Center
Introduction
Center City District’s annual look at real estate development across the Greater Center City area (Girard Avenue to Tasker Street between the two rivers) reveals encouraging signs of major investments on the horizon. The temporary lull created by unprecedented apartment deliveries and high interest rates is being punctuated by a number of large projects moving forward. Residential units are being absorbed quickly, lenders are making capital more available, and Philadelphia’s value proposition as a place to live, work, and invest is increasingly self-evident. Strategic and visionary investments in the public realm along the Delaware waterfront and other shared spaces are picking up steam, creating anchors for future private investment and enhancing the city’s livability and appeal.
Renewed attention to and anticipated investment along critical corridors are also reasons for optimism: the team behind the Wanamaker Building’s reinvention is full speed ahead on a transformation of one of downtown’s largest and most iconic buildings as the city and stakeholders begin to coalesce a broader plan for the area; the Avenue of the Arts is welcoming artists and creatives back into the University of the Arts portfolio thanks to Scout, Temple University, and others, while landmarks like the Bellevue and the Gershman Y are in varying stages of redevelopment. Investments along Market East and South Broad Street are bringing beloved buildings to life and injecting new energy into Center City’s most prominent thoroughfares.
This year’s report catalogs 21 completed projects, 19 projects under construction, and 23 projects in the proposal stage. Read on to see what’s trending in real estate and investment and to see a full list of active projects.
Real Estate Development Trends
Major projects are getting underway in 2026 after a brief slowdown
Philadelphia’s original 10-year tax abatement ended in 2021, with a phased decrease starting in 2022. Developers aimed to get their projects permitted before the program changed to receive the full abatement, causing an unprecedented construction boom that tapered off in 2024. While this wave of development wound down, labor and material costs and persistently high interest rates also reduced real estate investment nationwide. In combination, these factors are responsible for much of the slowdown.
A handful of sizeable projects across different neighborhoods are growing the development pipeline: Harper Square, a Pearl Properties project that will become the city’s tallest rental building, received $173 million in construction financing. TF Cornerstone and Alterra have begun the permitting process for a reinvention of the Wanamaker Building including multi-tenant retail in the Macy’s footprint, office space, and more than 600 residences above. Post Brothers is moving forward with the next phase of its Piazza Alta project in Northern Liberties after securing $170 million, and lease-up at its other massive development, One Thousand One, has surpassed expectations. Across all Greater Center City neighborhoods, absorption of apartments was stronger in 2025 than in 2024, creating scarcity that will enable new projects to meet demand in proven locations.
Piazza Alta (Phase 2), Photo credit: Post Brothers
Public investments and capital projects reshaping Center City over time
Construction costs and policy changes at the federal level have also challenged investments led by local government and civic and nonprofit partners, with the federal government rescinding previously awarded funds for projects like the Chinatown Stitch. Despite current headwinds for projects in the proposal stage, a number of fully funded projects are proceeding apace that will enhance the livability and value proposition of Center City and surrounding neighborhoods.
The City of Philadelphia’s Office of Transportation, Infrastructure, and Sustainability (OTIS), in partnership with Old City District, is wrapping up a transformation of Market Street from 2nd to 6th streets with a new road diet that prioritizes pedestrian and bicycle safety. Nearby at Penn’s Landing, the capping of I-95 by the Delaware River Waterfront Corporation is well underway. This project will create 11.5 acres of park space between Chestnut Street, Walnut Street, Front Street, and the Delaware River, alongside a spectacular new pedestrian bridge at South Street, connecting the street grid to the waterfront like never before. Over the Schuylkill River, a completely rebuilt Market Street Bridge (and improvements to the Walnut Street Bridge) will further improve connections between Center City and University City. The Spring Garden connector will create a safe crosstown connection between the two river trails, with a redesigned street that will feature protected bike lanes, stormwater management, and upgraded pedestrian facilities. And this summer, Dilworth Park and LOVE Park will be joined by a reimagined Thomas Paine Plaza, creating a third public space to enjoy in the heart of downtown.
