EAST MARKET | PHILADELPHIA, PA

KEY STATS

  • Gross Square Footage : 2,000,000 SF / 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 $700 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.

Completed Phases

The first phases of East Market included the redevelopment of three sites with a total development budget of approximately $405 million and over a million square feet of retail, residential, office space and parking. The project included:

  • Demolition of an existing two-story, retail building and development of two, two-story retail podiums, a total of 105,000 SF of retail. The retailers include City Fitness, District Taco, Iron Hill Brewery, Little Baby’s Ice Cream, TJ Maxx and Wawa with more retailers to come.
  • Construction of a new 15-story, 322 unit residential tower above the eastern podium called The Ludlow, offering a host of convenient and comforting amenities.
  • The complete renovation and reskinning of an existing eight-story office building called 1100 Ludlow. This building features approximately 175,000 SF of office space and 25,000 SF of retail. Tenants  include the offices of renowned architectural firm Bohlin Cywinski Jackson, National Real Estate Development, The Philadelphia Design Center, and Wodify. MOM’s Organic Market, a local organic grocery store, can be found on the first floor.
  • Constructed a 181-space, below-grade parking garage with centralized loading facilities to service the entire site. Included in the parking lot are Tesla Superchargers.
  • The completion of a second residential tower called the Girard with 240 units, 60 of which houses ROOST, a Philadelphia-based extended stay hotel concept.

Future Phases

National Development is currently working with ownership on the development of the three remaining development sites at East Market, and approximately one million square feet of office, hotel, residential and parking. The projects include:

  • The complete renovation and repositioning of a historically significant 155,000 SF, 13-story building known as the Steven Girard Building which will become a 236 room boutique hotel, Canopy by Hilton.
  • The development of a 450,000 SF office building at the corner of 11th and Chestnut Street
  • The Development of a approximately 200,000 SF residential tower at the corner of 12th and Chestnut Street.

For more information, please visit eastmarket.com, theludlow.com and thegirard.com