The Philly Project: New developments proposed for Center City

     A development site near the eastern bank of the Schuylkill River was purchased from PMC Property Group, which plans to build two towers of mostly glass and metal. The company has seen an increase in demand for apartment living and will capitalize on this demand by opening up the “River Walk” in Center City Philadelphia.

     River Walk was originally under other management to construct the Schuylkill project at 23rd and Arch Streets. But PMC, who is known to be Philadelphia’s largest landlord, proposed that the towers of 32 and 28 stories be built by New York architect Anthony Kim. The buildings will be spacious enough to also include retail stores and a supermarket. The project site is not too far away from Carl Dranoff’s One Riverside Condominiums.

     These towers will stand right across the river from University City, which has its own project proposals in the works, such as the Schuylkill Yards and uCity Square. Regarding the Schuylkill Yards project, President John Fry of Drexel University envisions to transform parking lots and industrial buildings between the campus and 30th Street Station. The uCity Square project would affect the Science Center campus in University City, which plans to adapt this new name to give the center a more “urban vibe.” Philadelphia Inquirer staff writer Jacob Adelman writes, “Though the science center itself will continue as a business incubator and research hub under its current name, the campus on which it operates is being rebranded as part of its $1 billion expansion.”

     PMC is contacting a supermarket for the River Walk project that will agree to occupy 60,000 square feet on the second floor, including levels of parking for customers and residents on the first and third floors.

     Some concerns regarding the River Walk project for PMC include  the decrease in “multifamily rental demand” due to other new development which will be on the market within the next several years. According to the Washington-based real estate tracker Delta Associates, “Average rents for Class A high-rise apartments decreased 1 percent in the year ended Sept. 30, compared with a 3.6 percent rise during the year-ago period.” Despite the decrease in rent, Executive Vice President Jonathan Stavin is confident the project will be a success due to the increasing job opportunities and growing population of Center City residents.

     Source: The Philadelphia Inquirer