Scannapieco Reveals Plans for $150 Million Ultra-Luxury Residential Tower in Old City
- Mar 16, 2014
By Veronica Grecu, Associate Editor
Plans for an ultra-luxury residential tower in Philadelphia’s historic Old City neighborhood were announced this week by Scannapieco Development Corporation, the developer behind the highly successful condos at 1706 Rittenhouse Square in Center City.
Located at Fifth and Walnut Streets and facing Independence National Historic Park, the planned 500 Walnut tower will replace an underdeveloped 18,155-square-foot parcel that has been vacant for the past 10 years. Philadelphia Magazine notes that the construction site is currently owned by Five Hundred Walnut Associates, but Scannapieco is expected to purchase the lot for $8.5 million in the next 60 days.
Architect Cecil Baker was hired to create the conceptual design for the 26-story glass needle structure. “500 Walnut is perched on the threshold of history, and it’s also the gateway to society hill. As such, I envisioned it as a building that should be accepting and cognizant of its historical foreground, and at the same time, be a slim, elegant contemporary beacon in Philadelphia,” said Cecil Baker in a statement for the press. “It’s a unique opportunity—to be able to view the great paradigms of American history from atop your home in a building that is the first of its kind in Philadelphia.”
The super-luxury residential tower will be built at a $150 million cost and is projected to break ground in early 2015. Starting spring 2017, when the building will be ready for occupancy, 500 Walnut will offer 40 housing units starting at 2,100 square feet. Fourteen of these apartments will be located on the upper floors and will be marketed as private, full-floor 4,200-square-foot units boasting large balconies, floor-to-ceiling windows, fireplaces and private elevator access.
According to the developer, these full-floor units will range from $4 million to over $13 million. 500 Walnut will include only two penthouses, each of them featuring two stories with over 8,400 square feet of customizable space. Other amenities include a two-story fitness center with a large outdoor terrace overlooking National Historic Park, an underground fully automated parking garage for more than 80 cars.
Rendering courtesy of Cecil Baker and Partners via 500walnut.net