And the site is not zoned for residential nor commercial. It is zoned for industrial uses. So in addition to variances from height restrictions and floor area ratios, the developer will need a use variance or spot zoning.

At the OCCA, they claim that they are the only parcel in the area that is zoned industrial, so they're "spot zoned" out of commercial and residential uses. Following that logic, they probably intend to ask City Council for an amendment to the zoning ordinance to re-zone the parcel C-3 or C-4.

Its tough to know how much of a proposal is truly planned, and how much is over-reaching. Some developers initially show way more than they intend to build, with the notion of losing a percentage to the negotiation process.

With interest rates going up and the cost of materials (especially cement) and labor also escalating, they may feel that they need to build a 35-story tower in order to cover expenses & make a reasonable profit. On the other hand, those same expenses might make this project unfeasible. Are there really that many buyers willing to pay $1000 per square foot for a beautiful view from the 30th floor condominium?

The developers noted that they would be willing to shorten the building. I am sure they expect that as part of the negotiation process. The question is how much.

On the positive side, the tower appears to be slender and set back from the street on the 5th street side. If there was any spot for a high rise in old city, this would be it. The exterior design has not been completed. I am in approval of the project contingent on good design and a reduction in height.

Any pictures online for this plan..?

I don't think so...maybe when it gets closer to the real thing, they'll put something online.

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Freixenet, Moët. Doesn’t really matter, as long as it’s not Great Western. -- Henri David

Here's the plaque at the site:

The Binswanger signs are back on the PBM building, so it looks like Pinkus Bros. is back on the market. Does anyone know whether the previous deal officially tanked? Anyone have any good ideas for this site? What would you like to see between 4th & 5th from Race St. to the Bridge?

It's a shame if the deal has tanked. A good tall tower there would make a nice anchor at the bottom of the bridge, a nice termination of the Independence Mall vista from the south (ok slightly off kilter but 30 odd floors rising above the Mint would not be unnoticable), and most of all bring more life to the area. The Mint and the bridge approaches are two entire dead blocks, but a tower here would bring a bit of life - especially with a supermarket which would be a great asset to the whole neighbourhood - not to mention the impact to Franklin Square. Moreover this is the fringe of Old City - anything further out from the core is already cut off by the bridge and a major development here would help link the street life.

Mostly though, a tall tower would give some variation to the skyline. Coming down 95 from the north in a couple of years is going to be such a better view than now with Waterfront Sq, Marina View, and ideally something here at the foot of the bridge. Putting up a 6 storey building here, when there's an opportunity for something so much more dramatic, would be a shame.

Does anyone know who had the building under agreement? Banks aren't exactly lining up anymore to offer financing on condo buildings right now with the market saturation. I would bet financing had something to do with this.

I'm not so sure that the project that was planned for the site is really dead...I'm going to check with someone working on it.

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SPM

As of this past Thursday it wasn't dead.

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fotographia