Monday, May 19, 2014

What has long been in store for Market East, is now coming to fruition

This image lays out the entire plan, click to enlarge.

My last post on PUL.com talked about Paul Levy and some of the projects he has worked on over the years to help move Center City Philadelphia forward.

One such project I mentioned, "The Road to Dilworth Plaza Park," is a solid anchor for Market East, from City Hall all the way down to Old City. Not to mention that it will also serve as an anchor for the recent activity on Market West, but let's keep our focus toward the east for now.

Well, good things are being talked about in the news.

If you have ever taken SEPTA regional rail to Market East, walked through the sets of doors to the escalators, taken the escalators up to street level, and walked through the additional sets of doors onto Market St, you have probably noticed an outdated, unsuccessful string of retail shops directly across the street.

This retail strip is known locally as Girard Square.

To be honest, these stores are pretty weak for where they sit in proximity to both Midtown Village and Old City. Not even considering the fact that they're right across the street from one of Philadelphia's busiest public transportation hubs.

If you shop at Girard Square, please do not take offense. I just think Philadelphia can do better, and they are about to make good on that statement.

Come summertime, Girard Square will be no more. In its place will be an updated, modern, mixed-use, shiny new development that will include new shops, new restaurants, and new residences, along with large digital marketing displays outside (now allowed along Market East, per a new zoning ordinance). Finally, Market East is starting to realize it's potential, as I have blogged about this before (over 2 years ago).

Here are some of the details, per the article from PBJ that inspired this post:

"The 4.3-acre site takes up an entire city block bound by Market, Chestnut, 11th, and 12th streets. The building fronting Market St will be taken down, and the first phase will rise in its place. It will total $230M and encompass 650,000 square feet.

"That initial phase will include constructing a 17-story tower that will have the first two levels dedicated to 160,000 sq ft of retail space, and the remainder an apartment structure with 322 units. It will also involve renovating the 200,000 sq ft family court building and preparing that for retail space on the street level and office space above."

Right on, Market East!

Not only do I like that the developers are phasing this project properly (supply and demand), but the most visible part (remember that picture I just painted for you in Paragraph 4, walking out of Market East station) is first in line for redevelopment.

All in all, the project is shooting for 2M total sq ft of brand-new, mixed-use space, and a total investment of $500M.

Not bad, not bad at all.

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