The article copied below should interest those who'd like to pretend that the optimistic uses planned for the 40th street "Hotel" will last much beyond the construction phase. IMHO the ownership and use will change long before the anomalous structure will disappear. So, what other uses could supplant "extended stay" suites. Things that come to mind are: Dorms, 'Halfway' housing for prisoners or the homeless, 'short term' hotel space, or resale as investment or student condominiums (the last option may provide the dollar motive for the confounding support of people who usually ride the other side of change requests). I don't ask that you share my fears, but I do hope that all of readers will imagine the best and worst that can come of inserting a 110' structure into a 35' neighborhood and 100+ units into a neighborhood of mostly 1-4 residence buildings. Four major Construction Crane accidents (with deaths and economic devastation) have made liars of those who called my defense of the current zoning and height restrictions a "Chicken little" and "Nimby" response. What will it take to make neighbors recognize the unintended (or worse, undisclosed) consequences of apathy in the face of developers trying to profit by altering the landscape and communities of our neighborhood. Note: The DOMUS reps are now saying that the sale was planned from the beginning. Does anyone remember hearing this at any of the public planning meetings? Best! Liz Campion
-- [EMAIL PROTECTED] wrote: >From today's DP Apparently, nobody at the Hanover Company, let alone the Penn >Real Estate Dept, the University administration concerned with such things, or >the apparently very-gullible (culpable?) Trustees has read about Pinocchio. >Gives us a lot of confidence in their promises about the Campus Inn and it's >eventual use. Al Krigman reminding you that you read it first, here, on the popu-list Issue date: 10/28/08 Section: NewsDeveloper puts Domus up for saleLuxury apartment complex is on the market a year after it was completed; no asking price setShawn Aiken Media Credit: Yian Huange/DP File PhotoDomus, a luxury apartment complex at 34th and Chestnut streets, is up for sale just a year after it opened. The building is about 80 percent leased. [Click to enlarge] Domus, the eight-story, $71-million luxury apartment complex located on 34th and Chestnut streets, is up for sale - barely a year after its completion in the fall of 2007. Domus was intended to be built and then put on the market shortly after, according to a spokeswoman for the building's developer. With 290 apartments and 23,000 feet of retail space, the building has amenities such as a heated outdoor pool, private screening room, 24-hour concierge and WiFi internet cafe. Rent is between $2,200 and $3,200 monthly. Still, 20 percent of the building remains unleased. Some students blame the empty apartments on the steep rent and the building's policy against leasing to anyone under 21 years old. Other Philadelphia residents consider the building's distance from downtown as a factor. Cynthia Birdwell, a spokeswoman for Domus' developer, Hanover Co., said a lack of revenue was not behind the complex being up for sale. "It's our business model to build a project and put it on the market," Birdwell said. Birdwell also defended the company's decision not to lease to anyone under 21. "We chose to maintain the integrity of the project," she said. "We have everything from young professionals to graduate students and that's a plus." She added that there is no asking price for the property and that, in today's market, it would be difficult to predict what the market price would be. "We will not know until the bids come in," she said. About half of those who reside in the complex are in some way affiliated with the University, either as students or employees. Paul Sehnert, Penn's director of real estate development, said the sale should not come as a shock to anyone. "It's common for developers to build and then sell to an institutional investor, and sometimes, it's part of the typical business plan." Sehnert said. "As the developer takes risks in financing and constructing a property, they operate for a certain period of time and then decide to sell and invest the proceeds into new projects." Birdwell added, "It was always the ventures' intent to build Domus and sell it to an institutional investor." Sehnert said he believes the complex will maintain its position as a market rate rental property. "It's difficult to predict what the market price will be, even in the most buoyant of markets," Sehnert said. "Eventual pricing will reflect real world responses from institutional investors." Play online games for FREE at Games.com! All of your favorites, no registration required and great graphics – check it out! _____________________________________________________________ Click for information on obtaining a VA loan. http://thirdpartyoffers.juno.com/TGL2121/fc/Ioyw6i3m3mWvyWKjbd7isWbisV7WYcKIXDciCiwNqLx0uSjSxYDGC1/?count=1234567890
