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PMC Clears Hurdle For Residential Towers On Schuylkill's East Bank

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PMC Clears Hurdle For Residential Towers On Schuylkill's East Bank
Post Brothers President Matt Pestronk and PMC Property Group Vice President Jonathan Stavin at Bisnow's Future of Center City and University City event on April 18

PMC Property Group is one step away from fortifying its status as the largest owner of multifamily properties in Philadelphia after the Philadelphia Planning Commission voted to approve a zoning extension for its latest project.

PMC has proposed dual residential towers of 321 and 291 units to sit atop a podium of parking garages and a 60K SF retail tenant, slated to be a grocery store, at 2301 John F. Kennedy Blvd. A zoning change to the site had been granted, but it expired at the end of last year before the planning commission voted to extend it, according to the Philadelphia Inquirer.

In order for the project to break ground, however, the City Council still needs to vote to approve the zoning change. PMC executive vice president Jonathan Stavin expressed optimism that it would pass when speaking at Bisnow's Future of Center City and University City event on Tuesday, stating that he expected to break ground in late summer.

Stavin also estimated that the project would cost $400M, and will be just blocks away from its new office development at 2400 Market St., where Aramark will be the anchor tenant. The project would overlook the Schuylkill River, across from the future site of the Schuylkill Yards development.