While I agree that an interesting design would have been preferrable, Onion Flats has no money. While development is still progressing at a somewhat frantic pace in Northern Liberties, many of the neighborhood's largest parcels are currently tied up by Onion Flats. They have approvals, but no money. Hence, empty lots.Originally Posted by titus
Although it probably wasn't part of the public discussion, I like what the city did here. It is smart policy from my perspective to encourage a diverse portfolio of developers to build in the city. Just the fact that Hankin is showing interest in developing in the city is a good thing. By including folks like Onion Flats in the discussion, hopefully what happens is that the traditional developers start to incorporate more progressive ideas about sustainable development (a la Onion Flats) into their proposals.
You don't want to put all of your eggs in one basket, the same way you wouldn't/shouldn't put all of your money in one stock or one mutual fund company. Diversification is the key to risk management, and if the city wants to jump start development, it needs a large cadre of developers available to do these projects. You can't rely on a few upstarts (albeit high-quality ones) who are over-leveraged and simply don't have the capital to complete their proposals.
Although the planning commission/city went against the neighborhood's consensus decision in this particular case, I think it was smart policy from the city's perspective. If Hankin can build this project (and it is in a much better position to do this compared to Onion Flats) and it does well (i.e. sells), they will be encouraged by their experience and hopefully try to initiate new developments elsewhere in the city.
This happened with Westrum in South Philly and the far Northeast (granted, it flubbed East Falls and Brewerytown). It is happening with Toll in Graduate Hospital...I wouldn't be surprised if they initiated another project on the scale of Naval Square in the next year or two in another area of quasi-Center City, like the Waterfront or along the new river trail in the far Northeast, or even somewhere in South Philly. It can happen with Hankin as well.
I think its also about time for Toll to initiate a high rise residential project somewhere in the CBD, much like it has in NYC and Brooklyn. I've been pleasantly surprised by their high rise residential in NYC. They fill a nice niche in the market up there, where many of the projects have outsized ambitions. Toll has proposed and built a number of good looking residential buildings which are low to middle of the road for price in NYC, and not of gargantuan size (i.e. 15-25 floors instead of the 50 story monstrosities being built all over midtown Manhattan). What is attractive about these more modest buildings is that there are fewer units, so it seems easier to pre-sell the required number of units (since there are fewer of them in the project) to get the project out of the ground. Center City could use some more modest mid-rise proposals for infill, something less ambitious than the Ritz, Ten Rittenhouse, the St James, or the Murano, which are just so large in size that the sheer number of units makes the numbers daunting.


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