel, which will feature spacious rooms with kitchens, is
pushing ahead despite the economic downturn because it depends on
business from the hospitals and universities, which is year-round,
Lussenhop noted.
Some neighbors complained the hotel would steal scarce parking from
residents, while others feared the owners might turn the building to a
rental property if the hotel failed.
Developers said neither of those would happen, pointing to a deal with
three parking garages in the area for 75 spaces and a long lease with
Hilton.
John Farnham, head of the Historical Commission, said the hotel would
fix up the aging building, which was considered an excellent Colonial
house.
notice how carefully the article talks about so many of the
issues -- EXCEPT the hotel's massive size and scale in a
residential area.
and how nicely the article echoes monday's dp article:
http://tinyurl.com/5b6f86
Economy doesn't halt construction
Experts say demand for education makes planned apartments
feasible in U. City
By: Shawn Aiken
Posted: 11/10/08
Shaky economic times and a tumultuous housing market have
not prevented new properties from springing up throughout
University City in recent years.
Since 2006, a number of mixed-use, luxury apartment
complexes have come to call West Philadelphia home. With
more construction on the way, it may seem like the area
isn't feeling the pinch of the global financial crisis.
Experts cite demand for education, faith in the Nutter
administration and the desirability of the area as reasons
for continued development in University City.
Hub I, located on 40th and Chestnut streets, was completed
in 2006 for $23 million. In 2007, the $71-million Domus
complex, located on 34th and Chestnut streets, was up and
running. And the Radian on 39th and Walnut streets was
finished this past August for $50 million.
Over the next year, construction on Hubs II and III will
begin on Chestnut Street near the original Hub. Costs for
Hub III are projected at about $19 million, while costs for
Hub II have not yet been released.
Wharton Real Estate professor Albert Saiz attributed much of
the construction in the area to positive trends the city has
experienced over the last 10 years.
At the national level, with the general rise in incomes,
there is increasing demand for living in high-amenity, dense
areas, Saiz wrote in an e-mail.
He said young people and empty nesters are the most likely
candidates to pursue living in the area.
Central cities with cultural, historic, and recreational
amenities, such as Philadelphia, are faring well
demographically and economically all over the USA, he wrote.
Saiz added that renewed optimism about Mayor Michael
Nutter's administration has drawn many in the business and
civic community to the area, making for a greater demand in
housing.
University City is a desirable place to live and work, and
the stability of the market is indicative of the stable
demand fundamentals, said Paul Sehnert, Penn's director of
real-estate development.
Still, Sehnert said he did not consider the area immune to
the problems that have recently plagued the national housing
market.
He cited the cancelation or postponement of several
high-profile projects in Center City - such as Donald
Trump's planned 45-story Trump Tower - as evidence that
Philadelphia has been affected by national housing problems.
But Saiz said he saw education as a major reason for the
large investment in the area to build luxury complexes,
despite the economy.
Demand for college and Masters education is very strong and
growing, he wrote. In fact, enrollments in some master's
programs is countercyclical: When the economy is not very
good, people go back to grad school.
..
UNIVERSITY*CITOYEN
You