Left: Spring Garden Connector Project; Right: South Street Pedestrian Bridge
Market East’s next chapter begins in earnest
Market East is a place where public investment and private development are coming together to reinvent a vital corridor in the years ahead. The city has officially kicked off its planning process, bringing property owners, agencies, and other stakeholders together to lay out an achievable and appropriate future for one of Center City’s primary thoroughfares. In the near term, TF Cornerstone and Alterra Property Group are full steam ahead on reimagining the Wanamaker Building with more than 600 residential units, refreshed office space, and a multi-tenant retail/ entertainment/food and beverage overhaul of the Macy’s space. Down the street, Harris Blitzer Sports Entertainment and Comcast have consolidated holdings on the 900 and 1000 blocks where mixed-use development could begin as early as 2027.
Property owners with longstanding stakes along the corridor, including Brickstone (701 Market), Macerich (the Fashion District), and National Real Estate Development (East Market) are investing in their assets to improve the street in the near-term. They are crucial partners and stakeholders—along with CCD—in the city-led initiative to craft a new vision plan for Market East.
West Market adapting to a mixed-use environment
Philadelphia’s office district is unique among U.S. commercial business hubs: large, growing, and vibrant residential neighborhoods surround it within easy walking distance, and a majority of its buildings offer direct interior connections to a vast underground transit concourse. But perhaps most critically, it already contains much more than office buildings thanks to ongoing conversion and construction activity. Clarity is emerging on the future trajectory of many of the largest towers thanks to recent sales of 10 Penn Center, 2000 Market, and the active marketing of 1500 Market (Centre Square) as a partial or complete conversion opportunity.
Completed conversions at Three Parkway (which remains 50% office) and 17 Market West (a full conversion after Morgan Lewis’ relocation) are recent infusions of residential density. Recent retail openings, including Five Iron Golf at Three Logan Square, Cake and Joe at 1735 Market, and Rhythm and Spirits at Suburban Station have brought amenities and day-to-night options into the mix. There are opportunities to further enliven the retail mix, both above and below ground, and rethink the usage and programming of office plazas as the district becomes increasingly mixed-use.
Wanamaker Building
Avenue of the Arts welcomes back artists (along with more development)
The sudden closure of the University of the Arts (UArts) in June 2024 affected thousands of students, eliminated hundreds of jobs, and left Center City without one of its oldest and most important arts institutions. Nearly two years on, new owners have acquired each of the former UArts buildings and new development is underway. Key projects include Temple University’s purchase of Terra Hall, which will become the home of Temple’s Center City Campus, bringing student life back to the area and relocating Temple’s long-standing downtown presence from Market Street to Broad. Dwight City Group, in partnership with Carl Dranoff, will convert the former Anderson Hall from classrooms to a mixed-use residential and commercial building. Scout, the owner of South Philadelphia’s Bok Building, purchased Hamilton and Furness halls with the intention of repurposing the buildings into housing, residences, and workspaces for artists and arts-related organizations. Called the Village of Industry and Art, the new creative hub is already being activated with Frankie’s Summer Club, a seasonal cocktail garden in the building’s courtyard, to create a destination and sense of place as larger plans coalesce. Inside the walls, a first wave of tenants will take occupancy throughout 2026.
In the meantime, other investments are ongoing up and down Broad Street. The Bellevue’s redevelopment into ultra-luxury apartments and a renovated hotel will be complemented by the completion of new retail concepts: Mr. Edison’s, a high-end restaurant along the Broad Street side, and Bathhouse, a New York Citybased spa concept that will utilize the former food court and part of the former Tiffany & Co. (as well as its roof) to create a facility with multiple pools, saunas, and other amenities.
Hamilton and Furness Halls
Real Estate by the Numbers
Major Center City projects completed or
$2.14 billion in major development
8,240
555,000
354,713
Total Square Footage Complete or Under Construction
Total square footage completed or under construction Completed and in-progress
3,568
934
1,438
Greater Center City Developments and Investments
Completed Developments
17 Market West
Address: 1701 Market Street
Type: Conversion
Developer: Alterra Property Group
This new 305,170 square foot office-to-residential conversion includes 299 luxury apartments and 189 parking spaces. Located in the West Market office corridor and directly above Suburban Station, it is the only fully residential building with a direct interior connection to SEPTA’s underground concourse.
Rendering Credit: Clemens Construction
2301 JFK
Address: 2301 John F. Kennedy Boulevard
Type: Residential
Developer: PMC Property Group
Situated on a narrow, wedge-shaped lot along the Schuylkill River, 2301 JFK is a 23-story, 334,201 square foot residential high-rise. The development features 287 units, with 44 car parking spots and 96 bicycle parking spaces.
