PHILADELPHIA | Highrise Development Thread X

[TK2001]

Philadelphia skyline by Philly SkyGuy, on Flickr

Philadelphia skyline by Philly SkyGuy, on Flickr

[TK2001]

Philadelphia skyline by Philly SkyGuy, on Flickr
210 South 12th looks nice in the skyline, I can't wait to see the red highlights in the winter

[mcgrath618]

Comcast and 76ers ownership purchase two swathes of East Market to redevelop

Harris Blitzer Sports Entertainment (HBSE), which owns the Philadelphia 76ers, and Comcast have purchased a string of properties between Ninth and 11th along East Market Street.

The sales are a visible sign that the companies still have active development plans for the beleaguered corridor where the 76ers abandoned their proposal to build a Center City arena.

From 2022 until early this year, HBSE had planned a new home for the team on East Market Street, dubbed 76 Place, with accompanying residential and commercial development that would have included the recently purchased properties.

But after a contentious political battle, including an enabling vote in City Council backed by Mayor Cherelle L. Parker in December, the team stunned observers by abruptly calling off the plans. Instead the Sixers’ owners announced a renewed alliance with Comcast Spectacor, which owns the the 76ers’ arena in South Philadelphia. The team will stay in the stadium district, albeit in a new arena.

Some believed all of HBSE’s East Market Street development plans would be abandoned or minimized as the corporate behemoths shifted their arena focus back to South Philadelphia, but the companies point to their acquisitions on East Market Street as proof that they are still committed to Center City.

“Since announcing our partnership, both the 76ers and Comcast have been clear and consistent: We want to be part of the process to reenergize East Market Street, once America’s premier commercial corridor and the bridge between City Hall and Independence Hall,” David Adelman, chairman of the joint venture between the two companies, said in a statement.

The companies spent $56 million overall to acquire the properties but declined to provide specifics about their plans for East Market Street.

[PHLtoNYC]

Another (partial) conversion.

Local developer nears deal to buy Ten Penn Center for residential conversion
https://www.bizjournals.com/philadelphia/news/2025/07/01/pmc-ten-penn-center-office-conversion.html

PMC Property Group is nearing a deal to acquire Ten Penn Center at 1801 Market St. with plans to partially convert the 27-story office building to residential, according to multiple industry sources.

[BroadandMarket]

Originally Posted by mcgrath618

Comcast and 76ers ownership purchase two swathes of East Market to redevelop

I am shocked. Count me as one of the people who thought they'd never touch Market East after committing to the Sports Complex but now they've spent $56 million buying up buildings? Harris-Blitzer hasn't really done any mixed use ventures to my knowledge. They do own 2 theaters in north Jersey. A music venue on Market East would be fantastic. Live Nation would obviously put up a fight but it's insane Philly has no real live music venues in Center City. I'm aware of Academy, Kimmel and First Unitarian Church but that's different.

I'd love to see a hotel, apartments, with a live music venue and another Xfinity Live location.

[PurpleWhiteOut]

Originally Posted by mcgrath618

Comcast and 76ers ownership purchase two swathes of East Market to redevelop

This could be huge. Mixed-ownership of the properties was a hurdle I didn't think they'd get over even with a "master plan." To finally have so many parcels under one ownership is big.

The parcels are:
920-938 Market
1000-1024 Market

[mcgrath618]

Originally Posted by PurpleWhiteOut

This could be huge. Mixed-ownership of the properties was a hurdle I didn't think they'd get over even with a "master plan." To finally have so many parcels under one ownership is big.

The parcels are:
920-938 Market
1000-1024 Market

I hope everything currently standing on those parcels is razed to the ground, including the Robinson Building.

[PhilliesPhan]

Originally Posted by PHLtoNYC

Another (partial) conversion.

Local developer nears deal to buy Ten Penn Center for residential conversion
https://www.bizjournals.com/philadelphia/news/2025/07/01/pmc-ten-penn-center-office-conversion.html

PMC Property Group is nearing a deal to acquire Ten Penn Center at 1801 Market St. with plans to partially convert the 27-story office building to residential, according to multiple industry sources.

Hmm, I wonder when this potential conversion would happen. Ten Penn Center is one of two buildings in Philly I can work out of, and I had always assumed my company would have space there through at least the end of 2027.

Originally Posted by mcgrath618

Comcast and 76ers ownership purchase two swathes of East Market to redevelop

With interest rates coming down and demand for residential seemingly still strong, I hope we see something special come to these blocks and fast. There is no reason why Market Street should be in the condition it's in, particularly between 7th and 11th Streets on the south side. If HBSE and Comcast do something special here, the Wanamaker Building conversion proceeds, Goldberg Group gets in on the action at the Disney Hole, and Brandywine redevelops the garage at 7th and Market (I thought they were going to develop it years ago), East Market Street would be completely transformed.

[mcgrath618]

Originally Posted by PhilliesPhan

Hmm, I wonder when this potential conversion would happen. Ten Penn Center is one of two buildings in Philly I can work out of, and I had always assumed my company would have space there through at least the end of 2027.



With interest rates coming down and demand for residential seemingly still strong, I hope we see something special come to these blocks and fast. There is no reason why Market Street should be in the condition it's in, particularly between 7th and 11th Streets on the south side. If HBSE and Comcast do something special here, the Wanamaker Building conversion proceeds, Goldberg Group gets in on the action at the Disney Hole, and Brandywine redevelops the garage at 7th and Market (I thought they were going to develop it years ago), East Market Street would be completely transformed.

