Center City has seen a ton of hotels proposed and constructed over the last several years. We have recently told you about the hotel replacing the Wendy’s in the Gayborhood, the 207-room hotel planned for Rittenhouse, and the Blue Ivy Hotel replacing the Midtown II diner near Jefferson Hospital. There is also a highrise being built just southwest of City Hall that will include both a W Hotel and an Element Hotel. Another hotel is currently rising at the site of the former Little Pete’s diner in Rittenhouse. A boutique hotel on the Parkway in the old Family Court building has been in the works for several years. The Four Seasons Hotel will open soon atop the Comcast Technology Center. A Pod Hotel is rising in Rittenhouse. The Aloft Hotel recently opened on Broad St. just north of City Hall. There are probably some other Center City hotels in the works that we are leaving out, but you get the point. There are a lot of new entrants in the Center City Philadelphia hospitality market, fueled by the city’s growing tourism, business, and convention scene.
If all of these projects weren’t enough, we have another to add. A 14-story, 66-room hotel has been proposed for 15th and Cherry St. This location is just northeast of Love Park. Use permits were pulled for the hotel late last year on the 2,130 square foot CMX-5 zoned parcel at 127-31 N. 15th St. The project will include a restaurant on the top two floors, a second-story fitness center, and a roof deck. The owners are calling this project The Revival Hotel.
We are sad to see the 3-story brick building and its bay windows get demolished (note the 3-story red brick building is not included in this project). However, we think a 14-story building is more appropriate for this location. With this being a stone’s throw from the convention center, we also think that a hotel is a perfect use.
No demolition or new construction permits have been pulled to date. So, this project is still in the preliminary stages. We will keep an eye out for any signs of progress. How do you feel about another hotel in Center City? Are we reaching a saturation point? Are you sad to see this building get demolished?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property