Center City Real Estate Development Report
Center City District & Central Philadelphia Development Corporation January 2025
Center City Real Estate Development Report
Center City District & Central Philadelphia Development Corporation
January 2025
Over the past two decades, Center City has evolved into a mixed-use downtown where Philadelphians live, work, and play. The 66 projects outlined in this report represent the continued growth of Greater Center City. In 2024, 20 projects were completed from Girard Avenue to Tasker Street, river to river. Thirty-three projects are currently under construction, and 13 are in the planning or permitting stages. The 33 projects under construction alone represent over $1.2 billion in investment.
Five Center City Real Estate Development Trends
Ongoing residential growth
Strengthening downtown neighborhoods
Center City remains the fourth largest residential downtown in the United States. Center City’s population has grown 20% over the past decade, leading Philadelphia’s neighborhood growth. Of 53 current development projects, 43 are residential, with 3,000 units completed and 4,000 under construction. Proposed projects could add another 2,000 units.
Opportunities on Market East
Setting the stage for a mixed-use future
The announced closure of Macy’s at The Wanamaker Building and the deal reached by the Sixers and Comcast to recommit to the sports complex in South Philadelphia are two decisions that will affect the near-term future of the Market East corridor. Encouragingly, the City has recommitted to a planning process for the corridor.
The era of rigidly zoned downtowns—with segregated office canyons and department store corridors—is behind us.
The era of rigidly zoned downtowns — with segregated office canyons and department store corridors — is behind us. Just as we are seeing hotels and apartments fill gaps on West Market, the future of East Market is mixed use. The area needs more places to live and work on upper floors of buildings, driving demand for animating places to play and gather on the ground floor. The blueprint for this transformation already exists in National Real Estate Development’s East Market project. This human-scale development successfully breaks up a superblock by weaving together offices, residences, retail, a converted historic hotel, and Jefferson’s Honickman Center. We look forward to working with the City, property owners, and other stakeholders to thoughtfully and intentionally cultivate the conditions for a granular mix of residential, retail, office, and entertainment uses that will animate East Market Street with the constant presence of people who live, work, shop, and gather there.
Conversions
Ahead of the curve and ready to ramp up Philadelphia is a nationwide leader in office to residential conversions, with 9 million square feet transformed since the tax abatement program began 25 years ago. Many buildings that were natural candidates for conversions have already gone through the process, including 1616 Walnut Street, The Griffin at Broad and Chestnut, Franklin Tower at 16th and Race, and the PSFS Building. Multiple conversion projects are actively underway, with 1701 Market the most prominent example in the core of the office district. Developers of the Bellevue and The Bourse are pursuing partial conversions.
New development brings next-generation retail space
New mixed-use developments across Center City continue to expand Philadelphia’s retail real estate offerings. These spaces, often housed in state-of-the-art buildings with top-of-the-line systems, are attracting both national retailers and out-of-market brands to Philadelphia. The Laurel has secured the city’s first Equinox and a Schulson Collective restaurant, while The Josephine will be home to Uchi, an acclaimed Austin-based concept. In neighborhoods farther from core Center City, developments like Post Brothers’ One Thousand One at Broad and Washington are bringing essential retailers to neighborhoods, with Giant opening there and new Aldi, Lidl, and Sprouts locations planned throughout Greater Center City.
Art institutions and their real estate
Calder Gardens, opening on the Parkway in 2025, will be the area’s first new museum since the Barnes Foundation’s relocation. Philadelphia Ballet’s new facility is under construction on North Broad Street, enhancing the northern stretch of the Avenue of the Arts corridor. UArts’ 2024 closure will impact Philadelphia’s real estate market in 2025, particularly affecting its South Broad Street property portfolio. The real estate implications of these changes will play out in 2025, most notably with the former UArts portfolio of properties along and just off of South Broad Street. While property sales were still pending at the time of publication, the former UArts buildings are expected to be acquired by both educational and private buyers.
The Bellevue
Calder Gardens
The Josephine
Total Square Footage Complete or Under Construction Residential Units Completed or Under Construction by Construction Year
Total Square Footage Complete or Under Construction 7,659,740 1,780,917
Hospitality
Commercial Public Space Residential Units Completed or Expected by Construction Year
8,434 residential units
805,000 of commercial square footage
522,097 of new retail square footage
Development and Projects Catalog
Developments in Center City, 2024
11. Penn's Landing
12. Thomas Paine Plaza Retail
13. Shops at the Italian Market Residential
14. 1309 Cambridge Street
15. The Noble
16. 210S12
17. 222 North 11th Street
18. 836 North Broad Street
19. 918 North Broad Street
20. Avenue Flats
21. Broad & Noble
22. Eight Two Eight
23. Eight13 on Broad
24. Eight7Teen
10. Family Court Building (Redevelopment) Public Space
25. Five on Canal
26. Innovator Village
27. Phillip Street Townhomes
28. The Alcott
29. The Darien
30. The Hannah
31. The Jessup House
32. The Josephine
33. 1000 Spring Garden Street
34. 1201-1215 Callowhill Street
35. 1614 Ridge Avenue
36. 1701 Market Street
37. 619 North Broad Street
38. 650 Fairmount
39. 814 North 2nd Street
40. 900 Spring Garden Street
41. Annex 1201
42. Beach Street Landing
43. Bloc24
44. Cameron Square
45. Chocolate Factory
46. Freeman’s Auction House
47. One Thousand and One Residences
48. Rivermark Northern Liberties
49. The Astir Callowhill
50. The Keystone
51. The Lyle on North Broad
52. The McDermott
53. 19th and Chestnut
54. 412 North 2nd
55. 502 Wood Street
56. 915-923 North Broad Street
57. Arbour House
58. Harper Square
59. Piazza Alta (Phase 2)
60. 901 North Front Street
61. 2100 Arch Street
62. 400 Market Street
Mixed Use
63. 2301 John F. Kennedy Blvd.
