The Archdiocese of Philadelphia has been exploring developing the parking lots surrounding the Cathedral Basilica of Saints Peter and Paul next to Logan Square since 2016. The Archdiocese has been working with Exeter Property Group and its subsidiary, EPG Urban, to determine the best use of the land and to source capital for the project.
Details about the project have slowly been made public over the last several years, but the most concrete information about the development was made public today when the Civic Design Review (CDR) presentation for phase 1 of the plan was published.
Phase 1 of the project will entail a 245 foot tall, 23-story building at the corner of 17th and Race with 273 residential units, nearly 3,000 square feet of ground floor retail, and 18 underground parking spaces. The building is planned to be 265,849 square feet total.
In the CDR packet for phase 1, building massings for phase 2 were provided. Phase 2 is preliminarily planned to be a 685 foot tower between 17th St. and 18th St. fronting Vine St. No details about the makeup of the 685 foot tower were provided. We imagine that the massing of the building will change as the design and overall project evolves. However, it looks like the Archdiocese of Philadelphia and Exeter have big plans for this lot.
One interesting thing we noticed in the CDR packet is that the existing office building between Race and Vine on 17th St. is left in place. Initial plans for the Cathedral development called for this building to be demolished.
We like the aspirations and residential density of this project and are fans of the height of phase 2. This is a trophy development site for Philadelphia and it deserves to have the highest quality project possible. We look forward to seeing these parking lots developed and hope that the project moves forward without delay. There have been no announcements about capital partnerships for the project, so no timeline is currently set or definite. However, the CDR presentation is a good sign that the ball is still rolling on this development.
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
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