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Center City Philadelphia Developments 2015–2019

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Center City Philadelphia Developments 2015–2019 CENTER CITY PHILADELPHIA DEVELOPMENTS 2015–2019 CENTER CITY DISTRICT AND CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION INTRODUCTION 2 DEVELOPMENTS MAP 4 COMMERCIAL/MIXED-USE 6 CULTURAL 10 GOVERNMENT & NON-PROFIT INSTITUTIONS 11 HEALTHCARE & EDUCATION 12 HOSPITALITY 13 PUBLIC SPACE 17 RESIDENTIAL 20 RESIDENTIAL/MIXED-USE 25 RETAIL 43 ACKNOWLEDGMENTS 44 CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION WWW.CENTERCITYPHILA.ORG INTRODUCTION Construction cranes are visible everywhere. Eleven major Since 2000, Center City’s population has increased 17%, as development projects, totaling almost $200 million, were com- millennials, empty-nesters, and families with children have pleted in 2015 between Fairmount and Washington Avenues, chosen to live near work and a broad range of dining, cultural, river to river. Another 42 projects of all types, totaling $5.2 and entertainment offerings. Currently, 4,185 units are under billion in new investment were under construction at the end of construction and scheduled for completion by 2018. Several December 2015, while 29 more, totaling $3 billion, have been thousand more units have been announced. announced. The combined effect of a growing residential population, in- Residential developments are setting the pace. Half of the creasing overnight visitation and steady job growth has spurred 82 projects counted in this report are residential/mixed-use; several large-scale retail projects, such as National Real Estate another 11 are strictly residential. Remaining projects include Development’s East Market project, scheduled for completion in hotels, commercial/mixed-use, public space improvements, 2017, and PREIT and Macerich’s redevelopment of The Gallery, retail, healthcare and education, government and non-profit, scheduled for completion in 2018. Almost 2.9 million square feet and cultural developments. All are categorized by type and are of retail is expected to be added with a majority located east of mapped on pages 4–5. Broad Street, where there is room to accommodate the larger floor plates that big-box retailers prefer. Still, the largest development in the city’s history is Liberty Property Trust’s $1.5 billion Comcast Innovation and Technology Center. The new tower, rising at 18th and Arch Streets, will add more than 1.3 million square feet of trophy office space down- town; all will be leased by Comcast. A much smaller cluster of creative office space is under construction east of Broad Street signaling a new interest in more flexible workspace in the rapidly improving East Market corridor. Significant improvements in Pennsylvania Convention Center MAJOR PROJECTS COMPLETED IN 2015 management and well-targeted, successful advertising for lei- AND IN THE PIPELINE sure, convention and business travel have created more demand for downtown hotel rooms. Eleven hotels are under construction or are in the pipeline, including a new Four Seasons, W Hotel, $8.5 BILLION Element by Westin, Aloft, Cambria, and Fairfield Inn. In all, Cen- IN MAJOR DEVELOPMENTS ter City will add 2,772 new hotel rooms, pushing the downtown total over 13,000 rooms by 2019. 