Philadelphia’s stagnating retail corridor on the east side
of Market Street might finally get a major wake-up call, and we’re not talking
about the Gallery. Instead, the owners of the drab strip of stores on the block
between 11th and 12th have secured new backing from IBEW and National Real
Estate Advisors that makes their plans for the block seem like they might
finally come to fruition. The stores currently on the 1100 block have been
cleared out for demolition in July, to make way for a development named East
Market.
Restaurants, entertainment, fashion stores, and even grocers
will be included in the new project, but here’s a more elaborate description by
the Inquirer’s Joe DiStefano:
Planned are two new store buildings facing Market Street,
lit by Times Square-style signs, that will be topped by 325 apartments (at
perhaps $2,200 a month for a one-bedroom unit), with parking underground.
Builders also will strip and replace the outside walls of
the eight-story former Snellenburg warehouse facing 11th Street, now used by
the city's Family Court. The developers are talking to office tenants, but
could end up putting more apartments there, said Pete Soens of Philadelphia
developer and landlord SSH Real Estate, an East Market investor.
(Times Square-style signs, huh? We see NIMBY battles ahead.)
Furthermore, new ground floor retail is planned for 12th
Street's Girard Building with "market demand" set to determine what
will happen with higher floors. Additionally, a similar development for the
1100 block of Chestnut could be in order should the Market projects be
successful.
More details to come...
Source: Phillymag.com
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