64. The Bellevue
65. The Bourse
66. Three Parkway
Commercial
1. 2000 Arch Street
Developer: Parkway Corporation
Location: 2000 Arch Street
Size: 555,000 sf
Start Date: 2023
Completion Date: 2026
Status: Under Construction
Investment: $430 million
Parkway is developing a destination workplace at 2000 Arch Street.
The 18-floor, 550,000-square-foot building was designed by L2P/ Stantec and will be occupied by Chubb, the world’s largest publicly traded property and casualty insurance company.
2. 2300 Market Street
Developer: Breakthrough Properties
Location: 2300 Market Street
Size: 250,000 sf
Start Date: 2022
Completion Date: 2025
Status: Under Construction Investment: $130 million
Breakthrough Properties, a collaboration with Tishman Speyer and Bellco Capital, is building a mixed use office and life science building over the existing structure at 23rd and Market. The proposed building will stand nine stories tall with an updated glass exterior. The building will also include a café, fitness center and elevated terrace.
Health Care and Education
3. Jefferson’s Honickman Center
Developer: Jefferson Health
Location: 1101 Chestnut Street
Size: 462,000 sf
Start Date: 2021
Completion Date: 2024
Status: Completed
Investment: $762 million
Jefferson Health has completed the Honickman Center, which was created to consolidate various clinical care units in one facility. The 19-story building includes examination rooms, operating rooms, imaging and lab services, a pharmacy, and underground parking. The project is part of Phase 3 of the multi-block East Market development.
4. Schuylkill Avenue Research Building
Developer: Children’s Hospital of Philadelphia
Location: 690 Schuylkill Avenue
Size: 350,000 sf
Start Date: 2022
Completion Date: 2026
Status: Under Construction
Investment: $600 million
Children’s Hospital of Philadelphia is developing a high-rise tower next to the Roberts Center for Pediatric Research in South Philadelphia. This 13-story tower will hold 470,000 square feet of research, lab, and collaborative space with a metal panel and glass exterior. This project was announced in addition to the New Patient Tower project across the river in University City (the West Philadelphia expansion), which contributes to the hospital’s $3.4 billion capital facilities plan.
5. Caroline Kimmel Biomedical Research Building
Developer: Thomas Jefferson University
Location: 214 South 9th Street
Size: 225,000 sf
Start Date: TBD
Completion Date: TBD
Status: Proposed
Investment: $300 milllion
Thomas Jefferson University received its second largest donation ever, a $70 million gift from Sidney and Caroline Kimmel, which will be used for a new building to expand the biomedical research capacity at its Center City campus. The 11-story Caroline Kimmel Biomedical Research will create space for 56 additional National Institutes of Health funded research teams and an additional 250 to 400 jobs at Jefferson.
Hospitality
6. The Jaan at Center City
Developer: Genesis Capital
Location: 225-239 North 13th Street
Type: Hospitality
Size: 59,560 sf
Hotel Rooms: 81
Start Date: 2023
Completion Date: 2025
Status: Under Construction
Investment: $23 million
The Jaan at Center City will be a 81-unit mixed-use hospitality/ multi-family development located near Chinatown. The units are created for long-term guests and business travelers. The Jaan will provide luxury living at an affordable price point. The building will sport a gym, lounge and roof deck with views of the city skyline and a ground floor retailer.
7. The Jaan at Old City
Developer: Genesis Capital
Location: 141 North 4th Street
Size: 37,566 sf
Hotel Rooms: 36
Start Date: 2023
Completion Date: 2025
Status: Under Construction
The Jaan at Old City will be a 36-unit hospitality/multi-family asset located in the heart of Old City. The Jaan will provide an upscale, boutique living experience within walking distance to all that Philadelphia has to offer. The structure will be a five-story stick frame over a one level concrete podium as well as incorporate fourstory additions to the existing buildings which will be gutted and integrated into the new building.
Cultural/ Entertainment
8. Calder Gardens
Developer: The Calder Foundation
Location: 2100 Benjamin Franklin Parkway
Size: 18,000 sf
Start Date: 2022
Completion Date: 2025
Status: Under Construction Investment: $70 million
Designed by Herzog & de Meuron, Calder Gardens will showcase the art and ideas of Alexander Calder. Featuring galleries illuminated by natural light, including a landscape of native and flowering species, Calder Gardens will present a rotating selection of masterworks from the Calder Foundation, New York, including mobiles, stabiles, monumental sculptures, and paintings.
