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Developments Introduction 1 2019 CENTER CITY PHILADELPHIA DEVELOPMENTS INTRODUCTION 1 DEVELOPMENTS MAP 4 6 COMMERCIAL/MIXED USE CULTURAL 9 GOVERNMENT & NONPROFIT INSTITUTIONS 10 HEALTH CARE & EDUCATION 11 HOSPITALITY 12 PUBLIC SPACE 15 RESIDENTIAL/MIXED USE 18 PROPOSED PROJECTS 29 ACKNOWLEDGMENTS 39 CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION | CENTERCITYPHILA.ORG | Philly By Drone By | Philly W / Element Hotel W / Element INTRODUCTION Building upon a decade-long, sustained national economic Two large projects east of Broad Street are transforming Phila- expansion, 23 development projects totaling $2.8 billion were delphia’s former department store district. National Real Estate completed in Center City between Fairmount and Washington Development has completed another phase of East Market avenues, river to river, in the period from January 1, 2018 to adding more than 125,000 square feet of retail to their initial August 31, 2019. Eighteen projects totaling $3 billion in new office renovation and construction of two residential towers. A investment were under construction as of September 1, 2019. hotel in the historic Stephen Girard Building is currently under Another 21 projects with a total estimated development value of construction, while work is getting started on the final Chest- $1 billion are in the planning or proposal phase. nut Street phase of this full-block redevelopment. One block to the east, The Fashion District is opening in phases throughout The biggest of the completed projects is the largest develop- the fall of 2019, offering nearly 1 million square feet of shops, ment in Philadelphia’s history: the Comcast Technology Center, restaurants and a multiplex movie theater, designed to connect home to the Four Seasons Hotel, two restaurants, two local directly with public transit while animating both Market and broadcasting networks, an innovation hub and 4,000 Comcast Filbert streets. employees. However, half of the 40 projects and 64% of the total square In addition to Comcast, Aramark’s headquarters at 2400 Market footage completed or under construction as of September 1, Street, the Hale Building at 1326 Chestnut Street, the Studebak- 2019 include residential, usually as part of mixed developments er Building at 667 North Broad Street, and the Independence with strong retail components. Responding to the 22% growth in Collection of three office buildings including The Bourse in the Center City’s population since 2000, 2,484 residential units were historic area, have expanded the inventory of downtown com- added in 2018 and another 1,941 are scheduled for completion mercial office space by more than 3 million square feet. Overall, by the end of 2019. commercial, mixed-use development accounts for one quarter of all the square footage constructed or in the pipeline. CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION | CENTERCITYPHILA.ORG 1 INTRODUCTION The Harper, Pearl Property’s 185 unit apartment tower is part MAJOR CENTER CITY DEVELOPMENTS COMPLETED of a much larger, mixed use development in the Rittenhouse AND UNDER CONSTRUCTION, BY TYPE AND SQUARE Square neighborhood, that is also animating the western end of Chestnut Street. Similarly, PMC Property Group’s development FOOTAGE along the Schuylkill River, River Walk, is adding 700 residen- tial units along with a Giant Food Store in a two-story format, making it the largest grocery store in Center City. The Laurel, 64% RESIDENTIAL/MIXED USE 10,317,839 SF developed by Southern Land Company at Rittenhouse Square, and Arthaus, developed by Dranoff Properties on South Broad 26% COMMERCIAL/MIXED USE 4,112,035 SF Street, both broke ground in 2019. Upon completion, The Laurel will be the tallest residential tower in the city. 8% HOSPITALITY 1,214,207 SF Strong growth in hospitality has prompted the addition of five 6% PUBLIC SPACE 16.1 MILLION new projects. In 2018, Center City’s 12,283 hotel rooms enjoyed 236,937 SF TOTAL SF an occupancy rate of 79.6%, generating 3.5 million occupied 1% CULTURAL 176,500 SF room nights, even as the Fairfield Inn and Suites and Cambria Hotel & Suites added a total of 300 more rooms. This year, <1% GOVERNMENT & NONPROFIT 41,000 SF major hotel developments including the dual-branded W Hotel and Element Hotel, Pod Philly and the Four Seasons at Comcast <1% HEALTH CARE 24,000 SF will bring more than 1,000 additional rooms to the market. Source: Developments Database 2019, Center City District As the map on page 4 notes, developments of all types, including five public space projects and new education and cultural developments, are occurring simultaneously across all sections of Center City. MAJOR CENTER CITY PROJECTS COMPLETED AND UNDER CONSTRUCTION, 2018-2019 $5.8 BILLION 4,112,035 SF IN MAJOR DEVELOPMENTS OF COMMERCIAL/MIXED USE 6,197 1,820,505 SF RESIDENTIAL UNITS OF NEW RETAIL 1,891 HOTEL ROOMS Source: Developments Database 2017, Center City District Note: Several of the projects included on the map had not yet announced completion dates, development costs, or square footage as of the end of Q4 2017. As a result, these figures are not included in the respective totals. 