Word broke late last year that the Rite Aid at 2301 Walnut Street in Center City would be replaced by a new residential building after the pharmacy announced the closing of the location. Now, in anticipation of the project’s hearing with the Civic Design Review (CDR), we have more information available about the plans.
The development team is planning an 11-story, 177,963 square foot building with 172 residential units, 8,186 square feet of commercial space, and 32 underground parking spaces. The commercial space will be located on the corner of 23rd Street and Walnut Street. There will be a 5,000 square foot public plaza located on the west side of the building. The residential lobby entrance will be accessed through the plaza. The building will primarily be clad in an assortment of metal panels and will be accented by brick and wood slats.
No permits have been issued for this project to date. However, it can proceed by-right on the CMX-4 zoned parcel. The project’s hearing with the Civic Design Review (CDR) is currently scheduled for February 7th.
We’re happy to see this suburban-style commercial building and surface parking lot replaced by 172 new homes and a large commercial space. However, we would have liked to have seen more height at this prime location. The available parcels for skyline-altering buildings are becoming fewer and farther between as more mid-rise buildings are constructed on densely-zoned properties. Me must say 172 homes are better than none at this location, though.
What do you think about this project and its design? Would you have preferred to see a tower here? What kind of business would you like to see open in the commercial space?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property
Instagram: @agent.kyle