Morning Headlines: Apartments Expected Above Nordstrom Rack on Chestnut Street

This is Pearl Properties' seventh Chestnut Street space.

New retail developments are growing at a good pace in the area and that doesn’t seem to be slowing down anytime soon: the Philadelphia Business Journal’s Natalie Kostelni reports that the 10,000-square-foot building at 1700 Chestnut Street has a new owner who intends to convert the property’s top five floors into apartments.

The ground floor of the 8-story structure, you will recall, is now the site of the new Nordstrom Rack. This seems to be a good fit for Pearl Properties because, according to Kostelni, they already own six other properties on Chestnut and “specialize in mixed-use buildings” with ground floor retail. More details from PBJ:

The purchase of 1700 Chestnut will be no different. With Nordstrom Rack already locked in to approximately 40,000 square feet on the first three floors, Pearl plans to develop the top five floors into apartments, according to sources. There is a separate entrance off of 17th Street that will give residents access to that space.

Kostelni adds that another Chestnut St. building, this one at 1608, is expected to “trade for in excess of $20 million.”

1700 Chestnut St. bought by Pearl Properties [Business Journal]

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