9. Philadelphia Ballet Center for Dance
Developer: Philadelphia Ballet
Location: 323 North Broad Street
Size: 43,000 sf
Start Date: 2023
Completion Date: TBD
Status: Proposed Investment: $35 million
The five-story Philadelphia Ballet Center for Dance will feature new rehearsal studios, performance venues, administrative offices, community gathering spaces, and advanced capabilities for dance training, community education, programming, and events.
10. Family Court Building Redevelopment
Developer: PIDC / TBD private sector partners
Location: 1801 Vine Steet & 1901 Wood Street
Size: 850,000 sf
Residential Units: 500
Hotel Rooms: 250
Retail Square Footage: TBD
Start Date: TBD
Completion Date: TBD
Status: Proposed
As initially proposed, the former Family Court Building at 1801 Vine Street will include 250 hotel rooms, with a restaurant and event space. The new African American Museum will be constructed at 1901 Wood Street. In addition, the neighboring Free Library of Philadelphia will expand and create a new Children and Family Center. With the departure of the previously announced equity partner, the project’s timing and scope are in flux, though city officials have committed that it will move forward pending the identification of a new development partner.
Public Space
11. Penn’s Landing Park
Developer: Delaware River Waterfront Corporation, PennDOT
Location: 101 South Christopher Columbus Boulevard
Size: 11.5 acres
Start Date: 2023
Completion Date: 2028
Status: Under Construction
Investment: $225 million
An 11-acre park between Chestnut and Walnut streets will stretch from Front Street to the Delaware River, capping I-95 and engineered so that trees can be planted on what feels like ground level. The park will end at the waterfront in a large public space, framed by an amphitheater. The City of Philadelphia has committed $90 million to the project over six years, with remaining costs covered by state and philanthropic donors.
The park creates a new centerpiece for the creation of a new neighborhood on either side of it. DRWC selected The Durst
Organization in 2020 through a competitive bidding process to develop a large parcel directly north of the park at the terminus of the Market Street Bridge, as well as sites around Spruce Street Harbor Park. No updates on this commercial component of the waterfront redevelopment are available. The Penn’s Landing Park project funding is also supporting a new pedestrian bridge that will extend South Street over Columbus Boulevard, as well as the already completed bicycle and pedestrian trail from Washington Avenue to Penn Treaty Park.
The goal is to grow Penn’s Landing into a residential neighborhood, with mid-rise mixed use residential development along the boat basin and a park located in the area that is now the seasonal Spruce Street Harbor Park. The pier at the end of the boat basin will host residential and commercial development, with a portion reserved as public space. At the foot of Market Street, land that currently is a parking lot will also become a mixed use development parcel. Along with the capping of I-95, which is currently underway, this project also includes construction of the on-road portion of the Delaware River Trail from Washington Avenue to Spring Garden Street.
12. Thomas Paine Plaza
Developer: City of Philadelphia
Location: 1401 John F. Kennedy Boulevard
Start Date: 2024
Completion Date: TBD
Status: Proposed
Investment: $20 million
The City of Philadelphia is redesigning the Thomas Paine Plaza in front of the Municipal Services Building. Plans include increasing seating, trees, and green space. The new plaza will add public art and space for programming.
Retail
13. Shops at the Italian Market
Developer: Midwood Investment & Development
Location: 1101-1133 South 9th Street
Size: 23,500 sf
Retail Square Footage: 23,500 sf
Start Date: TBD
Completion Date: TBD
Status: Proposed
Midwood Investment & Development plans to redevelop the parcel on the southeast corner of 9th Street and Washington Avenue into a retail complex. The building will include 23,500 square feet of retail space with a 2,500-square-foot rooftop deck and outdoor pavilion.
Residential
14. 1309 Cambridge
Developer: Harrison Finberg and KJO Architecture
Location: 1309-1325 Cambridge Street
Size: 50,000 sf
Residential Units: 46
Start Date: 2022
Completion Date: 2024
Status: Completed
Investment: $6.8 million
A 46-unit, 50,000-square-foot residential building is complete at 1309 Cambridge Street and includes a roof terrace and 15 parking spaces.
15. The Noble
Developer: National Real Estate Development and Kushner Real Estate Group
Location: 200-224 Spring Garden Street
Size: 337,662 sf
Residential Units: 360
Retail Square Footage: 23,000 sf
Start Date: 2022
Completion Date: 2024
Status: Completed
The Noble is a 13-story, L-shaped residential tower at the southwest corner of 2nd and Spring Garden. The site serves as a gateway to the East Callowhill neighborhood from the Northern Liberties neighborhood, connecting pedestrians in both neighborhoods via an internal pedestrian plaza running north/south through the site, aligned with North American Street. Designed by Handel Architects, the mixed-use building features 360 apartments and an activated ground floor with a two-story City Fitness flagship along Spring Garden Street.
16. 210S12
Developer: Midwood Investment & Development
Location: 210 South 12th Street
Size: 425,000 sf
Residential Units: 378
Retail Square Footage: 40,000 sf
Start Date: 2023
Completion Date: 2024
Status: Completed
Investment: $200 million
Developed by Midwood Investment & Development, 210S12 is a 32-story, mixed-use residential building, with two floors of retail and 378 residential units. The tower features a wide array of amenities, including a swimming pool, game room, gym, and high-level terrace and lounge area with greenery.
