Back in November of 2020, we told you that permits had been issued for a 25-story tower along the Delaware River. Until just recently, there had not been much action on the 69,070 square foot CMX-3 site site. Now, it looks like the project is a go as work has been underway for a few weeks now.
When completed, the tower will rise 316 feet over 25 inhabited stories plus 3 mechanical levels. There will be 360 residential units along with ground floor commercial space facing the water, 116 automobile parking spots with a drive aisle on Water Street, and 123 bicycle stalls.
There will be a new public park on the Corner of Christopher Columbus Blvd. and Callowhill Street that looks like it will be a great addition to Philadelphia’s waterfront. The renderings of the park depict a ton of places to sit, stroll, lounge, and for children to play.
The park not only afforded the developer, Durst Organization, with an additional 36 feet in building height through the Public Space Bonus, but it will also preserve a bit of Philadelphia maritime history. You may notice in some of the construction photos that there are some brick structures poking out of the dirt. Those are actually remnants of an old shipyard from early colonial times when this site was situated at the river’s edge (there’s been some backfilling since then).
Durst Organization has been taking great care during the excavation process so that their archaeological advisors can study and collect colonial artifacts from the site. On many construction sites of this size, you may see a bunch heavy machines at work. When we stopped by the site, there were just a bunch of people digging around and exploring with hand tools. This process has obviously slowed down construction, but will hopefully help us learn about the early years of our country. The development team is choosing to build the park on the north side of the site as that is believed to hold some of the most important artifacts on the property.
What do you think about this project? Are you excited to see another tower rise along the Delaware River? What kind of business would you like to see open in the commercial space?
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