East Market |
PHILADELPHIA, PA

KEY STATS

  • National's Role : Investor, Developer
  • Investment Type : Equity
  • Status : Various
  • Rentable SF / Units : 775,696 / N/A
  • Property Type : Mixed-Use

History
East Market is located in the heart of Center City Philadelphia bounded by Market Street, Chestnut Street, 12th Street and 11th Street. From the late 19th century through the first half of the 20th century, Market Street east of City Hall was dominated by retail uses, including several of Philadelphia-based department stores. For many years the site was the home of Snellenburg’s department store. East Market will bring new life to Center City Philadelphia with an exciting, vibrant mixed-use project, highlighted by large format digital signage along Market Street.

Redevelopment Opportunity
East Market’s prime Center City location (two blocks east of City Hall and immediately across the street from the landmark Reading Terminal Market and Pennsylvania Convention Center), is perfectly located to capitalize on the demands of a growing population, job growth and increased tourism; breathing new life into this neighborhood. The local real estate market, specifically East of Broad Street is undergoing a significant transformation. The area is bustling with tourists, residents and business people 24-hours a day. This activity is driven by the increased demand in downtown living.

Strategy
This $600 million master plan will be developed in phases over the next five years. The vision for the East Market development is to create a dynamic urban environment for young professionals and innovators who place value on experience and convenience. The development connects the vibrant Midtown Village neighborhood with the dense business and convention district along Market Street by creating a place that blends large format and boutique shopping and dining with modern working and living spaces.

The first phase includes a comprehensive $250 million re-development:

  • Demolishing an existing two-story, retail building and replacing it with two, two-story retail podiums, a total of 105,000 SF of retail
  • A new 15-story, 322 unit residential tower above the eastern podium with great, contemporary amenities.
  • The complete renovation and reskinning of an existing eight-story office building. Once complete, this building will feature 161,000 SF of office space and 25,000 SF of retail.
  • A 193-space, below grade parking garage with centralize loading facilities to service the entire site.

 

Status
Construction is underway with initial occupancy expected in 2017. For more information, please visit eastmarket.com and theludlow.com