10,721 RESIDENTIAL UNITS MAJOR DEVELOPMENTS IN CENTER CITY BY TYPE AND SQUARE FOOTAGE 2,772 HOTEL ROOMS 62% RESIDENTIAL/MIXEDUSE 17,224,912 SF 13% COMMERCIAL/MIXEDUSE 3,529,476 SF 3,529,476 SF 7% HOSPITALITY 1,911,051 SF OF COMMERCIAL/MIXED-USE 6% RESIDENTIAL 1,796,454 SF 6% RETAIL 27.8 MILLION 2,860,139 SF 1,560,000 SF TOTAL SF 3% HEALTHCARE/EDUCATION OF NEW RETAIL* 759,656 SF PUBLIC SPACE 2% Source: Developments Database, Center City District 611,087 SF 1% CULTURAL 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 2015. As a result, these figures are not included in the respective totals. 286,000 SF *The total square footage for new retail includes the total square footage of developments categorized as “retail” proj- GOVERNMENT & NONPROFIT 0.3% ects, as well as any retail square footage in developments categorized as “residential/mixed-use,” 93,000 SF “commercial/mixed-use” and “hospitality” projects. Source: Developments Database, Center City District 2 CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION WWW.CENTERCITYPHILA.ORG INTRODUCTION MAJOR DEVELOPMENTS IN CENTER CITY MAJOR DEVELOPMENTS IN CENTER CITY BY STATUS BY COMPLETION DATE DEVELOPMENTS 14% COMPLETED 25 51% UNDER CONSTRUCTION 35% ANNOUNCED 20 82 15 TOTAL DEVELOPMENTS 10 5 11 23 24 12 39 Source: Developments Database, Center City District 0 2015 2016 2017 2018 2019 TBD Source: Developments Database, Center City District THE LARGEST DEVELOPMENT IN THE CITY'S HISTORY IS THE $1.5 BILLION COMCAST INNOVATION AND TECHNOLOGY CENTER, RISING AT 18TH AND ARCH STREETS. DELIVERY OF RESIDENTIAL UNITS IN MAJOR DEVELOPMENTS IN CENTER CITY RESIDENTIAL UNITS COMPLETED UNDER CONSTRUCTION ANNOUNCED 3,500 3,000 2,500 835 2,000 1,500 1,000 500 1,461 0 834 1,829 2,056 300 319 3,087 2015 2016 2017 2018 2019 TBD Source: Developments Database, Center City District CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION WWW.CENTERCITYPHILA.ORG 3 GIRARD AVE DEVELOPMENTSDEVELOPMENTS 54 74 AVE IRMOUNT DEVELOPMENTS IN FA CENTER CITY 71 10 28 31 1 CULTURAL 32 55 HOSPITALITY 50 24 RESIDENTIAL/MIXED-USE 59 80 40 12 20 COMMERCIAL/MIXED-USE VINE ST 11 73 64 T S 66 PUBLIC SPACE D 15 ROA 67 B 36 49 25 HEALTHCARE & EDUCATION 18 76 RESIDENTIAL 35 5 21 72 65 26 RETAIL 41 8 46 82 MARKET ST City Hall 47 43 GOVERNMENT & 23 68 2 4 NON-PROFIT INSTITUTIONS 30 58 6 45 62 60 7 44 16 33 3 14 Source: Development Database, 48 9 Center City District 63 56 70 75 61 81 77 37 17 19 29 22 69 27 51 PINE ST 52 39 38 78 53 13 34 WASHINGTON AVE 42 79 57 TASKER ST WHILE HOUSING STILL DOMINATES, A BROAD RANGE OF OFFICE, HOTEL AND RETAIL DEVELOPMENTS ARE UNDERWAY ACROSS CENTER CITY. 4 CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION WWW.CENTERCITYPHILA.ORG GIRARD AVE DEVELOPMENTS 54 74 AVE IRMOUNT DEVELOPMENTS IN FA COMMERCIAL/MIXED-USE 26. John F. Kennedy Plaza/ 65. 218 Arch Street 71 LOVE Park CENTER CITY 1. SoNo 66. One Water Street 27. Penn's Landing 10 28 2. Stock Exchange 67. One Franklin Tower 28. Spring Garden 31 Building Renovation 68. 2400 Market Street 1 Street Connector CULTURAL 32 3. The Hale Building 69. 1401 Spruce Street 55 4. The Steele Building 70. The Roosevelt Apartments HOSPITALITY 50 RESIDENTIAL 5. Comcast Innovation 71. Transatlantic 24 29. One Riverside RESIDENTIAL/MIXED-USE 59 80 40 and Technology Center 72. Francis House of Peace 12 20 30. The Residences at VINE ST 6. The Bourse COMMERCIAL/MIXED-USE 11 73 64 Two Liberty Place 73. 