Rendering Credit: Solomon Cordwell Buenz
408 North Front Street
Address: 408 North Front Street
Type: Residential
Leasing is underway at this mixed-use project in Northern Liberties. With 10 boutique apartment units, the development features one- to three-bedroom layouts and premium amenities.
814 North 2nd Street
Address: 814 North 2nd Street
Type: Residential
Developer: Catalyst City Development and Southwood Properties
Leasing is underway at this newly constructed 78-unit apartment complex, which adds residential and 3,700 square feet of retail space to the heart of Northern Liberties.
Rendering Credit: Realtor.com
The
Bellevue
Address: 200 South Broad Street
Type: Conversion
Developer: Lubert-Adler
Description: Construction at the Bellevue is complete, following a conversion of current office space into apartments and renovations of both the Hyatt hotel and the 100,000-square-foot Sporting Club. Updated amenities include a swimming pool and coworking lounges.
Rendering Credit: The Bellevue Hotel—The Unbound Collection by Hyatt
Annex 1201
Address: 1201 Vine Street
Type: Residential
Developer: Meritis Group
Located in the heart of the Callowhill neighborhood, Annex 1201 adds 120 residential units to an existing building at 1201 Vine Street. The project features a mix of studio, one-, and two-bedroom apartments, as well as 36 parking spaces.
Rendering Credit: Cadre Design
Bloc24
Address: 617 South 24th Street
Type: Residential
Developer: 617 South 24th St LLC
Boutique condo building Bloc24 features eight residential units, ranging from 460 square feet to 2,600 square feet, as well as ground floor retail space. The project features a modern, curved brick façade with bay windows.
Rendering Credit: Moto Designshop
Eight7Teen
Address: 817 North 3rd Street
Type: Residential
Completed in 2025, the Eight7Teen features 48 luxury apartments and street-level commercial space in Northern Liberties. The building includes basement car parking, a rooftop deck, and a dog daycare on the ground floor.
Rendering Credit: Atrium Design Group
Lotus
Address: 416 Vine Street
Type: Residential
Developer: Lily Development
The Lotus Residences & Wellness Club, a mixed-use apartment building in Old City, features 70 units of residential space, ground floor commercial space, and a modern exterior design by Ambit Architecture.
Rendering Credit: Ambit Architecture
One Thousand and One Residences (Phase 1)
Address: 1001 South Broad Street
Type: Residential
Developer: Post Brothers and Tower Investments
The completed first phase of the One Thousand One Residences adds 400 luxury apartments to Broad Street and Washington Avenue and a Giant supermarket on the ground floor. Construction of phase two, expected in the next few years, will add 453 units.
Rendering Credit: BKV Group
Rivermark Northern Liberties (Phase 1)
Address: 501 North Christopher Columbus Boulevard
Type: Residential
Developer: Jefferson Apartment Group and Haverford Properties
Rivermark is a nine-acre waterfront property in Northern Liberties with 470 luxury apartments and 45,000 square feet of retail space, anchored by a Sprouts grocery store. An extension of the Delaware River Trail runs through the parcel.
Rendering Credit: Bernardon
The Astir Callowhill
Address: 1314 Spring Garden Street
Type: Residential
Developer: Volumetric Building Companies
Construction of the 149-unit apartment building on Spring Garden and 13th streets is complete, with targeted rental rates of 50% to 70% of the Callowhill neighborhood’s Area Median Income. The project’s ground floor space is well-suited for a small commercial business.
Rendering Credit: Volumetric Building Companies
The Casa
Address: 1614 Ridge Avenue
Type: Residential
Developer: Vich Properties
Nearly complete, The Casa on Ridge Avenue is comprised of 32 apartment units, offering one and two bedrooms and a pair of ground-floor commercial spaces. Its location between the Fairmount and Francisville neighborhoods is a short walk from SEPTA’s Broad Street (B) subway line, and the Girard Avenue (G) trolley line.
Rendering Credit: Vich Properties
The Dally
Address: 342 West Girard Avenue
Type: Residential
Developer: Hightop Development
Leasing is underway for 50 residential units at The Dally, located at 4th Street and Girard Avenue in Northern Liberties. On the ground floor, 2,500 square feet of commercial space is open to lease for retail, restaurant, or office uses.
