Center City District Reports
Center City Real Estate Development January 2024
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Center City District Reports: Center City Developments Report January 2024
2024 Center City Real Estate Development Over the past 20 years, Center City has evolved into a mixeduse downtown where Philadelphians live, work, and play. The 66 projects outlined in this report reflect the diversified, vibrant nature of Center City. Continued investment in downtown real estate has resulted in dense and diversified land uses that attract a variety of users, each with their own patterns of activity downtown. Residents, workers, and visitors downtown are drawn to Center City’s walkability, transportation access, housing, and, of course, employment. Continued real estate investment has animated buildings that yield new customers for restaurants, retail, and arts and culture offerings. In 2020 and the years that followed, developers overcame construction shutdowns, supply chain disruptions, lagging permitting, and labor challenges but are now facing new challenges in construction. In 2023, interest rates increased and strained the cost and availability of financing. Additionally, the cost of materials and labor have increased with inflation. These market changes, along with the scaling-back of 10-year tax abatement benefits, are expected to slow the development of new projects in 2024. In 2023, 10 major projects were completed in Center City from Fairmount Avenue to Washington Avenue, river to river. Thirty-three projects are currently under construction, representing 12 million square feet, and an additional 23 projects are in the planning and permitting stages.
This report was researched and written in December 2023 by Lauren Smith, Manager of Economic Development, and designed by David Orantes, Art Director. The 2024 Developments report team also includes Amy Genda, Vice President of Strategy and Design; Prema Katari Gupta, President and CEO; JoAnn Loviglio, Vice President of Communications and Public Relations; Leo Manning, Director of Strategic Communications; Jessie Brain, Manager of GIS; Jimmy Salfiti, Retail Economic Development Manager; and Bonnie Thompson, Senior Director of Digital Marketing. For any questions or inquiries regarding development projects within Center City District, please contact Lauren Smith at lsmith@centercityphila.org. CENTERCITYPHILA.ORG
Center City District & Central Philadelphia Development Corporation
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Center City District Reports: Center City Developments Report January 2024
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Center City District & Central Philadelphia Development Corporation
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Center City District Reports: Center City Developments Report January 2024
5 Center City Real Estate Development Trends
2222 Market Street
Quality Over Quantity
West Market Office Construction As of December 2023, the volume of pedestrians of all kinds reached 90% of 2019 totals and 74% for non-resident workers. However, the percentage for non-resident workers decreases to 57% in the West Market office district. As companies consider ways to bring employees back, some have provided upgrades to office amenities. According to CBRE, Class A and Trophy transactions account for 67% of the leasing activity in the Philadelphia area since the beginning of the year. This provides an obstacle for property owners of aging Class B and C office buildings that need creative solutions for vacancies and are not suitable for residential conversion.
Key Projects: This year, Parkway Corporation completed 2222 Market, the new headquarters for Morgan Lewis, adding 300,000 square feet to Center City’s office market. This project is the first build-to-suit development since the Comcast Technology Center’s completion in 2019. Additionally, Parkway Corporation began work on 2000 Arch Street, which will house the headquarters for Chubb upon completion. Both buildings feature state-of-the-art amenities and support their strategies to attract and retain workers. Chubb has committed to adding an additional 1,250 people to their workforce of 1,900 in Philadelphia with the completion of their new building.
⬅Construction of the Piazza Alta developed by Post Brothers CENTERCITYPHILA.ORG
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Center City District Reports: Center City Developments Report January 2024
Reinforcing Vibrancy
Core Center City Residential Development
Center City has the fourth largest downtown residential population. Population in core Center City has increased by 54% over the last two decades. This sustained growth is supported by the development of multifamily housing and office-to-residential conversions. Since 1997, over 7 million square feet of office space was converted for residential or hospitality uses. The city’s 10-year tax abatement for new construction catalyzed residential development, allowing Philadelphia to become a national leader for office to residential conversions as other cities contemplate how to spur residential growth in their downtowns. In 2023, five residential projects were completed, adding over 800 units to core Center City. An additional eight projects are under construction and will create 1,700 units upon completion. Most projects have ground floor retail, which contributes to the on-street vibrancy of Center City. Walkable access to arts and culture, entertainment, shopping, and dining are additional amenities for residents.
The Laurel
Key Projects: The Laurel, developed by Southern Land Company, welcomed its first residents in 2023. The ground floor retail is anchored by luxury gym Equinox and a Schulson Collective restaurant. A few blocks from The Laurel, Southern Land Company is nearing completion on Somi 1620, a large residential tower at 16th and Sansom. On the east side of Center City, towers at 12th and Sansom and 123 South 12th Street are well under construction. Continuing Center City’s long established trend of conversions, LubertAdler is converting office space in The Bellevue into 200 residential units, while renovating the Hyatt and revitalizing its ground floor retail. The former headquarters of the law firm Morgan Lewis at 1701 Market was purchased by Alterra Property Group, with plans of converting the building into 299 apartment units.
The Carson
Expanding Center City’s Walkable Core Spring Garden
As in core Center City, population also is growing in the extended ZIP codes directly outside core Center City, increasing by 25% from 2010 to 2020. Development along Spring Garden Street in the ZIP code 19123 seeks to bridge the gap from Fishtown and Northern Liberties to Center City with direct access via the Market-Frankford Line. In older, transit-forward cities, workers who live closer to downtown have returned in higher rates than elsewhere. In Philadelphia, the number of workers who live from two to five miles of the downtown has returned to 80% of 2019 totals. The growing number of units along Spring Garden shortens the commutes for many workers.
