The classy and glassy high-rise behind Independence Hall has moved yet another step forward. 500 Walnut officially broke ground in March, and construction has been humming along since that time. Now, the project has some major funds to ensure that one of the city’s most anticipated developments is realized.
Commercial Observer reports the Scannapieco Development Corporation officially sealed the deal on a $94.2 million construction loan from Union Labor Life Insurance Company (Ullico) to finance the 500 Walnut project. Ullico also financed the construction at Scannapieco’s first luxury tower, 1706 Rittenhouse.
In May, Ullico announced it would be investing $141 million to jump start construction at the East Market project Ullico and, in a separate announcement, another $87 million in financing for 500 Walnut. The latter became official in early August and will ensure that the project is built with union labor.
With an overall cost of nearly $140 million, 500 Walnut has been one of the most talked about projects in the region. The 26-story glass high-rise will feature 38 luxury condos, but it’s the bi-level penthouse that has become the stuff of legend.