2 CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION | CENTERCITYPHILA.ORG INTRODUCTION MAJOR DEVELOPMENTS COMPLETED OR UNDER MAJOR DEVELOPMENTS IN CENTER CITY, BY STATUS CONSTRUCTION, BY COMPLETION DATE DEVELOPMENTS 20 38% COMPLETED 29% UNDER CONSTRUCTION PROPOSED 15 33% 10 62 TOTAL DEVELOPMENTS 5 18 13 15 6 3 0 2018 2019 2020 2021 Source: Developments Database 2019, Center City District Source: Developments Database 2019, Center City District 23 DEVELOPMENT PROJECTS, TOTALING $2.8 BILLION WERE COMPLETED IN CENTER CITY FROM JANUARY 1, 2018 TO AUGUST 31, 2019 RESIDENTIAL UNITS IN MAJOR DEVELOPMENTS COMPLETED OR UNDER CONSTRUCTION, BY COMPLETION DATE RESIDENTIAL UNITS 3,000 2,500 2,000 1,500 1,000 500 0 2,484 2,130 526 1,057 2018 2019 2020 2021 Source: Developments Database 2019, Center City District CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION | CENTERCITYPHILA.ORG 3 DEVELOPMENTS GIRARD AVE 39 DEVELOPMENTS IN FAIRMOUNT AVE 2 CENTER CITY Commercial/ 57 Mixed Use 8 23 38 Cultural 16 Government & 22 26 62 Nonprofit Institutions VINE ST 9 46 37 32 Health Care & 60 Education ST BROAD 34 21 18 Hospitality 44 24 3 Public Space 35 20 33 Residential/ 17 4 43 MARKET ST City Hall 30 6 55 7 Mixed Use 5 19 14 11 1 52 47 53 31 10 54 Source: Developments Database 2019, 61 Center City District 41 45 27 42 12 13 49 48 36 15 25 PINE ST 56 40 58 28 51 59 WASHINGTON AVE 29 50 TASKER ST PROPOSED MAJOR PROJECTS IN CENTER CITY $1 BILLION 1,417,000 SF IN MAJOR DEVELOPMENTS OF COMMERCIAL/MIXED USE 2,935 384,711 SF RESIDENTIAL UNITS OF NEW RETAIL 353 HOTEL ROOMS 4 CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION | CENTERCITYPHILA.ORG DEVELOPMENTS PROJECTS COMPLETED OR PUBLIC SPACE PROPOSED PROJECTS UNDER CONSTRUCTION 16. Rail Park, Phase 1 17. John F. Kennedy Plaza/LOVE Park COMMERCIAL/MIXED USE COMMERCIAL/MIXED USE 18. Cherry Street Pier 42. The Washington 1. The Hale Building 19. June 5th Memorial Park 43. 23rd & Market 2. Studebaker Building 20. Horwitz-Wasserman Holocaust 44. 1709 Benjamin Franklin Parkway 3. Comcast Technology Center Memorial Park 4. Independence Collection HOSPITALITY 5. 2400 Market Street RESIDENTIAL/MIXED USE 45. 1101 Walnut Street 6. Fashion District Philadelphia 21. The View at Old City 46. 1801 Vine Street 22. Park Towne Place CULTURAL 23. Sono PUBLIC SPACE 7. Independence Visitor Center 24. The National 47. Penn's Landing 8. Philadelphia Museum of Art Expansion 25. Arthaus RESIDENTIAL/MIXED USE 26. 1600 Callowhill GOVERNMENT & NONPROFIT INSTITUTIONS 48. Dilworth House 27. The Curtis 9. The Free Library of Philadelphia Parkway 49. 1 Dock Street 28. Lincoln Square Central Renovation 50. Market House 29. 9th and Washington 51. 2201 Washington Avenue 30. East Market HEALTH CARE & EDUCATION 52. 1208 Chestnut 31. The Harper 10. Thomas R. Kline Institute of Trial Advocacy 53. 2012 Chestnut 32. Crane Chinatown 54. 12th & Sansom HOSPITALITY 33. 218 Arch Street 55. Lits Tower 11. W Hotel and Element 34. Franklin Tower Residences 56. Broad & Pine 12. Hyatt Centric 35. River Walk 57. Mural West 13. Cambria Hotel & Suites 36. The Atlantic 58. Pier 34/35 South 14. Pod Philly 37. The Alexander 59. Chocolate Factory 15. Fairfield Inn and Suites by Marriott 38. 1520 Hamilton 60. 800-830 Vine Street 39. 1300 Fairmount 61. 702 Sansom 40. Royal Theater 62. 900-934 Callowhill 41. The Laurel INTERACTIVE ONLINE MAP CCD’s research team has produced an interactive online map in conjunction with the release of Developments 2019. Visit centercityphila.org/developments/map for the searchable, sortable map that features all of the information found within this publication, and which will be continually updated as Center City development projects are announced, modified and completed. CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION | CENTERCITYPHILA.ORG 5 COMMERCIAL/MIXED USE 1. THE HALE BUILDING DEVELOPER: Brickstone Realty LOCATION: 1326 Chestnut Street SIZE: 50,000 sf RETAIL: 12,000 sf START DATE: October 2015 COMPLETION DATE: Q4 2018 STATUS: Completed INVESTMENT: $20 million DESCRIPTION: Brickstone Realty purchased the historic Hale Building at Chestnut and Juniper streets in September 2015 for $4.7 million. Renovations included restoring the remaining historic façade, adding creative office space on floors three through eight, 37,775 sf managed by international coworking operator Spaces, and two retail tenants including The Blind Barber, a 4,000 sf two-level barber shop-cocktail lounge hybrid that counts Philadelphia Phillies outfielder Bryce Harper as a business partner. The building includes a roof deck with multiple areas for working or for office users to socialize around a fire pit or under the shade of a pergola. JKRP 2.
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