That Kooky, Kooky Economy: Jersey Firm Buys Out Walnut St. Capital’s Interest In The French Tickler
The elephant in the room this last week or so in local real estate circles surely must be, “What the hell is going to happen to all of these new buildings slated to go up?” For plenty of developers with buildings and new projects already in the construction phase, a certain kind of fate is already sealed: Sure, those buildings will get finished, but then what? Well, for the moment, fear not for the American Commerce Center at 18th and Arch (which we last wrote about in July); news comes today that Hill International Inc. of Marlton, has bought out Walnut Street Capital L.L.C. for bragging rights to what we have so elegantly dubbed The French Tickler. Part of the deal hinges on WSC head Garrett Miller jumping ship to join Hill International, but so much more hinges on as-yet-unknown factors regarding the Tickler. Chief among them? Community opposition and, well, finding tenants for this monstrosity. The prognosis doesn’t look good down here on the ground, but then again, when one is riding high atop an imaginary $1B French Tickler, damned if it doesn’t seem like anything is possible.
Not that we would know.
Inky: Big Time
September 26th, 2008 at 7:24 pm
“well, finding tenants for this monstrosity.”
Who wrote this line Vince “holding Philly back, one building at a time” Fumo?
Tweek the design (not the height) and then you’ll truly have a world-class signature supertall.
September 26th, 2008 at 7:34 pm
You bring up a good point, Patricio — didn’t mean to place the building the pejorative so much as how hard it’s going to be to find tenants for the ACC now that it’s Grapes Of Wrath times again. My gut is that Walnut Street Capital bailed when faced with this.