Now that the $500M East Market is well underway, we asked National Real Estate Development managing director Daniel Killinger, who's overseeing the massive project, about some of its lesser-known aspects.
What used to be on the site?
Market Street has a rich history as Philadelphia’s main street—the very center of commerce. In the late 1800s, the East Market site was home to one of Philadelphia’s first skyscrapers, the 13-story Stephen Girard Building. The historic building is still on-site, and we'll be doing some exterior maintenance work as part of the East Market construction. Also, the Philadelphia-based N. Snellenburg & Co moved to this section of Market Street in 1889. We're currently renovating 34 S 11th St, which was Snellenburg’s men’s store annex, into a modern warehouse office space for creative firms in Center City.
How has East Market evolved since it was first proposed?
Three of East Market’s owners–JOSS Realty Partners, SSH Real Estate and Young Capital–got control of the site in 2008, with National Real Estate Advisors on board as the fourth owner at the end of 2011. The ownership team, along with BLT Architects, studied many options over the past few years. The current mixed-use development plan was first originally envisioned in the summer of '13. The basic layout of East Market has remained the same since then, although we've made slight tweaks based on market factors. For example, we exchanged a floor of retail for a floor of office space in 34 S 11th St due to high demand.
What's something interesting that MOM's is going to sell?
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Since there's such a lack of grocery stores in this part of Philadelphia, MOM’s Organic Market will be critical to support residential and office tenants. We’re offering our residents, shoppers and office tenants a grocer whose mission and clientele aligns with ours. Namely, they're young professionals and innovators who place value on experience and convenience. MOM’s Organic Market sells many unique products that will attract visitors, including an organic lunch counter, local milk from Trickling Springs dairy in Chambersburg, and sustainable seafood.
What's an unusual amenity of the residential component?
The pedestrian walkway between Market and Chestnut, unique to East Market, will enable residents to take advantage of outdoor dining and shopping. East Market will offer residents a variety of shops and restaurants right outside their doors, as well as easy access to Jefferson Station for transportation. This type of environment is very popular with Millennials, empty nesters or really anyone who wants to live in the center of it all.
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