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Key projects: The Carson at 5th and Spring Garden streets, developed by RREI, added 373 luxury apartment units to Spring Garden with over 60,000 square feet of ground floor retail, of which 40,000 square feet are leased to a national grocer. Across the street, Southern Land Company is constructing a 12-story building with an additional 329 units. At 2nd and Spring Garden, National Real Estate Developers is working on a 360-unit tower with a City Fitness flagship occupying the ground floor bi-level retail space.
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Center City District Reports: Center City Developments Report January 2024
Bolstering the Eds and Meds Sector Jefferson and CHOP
The health care and education sector is a large contributor to Philadelphia’s economy. In Center City, almost 20% of all jobs are within this sector. Long standing research institutions have propelled Philadelphia to national rankings for National Institutes of Health (NIH) funding. Additionally, the Children’s Hospital of Philadelphia (CHOP) ranks fourth among children’s hospitals in the nation. The health care and education sector continues to support investment in innovation and research.
facility and is designed for advanced technology and improvements to the patient experience. CHOP is constructing its Schuylkill Avenue Research Building as a part of a capital facilities plan. The building will hold over 470,000 square feet of research lab space. Building upon Philadelphia’s growing life sciences industry, Breakthrough Properties is constructing lab space over the existing building at 2300 Market Street.
Key projects: Thomas Jefferson University is nearing completion of the Honickman Center, the final phase of the East Market development, National Real Estate Development’s phased mixed use project encompassing an entire city block. This project will centralize specialty care departments in one
Fishtown Village
Honickman Center, Thomas Jefferson University
River to River
Waterfront Growth on Both Ends In recent years, development has increased along the Delaware and Schuylkill rivers, both of which have seen improvements to their trails that create better accessibility and added value to the area. Projects along the Schuylkill River have great access to 30th Street Station that provide quick connections to the Northeast Corridor. On the Delaware River, projects are concentrated on the north end stretching toward Port Richmond.
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Key Projects: PMC Property Group is developing a 23-story mixed use residential/commercial building on 2301 John F. Kennedy Boulevard, which makes use of a small triangular shaped lot. At Penn’s Landing, the Delaware River Waterfront Corporation and Durst Organization broke ground on an 11-acre park capping I-95 connecting Chestnut Street to the waterfront. As proposed, this project has the potential to position Penn’s Landing as a transformative residential development opportunity. Fishtown Village and Rivermark Northern Liberties are two large multi-building developments along the Delaware River, adding over 460 units each and substantial ground floor retail.
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Center City District Reports: Center City Developments Report January 2024
A Highly Diversified Downtown Greater Center City Spring Garden St. to South St. River to River 314 Office Buildings 164 Condominiums 76 Hotels Apartment Buildings • 78 (100+ units) • 42 (51–100 units) • 994 (5–50 units) Within Boundaries of Center City District 165 Office Buildings 129 Condominiums 46 Hotels Apartment Buildings • 44 (100+ units) • 14 (51–100 units) • 154 (5–50 units)
CCD Boundary Office Buildings Condominiums Hotels Apartment Buildings (100+ units) Apartment Buildings (51–100 units) Apartment Buildings (5–50 units) Source: Office of Property Assessment, 2023
Major Center City Projects Completed or Under Construction
$4.5 billion in major developments 6
Center City District & Central Philadelphia Development Corporation
8,503
residential units
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Center City District Reports: Center City Developments Report January 2024
Total Square Footage Complete or Under Construction
Residential Units Completed or Expected by Construction Year
1,136,000 sf of commercial/mixed use CENTERCITYPHILA.ORG
408,107 sf of new retail
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Center City District Reports: Center City Developments Report January 2024
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52
32
31
Developments in Center City, 2023
SPRING GARDEN ST
41
21
23
30
28
26 36
Commercial Office 13
11
Cultural/ Entertainment
VINE ST
66
21
Health Care/ Education
44 14
47
30
45 52
35
DELAWA RE AVE.
59
59
18 41
8
38
9
20
Hospitality 2
61
Mixed Use
17
51
48
50
Residential
65
49 57 58 23
12
City Hall
3 1
Public Space
43
26 63
28
Source: Developments Database 2021, Center City District
MARKET ST
62
4 7 64
16
10 54
15 6
25
55
PINE ST
56
40
19
38
2ND ST
FRONT ST
4TH ST
3RD ST
5TH ST
7TH ST
6TH ST
8TH ST
9TH ST
11TH ST
10TH ST
12TH ST
13TH ST
JUNIPER ST
15TH ST
BROAD ST
17TH ST
16TH ST
18TH ST
19TH ST
20TH ST
21ST ST
23RD ST
22ND ST
25TH ST
24TH ST
27TH ST
26TH ST
5
37 WASHINGTON ST
34
Commercial
Public Space
36. Broad & Noble
Mixed Use
1. 2222 Market Street
16. Penn's Landing
37. Broad Street &
60. The Mily on Green
2. 2000 Arch Street
17. Thomas Paine Plaza
3. 2300 Market Street
61. 2301 John F. Kennedy Blvd.
