8th and Market site to remain a parking lot—for now
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Despite the sheer amount of development and construction underway just down the street, the large parking lot at 8th and Market will remain that way—for now.
Philadelphia Business Journal reports that the parking lot’s owner Goldenberg Group hopes to develop the site into something more, but not for another three years.
On July 25, the Zoning Board of Adjustment (ZBA) granted the developer’s request to receive a three-year extension on its parking lot permit, which allows for 292 parking spaces. The variance is needed because the site is zoned CMX-5, which allows for the highest and most dense development.
The extension is set to expire on January 21, 2021.
That’s when Goldenberg Group hopes a development deal will come up to turn the site into something more, with the idea that it’s one of the last remaining development sites on the Market East corridor. Goldenberg said:
"We believe the right project has to combine a fabulous retail and entertainment hub that activates the street frontage for pedestrians, with significant tower components that add vitality to the corridor and neighborhood."
By that point, both the two towers at the $600 million mixed-use development East Market and the renovation of the Gallery into the Fashion Outlets of Philadelphia across the street will have opened.
With THAT zoning, it'd be a sin not to put something >650 ft there.
You know what, I don't mind this non-development story. Let East Market and the Fashion Outlets of Philadelphia get completed and really start to transform the area. Maybe this will drive up interest in developing that spot and by the time the lease is up in 2021, we can get something nice.
You know what, I don't mind this non-development story. Let East Market and the Fashion Outlets of Philadelphia get completed and really start to transform the area. Maybe this will drive up interest in developing that spot and by the time the lease is up in 2021, we can get something nice.
I agree. We'll be stuck with whatever is built there for a long time. So, I'm ok waiting a little longer for something worthy.
You know what, I don't mind this non-development story. Let East Market and the Fashion Outlets of Philadelphia get completed and really start to transform the area. Maybe this will drive up interest in developing that spot and by the time the lease is up in 2021, we can get something nice.
Small detail----there's no lease regarding this property, at least none that I can imagine, just a zoning variance that runs thru 2021. I would be quite sure that if Goldenberg want to build something before 2021 he could---meaning the present parking operation wouldn't stop plans from moving forward. But likewise there's probably no reason to believe the City wouldn't give another 3 year extension to the zoning variance if one were to be requested.
How Cloudamize yielded '52% a year' for local investors
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The yearly return on investment, gross of investment fees, was 52 percent, says George Krautzel, partner at MissionOG, the Market Street-based group of early-2000s tech-company founders that led Cloudamize’s $1.2 million capital raising four years ago.
* post scrip The state and the city must take measure's to keep these companies in the city and hire philly workers . Way too many start -ups have left the state after being scoped up by Cali bio companies . Start here stay here .
Agreed. While there is a certain appeal to the building, I almost guarantee what was there before it was superior in at least building materials and urban form. While I like the rounded corners, because the building isn't even sited on the corner, no good way to even preserve it.
No Dubia skyline for here. Fake over there. Many high-rises unoccupied and are speculative investments. Amazing what oil money can do. In any case, I would want organic growth of high-rises here based on both job and population growth.
No Dubia skyline for here. Fake over there. Many high-rises unoccupied and are speculative investments. Amazing what oil money can do. In any case, I would want organic growth of high-rises here based on both job and population growth.
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