New Philly Condos to Grace our Skyline

 

Two recently announced building projects will add new condos and more excitement to the Philly lifestyle.

 

Post 5-01Two new construction projects in Center City are about to make Philly real estate a little more exciting. A long vacant lot near Independence National Historic Park will be turned into a 26-story building with 40 condos, while the tallest condo building on South Broad will soon be built just south of Spruce Street.

500 Walnut

For years, the lot at 500 Walnut Street has sat vacant, like a lifeless void next to the bustling Penn Mutual Towers, which is home to one of my company’s four offices in Center City. While a number of proposals have been made over the years, none went forward, until now. Scannapieco Development Corporation, that brought us the highly successful, ultra luxurious condo tower just off Rittenhouse Square, 1706 Rittenhouse, plans to do it again! This time Scannapieco along with architect Cecil Baker, is taking its vision to the east side of Broad Street.  Scannapieco has purchased the land and is working on creating a 26-story “glass needle” tower, which will include 40 ”super swanky” condos.

On this project the developer needed to work closely with the National Park Service to come up with a design that was suitable for both parties to ensure the new tower was not going to impeded or restrict the view of Independence Hall and the Liberty Bell. To prevent that, the building is set back from Walnut Street and will be built at an angle offering a tremendous vantage point of one of the most historic sites in Philadelphia, and the Nation.

While construction hasn’t even begun on the project, pre-sales have already started, showing that lux living and amenity driven buildings are in demand in Philly. To no ones surprise, Scannapieco reported that it has sold 11 units so far, for a total of $40 million. Scannapieco expects the building to sell out quickly, as do I.

SLS Tower

The project on South Broad Street will be an example of out with the old and in with the new in terms of properties in Philly. Right now, the site is home to a vacant Utrecht art supply store, the empty offices of Philadelphia International Records, a vacant building and an empty lot that the was the site of last year’s PA Horticultural Society Pop-Up Garden.

The new building, dubbed SLS Tower, will be built by Carl Dranoff, the developer behind other residential additions to Broad Street which include the Symphony House, 777, and one of his newest offerings, South Star Lofts.

When finished, the building won’t just feature 125 new condos in Philly. It will also include more than 160 hotel rooms, a restaurant and parking.  SLS Tower will be a welcomed addition to sophisticated living, coupled with hotel style amenities, offering yet another option in high end, luxury living in Philly!

 

While construction has yet to begin on the two projects, they are proof that Philly real estate is hot, hot, hot. The focus on and investment in vacant ground and new projects throughout the city are also a testament to the strength and future of the real estate market in Philly. Once finished, the new buildings will make better use of parts of Center City that are currently neglected or under-used and add to the beauty and drama of the Center City skyline.

 

 

 

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