38. Chocolate Factory
62. 36–39 South 2nd Street
Residential
39. Fishtown Village (Phase 1)
63. The Bellevue
Health Care/Education
18. 2201 Washington Avenue
40. Innovator Village
64. 1101 Walnut Street
4. Jefferson's Honickman Center
19. 214 Vine Street
41. Philip Street Townhomes
65. 2301 Walnut Street
5. Schuylkill Avenue
20. The Apartments at 23rd &
42. Rivermark Northern
66. Two Cathedral Square
Research Building 6. Caroline Kimmel Biomedical
Cherry 21. Edgewater Apartments
Liberties (Phase 1) 43. Somi 1620
(Phase 2)
44. The Hannah
22. The Carson
45. The Keystone
Hospitality
23. The Laurel
46. The McDermott
7. Blue Ivy Hotel
24. The Quincy
47. 1201–15 Callowhill Street
8. The Jaan at Center City
25. The Ryland
48. 1701 Market Street
9. The Jaan at Old City
26. Jessup House
49. 19th & Chestnut Street
10. 7th & Chestnut Street
27. 13th & Spring Garden Street
50. 2012 Chestnut Street
28. 200 South 12th Street
51. 33 North 22nd Street
Cultural/Entertainment
29. The Noble
52. 502 Wood Street
11. Calder Gardens
30. 412 North 2nd Street
53. 901 North Front Street
12. 76 Place at Market East
31. 5th & Spring Garden Street
54. Arbour House
13. Family Court Building
32. 650 Fairmount Avenue
55. Broad & Pine Street
33. 918–980 Delaware Avenue
56. Broad & Lombard Street
34. 9th Street &
57. Freeman's Auction House
Building
(Redevelopment) 14. Philadelphia Ballet 15. Walnut Street Theatre (Expansion) 8
Washington Avenue
Washington Avenue 35. Annex 1201
Center City District & Central Philadelphia Development Corporation
58. Harper Square 59. Vine Street Lot
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Center City District Reports: Center City Developments Report January 2024
Office Development
1. 2222 Market Street Developer: Parkway Corporation Location: 2222 Market Street Size: 304,826 sf Retail Square Footage: 4,274 sf Start Date: Q2 2020 Completion Date: Q3 2023 Status: Completed
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Parkway Corporation has transformed its parking lot at 23rd and Market into a 304,826 square foot, Class-A office building for law firm Morgan, Lewis & Bockius. The 19-story building includes a façade of glass and brick, as well as ground-floor retail and an underground garage for 47 cars. The building is LEED Certified with a green roof.
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Center City District Reports: Center City Developments Report January 2024
2. 2000 Arch Street Developer: Parkway Corporation Location: 2000 Arch Street Size: 550,000 sf Start Date: 2023 Completion Date: 2026 Status: Under Construction Investment: $430 million Parkway is developing a destination workplace at 2000 Arch Street in Philadelphia. 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.
3. 2300 Market Street Developer: Breakthrough Properties Location: 2300 Market Street Size: 250,000 sf Start Date: 2022 Completion Date: 2024 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 modern glass design. The building will also include a café, fitness center and elevated terrace.
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Center City District Reports: Center City Developments Report January 2024
Health Care and Education Projects
4. Jefferson's Honickman Center Developer: Jefferson Health Location: 1101 Chestnut Street Size: 462,000 sf Start Date: 2021 Completion Date: 2024 Status: Under Construction Investment: $762 million
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Jefferson Health is nearing completion on the Honickman Center, which will consolidate various clinical care units into one facility. The 19-story building will include examination rooms, operating rooms, imaging and lab services, a pharmacy and underground parking, and will be capped with a rooftop garden. The project is part of Phase 3 of the multi-block East Market development.
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Center City District Reports: Center City Developments Report January 2024
5. Schuylkill Avenue Research Building
6. Caroline Kimmel Biomedical Research Building
Location: 690 Schuylkill Avenue Size: 350,000 sf Start Date: 2021 Completion Date: 2024 Status: Under Construction Investment: $600 million
Developer: Thomas Jefferson University Location: 214 South 9th Street Size: 225,000 sf Start Date: TBD Completion Date: TBD Status: Proposed Investment: $300 milllion
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 accommodate 350,000 square feet of research labs 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 contribute to the hospital’s $3.4 billion capital facilities plan.
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Center City District & Central Philadelphia Development Corporation
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.
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Center City District Reports: Center City Developments Report January 2024
Hospitality Projects 7. Blue Ivy Hotel Developer: Estia Group Location: 122 South 11th Street Type: Hospitality Size: 51,181 sf Hotel Rooms: 86 Start Date: 2024 Completion Date: TBD Status: Under Construction Developed by the Estia Group, the Blue Ivy Hotel will bring 86 hotel rooms to 11th and Sansom streets. The hotel will have a two floor street level Mediterranean restaurant. Demolition has started at this site.
8. The Jaan at Center City Developer: Genesis Capital Location: 225-239 North 13th Street Size: 59,560 sf Hotel Rooms: 81 Retail Square Footage: 1,800 sf Start Date: June 2023 Completion Date: April 2024 Status: Under Construction Investment: $23 million The Jaan at Center City will be a 81-unit mixed use hospitality/multifamily asset located near Chinatown. The units are created for long term guests and business travelers. The building will include a gym, lounge and roof deck with views of the city skyline and ground floor retail.
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Center City District Reports: Center City Developments Report January 2024
9. The Jaan at Old City
10. 7th & Chestnut
Developer: Genesis Capital Location: 141 North 4th Street Size: 37,566 sf Hotel Rooms: 36 Start Date: 2023 Completion Date: 2024 Status: Under Construction
Developer: Hightop Real Estate and Development Location: 700-704 Chestnut Street Hotel Rooms: TBD Retail Square Footage: TBD Status: Proposed
The Jaan at Old City will be a 36-unit hospitality/multifamily asset located in the heart of Old City. The structure will be a five-story stick frame over a one level concrete podium as well as incorporate four-story additions to the existing buildings, which will be gutted and integrated into the new building.
