The new owners have big ideas to convert the property, which
consists of two buildings — 2400 Market St., which is about 370,000 square
feet, and 12 S. 23rd St., a six-story, 120,000-square-foot structure. Their
plans are preliminary and have not gone through the city’s approval process so
they could change. However, for now the plans consist of multiple components that
could cost more than $100 million to complete.
The property has appeal on many different levels and offers
the new owners a chance to create something that they believe could be
extraordinary.
“It will be the most exciting project Lubert-Adler has worked
on in 15 years,” said Dean Adler of Lubert-Adler. “I think it’s going to be our
crowning project.”
Adler views the complex from his offices at Cira Centre and
has studied its potential to be transformed into a mixed-use development. One
of its strengths is its location.
“This is really the gateway to Philadelphia,” said Adler,
citing the property’s position across from University City, 30th Street
Station, near Rittenhouse Square, the Central Business District as well as near
Interstate 76 and the Schuylkill Expressway. “This is one of the most ideal
locations for any type of use. It is in the heart of two places that are
exploding and you’re at the epicenter of town.”
The design of the property and how it was built also lends
itself to more opportunity. One of the key advantages to 2400 Market is the
enormous size of its floor plates. The structure has 70,000-square-foot floor
plates compared with the roughly 20,000-square-foot or so floor plates commonly
found in office buildings that are converted. The size gives the developer
ample room to work with as well as gives the property expansive frontage along
the Schuylkill River and long window lines.
In addition, the complex was constructed for industrial use,
which means its can withstand heavy floor loads and a substantial addition on
its roof. Early plans include constructing a structure on top of the building
that would be used for residential units. How tall that extension would be and
how many apartments it would hold hasn't been determined.
“You’re not going to build some massive high-rise,” Adler
said.
The large floor plates — nearly two acres in size — also
means the roof of a newly constructed extension could be turned into an outdoor
oasis.
By starting the residential portion from the existing
rooftop and going up from there for the multifamily portion of the development
has other implications: Residents would have unobstructed views.
Part of the vision at 2400 Market includes keeping the lower
floors as the Marketplace Design Center. However, upgrades would be made to the
first floor and new retail space created to make room for a grocery store,
restaurant and coffee shop. Another component of the redevelopment would be to
incorporate office space into the building that would appeal to the creative
class.
Adler is excited about the redevelopment's potential and
still working out some of the details involved in undertaking such a project.
“It’s an amazing building and the most exciting
redevelopment opportunity in Philadelphia,” Adler said. “What is the building
of the future? The building of the future is to create a live, work and play
environment. That’s what we’re doing here.”
Loeb Partners was the seller of the building. James
Galbally, Doug Rodio, Jim Vesey and John Plower of Jones Lang LaSalle arranged
the sale.
Source: Philadelphia
Business Journal
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