What Does Parkway Have Planned for the Basciano Properties on Market Street?
News broke recently that Richard Basciano was selling off his real estate holdings in Center City, most notably, multiple parcels along Market Street West. Though Brandywine Realty Trust arguably purchased the most controversial in a package that includes the lot where the building that collapsed and killed 6 people in June 2013, Parkway Corporation swooped in and bought three properties on the 2200 block. It’s a deal that could have some major development implications down the road. As you know, Parkway also dabbles in the development game.
The addition of the properties between 2208-2214 Market Street gives Parkway control over more than half a city block worth of prime real estate, which many believe will soon be integral in bridging the gap between Center City and University City. Given the rapid development scene taking place in Philadelphia over the past year or so, you can’t help but wonder what’s next.
Joe Zuritsky, chairman and CEO of Parkway Corporation, confirmed the purchase of the former site of the Forum adult movie theater (2208-10 Market Street) and 2214 Market Street from Basciano’s STB Investment Corp. and 2212 Market Street from Anthony Trombetta. The Inquirer reports the deal was for $2 million.
He also noted that they are “very busy doing development on other properties” and that there is no plan for the newly acquired lots at this moment. “Hopefully, we’ll get something cooking there in the future, and if not, we’ll expand the parking.” The deal gives the parking giant control of what amounts to nearly 20,000-square-feet, or .45-acres. An important bit of information, as Zuritsky explained it is “truly expensive” to building a parking lot. “An acre is approximately $1 million,” he said.
The good news is that Parkway is starting to move on a few key projects. The 32-story luxury tower at 709 Chestnut Street should break ground later this year, explained Zuritsky. Recently, we brought you the news that the dual-apartment building projects on opposing sides of Broad and Callowhill streets are on track to break ground as well.
In a market this hot for development, it seems no surface parking lot is safe–which is great news, especially for the future of Market Street West. The entire block is zoned CMX-4. So, theoretically, Parkway could put something quite substantial on the lot. We suggest you keep a close eye on this one.