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Center City District & Central Philadelphia Development Corporation
Hightop Real Estate and Development’s proposal for a ninestory hotel in the Chestnut Street East Commercial Historic District received a conditional recommendation for approval by the city Historical Commission’s Architectural Committee in January 2023. The plan calls for the addition of six floors to an existing structure at 700-02 Chestnut and to demolish and rebuild the existing structure at 704 Chestnut using the original materials to emulate the original structure from 1896. There will be ground floor restaurant space, replacing the vacant Jones restaurant.
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Cultural/Entertainment Projects 11. Calder Gardens Developer: The Calder Foundation Location: Benjamin Franklin Parkway between 21st & 22nd Size: 18,000 sf Start Date: Q4 2022 Completion Date: 2024 Status: Under Construction Investment: $70 million
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Designed by Herzog & de Meuron, Calder Gardens will showcase the art and ideas of Alexander Calder. Featuring galleries illuminated by natural light, in a structure ensconced in a flowing landscape of native and flowering species, Calder Gardens will present a rotating selection of masterworks from the Calder Foundation of New York, including mobiles, stabiles, monumental sculptures, and paintings.
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Center City District Reports: Center City Developments Report January 2024
12. 76 Place at Market East
13. Family Court Building Redevelopment
Developer: 76DevCo Location: 10th & Market streets Size: 175,000 sf Start Date: 2026 Completion Date: 2031 Status: Proposed Investment: $1.3 billion
Developer: National/Frontier 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: 2028 Status: Proposed
76 Place is proposed as the new home of the Philadelphia 76ers. The new arena will span the blocks of 10th and 11th streets on Market Street. The project is expected to include ground floor retail and restaurants, replacing a part of the Fashion District mall.
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Center City District & Central Philadelphia Development Corporation
National Real Estate Development LLC and Frontier Development & Hospitality Group, in a joint venture known as National/Frontier, in collaboration with Method Co., Smith & Roller, and BKP Development Group, have been selected as the development partners for the redevelopment of 1801 Vine and 1901 Wood streets. The former Family Court Building at 1801 Vine Street will include 250 hotel rooms, with a restaurant and event space. The new location of the African American Museum of Philadelphia 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.
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Center City District Reports: Center City Developments Report January 2024
14. Philadelphia Ballet Center for Dance Developer: Philadelphia Ballet Location: 323 North Broad Street Size: 43,000 sf Start Date: TBD Completion Date: TBD Status: Proposed Investment: $35 million
Varenhorst Architects’ design of the new Philadelphia Ballet building includes dance studios, a large black box performance space, changing rooms, a dancer’s lounge, a café and administrative offices.
15. Walnut Street Theatre (Expansion) Developer: Walnut Street Theatre Location: 825 Walnut Street Size: 35,000 sf Start Date: TBD Completion Date: TBD Status: Proposed Investment: $39 million The expansion of the Walnut Street Theatre will include a fully renovated lobby and box office, additional space for its growing education programs, two new rehearsal halls, a 400seat theater-in the-round, believed to be the first of its kind in the region, and a restaurant. The new space will add 35,000 square feet to the existing facility.
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Center City District Reports: Center City Developments Report January 2024
Public Space Projects ⬅ 16. Penn’s Landing Developer: Durst Organization & Delaware River Waterfront Corporation Location: 101 South Christopher Columbus Boulevard Size: 11.5 acres Residential Units: 2,300 Hotel Rooms: 225 Retail Square Footage: 120,000 sf Start Date: 2023 Completion Date: 2025 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. By creating this public amenity, the $225 million investment will be positioned to spur the private elements of the development—residences, restaurants, and shops—estimated at $800 million to $1 billion. The City of Philadelphia has committed $90 million to the project over six years, with remaining costs covered by state and philanthropic donors. 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.
17. Thomas Paine Plaza Developer: The 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.
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Center City District Reports: Center City Developments Report January 2024
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Center City District Reports: Center City Developments Report January 2024
Residential Projects
18. 2201 Washington Avenue Developer: 2201 Washington Avenue OCF LLC Location: 2201 Washington Avenue Size: 117,500 sf Residential Units: 111 Retail Square Footage: 15,000 sf Start Date: October 2019 Completion Date: 2023 Status: Completed Investment: $40 million
2201 Washington Avenue is a development of singlefamily townhomes and a mixed use buildings, including 21 townhomes facing League Street. The townhomes feature three bedrooms, amenity spaces, two-car garages, and green roofs with pilot house access, occupying roughly 2,880 square feet. The two mixed use buildings have 90 apartments and 15,000 square feet of retail along Washington Avenue.
⬅ 123 South 12th Street, 12th & Sansom CENTERCITYPHILA.ORG
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Center City District Reports: Center City Developments Report January 2024
19. 214 Vine Street Developer: Vine Street Living LLC Location: 214 Vine Street Size: 26,550 sf Residential Units: 28 Start Date: 2021 Completion Date: 2023 Status: Completed 214 Vine Street is a 26,550 square foot building with 28 apartment units featuring a roof deck.
20. The Apartments at 23rd & Cherry Developer: PMC Property Group Location: 139 North 23rd Street Size: 122,576 sf Residential Units: 115 Start Date: 2021 Completion Date: 2023 Status: Completed Investment: $35 million PMC Property Group has completed a 115-unit apartment building adjacent to its River Walk high-rise development along the Schuylkill waterfront. The building has a green roof, 122,576 total feet of space, and an underground garage with 42 parking spaces.
