Development in Boom: Center City Development Report

From South Street to Spring Garden, Schuylkill River to Delaware River, Center City is blooming with fresh development projects. Between 2014 and 2018, more than $6.7 billion worth of development & renovation projects have been proposed in the Center City for different sectors including residential, residential-mixed, retail, commercial-mixed, cultural, healthcare & education, hospitality, government & non-profit institutions, and public spaces. As of December 2014, some have been completed, many are under way, and some are yet to be started.

Center City Development Report: Finished, Under Way, and Proposed Projects

A recent report by Central Philadelphia Development Corporation (CPDC) & Center City District (CCD) outlines 61 major projects being developed in downtown Philadelphia categorized under sectors. Here is brief overview of some of them from each sector.

Comcast Innovation & Technology Center (Commercial/Mixed-Use)

The Comcast Innovation & Technology Center will be a 59-story skyscraper with a height of 1,121 feet, which will make it the tallest building in the United States outside Manhattan & Chicago. This also makes it the largest project in the history of Philadelphia. Primarily used for office space, the tower will also nest 222 hotel rooms of Four Season Hotel. Tower’s proposed completion date falls in first quarter of 2018.

Museum of the American Revolution (Cultural)

Located along Third and Chestnut Streets and spanning over an area of 117,000 square feet, Museum of the American Revolution will be another gem to Philadelphia’s historic district. The construction work of the museum began in spring 2014 and is expected to finish by 2016.

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Children’s Hospital of Philadelphia (Healthcare & Education)

Children’s Hospital of Philadelphia (CHOP) will be a 23-story Class A office tower at South Street. CHOP will be used for clinical research and administrative programs and will house research staff of 1000+. The construction work for CHOP is expected to be finished by spring 2017.

Philadelphia Family Courthouse (Government & Non-Profit Institutions)

This 14 story building at 1501 Arch Street has been built by the Pennsylvania Department of General Services. The construction work was finished in October 2014. This 265 feet tall building will house the Domestic Relations and Juvenile Division facilities of the Philadelphia Family Court.

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W Hotel and Element by Westin (Hospitality)

This modern architectural wonder will be a 51-story &582 feet tall hotel building. 295 rooms will be occupied under the W Hotel flag, while the remaining 460 rooms under Element by Westin. The construction work for the building began in March 2015, and is expected to finish by spring 2018.

Penn’s Landing (Public Space)

One of the biggest proposed project, Penn’s Landing Park will be covering an area of 11 acres between Market and South Street. The development of the park is undertaken by the Delaware River Waterfront Corporation. The expected start & completion dates haven’t been released yet.

The Gallery (Retail)

Spanning over an area of 1.4 million square feetalong Market Street between 8th& 11th street, the Gallery market space is being developed by PREIT and Macerich. The Gallery will become the hottest destination for shopping, dining, and entertainment in Philadelphia.

500 Walnut (Residential)

A 26-story tower overlooking the Independence Hall, 500 Walnut will be a complex of 38 highly modern houses. Being developed by Scannapieco Development Corporation, the complex will have an automated parking system. 500 Walnut will be completed by 2017.

Renaissance Plaza (Residential/Mixed Use)

Proposed by Carl Marks & Co., Renaissance Plaza is the second largest project to be developed in Philadelphia after theComcast Innovation & Technology Center. The plaza will comprise 1,398 residential units and 1.9 million square feet of area to be used for residential and retail purposes.

You can learn more about these projects and other major development projects in Center City in this report by Central Philadelphia Development Corporation & Center City District.

If you too want to become a part of this development that is taking place throughout the Center City, Philadelphia, then you can consult with National Realty Investment Advisors, LLC. We help clients in landing the best investment deals in Philadelphia, PA area with assured high equity and rental returns. Interested investors can check out our innovative and highly profitable investment plan on our corporate website www.nria.net.

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