17. 222 North 11th Street
Developer: N/A
Location: 222 North 11th Street
Size: 17,280 sf
Residential Units: 18
Start Date: 2021
Completion Date: 2024
Status: Completed
Investment: $2.1 million
The 17,280-square-foot structure at 222 North 11th Street in Chinatown houses 18 units with ground floor retail.
18. 836 North Broad
Developer: NA
Location: 836 North Broad Street
Size: 20,068 sf
Residential Units: 32
Start Date: 2022
Completion Date: 2024
Status: Completed
Investment: $2 million
836 North Broad is a 20,068 square foot building with 32 rental units providing a range of one-, two-, and three-bedroom apartments and a ground floor retail space.
19 918 North Broad Street
Developer: Trinity Realty
Location: 918 North Broad Street
Size: 37,520 sf
Residential Units: 49
Retail Square Footage: 3,500 sf
Completion Date: 2024
Status: Completed
Situated just south of the Broad and Girard intersection, this eightstory, 49-unit mixed-use apartment building constructed by Trinity Realty includes 3,500 square feet of commercial space on the ground floor and off-street parking.
20. Avenue Flats
Developer: MM Partners
Location: 1701 Fairmount Avenue
Size: 31,728 sf
Residential Units: 24
Retail Square Footage: 5,000 sf
Start Date: 2023
Completion Date: Summer 2024
Status: Completed
Avenue Flats is a newly constructed residential building located in the Fairmount neighborhood, featuring 24 one- and two-bedroom apartments.
21. Broad & Noble
Developer: Toll Brothers Apartment Living & Sundance Bay
Location: 435 North Broad Street
Size: 371,302 sf
Residential Units: 344
Retail Square Footage: 10,574 sf
Start Date: 2021
Completion Date: 2024
Status: Completed
Investment: $150 million approx
Toll Brothers Apartment Living has constructed an 18-story high rise tower with 344 units, 10,574 square feet of retail and 107 underground parking spaces at the intersection of Noble and North Broad streets. A public plaza faces Noble Street, activated by a twostory retail space, and marks the entrance to the Rail Park.
22. Eight Two Eight
Developer: Catalyst City Development and South Wood Properties
Location: 828-840 North 2nd Street
Size: 59,560 sf
Residential Units: 55
Status: Completed
Replacing a one-story warehouse, Eight Two Eight features 55 apartments and a large ground floor commercial space at 2nd and Poplar.
23. Eight13 on Broad
Developer: N/A
Location: 1813 North Broad Street
Size: 59,857 sf
Residential Units: 63
Completion Date: 2024
Status: Completed
Investment: $6 million
This 48,879 square foot building includes 63 units, a rooftop deck, vehicle and bike parking, and a fitness center.
24 Eight7Teen
Developer: A2Z Development
Location: 817 North 3rd Street
Size: 48,000 sf
Residential Units: 48
Retail Square Footage: 4,855 sf
Completion Date: 2024
Status: Completed
Investment: $10.5 million
A2Z Development completed a 48-unit multifamily building in Northern Liberties with a roof deck and a 4,855 square foot ground floor retail space.
25. Five on Canal
Developer: Core Realty
Location: 918-980 Delaware Avenue
Size: 418,480 sf
Residential Units: 462
Retail Square Footage: 18,000 sf
Start Date: 2022
Completion Date: 2024
Status: Completed
Five on Canal is a multi-building complex comprised of six buildings facing the Delaware River and the Philadelphia skyline. Each building contains around 78 units, ground floor retail, and car and bicycle parking. The project adds 462 new units to Northern Liberties.
26. Innovator Village
Developer: Philly Living
Location: 2401 Washington Avenue
Size: N/A
Residential Units: 82
Retail Square Footage: 6,900 sf
Start Date: 2020
Completion Date: 2024
Status: Completed
Innovator Village features a combination of townhomes, duplexes, and rental units with ground floor retail and commercial space.
27. Philip Street Townhomes
Developer: OCF Realty
Location: 244-258 North 2nd Street
Size: N/A
Residential Units: 11
Retail Square Footage:
Start Date: 2022
Completion Date: 2024
Status: Completed
On the former site of the former Snyderman’s Gulf gas station, OCF Realty constructed 11 four-story townhouses with starting prices of $1.8 million. All units offer three-bedrooms, six bathrooms, a full basement, two-car parking, and a roof deck.
28. The Alcott
Developer: Southern Land Company
Location: 418 Spring Garden Street
Size: 338,824 sf
Residential Units: 329
Retail Square Footage: 15,000 sf
Start Date: Spring 2022
Completion Date: Winter 2024
Status: Completed
Investment: $200 million
Developed by Southern Land Company, the Alcott is a 137-foot, 12-story-tall tower which includes 15,000 square feet of ground floor retail and 329 residential units. The building’s amenity suite includes a co-working space, fitness center, dog spa, dog park and a resortstyle pool.
29. The Darien
Developer: Post Brothers
Location: 815 Poplar Street
Size: 118,542 sf
Residential Units: 212
Completion Date: 2024
Status: Completed
As an adaptive reuse project, The Darien embraces historical elements of the Poplar, Post Brothers’ neighboring residential building. The 118,542 square foot building includes 212 units ranging from studios to three bedooms. Amenities include a rooftop deck with three pools, a fitness studio, sauna and steam rooms, children’s playroom, and a dog run.
