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Perched above Independence Hall, home of the Declaration of Independence and the Liberty Bell, 500 Walnut is poised to become the most exclusive highrise address in Philadelphia with a penthouse suite that recently sold for a record-breaking $18 million. An historic address of a different kind, the Scannapieco-built, 26-storey luxury condo tower is now approaching completion in the heart of downtown Philadelphia and will soon become a fixture of the local skyline.
Built atop a narrow strip of former parkland that once abutted an office tower, 500 Walnut has been designed to preserve the views of the majority of those within the affected office block. The new highrise is rising well back from the street above a three-storey podium level which will front onto both Walnut and S 5th Streets.
Part of a block that comprises a mix of architectural styles ranging from the turn of the last century, to mid-century, and now to the 21st century, the rear view of the site reveals the arrangement of the block, with the new addition jutting out perpendicular to the middle block, thus allowing for view retention.
Created as an ultra-luxury condo, 500 Walnut's residences are currently on the market starting at $2.5 million, with floor plans beginning at 2,500 square feet. As for the top floor penthouse, the two-storey, 8,400-square-foot suite features a host of top-quality finishes, plentiful outdoor space, and a feature fireplace. Its smaller counterpart, the single-storey penthouse below, is projected to sell for anywhere up to $14 million. Below these, a series of ten full-floor residences, priced between five and nine million dollars, will separate the penthouses from the traditional condo units. Altogether the tower has a total of just 35 units, which contributes to the development's exclusivity.
Beyond the luxury to be found within the residences themselves, the impressive list of building amenities includes a fully automated 80-space parking facility that can park and retrieve vehicles in under 90 seconds, an outdoor terrace with fire pits and lounge overlooking Independence Hall, a fitness centre, a pool, and a personal limo driver for residents.
Clad in a mixture of panelling and glass curtain wall, 500 Walnut is set to take on a two-tone exterior aesthetic that will be split across the tower roughly from front to back. The city-facing views will be afforded the best vantage possible with the use of floor-to-ceiling windows, while the rest of the tower must make due with smaller traditional windows set into the exterior wall.
Once complete, 500 Walnut will be a noteworthy addition to the local skyline and downtown streetscape. Its prominent location overlooking Independence Hall will set the new development as a staple feature within close proximity to what are easily the city's most popular tourist destinations and cultural assets. Representative of the city's rebound and rebirth as a desirable, metropolitan centre, 500 Walnut will more than likely be among the first of many ultra-luxury developments to sprout up in Philadelphia in years to come.
SkyriseCities will be sure to return to this project as progress continues. For more information, check out the associated Database file and Forum thread, and as always, feel free to join the conversation in the comments section below.
