One of the few available prime real estate opportunities in Philadelphia's business district was sold at auction for $9.3 million in January. The vacant grass lot at 1919 Market St. adjacent to the Independence Blue Cross tower was purchased by Brandywine Realty Trust at a Delaware Bankruptcy Auction, beating out O'Neill Properties Group. The 33,746 square-foot parcel has gone undeveloped for decades with many failed attempts. Opus East, a division of Opus Group of Minnesota, bought the site in 2005. The property at just under an acre can accommodate about 840,000 square-feet of space. Opus East first envisioned a 38-story building with 393 condos, a 500-vehicle garage and some retail space. The softening residential market in 2007 shelved the project as well as a later revised scaled down version.
Past Failed Attempts at Development
While currently developing plans for the property, Brandywine intends to construct a mixed-use development with a partner it declined to disclose. The project is currently in the conceptual design phase with size, cost, and scheduled ground breaking not yet determined. If Brandywine is not thinking "Big" for this project hopefully they give us an impressive structure to be proud of. Philadelphia can really use more diversity and innovation in its 21st Century Architecture.
Developer: Brandywine Realty Trust
Land Purchase Price: $9.3 million
Location: 1919 Market St.
I hope we can get a big project here. It's prime real estate and a great spot to enhance the skyline. Smaller buildings simply do not look right on Market St. Hopefully Brandywine does well here.
ReplyDeleteWE DO NOT NEED ANOTHER SKYCRAPER WITH EMPTY OFFICES! PLEASE SCALE DOWN THE PROJECT. THE OLD AAA BUILDING AT 21ST AND MARKET IS THE PERFECT SIZE - LOOKS TO BE ANYWHERE FROM 3 TO 6 STRORIES. THE AREA IS RIFE WITH SKYSCRAPERS AND IT HURTS THE SKYLINE TO JUST PLOP ANOTHER ONE.
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