PHILADELPHIA | 4601 Market Street | 220 FT | 18 FLOORS

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Insert Bob Dylan's "The Times, They are a-Changin'"

Title: 4601 Market Street
Project: Residential Mixed-Use
Architect: Bernardon
Developer: Iron Stone
Location: 4601 Market Street
Neighborhood: Mill Creek
District: West Philadelphia
Floors: 18 Floors
Height: 220 Feet




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1,240 Units, 18-story Tower Planner at 46th and Market Street in West Philly

Back around 2016, we remember watching the beautiful Provident Mutual Insurance Building near 46th Street Station being renovated as we regularly rode the El through West Philly. Slowly, the facade was cleaned up and new windows were installed in preparation of the property being used as the Philadelphia Police headquarters. The city ended up spending $52 million renovating the building for the police only to later change its plans. Shortly after Mayor Jim Kenney was elected, the city decided to instead move the police headquarters to the former Inquirer Building on North Broad Street and sold the Provident Mutual Insurance Building in West Philly for $10 million, taking on a huge loss.

Since the city sold the property to Iron Stone Real Estate Partners, the new owner has completed the renovation of the original building, which is now occupied by tenants such as the Children’s Hospital of Philadelphia (CHOP), a charter school, and other office users.

The original building was not the main attraction for this property, though. The parcel totals 873,000 square feet and is zoned CMX-3, a zoning category that allows for relatively dense residential mixed-use development. On top of that, the property sits within a Transit Oriented Development (TOD) overlay, which allows for additional density and height due to proximity to public transit.

Iron Stone recently announced that they would be pursuing a by-right development on the vacant land surrounding the Provident Mutual Insurance Building that entails 1,240 market rate residential units, retail, and parking within an 18-story tower and five 7-story buildings at 4601 Market Street.

https://www.rising.realestate/1240-units...t-46th-and-market-street-in-west-philly/