Mack-Cali and its Roseland subsidiary announce agreement with Parkway Corporation
PHILADELPHIA, PA — Mack-Cali and its Roseland subsidiary announced an agreement in principle with Parkway Corporation to form a joint venture partnership to develop a luxury multi-family community at 709 Chestnut St. in Philadelphia. The development, currently in the planning and permitting stages, is slated to commence construction by the end of 2015.
Located in the heart of Center City, preliminary plans for 709 Chestnut St. feature 32 stories consisting of approximately 300 luxury apartments and over 11,000 s/f of indoor and outdoor amenity space.
“As we continue to expand our footprint in the Philadelphia market, we’re excited to have the opportunity to partner with Parkway—a leader in parking management and real estate development—for this exciting initiative at 709 Chestnut St.,” said Mitchell Hersh, president and chief executive officer of Mack-Cali. “This community will serve as a cornerstone of the burgeoning Market Street East neighborhood, which is quickly emerging as a dynamic cultural destination in a previously underutilized corridor.”
The project marks the newest development on the east end of Chestnut St. Known as the Market St. East district, the area has experienced a recent flurry of activity and is in the midst of a rapid transformation. The influx of businesses and residents is due in large part to recent City initiatives, including a targeted reduction in business taxes and a revamped zoning structure that allows for a dynamic mix of commercial and residential uses in the neighborhood. The area has proven to be particularly attractive for millennials and empty nesters, drawn to its hyper-accessible location and emerging cultural livelihood.
Plans for 709 Chestnut St. also include the development of an automated 125-car parking garage onsite, marking the third fully automated garage project that Parkway Corporation has recently established in Philadelphia. The company also operates the city’s first fully automated garage at 1706 Rittenhouse Sq. and provided the land for the automated garage project at 500 Walnut St., both of which have been praised by city and civic organizations.
Mack-Cali and Roseland are currently pursuing opportunities in Philadelphia and the surrounding areas involving both ground-up development and adaptive reuse. With its partner Keystone Property Group, repositioning plans were announced for The Curtis, just around the corner from 709 Chestnut St. Roseland will lead the residential redevelopment of the iconic Center City building, which will feature new luxury apartments, while Keystone will revitalize the building’s existing office space and common areas.
Additionally, Mack-Cali recently partnered with Keystone and Parkway Corporation on 100 Independence Mall West, where the companies have reinvested over $20 million. The partnership’s revitalization of the building and streetscape include a new 110-car underground parking garage and a variety of revamped ground floor retail spaces, including the popular Independence Beer Garden.