Rendering Credit: CosciaMoos
The Howell
Address: 2101 Washington Avenue
Type: Residential
Developer: OCF Realty
The former site of the Frankford Chocolate Factory now includes 40 townhouses, 247 apartments, 36,000 square feet of retail split between an Aldi supermarket and a CVS drugstore, plus 120 parking spaces below grade.
Rendering Credit: JKRP
Calder Gardens
Address: 2100 Benjamin Franklin Parkway
Type: Public/Institutional
Developer: The Calder Foundation
Designed by Herzog & de Meuron, Calder Gardens showcases the art and ideas of sculptor Alexander Calder. Featuring galleries illuminated by natural light, and surrounded by flowering and local plants, Calder Gardens’ rotating selection of masterworks will include mobiles, stabiles, and monumental sculptures.
Image Credit: Calder Gardens Press Preview, Sept. 15, 2025. Image © Calder Gardens
The Iron Rose Residences
Address: 619 North Broad Street
Type: Residential
Developer: TierView Development
This 118,746 square feet residential tower will feature 121 units and modern design features such as a light gray brick façade with yellow archways at street level and smaller, semicircular windows above.
Rendering Credit: BrightCommons
The Lyle on North Broad
Address: 922 North Broad Street
Type: Residential
Developer: Hightop Development
The seven-story, 171-unit mixed-use building includes ground level parking, nearly 30,000 square feet of ground floor and second floor retail space accessible via escalator, and five levels of residential space. International grocery store chain Lidl is leased as the anchor tenant.
Rendering Credit: CosciaMoos
Wood Street Lofts
Address: 326 North 12th Street
Type: Residential
Developer: Regis Group
Construction is complete and leasing is underway at the Wood Street Lofts, a 31-unit residential building in Callowhill. The modern, industrial-style building replaces a surface parking lot, adding 30,075 square feet of apartments, flexible workspace, and parking.
The Jaan at Center City
Address: 225 North 13th Street
Type: Hotel
Developer: Genesis Capital
The Jaan at Center City will be an 81-unit mixed-use hospitality/multifamily development located near Chinatown. The units are created for long-term guests and business travelers, sporting a gym, roof deck, and ground-floor retail.
Rendering Credit: Volumetric Building Company
Via Callowhill
Address: 1201 Callowhill Street
Type: Residential
Construction is almost complete at the 83,667 square foot space, with 239 total beds. The project will also include 3,989 square feet of retail on the ground floor and 8,854 square feet of office and amenity space.
Rendering Credit: JKRP Architects
Under Construction
Chubb Center
Address: 2000 Arch Street
Type: Office
Developer: Parkway Corporation
This build-to-suit high-rise will span 550,000 square feet over 18 floors. The building was designed by L2P/Stantec and will be occupied by Chubb, the world’s largest publicly traded property and casualty insurance company.
Rendering Credit: L2P/Stantec
1500 Pine
Address: 1500 Pine Street
Type: Conversion
Developer: MM Partners LLC
Acquired from the University of the Arts, 1500 Pine will be converted from a dormitory into 66 renovated apartment units. The design plan maintains the building’s historic façade while adding updated interiors.
Rendering Credit: MM Partners LLC
Hamilton Hall & Furness Hall
Address: 320 South Broad Street; 1451 Pine Street
Type: Conversion
Developer: Scout
Scout is repurposing the former University of the Arts buildings for housing, residencies, and workspaces for artists and other arts-related organizations, with initial tenants moving in early 2026. In the interim, outdoor beer garden Frankie’s Summer Club opened in the courtyard of the space.
1000 Spring Garden Street
Address: 1000 Spring Garden Street
Type: Residential
Developer: KT Investments
Replacing a parking lot at the corner of 10th and Spring Garden streets, adjacent to the Union Transfer music venue, this project will rise eight stories. The 22,500 square foot mixed-use development will feature 21 units and 2,000 square feet of ground floor retail.
Rendering Credit: Harman Deutsch Ohler Architecture
151 North 3rd Street
Address: 151 North 3rd Street
Type: Residential
Developer: 151 N 3rd St LP
Located in Old City between Race and North 3rd streets, this 11-unit, 21,845 square foot multifamily building will include a roof deck and indoor parking. The building’s façade will blend historic brick with modern steel and glass.
