The Latest Word on Market Street West

Could Market Street West really be waking up? We said it last week, and now the Inquirer’s latest article on the the Murano, the 43-story condo tower at 2101 Market, is driving the thought even further by saying it’s the living manifestation of the change.

First, though, an update on the tract of Market Street land newly acquired by Brandywine Realty Trust: we now know how much it cost. According to Inky’s Jacob Adelman, city documents show Brandywine paid up $16.6 million for the 37,000-square-foot plot. As we told you previously, the site is on the 2100 block’s southern side near the planned June 5th Memorial Park. Whatever they have planned for the spot, we’ll keep you posted.

But back to “West Market Street Rising” news: Alan J. Heavens reports the Murano, a high-rise completed back in 2008 for a total sum of $165 million, could be the true-life embodiment of “the Center City condo market’s turnaround.” From the Inquirer:

Next month, the last of the Murano’s 302 original units will go to settlement – a milestone that local real estate observers consider not only a measure of market strength but a 180-degree turnaround in the perception of the viability of that Market Street West.

“The area between 20th Street and the Schuylkill River is clearly filling in the dead zones with new residential and mixed-use projects,” said developer Carl Dranoff.

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The Murano Is Selling Like High-Rise Hotcakes

murano sample room

It’s the final sale phase of the Murano, the 43-story residential skyscraper designed by Solomon Cordwell Buenz and Associates of Chicago. Developed by Thomas Properties and P&A Associates, the Murano saw some tough times during the Great Recession, but the duress is clearly over. Since Oct. 21st, seven units have sold — ranging from $555,000 for a 1,100-square-foot one-bedroom to $1.5 million for a 2,350-square-foot three-bedroom.

Looks like there are still about 20 units left on the market, with garage parking as an option for $35,000.

Here are the photos the building is using to sell the remaining units in the final phase.

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