You and I will be long dead before Goldberg ever touches 8th and Market, unfortunately. I also doubt the garage at 7th and Market gets touched before the 920 and 1000 blocks are redone.

[Redddog]

Originally Posted by mcgrath618

you and i will be long dead before goldberg ever touches 8th and market, unfortunately. i also doubt the garage at 7th and market gets touched before the 920 and 1000 blocks are redone.

100%

[Philly Fan]

Not to quibble and be TOO pedantic, but hey, why not? It's Goldenberg Group, not Goldberg.

[Arch+Eng]

PANDA EXPRESS IS SAFE

[Londonee]

Originally Posted by Philly Fan

Not to quibble and be TOO pedantic, but hey, why not? It's Goldenberg Group, not Goldberg.

I wish the city would aggressively tax/legislate against these guys. The Disneyhole and now the Broad/South Street properties are just too enormous and too prime of real estate for them to squat on endlessly. We're about 30 years now at the Disneyhole...

[PHL10]

Originally Posted by mcgrath618

You and I will be long dead before Goldberg ever touches 8th and Market, unfortunately.

Wow, very strange coincidence but that was exactly the thought I had when I walked by that parking lot this morning. I have a good chance to be on this earth for close to another 30 years but I got the feeling I will be in the ground before anything happens there.

[Redddog]

Originally Posted by Londonee

I wish the city would aggressively tax/legislate against these guys. The Disneyhole and now the Broad/South Street properties are just too enormous and too prime of real estate for them to squat on endlessly. We're about 30 years now at the Disneyhole...

This would raise so much freaking money. These guys are allowed to sit on blight. Many don't pay their taxes. And there is no penalty. It's crazy.

[PHLtoNYC]

Hahnemann University Hospital towers set to get a new owner, and new life
https://www.bizjournals.com/philadelphia...owers-north-broad-dwight-city-group.html

New York developer Dwight City Group has the two Broad Street towers and three other former Hahnemann properties under contract and expects to close on the acquisition after a bankruptcy auction on Wednesday. Dwight City Group placed stalking horse bids totaling $16.25 million on the five buildings in May, setting the starting point for the auction.

The firm plans to convert the former patient towers at Broad and Vine streets into 288 residential units with commercial space, Dwight City Group CEO Judah Angster told the Business Journal. The two buildings at 222-48 N. Broad St. total 630,000 square feet.

Angster estimated the conversion project could take between 36 and 48 months from acquisition to delivery, close to triple the 14 to 16 months Dwight City Group typically aims for in its adaptive reuse projects.

"That's going to be a heavier lift," Angster said of the planned Hahnemann project. "It will require additional work because it was not really designed for a residential layout."

[DeltaNerd]

Originally Posted by PHLtoNYC

Hahnemann University Hospital towers set to get a new owner, and new life
https://www.bizjournals.com/philadelphia...owers-north-broad-dwight-city-group.html

New York developer Dwight City Group has the two Broad Street towers and three other former Hahnemann properties under contract and expects to close on the acquisition after a bankruptcy auction on Wednesday. Dwight City Group placed stalking horse bids totaling $16.25 million on the five buildings in May, setting the starting point for the auction.

The firm plans to convert the former patient towers at Broad and Vine streets into 288 residential units with commercial space, Dwight City Group CEO Judah Angster told the Business Journal. The two buildings at 222-48 N. Broad St. total 630,000 square feet.

Angster estimated the conversion project could take between 36 and 48 months from acquisition to delivery, close to triple the 14 to 16 months Dwight City Group typically aims for in its adaptive reuse projects.

"That's going to be a heavier lift," Angster said of the planned Hahnemann project. "It will require additional work because it was not really designed for a residential layout."

48 months? Maybe its like keeping the build as a hospital was a good idea since it was not designed for residential as stated

[Londonee]

Originally Posted by PHLtoNYC

Hahnemann University Hospital towers set to get a new owner, and new life
https://www.bizjournals.com/philadelphia...owers-north-broad-dwight-city-group.html

New York developer Dwight City Group has the two Broad Street towers and three other former Hahnemann properties under contract and expects to close on the acquisition after a bankruptcy auction on Wednesday. Dwight City Group placed stalking horse bids totaling $16.25 million on the five buildings in May, setting the starting point for the auction.

The firm plans to convert the former patient towers at Broad and Vine streets into 288 residential units with commercial space, Dwight City Group CEO Judah Angster told the Business Journal. The two buildings at 222-48 N. Broad St. total 630,000 square feet.

Angster estimated the conversion project could take between 36 and 48 months from acquisition to delivery, close to triple the 14 to 16 months Dwight City Group typically aims for in its adaptive reuse projects.

"That's going to be a heavier lift," Angster said of the planned Hahnemann project. "It will require additional work because it was not really designed for a residential layout."

$16mm for 630,000square feet?!? And to think $2mm only gets you about 3,000sf in Fitler Square...

[TK2001]

Minecraft Comcast Technology Center green lantern by Philly SkyGuy, on Flickr
Minecraft Comcast Technology Center green lantern by Philly SkyGuy, on Flickr

Minecraft Comcast Technology Center green lantern by Philly SkyGuy, on Flickr
Minecraft Comcast Technology Center green lantern by Philly SkyGuy, on Flickr

Minecraft Comcast Technology Center green lantern by Philly SkyGuy, on Flickr

I used my Minecraft build to simulate the heavily rumored LED lighting. There's more on my Flickr profile

[Skang]

I recently drove past Schuykill Yards and observed a big drill.