21. Edgewater Apartments (Phase 2) Developer: Greystar Worldwide, LLC Location: 230 North 23rd St Size: 145,473 sf Residential Units: 180 Start Date: 2021 Completion Date: 2023 Status: Completed Edgewater Apartments is the second phase of the Edgewater complex at 2323 Race Street. The 145,473 square foot residential building provides 180 units ranging from studios to two bedrooms. Amenities include a pool, fitness center, and rooftop patio.
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Center City District Reports: Center City Developments Report January 2024
22. The Carson Developer: RREI LLC Location: 501 Spring Garden Street Size: 478,782 sf Residential Units: 373 Retail Square Footage: 60,810 sf Start Date: 2022 Completion Date: Summer 2023 Status: Completed
The Carson houses 373 Class-A apartment units, 25,000 square feet of residential amenity space, a 40,000-squarefoot grocery store leased to a national tenant, and an additional 20,000 square feet of retail space. Amenities include a basketball court, fitness studio, demonstration kitchen, a rooftop with lounge areas, and dog run.
23. The Laurel Developer: Southern Land Company Location: 1911 Walnut Street Size: 583,000 sf Residential Units: 185 apartments; 64 condos Retail Square Footage: 43,947 sf Start Date: 2019 Completion Date: Q4 2023 Status: Completed Investment: $400 million The Laurel is a 48-story, 583,000 square foot luxury apartment and condominium tower on top of a three-story retail podium. Southern Land Company’s development includes 64 condominiums, 185 short- and long-term rental apartments and 207 underground parking spaces. Designed by Solomon Cordwell Buenz, the residential tower includes valet parking, indoor pool, fitness center, conference room, dog spa, and a club room and terrace overlooking Rittenhouse Square. The Laurel features more than 43,000 square feet of high-end retail that will wrap around Walnut, Sansom and 20th streets.
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Center City District Reports: Center City Developments Report January 2024
24. The Quincy Developer: Arts + Crafts Holdings Location: 741 Spring Garden Street Size: 99,114 sf Residential Units: 146 Start Date: 2022 Completion Date: 2023 Status: Completed Investment: $4.95 million Construction has completed on a 99,114 structure that includes residential, retail, and car and bicycle parking. The development has a residential mix of studios, one-, and two-bedroom units; a 1,279 square foot, partially covered roof deck; and a green space with dog park in the 15- to 20-foot setback from the street.
25. The Ryland Developer: LCOR Location: 1 Dock Street Size: 300,000 sf Residential Units: 272 Start Date: 2021 Completion Date: 2023 Status: Completed Investment: $66.55 million The Ryland is a 31-story high-rise at 1 Dock Street adjacent to the Sheraton Hotel. The new building has a brick façade and large expanses of glass at the lower levels. The tower is composed of glass and steel has 272 units, comprised of studios, one bedrooms and two bedrooms. Amenities include a rooftop deck with a pool.
26. 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: 2023 Status: Under Construction Investment: $132.25 million South Carolina developer Greystar Worldwide is constructing a 20-story development with 399 apartment units at the location of a former parking garage at 12th and Sansom streets. The apartment building will have 10,844 square feet of retail space. The project consists of two levels of belowgrade parking, accessed from Sansom Street.
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Center City District Reports: Center City Developments Report January 2024
27. 13th & Spring Garden 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: 2024 Status: Under Construction Construction has begun on a 149-unit apartment building at 13th and Spring Garden, replacing a prior proposal for a self-storage facility. Developers are targeting unit rent rates of 50% to 70% of the Callowhill neighborhood’s area median income. The project will include ground floor retail with a preference for a small commercial business.
28. 200 South 12th Street Developer: Midwood Investment & Development Location: 200 South 12th Street Size: 425,000 sf Residential Units: 378 Retail Square Footage: 40,000 sf Start Date: 2023 Completion Date: 2024 Status: Under Construction Investment: $200 million Developed by Midwood Investment & Development, 210 South 12th Street will be a 32-story, mixed use residential building with two floors of retail and 378 residential units. The tower will feature amenities including a swimming pool, games room, gym, and high-level terrace and lounge area with greenery.
29. The Noble Developer: National Real Estate Development and Kushner Real Estate Group Location: 200-24 Spring Garden Street Size: 337,662 sf Residential Units: 360 Retail Square Footage: 23,000 sf Start Date: Q2 2022 Completion Date: Q1 2024 Status: Under Construction 200 Spring Garden is a 13-story, L-shaped residential tower at the southwest corner of Spring Garden and North 2nd Street. The site will serve as a gateway to the East Callowhill neighborhood from the Northern Liberties neighborhood, connecting pedestrians in both neighborhoods by means of 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 a ground floor with two-story City Fitness flagship along Spring Garden Street. Parking for residents will be internal to the structure with vehicular access from North 2nd Street. CENTERCITYPHILA.ORG
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30. 412 North 2nd Street 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: 2022 Completion Date: 2024 Status: Under Construction 412 North 2nd Street is a 23-story, 397-unit, multifamily apartment building anchoring the southern end of the larger Northern Liberties development. The site will serve as a gateway to Old City, connecting pedestrians in both neighborhoods 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.
