26-story tower proposed for 19th and Chestnut, but zoning may stand in its way

Pearl Properties, a Philadelphia real estate company, is proposing to construct a 26-story tower at 19 th and Chestnut streets in Center City that would have 110 apartment units.

The plans are evolving and nothing is set in stone. However, the structure would stand 295 feet tall and require a zoning change for the site.

Pearl owns a portfolio of multifamily properties in the heart of Center City and recently completed and sold the Granary apartment complex. It controls a site that once housed a Qdoba, which is a historically certified property, and extends nearly down to the Boyd’s haberdashery.

As the plans have been preliminarily drawn up, the first two floors of the development would have retail, the third floor would have amenities for the apartment residents, and 110 residential units on the top floors.

A Center City Residents Association task force has been meeting with the developer and working with them to address neighborhood concerns. The community group declined further comment.

The current zoning of the site would not allow a building of this size to be constructed, according to people familiar with the situation. The developer is seeking to more than double the amount of space current zoning allows.

The physical dividing line between what the developer wants to build and what is allowed is fine. The area east of 19 th Street would allow a taller building with more square footage. The area west of that has zoning allowing only about half of the size that Pearl is proposing, said people familiar with the property. This parcel falls in the east.

To increase the size of development there, the developer is reportedly drafting legislation to rezone the assemblage of parcels it wants to develop upon. By going that route and eventually presenting the legislation before council rather than before the zoning board, the developer can secure the proper approvals without lengthy debate and possibly circumvent uncertainty the zoning process may present.

A meeting has been scheduled for April 29 before CCRA. At that time, the developer is expected to give a full presentation to the community group.

Source: Philadelphia Business Journal