Rendering Credit: Gnome Architects
1731 Washington Avenue
Address: 1731 Washington Ave
Type: Residential
Located in the Graduate Hospital neighborhood, this 36,336 square foot, 18-unit residential project will include ground-level commercial space, a roof deck, bike storage, and 24 indoor parking spots.
Rendering Credit: Harman Deutsch Ohler Architecture
230 Vine Street
Address: 230 Vine Street
Type: Residential
Developer: Groom Investments LLC
Permits have been issued and demolition has begun at the former Painted Bride Arts Center site, which will span 85 units of mixed-use space with an accessory parking garage. The Old City building will total 73,473 square feet.
Rendering Credit: Atrium Design Group
419 Bainbridge Street
Address: 419 Bainbridge Street
Type: Residential
Developer: Alterra Property Group
Located in Queen Village, the 419 Bainbridge Street development will deliver 157 class a apartments, including select units with private balconies, alongside two ground floor commercial spaces.
502 Wood Street
Address: 502 Wood Street
Type: Residential
This proposed 55,470 square foot residential building on the northeastern edge of Old City will create 55 apartment units, including studios, one-bedroom, and two-bedroom apartments.
650 Fairmount
Address: 650 Fairmount Avenue
Type: Residential
Developer: PRDC Properties
On the western side of Northern Liberties, 650 Fairmount is a $100 million, 177,291 square foot mixed-use project featuring 297 apartments, 107 townhouses, duplexes, and triplexes, 221 parking spaces, and 21,000 square feet of retail space. Sixty of the residential units will be designated as affordable units.
Rendering Credit: ISA Architects
915 North Broad Street
Address: 915 North Broad Street
Type: Residential
An 80,000 square foot, seven-story building is planned for Broad Street near Girard Avenue. Plans for the development include 70 residential units, 16,000 square feet of office space and ground floor retail space.
Rendering Credit: Sky Design Studio
Beach Street Landing
Address: 700 Delaware Avenue
Type: Residential
Developer: Saxum Real Estate
This large-scale development consists of 466 luxury residential units in the form of two seven-story multifamily buildings and eight townhouse-style units. The two structures also provide over 15,000 square feet of retail space. An initial phase has been completed.
Rendering Credit: JKRP Architects
Cameron Square
Address: 801 North 19th Street
Type: Residential
Cameron Square will add 109 rental units and 34 townhouses to the Francisville neighborhood. The project proposal includes an amenity area, parking spaces, and an interior courtyard. Currently, the townhouse portion is under construction.
Rendering Credit: NORR
Orianna House
Address: 310 West Girard Avenue
Type: Residential
Developer: 310 Girard LLC
Construction is underway at the Orianna House apartments in Northern Liberties at the corner of 3rd Street and Girard Avenue. The seven-story development will feature around 189 residential units, 10,330 square feet of ground floor commercial space, and a private outdoor courtyard.
Piazza Alta (Phase 2)
Address: 1099 Germantown Avenue
Type: Residential
Developer: Post Brothers
The Piazza is a multiphase project that, upon completion, will add over 1,000 units to Northern Liberties. The Piazza Alta’s second phase will include 431 units. The full project will create a community of buildings with shared amenities and public space.
Residences at Pier 40
Address: 933 Penn Street
Type: Residential
Developer: GY Properties
This luxury development is located along the Delaware River in Northern Liberties. The building will span 187,636 square feet and feature 196 multifamily units, amenity space, and a landscaped deck, with bike and car parking on the first floor.
Five on Canal
Address: 918–980 Delaware Avenue
Type: Residential
Developer: GY Properties
Five on Canal is a multi-building complex comprised of six buildings stretching from Poplar Street to Frankford Avenue between Delaware Avenue and Canal Street. Together the buildings total 418,780 square feet with 18,000 square feet of retail, adding 508 apartments to this rapidly changing corridor.
Market Street Old City Improvement Project
Address: Market Street, from Front Street to 6th Street
Type: Public/Institutional
Developer: City of Philadelphia
The Market Street improvement project will add sidewalk-level bike lanes, concrete bus boarding bump-outs, and left-turn lanes. Construction is expected to be completed in time for the festivities of 2026, including the World Cup and the country’s 250th birthday.