31. 5th & Spring Garden 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: Spring 2024 Status: Under Construction Investment: $200 million Southern Land Company is constructing a 137-foot, 12-storytall tower which will include 15,000 square feet of ground floor retail and 329 residential units. The building will also have a dynamic amenity suite, including a co-working space, fitness center, dog spa, dog park and a resort-style pool.
32. 650 Fairmount Avenue 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 use project featuring 297 apartments, 107 townhouses, duplexes, and triplexes, 221 parking spaces, and 21,000 square feet of retail space. Sixty of the residential units will be allocated as affordable housing.
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33. 918-980 Delaware Avenue Developer: Core Realty Location: 918-980 Delaware Avenue Size: 418,480 sf Residential Units: 426 Retail Square Footage: 21,560 sf Start Date: 2022 Completion Date: TBD Status: Under Construction
Construction is underway at the site of the former George L. Wells Meat Company building at 918-980 Delaware Avenue. The proposal includes the construction of six buildings on the property, consisting of 462 residential units, six commercial spaces, 144 car parking spots and 162 bicycle spaces.
34. 9th & Washington Developer: Midwood Investment & Development Location: 1101-33 South 9th Street Size: 204,351 sf Residential Units: 157 Retail Square Footage: 15,192 sf Start Date: 2023 Completion Date: 18 months from start Status: Under Construction Investment: $52 million Midwood Investment & Development plans to redevelop the parcel of land on the southeast corner of 9th Street and Washington Avenue in the Italian Market, where Anastasi’s Seafood currently operates adjacent to a vacant lot. The six-story brick building will include 157 apartments and approximately 15,000 square feet of ground-floor retail. There will be two levels of underground parking with 120 spaces and an entrance on 9th Street.
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35. Annex 1201 Developer: Meritis Group Location: 1201-09 Vine Street Size: 83,635 sf Residential Units: 120 Completion Date: 2023 Status: Completed Investment: $10 million Vine Street Apartments has added 120 residential units to an existing building at 1201 Vine Street. The project totals 83,635 square feet and includes automated parking for 36 cars.
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⬅ 36. Broad & Noble
⬆ 37. Broad & Washington
Developer: Toll Brothers Apartment Living & Sundance Bay Location: 435 North Broad Street Size: 371,302 sf Residential Units: 344 Retail Square Footage: 10,440 sf Start Date: Summer 2021 Completion Date: 2023 Status: Completed Investment: $150 million (estimated)
Developer: Tower Investments and Post Brothers Location: 1001 South Broad Street Size: 1,543,218 sf Residential Units: 1,100 Retail Square Footage: 65,000 sf Start Date: 2021 Completion Date: TBD Status: Under Construction Investment: $306 million
Toll Brothers Apartment Living has constructed an 18 story tower with 344 units, 10,440 square feet of retail and 107 underground parking spaces at the intersection of Noble and North Broad streets. A public plaza facing Noble Street will be activated by a two-story retail space adjacent to the entrance to the Rail Park.
Tower investments is developing an empty lot at Broad Street and Washington Avenue for an 1,100 unit residential building. Giant Food Stores will be the anchor tenant for the ground floor retail space. The first phase, which broke ground in fall 2021, will include 400 apartments and a rooftop green space.
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38. Chocolate Factory Developer: OCF Realty Location: 2101 Washington Avenue Size: 195,131 sf Residential Units: 327 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 twofamily townhomes, 247 apartments, 36,000 square feet of retail split between an Aldi grocery store and a CVS, and 120 parking spaces below grade.
39. Fishtown Village (Phase 1) Developer: Saxum Real Estate Location: 700 Delaware Avenue Size: 500,000 sf Residential Units: 466 Retail Square Footage: 15,000 sf 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 development consists of over 500,000 square feet of new construction in the form of two seven-story mixed use multifamily buildings plus the adaptive reuse of a historic designated structure to convert it to eight townhome style units. The pair of seven-story structures will provide a total of 466 residential units, as well as over 15,000 square feet of retail.
40. Innovator Village Developer: Philly Living Location: 2401 Washington Avenue Residential Units: 82 Retail Square Footage: 6,900 sf Start Date: 2020 Completion Date: 2023 Status: Under Construction Innovator Village will feature a combination of townhomes, duplexes, and rental units with ground floor retail and commercial space.
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41. Philip Street Townhomes Developer: OCF Realty Location: 244–58 North 2nd Street Residential Units: 11 Start Date: 2022 Completion Date: 2024 Status: Under Construction On the former site of the former Snyderman’s Gulf gas station, OCF Realty is building 11 four-story townhouses with starting prices of $1.8 million. All units will offer three bedrooms, six full bathrooms, a full basement, two-car parking, and a roof deck.
42. Rivermark Northern Liberties (Phase 1) Developer: Jefferson Apartment Group and Haverford Properties Location: 501 N. Christopher Columbus Boulevard Size: 392,040 sf Residential Units: 470 Retail Square Footage: 45,000 sf Start Date: 2023 Completion Date: TBD Status: Under Construction
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Set along the Delaware River, 501 North 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 anchored by a Sprouts Farmers Market. This new development will include a public plaza, splash pad fountain, art installations, and an extension of the Delaware River Trail through the parcel.
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43. Somi 1620 Developer: Southern Land Company Location: 1620 Sansom Street Size: 376,900 sf Residential Units: 254 Retail Square Footage: 17,000 sf Start Date: October 2021 Completion Date: 2024 Status: Under Construction Investment: $200 million Somi 1620 will rise 27 stories and have 254 luxury rental residences, including multiple penthouses with private terraces. Amenities will 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 Philadelphia’s first Boqueria, the NYC-based tapas restaurant and bar, located on the ground level. Additionally, 1620 Sansom Street will have 17,000 square feet of space on the second floor ideal for another restaurant or health and wellness facility.
