High-Rise Project Back on Track in Center City
- Nov 21, 2016
By Adriana Pop
Philadelphia—PMC Property Group, one of Philadelphia‘s largest residential property owners, is planning to revive an apartment high-rise project on the Schuylkill River’s eastern bank in Center City. Plans call for a 32-story tower with 321 units and a 28-story tower with 291 units, The Philadelphia Inquirer reported.
If approved, the buildings would rise at 23rd and Arch streets, on a parking lot that has been eyed for development for at least a decade. The most recent plan was the “River Walk” apartment project proposed by NP International.
PMC Property Group purchased the land on July 9, according to documents filed with city. The company paid $28.5 million for a four-block strip along John F. Kennedy Boulevard between 20th Street and the Schuylkill River.
PMC is planning to begin construction on the northernmost tower in June. The company intends to bring a supermarket to occupy about 60,000 square feet on the building’s second floor. The first and third floors will be used for customer and resident parking. The first three floors of the south tower will have the same use, since buried parking could be risky on the flood-prone riverfront.
According to Jonathan Stavin, PMC executive vice president, the increasing job opportunities in Center City will support demand for the project, which could cost around $300 million.
Nearby developments include Carl Dranoff’s One Riverside luxury condominiums, PMC’s conversion of a former industrial building into a nine-story office project that will host the new headquarters for the food services, facilities and uniforms giant Aramark Corp., as well as the Schuylkill Yards and uCity Square master-planned communities.
Multifamily construction is indeed picking up in Philadelphia. A recent Yardi Matrix survey shows that the heavy dose of new supply is expected to exceed 5,700 units by the end of the year, marking another post-recession high.
Image courtesy of PMC Property Group