Thomas Paine Plaza
Address: 1401 John F. Kennedy Boulevard
Type: Public/Institutional
Developer: City of Philadelphia
The City of Philadelphia is redesigning the Thomas Paine Plaza in front of the Municipal Services Building. Plans include more seating, trees, and green space. The new plaza will also add public art and space for programming. Rendering Credit: Ground Reconsidered
Penn’s Landing
Address: 101 South Christopher Columbus Boulevard
Type: Public/Institutional
Developer: Durst Organization and Delaware River Waterfront Corporation
An 11-acre park between Chestnut and Walnut streets will stretch from Front Street to the Delaware River, capping I-95 and ending at an amphitheater-framed waterfront plaza. The $225 million public investment aims to catalyze up to $1 billion in private development. Philadelphia committed $90 million over six years; state and philanthropic donors cover remaining costs. The plan will transform Penn’s Landing into a residential neighborhood with mid-rise mixed-use development along the boat basin, a park replacing seasonal Spruce Street Harbor Park, residential-commercial development on the boat basin pier (with reserved public space), and mixed-use development at Market Street. The project includes the I-95 cap and the Delaware River Trail from Washington Avenue to Spring Garden Street.
Rendering Credit: Hargreaves Associates and Redsquare
Morgan Center for Research and Innovation
Address: 2716 South Street
Type: Health Care/Life Science
Developer: Children’s Hospital of Philadelphia
Encompassing 17 stories and 350,000 square feet, the Morgan Center is designed with six flexible conference rooms, a 250-capacity lecture hall, and collaboration spaces. The center aims to help CHOP retain and attract leaders in pediatric medicine research.
Rendering Credit: CHOP
Philadelphia Ballet Center for Dance
Address: 323 North Broad Street
Type: Cultural/Entertainment
Developer: Philadelphia Ballet
The five-story Ballet Center for Dance will feature new rehearsal studios, performance venues, administrative offices, community gathering spaces, and modern facilities for dance training, community education, programming, and events.
Rendering Credit: Varenhorst Architects
The Jaan at Old City
Address: 141 North 4th Street
Type: Hotel
Developer: Genesis Capital
The Jaan at Old City will be a 36-unit hospitality/multifamily asset located in the heart of Old City. The Jaan will provide an upscale, boutique living experience. The structure’s design will incorporate four-story additions to the existing buildings.
The Jaan at Old City 2
Address: 115 North 3rd Street
Type: Hotel
Developer: Genesis Capital
Located in the heart of Philadelphia’s historic district, Genesis Capital’s second development in Old City will house 17 extended-stay hotel rooms. Deliberation is still underway regarding whether the ground floor will be commercial or hotel space.
Proposed Developments
Anderson Hall
Address: 333 South Broad Street
Type: Conversion
Developer: Dwight City Group
Acquired in February 2025, the former University of the Arts building will be converted from classrooms to a mix of residential and commercial space. The building plans propose 84 apartment units and ground-floor commercial space.
Gershman Hall
Address: 401 South Broad Street
Type: Conversion
Developer: Lubert-Adler
In July 2025, Lubert-Adler Real Estate Funds acquired the former Gershman Y, the final University of the Arts property to sell after the school’s bankruptcy, with undisclosed plans to transform the space. The sale marks a generational opportunity to add diversity and new life to Avenue of the Arts.
Hahnemann University Hospital Towers
Address: 222-48 North Broad Street
Type: Conversion
Developer: Dwight City Group
Dwight City Group received permits to turn 630,000 square feet of Hahnemann University Hospital into middle-market rate apartments with amenity space. The planned residential conversion will provide a total of 361 units.
1341 South Christopher Columbus Boulevard
Address: 1341 South Christopher Columbus Boulevard
Type: Residential
Developer: Brevet Capital Management
The proposed development calls for 620 apartment units, 187 parking spaces, and a combined 30,800 square feet of commercial space. In exchange for zoning bonuses to build taller, the developer will pay into Philadelphia’s Housing Trust Fund and upgrade the Delaware River Trail below Washington Avenue. Upgrades will include public open space and extended public pedestrian and bike trails along the river.