44. The Hannah Developer: Linden Lane Capital Partners Location: 1306–14 Callowhill Street Size: 184,679 sf Residential Units: 181 Retail Square Footage: 3,208 sf Completion Date: 2023 Status: Completed Investment: $18 million
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The Hannah is a 184,679 square foot, mixed use residential development with industrial design in tune with Callowhill’s history. This development has 181 residential units and 3,208 square feet of ground floor retail space.
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Center City District Reports: Center City Developments Report January 2024
45. The Keystone Developer: Linden Street Investments Location: 417 Callowhill Street Size: 213,115 sf Residential Units: 220 Start Date: 2022 Completion Date: 2024 Status: Under Construction Investment: $80 million Linden Street Investments’ newest development is a 220unit multifamily property at the intersection of Callowhill Street and North 5th Street, between Old City and Northern Liberties. Plans include a residential amenity space on the ground floor.
46. The McDermott Developer: Philly Capital Group Location: 689–95 North Broad Street Size: 18,000 sf Residential Units: 20 Retail Square Footage: 1,400 Sf Start Date: 2022 Completion Date: 2024 Status: Under Construction Investment: $5.8 million The McDermott Building, a five-story, 18,000 square foot mixed use building, is located on the corner of 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, and a greenroof community outdoor space.
47. 1201–15 Callowhill Street Developer: LLCP 1201 Callowhill LLC Location: 1201–15 Callowhill Street Size: 83,667 sf Residential Units: 144 Start Date: TBD Completion Date: TBD Status: Proposed The parking lot at 1201-15 Callowhill will be transformed to a 144 unit apartment building in the Callowhill neighborhood.
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48. 1701 Market Street Developer: Alterra Property Group Location: 1701 Market Street Size: 205,170 sf Residential Units: 299 Start Date: TBD Completion Date: TBD Status: Proposed Alterra Property Group recently acquired 1701 Market, the former headquarters of the law firm Morgan Lewis, with plans to convert the offices to 299 apartment units.
49. 19th & 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 the property at 1826 Chestnut Street since 1994, is proposing a 213 apartment residential tower to top the CVS currently at the location. The development is planned at 576 total feet in height, with 64 below-grade parking spaces. The tower would be one of the tallest residential towers in the city.
50. 2012 Chestnut Street Developer: Alterra Property Group and Rheal Capital Management Location: 2012 Chestnut Street Size: 112,130 sf Residential Units: 162 Retail Square Footage: 5,000 sf (approximate) Start Date: TBD Completion Date: TBD Status: Proposed Investment: $40 million Preliminary plans call for the existing structure to be demolished and replaced with a 14-story tower comprised of 162 rental units, of which 32 will be designated as affordable housing. The plans also call for approximately 5,000 square feet of retail on the ground floor and rooftop amenities for all residents.
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51. 33 North 22nd Street Developer: PMC Property Group Location: 33 North 22nd Street Size: 456,380 sf Residential Units: 341 Start Date: TBD Completion Date: TBD Status: Proposed PMC Property Group has proposed a tower with 341 residential units on what is currently a parking lot for a Trader Joe’s grocery store at 22nd and Market streets. The plan for the 32,616 square foot, CMX-5 zoned parking lot calls for residences on floors 7 through 29, as well as 248 car parking spaces within an accessory garage and on floors 0 through 6 and 114 bicycle spaces.
52. 502 Wood Street Location: 502 Wood Street Size: 55,470 sf Residential Units: 50 Start Date: TBD Completion Date: TBD Status: Proposed Investment: $5.6 million This proposed residential building will create 50 units including studios, one bedroom, and two bedroom apartments.
53. 901 North Front Street Developer: 910 North Front Street Associates Location: 901 North Front Street Size: 76,033 sf Residential Units: 96 Start Date: TBD Completion Date: TBD Status: Proposed This seven-story building will add 96 units to Northern Liberties.
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54. 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 (estimated) Pearl Properties has proposed a 99-unit tower at 7th and Sansom. The building will overlook Washington Square, part of Independence National Historical Park, and feature one and two bedroom units, 50 parking spaces, and ground floor retail.
55. Broad & Pine Developer: Dranoff Properties Location: 337 South Broad Street Size: 145,200 sf Residential Units: 91 Retail Square Footage: 2,800 sf Start Date: TBD Completion Date: TBD Status: Proposed
Dranoff Properties is proposing a residential mixed use building on the corner of Broad and Pine streets comprised of 91 rental units and ground floor retail. Designed by My Architecture, the building’s exterior draws from the historic architecture on Avenue of the Arts.
⬅Somi 1620, 1620 Sansom Street CENTERCITYPHILA.ORG
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56. Broad & Lombard
57. Freeman’s Auction House
Developer: The Goldenberg Group Location: 500 South Broad Street Size: 597,347 sf Residential Units: 468 Start Date: TBD Completion Date: TBD Status: Proposed
Developer: Astoban Investments Location: 1808-10 Chestnut Street Size: 128,000 sf Residential Units: 19 Retail Square Footage: 24,000 sf Start Date: TBD Completion Date: 2024 Status: Proposed Investment: $64 million
Developed by The Goldenberg Group, this 468-unit, 43-story high rise will offer extensive amenities with convenient access to the Avenue of the Arts.
