Along Market Street between 11th and 12th Streets in downtown Philadelphia, a $500 million redevelopment of prime property is taking place. The East Market project by National Real Estate Advisors (NREA) seeks to attract tourists and a range of visitors by creating a renewed identity for the city block.
Demolition of 1100 Market Street, also known as Girard Square, took place last year. The nondescript three-storey retail building was razed so that a new mixed-use development — ultimately containing a 17-storey tower with 322 rental units and 800,000 square feet of retail and office space — could take its coveted spot.
As construction of the project's first phase kicks into high gear, an existing warehouse building located at 34 S. 11th Street is undergoing an interior retrofit to update the property and prepare it for the 160,000 square feet of modern offices planned. The historic Stephen Girard Building — Philadelphia's first highrise — is also undergoing significant internal upgrades and a facade refresh. Some units within the ground floor retail component of the poject have already been leased, with MOM's Organic Market expected to move in after the first phase wraps up.
The second phase on the Chestnut Street side could begin as early as this year. Designed by BLT Architects, the transformative new development will include a retail-lined pedestrian walkway from Market to Chestnut as well as an underground parking garage with space for 350 vehicles. The live, work, play project should have enough amenities to interest tourists, a key cohort NREA hopes to woo.
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|Related Companies:||BLT Architects, National Real Estate Advisors|