Mormon Church Moves to The Benjamin Franklin Parkway

The Mormon Church closed on the purchase last month of 1601 Vine St. in Center City Philadelphia.  The property sold for roughly $12.5 million for the parcel that sits next to a site where it plans to construct a new temple at 17th and Vine streets.  The church bought the 2.1-acre site from Hudson Realty Capital, a New York investment firm that controlled the property.  Last year the church bought the property at 17th and Vine for $7.5 million.

The Philadelphia Redevelopment Authority signed off last month to designate the church as developer for the property.  The Church hasn't decided what to do with the site, but plans for some sort of mixed use development.  It viewed the deal as an opportunity to buy the site now and eventually devise plans for it.  The church will assume the current zoning on the site, which can accommodate a large development.  For the time being the church will focus its time and resources on the temple.  The church is still finalizing the design, working with architect Perkins + Will.  The design will be finished later this year.

The church will be just under 70,000 square feet.  Its spires will reach no higher than 209 feet.  The temple will have public gardens, and is expected to create about 1,000 jobs during construction.