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Astoban Investments plans to preserve the existing sixstory building that formerly housed Freemans’ Auctions and construct a 19-story condominium tower above it for a total of 25 stories. Each added story will be a luxury condominium. There will be an underground parking area with seven spaces for cars, plus a bike rack on Chestnut Street.
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Center City District Reports: Center City Developments Report January 2024
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: 2025 Status: Proposed Pearl Properties is building a 52-story, 215 residential unit skyscraper at 115 South 19th Street across from The Harper, which will also include 15,000 square feet of retail space on the lower floors.
59. Vine Street Lot Developer: Durst Organization Location: 300 North Christopher Columbus Boulevard Size: 345,301 sf Residential Units: 360 Retail Square Footage: 10,000 sf Start Date: TBD Status: Proposed
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The Durst Organization has paid $10 million for the city-owned lot on the Delaware waterfront north of the Benjamin Franklin Bridge, where it plans to build a 25-story tower with 10,000 square feet of retail space.
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Mixed Use Projects
60. The Mily on Green Developer: Elk Street Management Location: 545 North Broad Street Size: 152,635 sf Residential Units: 108 Start Date: 2021 Completion Date: 2023 Status: Completed Investment: $45 million The new Mily on Green is located at the site of a former Goodyear Tire shop, which was demolished by Keating prior to construction. The completed building consists of 108 two- and three-bedroom apartments, two shared amenity spaces, a green roof with terrace, and 11,000 square feet of commercial space. The underground garage includes parking for 31 spaces and electric vehicle charging.
⬅ 61. 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: 2024 Status: Under Construction Investment: $105 million PMC Property Group is building a 23-story residential commercial mixed use building along the Schuylkill River with 287 units and office space on the top floors, with 44 car parking spots and 96 bicycle parking spaces.
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62. 36–39 South 2nd Street Developer: 2nd + Trotters LLC Location: 36-39 S 2nd Street Size: 51,623 sf Residential Units: 61 Start Date: 2022 Completion Date: 2024 Status: Under Construction Investment: $10.5 million This building will stand 113 feet tall on the corner of South 2nd Street and Trotter’s Alley and include 61 residential units.
63. The Bellevue Developer: Lubert-Adler Location: 200 South Broad Street Size: 885,365 sf Residential Units: 200+ Hotel Rooms: 172 Start Date: 2022 Completion Date: 2024 Status: Under Construction Investment: $100 million Lubert-Adler acquired The Bellevue with plans to convert the current office space into apartments, while 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 coworking space.
64. 1101 Walnut Street Developer: Abrams Realty & Development LLC Location: 1101 Walnut Street Size: 138,150 sf Residential Units: 198 Retail Square Footage: 4,420 sf Start Date: TBD Completion Date: TBD Status: Proposed An 18-story, 138,150 square foot, 198 unit apartment building is planned for the corner of 11th and Walnut streets, replacing the demolished Wendy’s Restaurant. The project also includes 4,420 square feet of retail on the ground and second floors and 6,281 square feet of office and amenities on the third floor, plus 34 off-site parking spaces and storage space for 68 bicycles.
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65. 2301 Walnut Street Developer: Trammell Crow Company Location: 2301 Walnut Street Size: 177,963 sf Residential Units: 172 Retail Square Footage: 8,186 sf Start Date: TBD Completion Date: TBD Status: Proposed An 11-story, 172-unit mixed use building has been proposed for the former site of a Rite Aid on West Walnut Street. Of the proposed 177,963 square feet, 8,186 square feet will go to a ground floor, corner commercial space. The building will have 32 underground parking spaces and a 5,000 square foot public plaza.
66. Two Cathedral Square Developer: EQT Exeter Location: 227 North 18th Street Size: 700,000 sf Residential Units: TBD Retail Square Footage: 4,500 sf Start Date: TBD Completion Date: TBD Status: Proposed Two Cathedral Square will add 700,000 square feet of new development to Logan Square, including 14 floors of trophy workspace (450,000 square feet of office space), 20 floors of residential space on floors 15 through 34, ground floor retail, and underground parking.
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CPDC Members We are grateful for the ongoing support of CPDC members, who make reports such as this one possible. For more information on CPDC and how to join visit centercityphila.org/cpdc ABM Allan Domb Real Estate Alterra Property Group LLC Aramark Ballard Spahr LLP Bank of America NA Blank Rome LLP Brandywine Realty Trust Brickstone Realty CBP Architects CBRE Inc. Children's Hospital of Philadelphia Comcast Commonwealth Land Title Insurance Company CosciaMoos Architecture Cozen O'Connor LLP Cushman & Wakefield of Pennsylvania Inc. Dranoff Properties Duane Morris LLP Econsult Solutions Inc. Firstrust Bank FMC Corporation Goldman Properties Greenberg Traurig LLP HDR Architecture JLL Kenilworth Capital Advisors LLC Keystone Property Group KieranTimberlake Klehr Harrison Harvey Branzburg LLP LevLane Lubert-Adler M&T Bank Mercator Advisors LLC Morgan, Lewis & Bockius LLP MPN Realty
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Narducci Electric Company LLC National Real Estate Development Nelson Worldwide O'Donnell & Naccarato Olin Parkway Corporation Pearl Properties LLC PECO Energy Company Pennoni Pennsylvania Horticultural Society Philadelphia Parking Authority 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 University of Pennsylvania Univest Financial Corporation Urban Engineers Inc. William Penn Foundation WRT Zarwin Baum DeVito Kaplan Schaer Toddy PC
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