30. The Hannah
Developer: Linden Lane Capital Partners
Location: 1306-1314 Callowhill Street
Size: 184,679 sf
Residential Units: 181
Retail Square Footage: 3,280 sf
Start Date: 2022
Completion Date: 2024
Status: Completed
Investment: $18 million
The Hannah is a 184,679 square foot, mixed-use residential development with industrial design in keeping with Callowhill’s history. This development has 181 residential units and 3,208 square feet of ground floor retail space.
31. The Jessup House
Developer: Greystar Worldwide LLC
Location: 123 South 12th Street
Size: 371,000 sf
Residential Units: 399
Retail Square Footage: 10,844 sf
Start Date: 2021
Completion Date: 2024
Status: Completed
Investment: $132.3 million
South Carolina developer Greystar Worldwide has completed a 20-story development with 399 apartment units at the former parking garage at 12th and Sansom streets. The apartment building has 10,844 square feet of retail space. The project consists of two levels of below-grade parking accessible from Sansom Street.
32. The Josephine
Developer: Southern Land Company
Location: 1620 Sansom Street
Size: 376,900 sf
Residential Units: 254
Retail Square Footage: 17,000 sf
Start Date: 2021
Completion Date: 2024
Status: Completed Investment: $200 million
The Josephine is 27 stories tall with 254 luxury rental residences, including multiple penthouses with private terraces. Amenities feature a club lounge, a sky lounge, a fitness center with an outdoor pool, and community dining and entertainment spaces. The project will be home to Uchi, an Austin-based Japanese restaurant chain.
33. 1000 Spring Garden Street
Developer: KT Investments
Location: 1000 Spring Garden Street
Size: 22,500 sf
Residential Units: 21
Retail Square Footage: 2,000 sf
Start Date: 2022
Completion Date: TBD
Status: Under Construction Investment: $2.25 million
Located at the corner of 10th and Spring Garden streets, this project will rise eight stories, with 21 units and ground floor retail.
34. 1201-15 Callowhill Street
Developer: N/A
Location: 1201-1215 Callowhill Street
Size: 83,667 sf
Residential Units: 114
Start Date: 2024
Completion Date: TBD
Status: Under Construction
The location, currently a parking lot, will be transformed into 114-unit apartment building in the Callowhill neighborhood.
35 1614 Ridge Avenue
Developer: Vich Properties
Location: 1614-1620 Ridge Avenue
Size: 45,030 sf
Residential Units: 32
Retail Square Footage: 3,700 sf
Completion Date: 2025
Status: Under Construction
1614 Ridge Avenue is comprised of 32 one- and two-bedroom apartment units and two commercial spaces.
36. 1701 Market Street
Developer: Alterra Property Group
Location: 1701 Market Street
Size: 305,170 sf
Residential Units: 299
Start Date: 2023
Completion Date: 2025
Status: Under Construction
1701 Market Street is an existing 18-story office building consisting of ground floor retail, four levels of above grade parking, and 13 levels of current office space. The acquisition of 1701 Market Street in September 2023 came after over a year of negotiations in a rising interest rate and challenging capital markets environment. Alterra Property Group will re-develop the asset into a luxury apartment building consisting of 299 apartments, maintaining the existing 189 parking spaces. Delivery is expected in spring 2025.
37. 619 North Broad Street
Developer: TierView Development
Location: 619 North Broad Street
Size: 118,746 sf
Residential Units: 121
Start Date: 2024
Completion Date: 2025
Status: Under Construction Investment: $9 million
TierView Development is constructing a residential tower with 121 units. The design features a light gray brick façade with yellow archways on the street level and smaller semi-circle windows above.
38. 650 Fairmount
Developer: PRDC Properties
Location: 650 Fairmount Avenue
Size: 177,291 sf
Residential Units: 404
Retail Square Footage: 21,000 sf
Start Date: 2022
Completion Date: 2025
Status: Under Construction
Investment: $100 million
Located on the western side of Northern Liberties, 650 Fairmount is a $100 million mixed-used project featuring 297 apartments, 107 townhouses, duplexes, and triplexes, 221 parking spaces, and 21,000 square feet of retail space.
39. 814 North 2nd Street
Developer: N/A
Location: 814 North 2nd Street
Size: 42,000 sf
Residential Units: 78
Retail Square Footage: 6,000 sf
Completion Date: 2025
Status: Under Construction
A 43,000-square-foot building under construction at 814 North 2nd Street is adding 78 units to the heart of Northern Liberties.
40. 900 Spring Garden
Developer: Hightop Development
Location: 900 Spring Garden Street
Size: N/A
Start Date: 2023
Completion Date: TBD
Status: Under Construction
900 Spring Garden is a seven-story industrial style commercial development drawing its inspiration from the archways of the historic Reading Railroad viaduct and warehouse buildings in the area.
41. Annex 1201
Developer: Meritis Group
Location: 1201-1209 Vine Street
Size: 83,635 sf
Residential Units: 120
Completion Date: 2025
Status: Under Construction Investment: $10 million
Annex 1201 will add 180 residential units to an existing building at 1201 Vine Street. The project will total 83,635 square feet and include automated parking for 36 cars.
