I don't want to bore the UC list with price/sq' numbers and rent/sq' numbers, but suffice it to say that the rents that the University has asked for and received by their retail tenants in 1) the HUB? 2) the Domus project and 3) the Radian are close to and exceeding those received in some of the "better" sections of the City.? These impressive rents and the success of such restaurateurs such as Steven Starr (with Pod, one of his most successful Philly spots) and Jose Garces (at the HUB) have inspired several of the other "hot" Philly restaurateurs to be chasing locations in UC/West Philly.
There's no written guarantee, of course, and these difficult economic times might challenge any of the numbers that I am quoting you, but a 4,000 - 6,000 sq' first floor restaurant with 25 car parking should be able to generate enough rental income to pay the debt-service on the rehab of the entire 10,000 sq' mansion at 40th and Pine.? If you throw in Historic Tax benefits and possible State subsidies and other benefits to the site then it becomes a viable development opportunity.? The rental income from any use of the upstairs 5,000 sq' (whether office rental or auxiliary classroom) would further enhance the economic viability of the site. It would also be true that a 10,000 sq' development would be substantially less profitable than a 90,000 sq' development....? if they both succeed.? I hope that this simple math is not the reason that the University is not considering locating their extended stay hotel on a more appropriate site -----Original Message----- From: Anthony West <[email protected]> To: UnivCity listserv <[email protected]> Sent: Mon, 22 Dec 2008 2:42 pm Subject: Re: [UC] Campus Inn An interesting idea. It ought to be possible to cook up ballpark numbers on such a project just by pacing it off and running conventional restaurant-industry projections on it. How much would it cost to rip all that crud off the existing mansion and rehab it to Historic-Designation standards? How many high-end seatings an evening could you fit into that historic 1st floor? Could the income from such a venture pay for the rehabbing, plus maintenance of the 2nd and 3rd-floor space, plus keep the restaurateur alive?? ? I'm all for it if it's possible. But I greatly fear the reason the mansion was expanded horizontally into a nursing home 30-odd years ago, was because there was no commercial way to make a building of that age and size pay for its own upkeep even then. Has anything changed since to make it practical today?? ? If anybody can come up with some estimates, it'd be fascinating to read them.? ? -- Tony West? ? > I appreciate your position and I hope I'm not beating a dead horse, > but my > personal dream is that there is an 11 story extended stay hotel > built > within UC, but not at 40th and Pine. In addition, I dream that > the 40th and > Pine site is developed by Campus Apartments and Tom > Lussenhop as a high end > restaurant with 25 car parking and either > classroom or community space on > the second and third floor. That way > the City gets lots of construction and > service jobs along with the > multitude of fees that come along with > development. >? > The community is enriched by the development and the 40th and > Pine/Woodland > Terrace neighborhood is preserved and enhanced.? >? > You and I might be saying the same thing.? >? > Guy? ? ----? You are receiving this because you are subscribed to the? list named "UnivCity." To unsubscribe or for archive information, see? <http://www.purple.com/list.html>.?
