More than a year ago, we reported that the law firm Morgan, Lewis & Bockius planned on signing a letter of intent to move its offices to a new construction tower at 23rd and Market St. Since then, the law firm has signed a 20 year lease for the property and renderings for the tower have been released.
Parkway Corporation, the owner of the site, recently received a $187 million construction loan for the $200 million project that will rise nearly 282 feet over 19 stories. The 329,100 square foot building will include 4,274 square feet of retail space and 47 parking spots with the office lobby fronting 23rd and Market.
We’ve been wondering when this project will break ground as the surface parking lot is now closed. Well, the start of construction may be coming soon. Just today, the below permit was issued:
“FOR THE ERECTION OF ONE(1) DETACHED STRUCTURE( 281’8” HIGH) FOR AN EATING AND DRINKING ESTABLISHMENT /RETAIL SALE , LOBBY FOR OFFICE BUILDING WITH TWO(2) LOADING SPACES AT FIRST FLOOR IN THE SAME BUILDING WITH BUSINESS AND PROFESSIONAL OFFICE FROM SECOND FLOOR THROUGH NINETEENTH(19TH) FLOORS WITH FOURTY-SEVEN(47) ACCESSORY BELOW GRADE PARKING SPACES INCLUDING WITH SEVEN(7) COMPACT SPACES, ONE(1) ACCESSIBLE SPACE AND ONE(1) VAN ACCESSIBLE SPACE WITH THREE(3) ELECTRIC VAN SPACES AND WITH THIRTY-FOUR(34) BICYCLE SPACES IN AN ACCESSIBLE ROUTE.
SIZE AND LOCATION AS SHOWN IN THE APPLICATION”
Looks like one of the retail spaces will be some sort of a restaurant, which should attract a nice lunch crowd and provide some much-needed energy to this section of Market St.
We also noticed that a plumbing permit was issued last week for the Chinese restaurant building at 2206 Market St., which will be demolished for this project. Although these plumbing permits only mention “minor construction work at the property,” we imagine they are sealing the lateral in preparation for demolition. Demolition permits were pulled for 2206 Market St. back in May.
It looks like this project is moving forward despite the current global health pandemic. This is another good sign for the continued success of Philadelphia and its central business district. We look forward to seeing the impact of this interesting building on the skyline.
How do you feel about this project?
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