42. Beach Street Landing
Developer: Saxum Real Estate
Location: 700 North Delaware Avenue
Size: 500,000 sf
Residential Units: 466
Start Date: 2023
Completion Date: TBD
Status: Under Construction
Situated along the Delaware Avenue corridor, with additional frontage on Fairmount Avenue and Front Street, this large-scale development consists of over 500,000 square feet of new construction in the form of two mixed-use multifamily buildings plus the adaptive reuse of a historic designated structure to convert it to eight townhome style units. The two seven-story structures will provide a total of 466 residential units and 15,000 square feet of retail along each of the major street frontages.
43. Bloc24
Developer: N/A
Location: 613 South 24th Street
Residential Units: 8
Start Date: 2021
Completion Date: TBD
Status: Under Construction Investment: $1.5 million
Bloc24 is a mixed-use development with ground floor retail and eight residential units above ranging from 460 square feet to 2,600 square feet. The project offers a curved façade with bay windows in the front of the building.
44. Cameron Square
Developer: N/A
Location: 801 North 19th Street
Size: 104,595 sf
Residential Units: 143 (109 residential, 34 Townhouses)
Completion Date: TBD
Rising from the triangular block at North 19th and Wylie streets, the building will offer an amenity area, parking spaces, and an interior courtyard. Thirty-four townhouses are incorporated in this project in addition to the 109 rental units. Currently, the townhouse portion is under construction.
45. Chocolate Factory
Developer: OCF Realty
Location: 2101 Washington Avenue
Size: 195,131 sf
Residential Units: 287
Retail Square Footage: 36,000 sf
Start Date: 2020
Completion Date: TBD
Status: Under Construction Investment: $40 million
The former site of the Frankford Chocolate Factory on Washington Avenue will be transformed to a mixed-use development. The planned project now includes 40 townhomes, 247 apartments, 36,000 square feet of retail split between an Aldi grocery store and a CVS, and 120 parking spaces below grade.
46. Freeman’s Auction House
Developer: Astoban Investments
Location: 1808-1810 Chestnut Street
Size: 128,000 sf
Residential Units: 19
Retail Square Footage: 24,000 sf
Completion Date: TBD
Status: Proposed Investment: $64 million
Astoban Investments plans to preserve the existing six-story building that formerly housed Freemans’ auctioneers, and construct a 19-story condominium tower above it for a total of 25 stories. Each added story will house a luxury condominium. There will be an underground parking area with seven spaces for cards, plus a new bike rack on Chestnut Street.
47. One Thousand and One Residences
Developer: Post Brothers & Tower Investments
Location: 1001 South Broad Street
Size: 1,543,218 sf
Residential Units: 1100
Retail Square Footage: 65,000 sf
Start Date: 2021
Completion Date: 2025
Status: Under Construction Investment: $306 million
Post Brothers and Tower Investments are developing a once empty lot at Broad Street and Washington Avenue for an 1,100-unit residential building. Giant Food Stores is the anchor tenant for the ground floor retail space. The first phase, which broke ground in the fall 2021, will bring 400 new apartments to the market. The building will include a parking garage and a rooftop green space.
48. Rivermark Northern Liberties
Developer: Jefferson Apartment Group and Haverford Properties
Location: 501 North Christopher Columbus Boulevard
Size: 392,040 sf
Residential Units: 470
Retail Square Footage: 45,000 sf
Start Date: 2023
Completion Date: 2025
Status: Under Construction
Set along the Delaware River, 501 N. Christopher Columbus Boulevard is a nine-acre waterfront property in the Northern Liberties neighborhood. The redevelopment of this site, formerly known as Festival Pier, will offer 45,000 square feet of retail space including shops and restaurants anchored by a Sprouts Farmers Market grocery store. The development will include a public plaza, splash pad water feature, art installations, and extension of the Delaware River Trail through the parcel.
49.
The Astir Callowhill
Developer: Volumetric Building Companies
Location: 1314-32 Spring Garden Street
Size: 98,700 sf
Residential Units: 149
Retail Square Footage: 1,598 sf
Start Date: 2023
Completion Date: 2025
Status: Under Construction
Construction is underway on a 149-unit apartment building at 13th and Spring Garden, replacing a prior proposal for a self-storage facility. The project will include ground floor retail with a preference for a small commercial business.
50. The Keystone
Developer: Linden Street Investments
Location: 417 Callowhill Street
Size: 213,115 sf
Residential Units: 220
Start Date: 2022
Completion Date: 2025
Status: Under Construction Investment: $80 million
Linden Street Investments’ newest development is a 220-unit multifamily building at the intersection of Callowhill Street and North 5th Street, bridging the neighborhoods of Old City and Northern Liberties. Plans include a residential amenity space on the ground floor.
51. The Lyle on North Broad
Developer: Hightop Development
Location: 922-936 North Broad Street
Size: 201,000 sf
Residential Units: 171
Retail Square Footage: 21,718 sf
Completion Date: 2025
Status: Under Construction
The seven-story, 171-unit mixed-use building includes ground level parking, nearly 30,000 square feet of ground- and second-floor retail space accessible via escalator, and five levels of residential space. Amenities include a lounge, co-working space, and roof deck with a dipping pool. International grocery store operator Lidl is leased as the anchor tenant.