Rendering Credit: Perkins Eastman
The Wanamaker Building
Address: 100 Penn Square East
Type: Conversion
Developer: TF Cornerstone and Alterra Property Group
Plans for the redevelopment of The Wanamaker Building segment the space into 650 luxury apartments, up to 300,000 square feet of anchor retail space, three levels of underground parking, and upper-floor offices. Intent on preserving the building’s historic character, TF Cornerstone will keep the historic Crystal Tea Room, Wanamaker organ, and bronze Eagle sculpture.
Rendering Credit: Practice for Architecture Urbanism
1601 Washington Avenue
Address: 1601 Washington Avenue
Type: Residential
Developer: OCF Realty
OCF Realty purchased this 1.35-acre site, formerly a shopping center, with a proposed design including 275 apartments, 254 parking spaces, almost 40,000 square feet of commercial space, and a public plaza with a café.
2012 Chestnut Street
Address: 2012 Chestnut Street
Type: Residential
Developer: Alterra Property Group
Almost 20 years after the Philadelphia Housing Authority (PHA) moved out of its Center City headquarters, construction of a long-awaited mixed-income tower is set to begin in spring 2026. Plans for the 14-story building include 121 apartments, 40% of which to be rented at market rate, with the rest targeted at tenants earning below 80% of the area medium income (AMI). PHA will hold a 99-year ground lease on the property.
20th & Fairmount
Address: 1924 Fairmount Avenue
Type: Residential
Developer: Yoav Shiffman
A recent proposal aims to transform the site of a shuttered Rite Aid drugstore and its parking lot into a modern brick residential building. The design by Assimilation Design Lab features 28 multifamily units, 10 bicycle parking spaces, and ground floor retail space.
500 North Christopher Columbus Boulevard; 501 North Front Street
Address: 500 North Christopher Columbus Boulevard; 501 North Front Street
Type: Residential
Developer: Aspen Equities LLC
Aspen Equities has obtained permits to begin construction at a riverfront parking lot in Northern Liberties. Approximately 88,853 square feet of apartments will be constructed, with car and bike parking, amenity space, and flood-proofing design. Rendering Credit: Designblendz Architecture LLP
704 East Passyunk Avenue
Address: 704 East Passyunk Avenue
Type: Residential
Developer: Yoav Shiffman and The Goddard School
The Goddard School partnered with local developer Yoav Shiffman to acquire a former Rite Aid in Queen Village. The proposal includes 51 apartment units and 10,000 square feet of ground floor space, which will be occupied entirely by the Goddard School.
Arbour House
Address: 702 Sansom Street
Type: Residential
Developer: Pearl Properties
The proposed 99-unit, 135,540 square foot apartment tower overlooking Washington Square Park will feature one- and two-bedroom units, 50 parking spaces, and ground floor retail.
Harper Square
Address: 113-121 South 19th Street
Type: Residential
Developer: Pearl Properties
Harper Square will be a 55-story, 237-unit residential high-rise located on South 19th Street near Walnut, across from another Pearl development, The Harper. The new development will also feature 15,000 square feet of retail space on the lower floors.
Philly House
Address: 1310 Pearl Street
Type: Residential
Developer: Philly House
Philly House, one of the city’s largest shelters for people experiencing homelessness, is building a six-story, 70-unit building with all affordable housing. According to the site plan, 18 units will be rented at 20% area median income (AMI), nine units at 30% AMI, and 43 units at 50% AMI.
Rendering Credit: JKRP Architects
The 914
Address: 914 South Broad Street
Type: Residential
Developer: Dranoff Properties
Located near the Ellsworth-Federal subway station, this mixed-use project will bring 84 residential units and ground floor retail to the Broad Street corridor.
The development will include parking, a gym, a club room, and a roof deck.
Rendering Credit: JKRP Architects
Market Street Bridges Rehabilitation and Improvement Project
Address: Walnut Street from 22nd to 33rd, and Market Street from 21st to 30th
Type: Public/Institutional
Developer: Pennsylvania Department of Transportation
This $148.9 million project will partially replace and redesign the Market Street bridge over the Schuylkill River. Upgrades include new 10-foot-wide travel lanes, wider sidewalks, a concrete-protected two-way bike lane, and a bicycle signal light at the corner of Market Street and Schuylkill Avenue West.
