PMC Expands in Philadelphia’s Center City
- Oct 20, 2015
By Adriana Pop, Associate Editor
In a $28.5 million deal, apartment developer PMC Property Group purchased one of the few remaining large development sites in Philadelphia’s Center City.
JLL’s Capital Markets experts worked on behalf of Garrison Investment Group of New York to sell the property, a five-parcel portion of undeveloped land located at 60 N. 23rd St., 2301, 2201, 2101, and 2001 John F. Kennedy Blvd.
This L-shaped area, known as River City, covers more than seven acres and could accommodate up to 2.5 million square feet of new development, according to the Philadelphia Business Journal. The parcels are located only a few blocks from the Comcast Center and across the Schuylkill River, near Amtrak’s 30th Street Station and the City’s largest universities: The University of Pennsylvania and Drexel University.
“These land parcels are located near the growing Market Street West and University City submarkets and as demand pushes activity west in the Philadelphia CBD, these development sites offer incredible potential to develop large scale development along the Schuykill River and JFK Blvd,” Galbally said. He added that in the last decade, “the Arch Street corridor has seen more than $2 billion of development activity and with the recent completion of 1900 Arch residential project and the Comcast Innovation & Technology Center currently underway, Arch Street will continue to evolve into a vibrant, premier commercial micro-segment of the market.”
The site was assembled in the 1980s by Developer H. Leonard Fruchter and later owned by Ravi Chawla’s World Acquisition Corp. In 2006, the company envisioned a massive project here called River City. The development never took off and World Acquisition lost control of the property, which was then acquired by the Garrison group.
Rendering credits: JLL