1601 Vine Street T S 66 7. 1618-22 Chestnut D 74. 1300 Fairmount PUBLIC SPACE 15 31. Mural Arts Lofts ROA 8. PPA 8th & Filbert Garage 67 B 36 49 25 32. Museum Towers II 75. 1911 Walnut Street HEALTHCARE & EDUCATION 18 33. The Griffin 76. The National 76 CULTURAL RESIDENTIAL 35 5 21 72 65 34. BridgeView 77. 1213 Walnut 26 9. Museum of the 78. 2400 South RETAIL 41 8 American Revolution 35. 1900 Arch Expansion 46 82 MARKET ST City Hall 47 43 36. 401 Race Street 79. 1001 South Broad GOVERNMENT & 68 23 10. Philadelphia Museum 2 4 80. 900-934 Callowhill NON-PROFIT INSTITUTIONS 30 58 6 of Art Expansion 37. 500 Walnut 45 62 60 7 44 16 33 3 14 Source: Development Database, 48 9 38. 410 at Society Hill Center City District GOVERNMENT & RETAIL 63 56 39. Waverly Court 70 75 61 81 77 37 NON-PROFIT INSTITUTIONS 81. 1436-28 Walnut 17 19 11. Philadelphia Pennsylvania 82. Fashion Outlets 29 RESIDENTIAL/MIXED-USE 22 Mormon Temple of Philadelphia 69 27 40. Park Towne Place 51 12. The Free Library of 41. The Sterling PINE ST 52 Philadelphia Parkway 39 38 Central Renovation 42. Lincoln Square 43. The Shirt Corner 78 53 HEALTHCARE & EDUCATION 44. Avenir 13 13. Children's Hospital of 45. AQ Rittenhouse Philadelphia - Schuylkill 46. 1919 Market Avenue, Phase I 47. Mellon Independence 14. Thomas R. Kline Institute 34 Center (MIC) Tower of Trial Advocacy 48. 1112-1128 Chestnut Street 79 WASHINGTON AVE 42 HOSPITALITY 49. Bridge 57 50. Renaissance Plaza 15. Marriott AC 51. SLS LUX Philadelphia 16. W Hotel and Element Hotel & Residences by Westin 52. The Hyde 17. Hyatt Centric 53. Royal Theater 18. The Logan 54. Divine Lorraine 19. Cambria Hotel & Suites 55. Rodin Square 20. Kimpton Hotel 56. The Curtis Center TASKER ST 21. Aloft Hotel 57. 9th and Washington 22. Fairfield Inn and Suites by Marriott 58. East Market, Phase I 59. Hanover North Broad PUBLIC SPACE 60. 1700 Chestnut 23. June 5th Memorial Park 61. The Beacon 24. Viaduct Rail Park, Phase I 62. 19th + Chestnut 25. Race Street Connector, 63. The Latham Phase II 64. Eastern Tower Community Center CENTER CITY DISTRICT & CENTRAL PHILADELPHIA DEVELOPMENT CORPORATION WWW.CENTERCITYPHILA.ORG 5 COMMERCIAL/MIXED-USE 1. SoNo DEVELOPER: Alliance Partners HSP, LLC LOCATION: 456 North 5th Street SIZE: 225,000 sf START DATE: Q3/Q4 2016 COMPLETION DATE: Q2/Q3 2017 STATUS: Announced INVESTMENT: $30 Million+ DESCRIPTION: Alliance Partners HSP will be converting the former Alliance Partners HSP, LLC Destination Maternity warehouse, located between Philadelphia’s downtown core and Northern Liberties’ millennial workforce, into a mixed-use project. Called SoNo, this project will likely feature a mix of office, retail and residential uses consistent with the new CMX zoning overlay that covers 2nd to 6th Streets and Spring Garden to Callowhill Streets. 2. STOCK EXCHANGE BUILDING RENOVATION DEVELOPER: Brandywine Realty Trust LOCATION: 1900 Market Street SIZE: 456,922 sf START DATE: July 2014 COMPLETION DATE: January 2016 STATUS: Completed INVESTMENT: $21 Million DESCRIPTION: Brandywine Realty Trust completed renovating the interior and exterior of 1900 Market Street, the former Stock Exchange Building, in January 2016.
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