Spring Garden Connector
Address: Spring Garden Street, from river to river
Type: Public/Institutional
Developer: City of Philadelphia
Slated for completion in 2029, the Spring Garden Connector will add concreteprotected bike lanes along the route, as well as floating bus islands, upgraded signals, safer crossings, and improved stormwater management. It will also connect to the East Coast Greenway, the developing 3,000-mile bike trail connecting Maine to Florida.
Caroline Kimmel Biomedical Building, Thomas Jefferson University
Address: 214 South 9th Street
Type: Health Care/Life Science
Developer: Thomas Jefferson University
Thomas Jefferson University’s second largest donation ever, a $70 million gift from Sidney and Caroline Kimmel, will be used for a new building to expand the biomedical research capacity at its Center City campus. The 11-story Caroline Kimmel Biomedical Research will create space for 56 additional National Institutes of Health funded research teams and an additional 250 to 400 jobs at Jefferson.
Rendering Credit: Thomas Jefferson Univerisity
Laurel Street Garage
Address: 53-67 East Laurel Street
Type: Retail
Developer: Bridge One Management
This proposed seven-story, mixed-use parking structure in a bustling Fishtown entertainment district would include 372 parking spaces, ground floor retail, and a top floor event space.
Rendering Credit: Designblendz
Shops at the Italian Market
Address: 1101-33 South 9th Street
Type: Retail
Developer: Midwood Investment & Development
Midwood Investment & Development plans to redevelop the parcel on the southeast corner of 9th Street and Washington Avenue into a retail complex with 23,500 square feet of retail space and a 2,500 square foot rooftop deck and outdoor pavilion.
Rendering Credit: Morris Adjmi Architects (Design Architect) & BLTa (Executive Architect)
Acknowledgments
Report Team
This report was researched and written by Clint Randall, Vice President of Economic Development, and Lauren Smith, Director of Research and Special Projects and designed by David Orantes, Art Director. The Center City Real Estate Development 2026 team also includes Jessie Brain, Manager of GIS; Prema Katari Gupta, President and CEO; Adrianna Morsey, Research Assistant; JoAnn Loviglio, Vice President of Communications and Public Relations; Leo Manning, Director of Strategic Communications; Jimmy Salfiti, Manager of Economic Development; and Bonnie Thompson, Senior Director of Digital Marketing. Drone photography by WeFilmPhilly.
For any questions or inquiries regarding development projects within Center City District, please contact our team at research@centercityphila.org.
CPDC Members
We are grateful for the ongoing support of Central Philadelphia Development Corporation members, who make reports such as this one possible. For more information on CPDC and how to join, visit joincpdc.org
ABM
Allan Domb Real Estate
Alterra Property Group LLC
Aramark
Ballard Spahr LLP
Bank of America NA
Blank Rome LLP
Blueprint Commercial
Brandywine Realty Trust
Brickstone Realty
CBP Architects
CBRE Inc.
Chubb
Colliers
Comcast Commonwealth Land Title Insurance Company
Conner Strong & Buckelew
CosciaMoos Architecture
Cozen O’Connor LLP
Cushman & Wakefield of Pennsylvania Inc.
Dranoff Properties
Duane Morris LLP
Econsult Solutions Inc.
Field Operations
Firstrust Bank
Fulton Bank
Gensler
Goldman Properties
Greater Philadelphia Cultural Alliance
Greenberg Traurig LLP
HDR Inc.
HNTB Corporation
JLL
KieranTimberlake
Klehr Harrison Harvey Branzburg LLP
Korman Communities Inc.
Lubert-Adler
M&T Bank
Mercator Advisors LLC
Morgan, Lewis & Bockius LLP
MPN Realty
Narducci Electric Company LLC
National Real Estate Development
O’Donnell & Naccarato
Olin
Parkway Corporation
Pearl Properties LLC
PECO Energy Company
Pennoni
Pennsylvania Horticultural Society
Philadelphia Parking Authority
PIDC
PMC Property Group
PNC Bank NA
Posel Management Company
Post Brothers
Preservation Alliance for Greater Philadelphia
Reading Terminal Market Corporation
Saul Ewing LLP
Savills
Scully Company
Seravalli Inc.
SSH Real Estate
Stockton Real Estate Advisors LLC
Strada Architecture LLC
Stradley Ronon Stevens & Young LLP
TD Bank
The Goldenberg Group
The Klein Company
The Lighting Practice
University of Pennsylvania
Urban Engineers Inc.
William Penn Foundation
WRT