New Philadelphia Community to Feature Covered Garage as an Amenity

Mack-Cali and Parkway Corp. have formed a joint venture to develop a multifamily property at 709 Chestnut St. in Philadelphia.

Philadelphia—Mack-Cali (through its Roseland subsidiary) and Parkway Corp. have formed a joint venture to develop a multifamily property at 709 Chestnut St. in Philadelphia. The development, currently in its planning and permitting stages, is scheduled to start by the end of 2015.

Located in Center City—Philadelphia’s urban core—plans for 709 Chestnut Street call for a structure 32 stories high that includes about 300 apartments. The project will also feature over 11,000 square feet of indoor and outdoor amenity space.

One distinctive feature of 709 Chestnut Street will be its automated, onsite 125-car parking garage, which will be the third such automated garage project that Parkway Corp. has built in Philadelphia. The city’s first fully automated garage was at 1706 Rittenhouse Square, while the other is at 500 Walnut St.

Mack-Cali is at work on other projects in the city. With Keystone Property Group, the two have announced repositioning plans for The Curtis, which is near 709 Chestnut Street. Mack-Cali’s Roseland will lead the residential redevelopment of that Center City building, which will feature new apartments, while Keystone will revitalize the building’s existing office space and common areas.

Also, Mack-Cali recently partnered with Keystone and Parkway Corp. on 100 Independence Mall West, where the companies have reinvested over $20 million. The revitalization of the building and streetscape include a new 110-car underground parking garage and a variety of revamped ground floor retail spaces, including the Independence Beer Garden.