52. The McDermott
Developer: Philly Capital Group
Location: 689-695 North Broad Street
Size: 18,000 sf
Residential Units: 20
Retail Square Footage: 1,400 sf
Start Date: 2022
Completion Date: 2025
Status: Under Construction
Investment: $5.8 million
The McDermott, a five-story, 18,000 square foot mixed-use building, is located at Broad Street and Ridge Avenue. The building will feature 20 residential apartments and 1,400 square feet of subdividable street-level retail. Amenities will include elevator service, a digital doorman, parking spaces, and a green-roof community outdoor space.
53. 19th and Chestnut
Developer: Goodman Properties
Location: 1826 Chestnut Street
Size: 272,300 sf
Residential Units: 213
Retail Square Footage: 27,461 sf
Start Date: TBD
Completion Date: TBD
Status: Proposed
Goodman Properties, which has owned 1826 Chestnut Street property since 1994, is planning a 213-apartment residential tower to top the CVS currently at the location. At 576 total feet, the tower would be one of the tallest residential towers in the city and include 64 below-grade parking spaces.
54. 412 North 2nd
Developer: National Real Estate Development and Kushner Real Estate Group
Location: 412 North 2nd Street
Size: 364,758 sf
Residential Units: 397
Retail Square Footage: 21,000 sf
Start Date: TBD
Completion Date: TBD
Status: Proposed
412 North 2nd is a proposed 23-story, 397-unit, multifamily apartment building anchoring the southern end of the larger Northern Liberties development. The site will serve as a pedestrian gateway to Old City by means of a Woonerf, or “living street,” running north/ south through the site. The total project will feature 21,000 square feet of retail, 16,000 square feet of amenity space, and 46,000 square feet of parking.
55. 502 Wood St
Developer: N/A
Location: 502 Wood Street
Size: 55,470 sf
Residential Units: 55
Start Date: TBD
Completion Date: TBD
Status: Proposed Investment: $5.6 million
This proposed residential building will create 55 units including studios, one bedroom, and two bedroom apartments.
56. 915-923 North Broad Street
Developer: N/A
Location: 915-923 North Broad Street
Size: 80,000 sf
Residential Units: 70
Retail Square Footage: 6,335 sf
Start Date: TBD
Status: Proposed
An 80,000 square foot seven story building is planned for North Broad Street near Girard Avenue. The development will include 70 residential units, 16,000 square feet of office space and ground floor retail space.
57. Arbour House
Developer: Pearl Properties
Location: 702 Sansom Street
Size: 135,540 sf
Residential Units: 99
Retail Square Footage: 1,495 sf
Start Date: TBD
Completion Date: TBD
Status: Proposed Investment: $100 million (approx.)
Pearl Properties has proposed a 99-unit tower at 7th and Sansom. The building will overlook Washington Square Park with one- and two- bedroom units, 50 parking spaces, and ground floor retail.
58. Harper Square
Developer: Pearl Properties
Location: 113-121 South 19th Street
Size: 400,000 sf
Residential Units: 215
Retail Square Footage: 15,000 sf
Start Date: TBD
Completion Date: TBD
Status: Proposed
Pearl Properties is building a 55-story skyscraper at 115 South 19th Street across from The Harper. It will also include 15,000 square feet of retail space on the lower floors.
59. Piazza Alta (phase 2)
Developer: Post Brothers
Location: 1099 Germantown Avenue
Size: 321,050 sf
Residential Units: 431
Start Date: Q3 2025
Completion Date: 2027
Status: Proposed
Piazza Alta, developed by Post Brothers, is a multiphase project that delivered nearly 700 units to Northern Liberties in 2023. Phase II is set to get underway later in 2025, and will add two more towers and more than 400 additional units to the site. The project includes 45,000 square feet of retail space lining a series of pedestrian streets and walkways that bring a human scale to the large site and connect to the existing Piazza at Schmidts.
60. 901 North Front Street
Developer: 901 North Front Street Association
Location: 901 North Front Street
Size: 76,033 sf
Residential Units: 96
Start Date: TBD
Completion Date: TBD
Status: Proposed
This proposed seven-story building will add 96 units to the Northern Liberties neighborhood.
61. 2100 Arch Street
Developer: MM Partners
Location: 2100 Arch Street
Size: 121,500 sf
Residential Units: 116
Start Date: 2024
Completion Date: 2026
Status: Under Construction
MM Partners purchased the former headquarters of the Jewish Federation of Greater Philadelphia for $12 million in 2023 and filed construction permits in late 2024 to convert the office building into 116 apartments with 3,000 square feet of ground floor commercial. The Jewish Federation relocated to a smaller office in Commerce Square, emblematic of the ongoing flight to quality and rightsizing of office tenants.
62. 400 Market Street
Developer: Lubert-Adler, Keystone Development
Location: 400 Market Street
Size: 173,700 sf
Residential Units: 176
Start Date: 2025
Completion Date: TBD
Status: Proposed
Sold in conjunction with The Bourse to a partnership between Lubert-Adler and Keystone Development, the now-vacant office building will bring high-density residential development to the block just east of Independence Mall. The project is not anticipated to feature any commercial space, whereas the developers’ concurrent redevelopment of the adjacent Bourse building will be mixed use.
