If the road to acquiring all the necessary approvals goes smoothly, Tom Scannapieco’s plans for a $150 million residential tower near Independence Hall could begin construction in spring 2015. The 26-story high-rise would include 40 condo units with two penthouses, each of them two stories. Availability is projected for March 2017.
Scannapieco, who developed the condos at 1706 Rittenhouse Square, has hired architect Cecil Baker to design what is being called the “glass needle” tower. However, given the building’s proximity to historical landmarks, certain design requirements must be considered. The Inquirer’s Al Heavens writes, “As a result, the building is designed not to interfere with ‘an onlooker’s view from the Liberty Bell to Independence Hall,’ Scannapieco said.”
The building’s Fifth and Walnut location would be at the site of an 18,155-square-foot space that has been vacant for the past 10 years.
Scannapieco will buy the property for $8.5 million from Five Hundred Walnut Associates, a Joe Zuritsky company. The deal should go through in a couple months.
• New luxury high-rise planned for historic area [Inquirer]
In other news…
• FMC plans to separate into 2 publicly companies [Philly.com]
• Post Brothers makes $33.9M deal for land on City Line Ave. [Philadelphia Real Estate Blog]
• CWA, Property Sites reach deal on land sale [Delco Times]
• What You Need To Know About Becoming a Landlord [Redfin Blog]