EAST MARKET | PHILADELPHIA, PA

KEY STATS

  • Rentable SF / Units : 775,696 / N/A
  • Property Type : Mixed-Use
  • Status : Various

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 Philadelphia-based department stores. For many years the site was the home of Snellenburg’s department store. As imagined, East Market will be a destination for dining, shopping and creative office space, bringing revitalized life to Center City Philadelphia with an exciting, vibrant mixed-use project, highlighted by planned, 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 for downtown living.

STRATEGY
The $600 million master plan for East Market contemplates the development in phases. 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 neighborhood that blends large format and boutique shopping and dining with modern working and living spaces.

Future Phases

Phase One, which is currently ongoing, 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.
  • Constructing a new 15-story, 322 unit residential tower above the eastern podium, offering a host of convenient and comforting 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.
  • Constructing a 193-space, below-grade parking garage with centralized loading facilities to service the entire site.

Phase Two includes:

  • The completion of a second residential tower with 240 units, 60 of which will house ROOST, a Philadelphia-based extended stay hotel concept.

Future phases are contemplated to include:

  • The complete renovation and repositioning of a historically significant 13-story building known as the Steven Girard Building.
  • The development of the Chestnut Street frontage to include another two mixed-use towers including retail podiums and additional parking.

 

STATUS

Phase One – Near completion with tenants occupying in Spring 2018. Phase Two – Construction is underway, with initial occupancy expected in 4Q 2018. For more information, please visit eastmarket.com and theludlow.com.