Mixed Use
63. 2301 John F. Kennedy Blvd
Developer: PMC Property Group
Location: 2301 John F. Kennedy Boulevard
Size: 334,201 sf
Residential Units: 287
Start Date: 2023
Completion Date: 2025
Status: Under Construction
Investment: $105 million
PMC Property Group’s third tower along the Schuylkill rises 23 stories and features a curved facade that contrasts with surrounding buildings. The podium floors of the building include commercial office space; 287 apartments, 44 car parking spaces and 96 bike parking spaces make up the balance of the project.
64. The Bellevue
Developer: Lubert-Adler
Location: 200 South Broad Street
Size: 885,365 sf
Hotel Units: 172
Residential Units: 200+
Start Date: 2023
Completion Date: 2025
Status: Under Construction
Investment: $100 million
Lubert-Adler acquired The Bellevue with plans to convert the current office space into apartments, renovating the Hyatt hotel, renovating the 100,000 square foot Sporting Club, and converting 1418 Walnut into a mixed-use building. Amenities include a rooftop skating rink, a swimming pool, and co-working space.
65. The Bourse
Developer: Lubert-Adler, Keystone Development
Location: 111 S. Independence Mall East
Size: 302,600 sf
Hotel units: TBD
Commercial space: TBD
Start Date: 2025
Completion Date: TBD
Status: Proposed
This Old City landmark will take on new life when floors 3, 4, and 8 are converted to hotel rooms, creating more hospitality space directly facing Independence Mall. The former food hall on the ground floor is slated to become a wedding venue, and a variety of other commercial uses are envisioned for the remainder of the building, including the retention of some office space.
66. Three Parkway
Developer: PMC Property Group
Location: 3 Benjamin Franklin Parkway
Size: 561,351 sf
Residential units: 193
Start Date: 2024
Completion Date: 2026
Status: Under Construction
PMC Property Group received a commercial building permit in late 2024 to create 193 units of housing on the third through tenth floors of Three Parkway, a property built originally for office use. The top half of the building will remain office, and it is anticipated that new tenants will be sought for the ground floor retail space.
Report Team
This report was researched and written by and Lauren Smith, Manager of Economic Development, and Clint Randall, Vice President of Economic Development, and designed by Bryant Gosnell, Graphic Designer, and David Orantes, Art Director. The 2025 Development Report team also includes Jessie Brain, Manager of GIS; Amy Genda, Vice President of Strategy and Design; Prema Katari Gupta, President and CEO; Adrianna Morsey, Research Assistant; JoAnn Loviglio, Vice President of Communications and Public Relations; Leo Manning, Director of Strategic Communications; Jimmy Salfiti, Retail Economic Development Manager; Bonnie Thompson, Senior Director of Digital Marketing; and Emma Witanowski, GIS Intern.
For any questions or inquiries regarding development projects within Center City District, please contact our team at research@centercityphila.org
CPDC Members
We are grateful for the ongoing support of Central Philadelphia Development Corporation members, who make reports such as this one possible. For more information on CPDC and how to join, visit joincpdc.org
ABM
Allan Domb Real Estate
Alterra Property Group LLC
Aramark
Ballard Spahr LLP
Bank of America NA
Blank Rome LLP
Blueprint Commercial
Brandywine Realty Trust
Brickstone Realty
CBP Architects
CBRE Inc.
Chubb Colliers
Comcast
Commonwealth Land Title Insurance Company
Conner Strong & Buckelew
CosciaMoos Architecture
Cozen O’Connor LLP
Cushman & Wakefield of Pennsylvania Inc.
Dranoff Properties
Duane Morris LLP
Econsult Solutions Inc.
Firstrust Bank
Gensler
Goldman Properties
Greenberg Traurig LLP
HDR Architecture
JLL
Kenilworth Capital Advisors LLC
Keystone Property Group
KieranTimberlake
Klehr Harrison Harvey Branzburg LLP
Korman Communities Inc.
LevLane
Lubert-Adler
M&T Bank
Mercator Advisors LLC
Morgan, Lewis & Bockius LLP
MPN Realty
Narducci Electric Company LLC
National Real Estate Development
Nelson Worldwide
Newmark
O’Donnell & Naccarato
Olin
Parkway Corporation
Pearl Properties LLC
PECO Energy Company
Pennoni
Pennsylvania Horticultural Society
Philadelphia Parking Authority
PIDC
PMC Property Group
PNC Bank NA
Posel Management Company
Post Brothers
Preservation Alliance for Greater Philadelphia
Reading Terminal Market Corporation
Republic Bank
Saul Ewing LLP
Savills
Scully Company
Seravalli Inc.
SSH Real Estate
Stockton Real Estate Advisors LLC
Strada Architecture LLC
Stradley Ronon Stevens & Young LLP
Structure Tone LLC
Ten Penn Center Associates LP
The Goldenberg Group
The Klein Company
The Lighting Practice
Toll Brothers Inc.
University of Pennsylvania
Univest Financial Corporation
Urban Engineers Inc.
William Penn Foundation
WRT
Zarwin Baum DeVito Kaplan Schaer Toddy PC