Philadelphia's 5 Most Exciting New Development Projects
Ahead of our State of the Market event Oct. 8, we picked five of most intriguing projects in greater Philadelphia, recent or underway.
1. Millennium Corporate Center
Location: Washington St, Conshohocken
Developer: O’Neill Properties Group
Size: 420k SF
Progress: Zoning approved this week.
X Factor: O'Neill Properties Brian O'Neill, who will be speaking at the State of the Market on Oct. 8, tells us that the property will have the largest activated rooftop in the country, which will include an indoor-outdoor bar, gardens, yoga areas, outdoor lounge and seating areas. The property will also include restaurants, an ampitheater, and one of the largest video art displays in the country.
2. Presidential City
Location: 3900 City Ave, Philadelphia
Developer: Post Brothers Apartments
Size: 1,000-plus units
Progress: The Washington building is up and operating. Adams, Jefferson and Madison underway.
X Factor: The project is distinct because of its scale, across four towers and a seven-acre amenity center, Post Brothers' Matthew Pestronk, who will also be a speaker at the State of the Market, tells us. "The project is unique as a gut redevelopment of an existing apartment complex, versus a ground-up construction project or a conversion of an office building."
3. Cira Green
Location: 2930 Chestnut St, Philadelphia
Developer: Brandywine Realty Trust, designed by Erdy McHenry Architecture
Size: One acre
Progress: Completed this summer.
X Factor: The cherry on top of the Cira Centre South development: a one-acre elevated urban park to serve as a gathering space and cultural venue on the roof of the Cira Centre South parking garage.
4. 251 DeKalb
Location: 251 DeKalb, King of Prussia
Developer: Lubert-Adler, Candlebrook Properties
Size: 650 units in five buildings
Progress: Underway; three buildings open.
X Factor: Keeping the property's swank, Mad Men-era facade, but not the dodgy reputation the property formerly had as The Marquis. The goal is to create a place for young professionals who work in the King of Prussia area. Lubert-Adler's Dean Adler will be a speaker at our State of the Market event.
5. The Promenade at Granite Run
Location: Site of the former Granite Run Mall, Media
Developer: BET Investments
Size: 400 apartment units with 810k SF of retail
Progress: The demolition of the interior mall portion of the property will be soon; and completion will be spring/summer 2017.
X Factor: BET Investments' Michael Markman, who will be a speaker at our State of the Market, tells us that the new mixed-use property will contain walking trails and pedestrian connections bringing together the residential and retail components. Current tenants include Acme Markets, Kohl’s Department Store, Boscov’s, Sears and AMC Theatres, and the property will contain an additional 285k SF of new retail and entertainment.